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Home My WebLink AboutHighway Dept-PayloaderSuffolk plied with ss of the date of publica- tion of this no,ce were not sub~an- t'.~l, y compUcd ?ith, nnd an action, stat or ~mg coat~anS such validity is ~1 within twenty days after the date of pabli~Ion of authorized ia violation of the provi- STATE OF NEW YORK) )SS: COUNTY OF OLUTIO~OF THE mined lad deklI~l: · so~o~ ~w (a) ~.~~ .: ~~. ~ON OF A PAY- ~~~t ~w~~ mO~AY DE- ~ ~ ~ ~ ~ ~ ~ of /1- ~ctp~ Clerk SAm ~U~ OF ~ said bonds and~ -~.~- and i~=~il~nII~ in,mi, InIm and i~ati~a norm iuiad m .&n- {kipation of ~ kIdl my l~ lot ~q~,,~res madz. n~t~. the TO EXCEED Sl00.~0 SERIAL BONDS OF SAID TOWN TO FINANCE SAID AP~ROPRIA- 'lION, THE TOWN BOARD OF THE COUNTY OF $~ NEW YORK, HEREBY RESOLVF~ (by the fnvorlble vote of no~ less than tv/o-thirds of aH the memben of said Town Bo,mt) AS FOLLOWS: Sectiou L The Tewn of Sm~thoM, in the Cnumy of ~uffo~. New Yo~ authorized to acqai~' n paylo~or for use by the Town Highwly mum cost of said spor~e.d:e~t or pu~ k IlO0,O00, i i~e- liminnt~ I ~ ~ and said amo~m of $100.OODb ~ by approprin~:l therefor, ~ an amo~n! equal to tl~ Itnd~in value o~ the existin~ i~oi~dor, w~c~ ~s ~by ~bedis- EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York February 2, 1999 Southold, Town Hall, 53095 Main Road, Southold, New York, 1999 at 7:30 o'clock P.M. (Prevailing Time). There were present: Hon. Jean W. Cochran, Board Members: Councilman Brian G. Murphy Councilman John M. Romanelli Councilman William D. Moore Councilwoman Alice J. Hussie Justice Louisa P. Evans A regular meeting of the Town Board of the Town of in the County of Suffolk, New York, was held at the on February 2, Supervisor; and There were absent: None Also present: Elizabeth A. Neville, Town Clerk Gregory F. Yakaboski, Town Attorney Councilwoman Alice J. Hussie offered the following resolution and moved its adoption: 309079.1 001092 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED FEBRUARY 2, 1999, AUTHORIZING THE ACQUISITION OF A PAYLOADER FOR USE BY THE TOWN HIGHWAY DEPARTMENT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $100,000, APPROPRIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $100,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. SUFFOLK, less than two-thirds of all the members of said Town Board) FOLLOWS: Section 1. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF NEW YORK, HEREBY RESOLVES (by the favorable vote of not AS The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to acquire a payloader for use by the Town Highway Department. The estimated maximum cost of said specific object or purpose is $100,000, including preliminary costs and costs incidental thereto and the financing thereof, and said amount of $100,000 is hereby appropriated therefor, including an amount equal to the trade-in value of the existing Payloader, which is hereby authorized to be disposed of by trade-in or other lawful means. The plan of financing includes the issuance of not to exceed $100,000 serial bonds of the Town to finance said appropriation and the levy and collection of taxes on all the taxable real 309079.1 001092 RES property interest amount in the Town to pay the principal of said bonds and the thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal of not to exceed $100,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law"}, to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the specific object or purpose for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 28 of the Law, is hereby determined to be fifteen (15) years; however, the bonds authorized pursuant to this resolution, and/or any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5} years from the original issuance of said bonds and/or notes. date of The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. 309079.1 001092 RES (c) The proposed maturity of the bonds authorized by this resolution will not exceed five years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing 309079.1 001092 RES the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and any other bonds heretofore or hereafter authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and relative to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately and the Town Clerk is hereby authorized and directed to publish this bond resolution, in full, together with a notice attached in substantially the form prescribed by Section 81.00 of the Local Finance Law in "The Suffolk Times," a newspaper published in Mattituck, New York, having a general circulation in 309079.1 001092 RES the Town and hereby designated the official newspaper of the Town for such publication. 309079.1 001092 RES The adoption of the foregoing resolution was seconded by COuncilman John M. Romanelli and duly put to a vote on roll call, which resulted as follows: AYES: Councilman Murphy, Councilman Romanelli, Councilman Moore, Councilwoman Hussie, Justice Evans, Supervisor Cochran NOES: None The resolution was declared adopted. 309079.1 001092 RES CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on February 2, 1999, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so subject matters referred to in said far as the same relate to the extract. IN WITNESS WHEREOF, I have affixed the corporate seal Town of Southhold this February, 1999. hereunto set my hand and of said day of (SEAL) ~,/ Tow~ Clerk 309079.1 001092 RES