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HomeMy WebLinkAboutAgricultural Lands Preservation· · · · · · · · · I THE DEPOSITORY TRUST COMPANY A subsidiary of the Depository Trust & Clearing Corporation 55 WATER STREET 50TH FL - NEW YORK, TOWN OF SOUTHOLD 53095 MAIN RD SOUTHDLD, NY 119710959 JOHN CUSHMAN LETTER OF'TRANSMITTAL NEW YORK 10041 01565 Oql A 050501 ATTENTION: JOHN CUSHMAN Theenclose~UN[CIPAL BOOK ENTRY dNLYsecurities are presented for redemption: [] Partial Call [] Maturity [] Full Call D05/01/98 6,850~: MN05 BE 90,000.00 0.00 $ $ SOUTHOLO TWN GO NY 90,000.00 90,000.00 13-2555119 982/00008360 /03 9K9041A 84~SZZFF9 -~5 ~-1 0~' L ,O00.O00000~,:,mu:(.~ .==...~,~ · 000000 $ 90,000.00 SEE ATTACHED LISI PLEASE NIRE $ 90,000,00 TO: CHASE MANHATTAN BANK ABA 021 000 021 FOR CREDIT OF A/C DEPOSITORY TRUST CO. REDEMPT[O~ ACCT, OB! = PPA/Sq~5?2FF9/OS/O1/05 The certificate, re~listered in the name of CEDE & CO., along with a copy of this letter is to be sent to: <NONE> NOT APPLICABLE IF THERE ARE ANY ~UESTIONS OR PROBLEMS AS A RESULT OF THIS DELIVERY, PLEASE CONTACT THE REDEMPTION SUPERVISOR AT <212> 855-2030. Please do not reject (return} securities without first telephoning the aforementioned COPY 1 AGENT COPY · · · · · · · · · · · · · · · · · DATE: 5150105 LIT NUm: 041A CERT[FI£ATE FROM 000000000007 ~UNI ~ATURITY CERTIFICATE TO 000000000007 CERTIF LISTING DENOM 90;000 FOR DEPOSITORY TRUST COMPANY CUSIP 644572FF9 SOuTHOLD TWN GO NY ~UANTITY I CERTIFICATE CERTIFICATE I fROM TO 90000.00 TOTAL SECURITIES FOR REDEMPTION ~05/Cl/9~ 4.850% DENOM 90,OCO.CO MN05 BE PAGE~ TIME. QUANTITY 21 · · · · · · · · · · · · · · · · · REGISTERED NO. UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $90,000 MATURITY DATE 1, 2005 INTEREST DATE OF CUSIP RATE ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FF9 OWNER: PRINCIPAL SUM: CEDE & CO. NINETY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and s~annually thereafter on May 1 and November 1 of each Interest hereon shall be payable by clearinghouse funds by the Towm payment date to the regis+- appears on the regi~+- Fiscal Agent o~ writing by s close of bus each interes~ this Bond are States of Amel for the paymen that interest ¢ transfer or cle til maturity. ~r h interest ~ddress as it ined by the ~.shed in as of the 'eceding rest on ~ited _=gal tender ~lded, however, _~ shall be paid by wire forth above. REFERE ~ TO THE FU~RTHE~ BOND SET FORT~nH}, ,~ ~,,~.,t~a~e .... lrLr;~ C: ~P " ~"" ~ " :'~?~ ~4~., '~ ' ~.:,'w ~fc;~k o ~b.e is~ue~ oz its ~en~ ~,, . ,~uued is registered . , ~- ;: nentism~ ..... . Co.. TO ~n th ~ .... ~- ' ~ ~ ' OR OI~KW~ BY ()P' ANY r 1994 Goes 357 LITHO IN U S A The faith and credit of such Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on this Bond according to its terms. This Bond has been designated by the Town as a qualified tax exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amended. It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this Bond, exist, have happened and have been performed, and that the issue of bonds of which this is one, together with all other indebtedness of the Town of Southold, is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, the TOWN OF SOUTHOLD has caused this Bond to be executed in its name by the manual signature of its Supervisor and its corporate seal to be impressed hereon and attested by the manual signature of its Town Clerk. (SEA'.) ATTEST: TOWN OF SOUTHOLD Supervisor Town Cler~ 1994 Goes 357 LITHO IN U S A Town of Southold, New York Agricultural Land Preservation Serial Bond-1998 This Bond is one of an authorized issue, the principal amount of which is $2,000,000, the Bonds of which are of like tenor, except as to number, denomination, interest rate and maturity, and is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (the "Law"), the bond resolution duly adopted by the Town Board on September 3, 1996 and approved as a Proposition by the qualified voters of the Town at the Special Town Election held on November 5, 1996, authorizing the issuance of serial bonds of the Town to finance the acquisition of certain developmental rights in prime agricultural lands within said Town for the preservation of open spaces and areas, and the Certificate of Determination executed by the Supervisor as of April 24, 1998, determining the terms, form and details of issuance of said $2,000,000 serial bonds (the "Bonds") and providing for the public sale thereof (the "Certificate of Determination"). The Bonds are issuable in the form of registered bonds without coupons in denominations of $5,000, or any integral multiple thereof. This Bond is transferable or exchangeable, as provided in the Certificate of Determination, only upon the books of the Town kept for that purpose at the office of the Fiscal Agent, by the registered owner hereof in person, or by his attorney duly authorized in writing, upon the surrender of this bond together with a written instrument of transfer or exchange satisfactory to the Fiscal Agent duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new Bond or Bonds, in the same aggregate principal amount and of the same maturity, shall be issued to the transferee or the registered owner in exchange therefor as provided in the Certificate of Determination and upon the payment of the charges, if any, therein prescribed. The Bonds maturing on or before May 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on and after May 1, 2009 will be subject to redemption prior to maturity, at the option of the Town, on May 1, 2008 and thereafter on any date, in whole or in part, in inverse order of or in equal proportionate amounts (selected by lot within a maturity), at the following redemption prices, plus accrued interest to the date of redemption: 994 Goes 357 LITHO IN U S A Redemption Dates Redemption Price as a Percentaqe of Par Amount May 1, 2008 through April 30, 2009 May 1, 2009 through April 30, 2010 May 1, 2010 and thereafter 102% 101 100 The Bonds shall be redeemable upon the giving of notice which identifies the Bonds to be redeemed, by mailing such notice to the registered holders thereof at their respective addresses as shown upon the registration books of the Fiscal Agent at least 30 days prior to the date set for any such redemption. If notice of redemption shall have been given as aforesaid, the Bonds so called for redemption shall become due and payable at the applicable redemption price on the redemption date designated in such notice, and interest on such Bonds shall cease to accrue from and after such redemption date. Hawkins, Delafield & Wood 67 Wall Street New York, New York The Town Board of the Town of Southold, in the County of Suffolk, New York Dear Sirs: We have examined a record of proceedings relating to the sale and issuance of $2,000,000 Agricultural Land Preservation Serial Bonds-1998 (the "Bonds"), of the Town of Southold (the "Town"), in the County of Suffolk, New York. The Bonds are issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, the bond resolution duly adopted by the Town Board on September 3, 1996 and approved as a Proposition by the qualified voters of the Town at the Special Town Election held on November 5, 1996, authorizing the issuance of serial bonds of the Town to finance the acquisition of certain developmental rights in prime agricultural lands within said Town for the preservation of open spaces and areas, and the Certificate of Determination executed by the Supervisor as of April 24, 1998, determining the terms, form and details of issuance of said $2,000,000 serial bonds and providing for their public sale. The Bonds are dated May 1, 1998, mature on May 1 in the principal amounts in each of the following years, and bear interest at the respective rates per annum payable November 1, 1998 and semiannually thereafter on May 1 and November 1 in each year to maturity, as set forth below: Year of Principal Interest Year of Principal Interest iMaturit¥ Amount Rate Maturity Amount Rate 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 $ 80 000 80 000 80 000 80 000 90 000 90 000 90 000 90 000 100 000 100 000 80% 2009 $100 85 2010 100 85 2011 110 85 2012 110 85 2013 110 85 2014 110 85 2015 120 85 2016 120 85 2017 120 85 2018 120 000 4.85% 000 4.85 000 4.85 000 4.85 000 4.85 000 4.875 000 4.875 000 4.875 000 4.875 000 4.875 The Bonds maturing on or before May 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on 1994 GOeS 357 LITHO IN U SA and after May 1, 2009 will be subject to redemption prior to maturity, at the option of the Town, on May 1, 2008 and thereafter on any date, in whole or in part, in inverse order of maturity or in equal proportionate amounts (selected by lot within a maturity) at such prices and subject to such notice and other conditions stated in the Bonds. The Bonds are issued only in fully registered form without interest coupons, in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company, an automated depository for securities and clearinghouse for securities transactions which will maintain a book-entry system for recording the ownership interests in the Bonds. Only one Bond will be initially issued for each maturity in the aggregate principal amount of such maturity. Purchases of ownership interests in the Bonds will be made in book-entry form in denominations of $5,000 or any integral multiple thereof. In our opinion, said Bonds are valid and legally binding general obligations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. The enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. The Internal Revenue Code of 1986, as amended (the "Code"), establishes certain requirements that must be met subsequent to the issuance and delivery of the Bonds in order that interest on the Bonds be and remain excludable from gross income under Section 103 of the Code. The Supervisor of the Town, in executing the Arbitrage and Use of Proceeds Certificate, has certified to the effect that the Town will comply with the iprovisions and procedures set forth therein and that it will do ~and perform all acts and things necessary or desirable to assure -that interest paid on the Bonds is excludable from gross income under Section 103 of the Code. We have examined such Arbitrage and Use of Proceeds Certificate delivered concurrently with the delivery of the Bonds, and in our opinion, such certificate contains provisions and procedures under which such requirements can be met. In our opinion, the interest on the Bonds is excludable under existing statutes and court decisions, from the gross income of the recipients thereof for federal income tax purposes to Section 103 of the Code, and under existing statutes interest on the Bonds will not be treated as a preference item in lng the alternative minimum tax that may be imposed under ~the Code with respect to individuals and corporations. In ~rendering the foregoing opinion, we have assumed the Town's !compliance with the Arbitrage and Use of Proceeds Certificate. 1994 Goes 357 LITHO IN U S A Further, in our opinion, under existing statutes the interest on the Bonds is exempt from New York State and New York City personal income taxes. Other than such record of proceedings, we have not been requested to examine or review and have not examined or reviewed the accuracy or sufficiency of the official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may hereafter be furnished or disclosed to purchasers of said Bonds, and we express no opinion with respect to any such financial or other information or the accuracy or sufficiency thereof. We have examined the executed first numbered Bond of said issue and, in our opinion, the form of said Bond and its execution are regular and proper. Very truly yours, /s/ Hawkins, Delafield & Wood 994 Goes 357 LITHO iN U S A STATEMENT OF INSURANCE Financial Security Assurance Inc. ("Financial Security"), New York, New York, has delivered its municipal bond insurance policy with respect to the scheduled payments due of principal of and interest on this Bond to the Town of Southold, Suffolk County, New York, or its successor, as paying agent for the Bonds (the "Paying Agent"). Said Policy is on file and available for inspection at the principal office of the Paying Agent and a copy thereof may be obtained from Financial Security or the Paying Agent. ASSIGNMENT FOR VALUE RECEIVED, the Undersigned hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE the within Bond and does hereby irrevocably constitute and appoint Attorney to transfer said Bond on the books kept for registration of said Bond, with full power of substitution in the premises. Dated: Signature Guaranteed: Notice: Signature(s) must be acknowledged or proved, or in the alternative, certified as to its genuineness by an officer of a bank or trust company located and authorized to do business in New York State. Notice: The signature to this assignment must cor- respond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. REGISTERED NO. R-1 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $80,000 MATURITY DATE May 1, 1999 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.80% May 1, 1998 844572 EZ6 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. EIGHTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the FRINCIPAL Sb~ (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at h~s address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of ~he United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se5 forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 LITHO IN USA REGISTERED NO. R-2 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 INTEREST MATURITY DATE RATE May 1, 2000 4.85% DATE OF CUSIP ORIGINAL ISSUE NUMBER May 1, 1998 844572 FAO REGISTERED $80,000 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. EIGHTY THOUSAND DOLLARS REFERENCE IS MADE TO THE BONDSET FORTH HEREIN. The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATEi (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or a5 such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. FURTHE~ PROVISIONS OF THIS © ~994 Goes 357 LITHO IN U.SA REGTS~ERED NO. R-3 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $80,000 MATURITY DATE May 1, 2001 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FB8 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. EIGHTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May l, 1998 or from the most recent interest payment date to which interest has been paid a~ the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable bY wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof au his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se5 forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 LITHO. IN U S A REGISTERED NO. R-4 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTUR/tL LAND PRESERVATION SERIAL BOND-1998 REGISTERED~ $80,000 MATURITY DATE 1, 2002 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FC6 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: EIGHTY THOUSAND DOLLARS municipal The TOWN OF SOUTHOLD, in the County of Suffolk, a corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interes~ has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof a5 his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner 5o the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of paymenT, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. 994 Goes 357 LITHO IN US A REGISTERED NO. R-S UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 MATURITY DATE May 1, 2003 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FD4 REGISTERED $90,000 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. NINETY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest paymenE date to which interes5 has been paid a5 the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or a~ such other address as may be furnished in writing by such registered owner to the Fiscal Agen~ as of the close of business on the fifteenth day of the month preceding each interest paymen~ date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, a% the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. REGISTERED NO. R-6 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $90,000 MATURITY DATE May 1, 2004 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FE2 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. NINETY THOUSAND DOLLARS REFERENCE IS MADE TO THE BOND SET FORTH HEREIN. The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest pa~rment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. FURTHER PROVISIONS OF THIS REGISTERED NO. R-? UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 INTEREST MATURITY DATE RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER May 1, 2005 4.85% May 1, 1998 844572 FF9 REGISTERED $90v000 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. NINETY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at suCh other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PRovISIONS oF THIS BOND SET FORTH HEREIN 994 Gces 357 LITHO. IN U SA. REGISTERED NO. UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $90,000 MATURITY DATE May 1, 2006 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FG7 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. NINETY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner 5o the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above.. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. ©1994 Goes 357 LITHO IN US A REGISTERED NO. R-9 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAMD PRESERVATION SERIAL BOND-1998 REGISTERED MATURITY DATE May 1, 200? INTEREST PATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FH5 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest i payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS .OF THIS BOND SET FORTH HEREIN. 994 Goes 357 LITHO IN U S A REGISTERED NO. R-10 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAMD PRESERVATION SERIAL BOND-1998 REGISTERED $100,000 MATURITY DATE May 1, 2008 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FJ1 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se% forth above. REFERENCE IS MADE TO THE FURTHER PROVIsIoNs OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 L~TH© IN U SA. REGISTERED NO. R-11 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $100,000 MATURITY DATE May 1, 2009 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FK8 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such iprincipal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, an the data of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. 994 Goes 357 LITHO ~N U S A REGISTERED NO. R-12 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL Li~ND PRESERVATION SERIAL BOND-1998 REGISTERED $100,000 MATURITY DATE 1, 2010 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FL6 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to i~pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office ~of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se~ forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS' BOND SET FORTH HEREIN. 994 Goes 357 LITHO IN U SA REGISTERED NO. R-13 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $110,000 MATURITY DATE May 1, 2011 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FM4 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TEN THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above}, the PRINCIPAL SUM ( above) upon presentation and surrender of this Bond at the of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agen5 (herein called "Fiscal Agent"}, or any successor thereto, and to pay interes~ on such principal sum from May 1, 1998 or from the most recent interest date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire ~ransfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, IS legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire~ transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 LITHO IN USA REGISTERED NO. R-14 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LltND PRESERVATION SERIAL BOND-1998 REGISTERED $110t000 MATURITY DATE May 1, 2012 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FN2 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TEN THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RA~ (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire ~ransfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof ak his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner £o the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any'coin or currency of the United States of America which, at the data of payment, is legal tender for the payment of public and private debts; provide~, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se~ forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 LITHO IN U.S.A NO. R-15 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $110,000 i MATURITY DATE 2013 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.85% May 1, 1998 844572 FP7 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TEN THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se~ forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF'THIS BOND SET FORTH HEREIN. ©1994 GCeS 357 LITHO. IN U SA REGISTERED NO. R-16 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $110,000 MATURITY DATE 1, 2014 INTEREST DATE OF CUSIP RATE ORIGINAL ISSUE NUMBER 4.875% May 1, 1998 844572 FQ5 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TEN THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to ~pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se5 forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © ~994 Goes 357 LITHO IN U S A REGISTERED NO. R-17 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $120,000 INTEREST DATE OF CUSIP TY DATE RATE ORIGINAL ISSUE NUMBER 1, 2015 4.875% May 1, 1998 844572 FR3 OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TWENTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. 994 Goes 357 LITHO IN U SA REGISTERED · NO. R-18 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $120,000 MATURITY DATE 1, 2016 INTEREST RATE DATE OF CUSIP ORIGINAL ISSUE NUMBER 4.875% May 1, 1998 844572 FS1 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TWENTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the MATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the Fiscal Agent or at such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as set forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. 994 Goes 357 LITHO IN U S A REGISTERED NO. R-19 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $120,000 MATURITY DATE May 1, 2017 INTEREST DATE OF CUSIP RATE ORIGINAL ISSUE NUMBER 4.875% May 1, 1998 844572 FT9 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TWENTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the ~LATURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest payment date to the registered owner hereof au his address as it appears on the registration books of the Town maintained by the Fiscal Agent or a~ such other address as may be furnished in writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, a5 the date of paymens, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se5 forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. NO. R-20 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD AGRICULTURAL LAND PRESERVATION SERIAL BOND-1998 REGISTERED $120,000 MATURITY DATE May 1, 2018 INTEREST DATE OF CUSIP RATE ORIGINAL ISSUE NUMBER 4.875% May 1, 1998 844572 FU6 REGISTERED OWNER: PRINCIPAL SUM: CEDE & CO. ONE HUNDRED TWENTY THOUSAND DOLLARS The TOWN OF SOUTHOLD, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the REGISTERED OWNER named above, or registered assigns, on the M3%TURITY DATE (stated above), the PRINCIPAL SUM (stated above) upon presentation and surrender of this Bond at the office of the Town Clerk, Town of Southold, Town Hall, 53095 Main Road, Southold, New York, as fiscal agent (herein called "Fiscal Agent"), or any successor thereto, and to pay interest on such principal sum from May 1, 1998 or from the most recent interest payment date to which interest has been paid at the INTEREST RATE (stated above), payable November 1, 1998 and semiannually thereafter on May 1 and November 1 of each year until maturity. Interest hereon shall be payable by wire transfer or clearinghouse funds by the Town or its agent on each interest . payment date to the registered owner hereof at his address as it appears on the registration books of the Town maintained by the. Fiscal Agent or at such other address as may be furnished in - writing by such registered owner to the Fiscal Agent as of the close of business on the fifteenth day of the month preceding each interest payment date. The principal of and interest on this Bond are payable in any coin or currency of the United States of America which, at the date of payment, is legal tender for the payment of public and private debts; provided, however, that interest on this fully registered Bond shall be paid by wire transfer or clearinghouse funds as se5 forth above. REFERENCE IS MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH HEREIN. © 1994 Goes 357 LITHO. IN U.S A The faith and credit of such Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on this Bond according to its terms. This Bond has been designated by the Town as a qualified tax exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amended. It is hereby certified and recited that all conditions acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this Bond, exist, have happened and have been performed, and that the issue of bonds of which this is one, together with all other indebtedness of the Town of Southold, is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, the TOWN OF SOUTHOLD has caused this Bond to be executed in its name by the manual signature of its Supervisor and its corporate seal to be impressed hereon and attested by the manual signature of its Town Clerk. (SEAL) ATTEST: Town Cle~j TOWN OF SOUTHOLD Supervisor © 1994 Goes 357 LITHO IN US.A Town of Southold, New York Agricultural Land Preservation Serial Bond-1998 This Bond is one of an authorized issue, the principal amount of which is $2,000,000, the Bonds of which are of like itenor, except as to number, denomination, interest rate and maturity, and is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws 'of the State of New York (the "Law"), the bond resolution duly adopted by the Town Board on September 3, 1996 and approved as a Proposition by the qualified voters of the Town at the Special Town Election held on November 5, 1996, authorizing the issuance of serial bonds of the Town to finance the acquisition of certain developmental rights in prime agricultural lands within said Town for the preservation of open spaces and areas, and the Certificate of Determination executed by the Supervisor as of April 24, 1998, determining the terms, form and details of issuance of said $2,000,000 serial bonds (the "Bonds") and providing for the public sale thereof (the "Certificate of Determination"). The Bonds are issuable in the form of registered bonds without coupons in denominations of $5,000, or any integral multiple thereof. This Bond is transferable or exchangeable, as provided in the Certificate of Determination, only upon the books of the Town kept for that purpose at the office of the Fiscal Agent, by the registered owner hereof in person, or by his attorney duly authorized in writing, upon the surrender of this bond together with a written instrument of transfer or exchange satisfactory to the Fiscal Agent duly executed by the registered owner or his attorney duly authorized in writing, and thereupon a new Bond or Bonds, in the same aggregate principal amount and of the same maturity, shall be issued to the transferee or the registered owner in exchange therefor as provided in the Certificate of Determination and upon the payment of the charges, if any, therein prescribed. The Bonds maturing on or before May 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on and after May 1, 2009 will be subject to redemption prior to maturity, at the option of the Town, on May 1, 2008 and thereafter on any date, in whole or in part, in inverse order of maturity or in equal proportionate amounts (selected by lot within a maturity), at the following redemption prices, plus accrued interest to the date of redemption: Redemption Dates Redemption Price as a Percentaqe of Par Amount May 1, 2008 through April 30, 2009 102% May 1, 2009 through April 30, 2010 101 May 1, 2010 and thereafter 100 The Bonds shall be redeemable upon the giving of notice which identifies the Bonds to be redeemed, by mailing such notice to the registered holders thereof at their respective addresses as shown upon the registration books of the Fiscal Agent at least 30 days prior to the date set for any such redemption. If notice redemption shall have been given as aforesaid, the Bonds so 'called for redemption shall become due and payable at the ~appllcable redemption price on the redemption date designated in ~such notice, and interest on such Bonds shall cease to accrue 'from and after such redemption date. Hawkins, Delafield & Wood 67 Wall Street New York, New York The Town Board of the Town of Southold, in the County of Suffolk, New York Dear Sirs: We have examined a record of proceedings relating to the sale and issuance of $2,000,000 Agricultural Land Preservation Serial Bonds-1998 (the "Bonds"), of the Town of Southold (the "Town"), in the County of Suffolk, New York. The Bonds are issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, the bond resolution duly adopted by the Town Board on September 3, 1996 and approved as a Proposition by the qualified voters of the Town at the Special Town Election held on November 5, 1996, authorizing the issuance of serial bonds of the Town to finance the acquisition of certain developmental rights in prime agricultural lands within said Town for the preservation of open spaces and areas, and the Certificate of Determination executed by the Supervisor as of April 24, 1998, determining the terms, form and details of issuance of said $2,000,000 serial bonds and providing for their public sale. The Bonds are dated May 1, 1998, mature on May 1 in the principal amounts in each of the following years, and bear interest at the respective rates per annum payable November 1, 1998 and semiannually thereafter on May 1 and November 1 in each year to maturity, as set forth below: Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate 1999 $ 80,000 4.80% 2009 $100 2000 80,000 4.85 2010 100 2001 80,000 4.85 2011 110 2002 80,000 4.85 2012 110 2003 90,000 4.85 2013 110 2004 90,00Q 4.85 2014 110 2005 90,000 4.85 2015 120 2006 90,000 4.85 2016 120 2007 100,000 4.85 2017 120 2008 10'0,000 4.85 2018 120 000 4.85% 000 4.85 000 4.85 000 4.85 000 4.85 000 4.875 000 4.875 000 4.875 000 4.875 000 4.875 The Bonds maturing on or before ~.~ay 1, 2008 are not subject to redemption prior to maturity. The Bonds maturing on after May 1, 2009 will be subject to redemption prior to maturity, at the option of the Town, on May 1, 2008 and thereafter on any date, in whole or in part, in inverse order of maturity or in equal proportionate amounts (selected by lot within a maturity) at such prices and subject to such notice and other conditions stated in the Bonds. The Bonds are issued only in fully registered form without interest coupons, in the name of Cede & Co., as istered owner and nominee for The Depository Trust Company, an automated depository for securities and clearinghouse for securities transactions which will maintain a book-entry system for recording the ownership interests in the Bonds. Only one Bond will be initially issued for each maturity in the aggregate principal amount of such maturity. Purchases of ownership interests in the Bonds will be made in book-entry form in denominations of $5,000 or any integral multiple thereof. In our opinion, said Bonds are valid and legally binding general obligations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. The enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. The Internal Revenue Code of 1986, as amended (the "Code"), establishes certain requirements that must be met subsequent to the issuance and delivery of the Bonds in order that interest on the Bonds be and remain excludable from gross income under Section 103 of the Code. The Supervisor of the Town, in executing the Arbitrage and Use of Proceeds Certificate, has certified to the effect that the Town will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that interest paid on the Bonds is excludable from gross income under Section 103 of the Code. We have examined such Arbitrage and Use'of Proceeds Certificate delivered concurrently with the delivery of the Bonds, and in our opinion, such certificate contains provisions and procedures under which such requirements can be met. In our opinion, the interest on the Bonds is excludable under existing statutes and court decisions, from the gross income of the recipients thereof for federal income tax purposes pursuant to Section 103 of the Code, and under existing statutes interest on the Bonds will not be treated as a preference item in calculating the alternative minimum tax that may be imposed under the Code with respect to individuals and corporations~ In rendering the foregoing opinion, we have assumed the Town's compliance with the Arbitrage and Use of Proceeds Certificate. Further, in our opinion, under existing statutes the interest on the Bonds is exempt from New York State and New York City personal income taxes. Other than such record of proceedings, we have not been requested to examine or review and have not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may hereafter be furnished or disclosed to purchasers of said Bonds, and we express no opinion with respect to any such financial or other information or the accuracy or sufficiency thereof. We have examined the executed first numbered Bond of said issue and, in our opinion, the form of said Bond and its execution are regular and proper. Very truly yours, /s/ Hawkins, Delafield & Wood STATEMENT OF INSURANCE Financial Security Assurance Inc. ("Financial Security"), New York, New York, has delivered its municipal bond insurance policy with respect to the scheduled payments due of principal of and interest on this Bond to the Town of Southold, Suffolk County, New York, or its successor, as paying agent for the Bonds (the "Paying Agent"). Said Policy is on file and available for inspection at the principal office of the Paying Agent and a copy thereof may be obtained from Financial Security or the Paying Agent. ASSIGNMENT FOR VALUE RECEIVED, the Undersigned hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE the within Bond and does hereby irrevocably constitute and appoint Attorney to transfer said Bond on the books kept for registration of said Bond, with full power of substitution in the premises. Dated: Signature Guaranteed: Notice: Signature(s) must be acknowledged or proved, or in the alternative, certified as to its genuineness by an officer of a bank or trust company located and authorized to do business in New York State. Notice: The signature to this assignment must cor- respond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York August 23, 1999 A special meeting of the Town Board of the Southold, in the County of Suffolk, New York, Town Hall, Southold, New York, on August 23, o'clock A.M. (Prevailing Time). There were present: Hon. Jean W. and Board Members: Councilwoman Alice J. Hussie Councilman William D. Moore councilman John M. Romanelli Councilman Brian G. Murphy Town of was held at the 1999 at 9:00 Cochran, Supervisor; There were absent: Justice Louisa P. Evans Also present: Elizabeth A. Neville, Gregory F. Yakaboski, Town Clerk Town Attorney Councilman Murphy offered the following resolution and moved its adoption: 326702.1 001092 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 23, 1999, AUTHORIZING THE IMPROV~EMENT AND PRESERVATION OF TOWN WATERWAYS, INCLUDING, BUT NOT LIMITED TO, PRESERVATION OF TIDAL WETLANDS, SALT MARSHES, CREEKS, BAYS, LONG ISLAND SOUND, ESTUARIES AND FRESH WATER WETLANDS, PROVIDING OF PUBLIC ACCESS TO SUCH WATERWAYS, DRAINAGE AND RUN-OFF, ALL IN THE INTEREST OF IMPROVING WATER QUALITY AND WATERWAYS; PROVIDED, HOWEVER, THAT NO SUCH IMPROVEMENT, PRESERVATION OR PROVIDING OF ACCESS, DRAINAGE OR RUN-OFF SHALL BE COMMENCED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRNOMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLA/~ATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY MAJDE, STATING THE ESTIMATED M/LXIMUM COST THEREOF IS $250,000, APPROPRIATING SAID ~=MOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $250,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than three-fifths of all the members of said Town Board) AS FOLLOWS: 326702.1 001092 RE~ Section 1. The Town is hereby authorized to improve and preserve Town waterways, including, but not limited to, preservation of tidal wetlands, salt marshes, creeks, bays, Long Island Sound, estuaries and fresh water wetlands and to provide public access to waterways, drainage and run-off, all in the interest of improving water quality and waterways; provided, however, that no such improvement, preservation or providing such access, drainage or run-off shall be so commenced until all relevant provisions of the State Environmental Quality Review Act (herein called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, with respect thereto have been complied with and a final declaration as to environmental impact has been duly made by the entity duly authorized to make such determination and declaration. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $250,000, and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $250,000 serial bonds of the Town to finance said appropriation and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of $250,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33- 326702.1 001092 RES 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, stated and declared: (a) The period of probable usefulness of said object or purpose, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (30) years. (b) The proceeds of the bonds herein (a) 3. of the Law, is thirty authorized and Department. (c) The proposed maturity of bonds will exceed five (5) years. Section 4. Each of the bonds said $250,000 serial authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds as well as any bond purchase obligation 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 326702.1 ~1~2 RD 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 or purposes 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 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 Section 5. resolution and of the and payable in such year. Subject to the provisions of this 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 and of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, 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 or such publication, (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. A proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 2, 1999, and this bond resolution shall take effect upon the approval of the proposition by said voters of the Town at that Election. 326702.1 0010~2 RF~ The by Councilwoman Hussi¢ resulted as follows: adoption of the foregoing resolution was seconded and duly put to a vote on roll call, which AYES: Councilman Brian G. Murphy Councilman John M. Romanelli Councilman William D. Moore Councilwoman Alice J. Hussie Supervisor Jean W. Cochran NOES: None The resolution was Supervisor Cochran and moved its adoption: declared adopted. offered the following resolution THE TOWN BOARD OF THE TOWN OF SOUTHOLD, OF SUFFOLK, NEW YORK, Section 1. IN THE COUNTY HEREBY RESOLVES AS FOLLOWS: At the Biennial Town Election of the Town of Southold York, to be held on November 2, o'clock A.M. (Prevailing time) (herein called "Town"), in the County of Suffolk, New 1999, between the hours of 6:00 and 9:00 o'clock P.M. (Prevailing Time) or as much longer as may be necessary to enable the voters Proposition No. 2 , in shall be submitted to the included in the Notice then present to cast their votes, substantially the following form, qualified voters of the Town and shall be of such Biennial Town Election: 326702.I 001092 RES PROPOSITION No. 2 SHALL THE BOND RESOLUTION ENTITLED: "BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 23, 1999, AUTHORIZING THE IMPROVEMENT AND PRESERVATION OF TOWN WATERWAYS, INCLUDING, BUT NOT LIMITED TO, PRESERVATION OF TIDAL WETLA/qDS, SALT MARSHES, CREEKS, BAYS, LONG ISLAND SOUND, ESTUARIES AND FRESH WATER WETLANDS, PROVIDING OF PUBLIC ACCESS TO SUCH WATERWAYS, DRAINAGE AND RUN-OFF, ALL IN THE INTEREST OF IMPROVING WATER QUALITY AND WATERWAYS; PROVIDED, HOWEVER, THAT NO SUCH IMPROVEMENT, PRESERVATION OR PROVIDING OF ACCESS, DRAINAGE OR RUN-OFF SHALL BE COMMENCED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRNOMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECIJkRATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY MADE, STATING THE ESTIMATED M3kXIMUM COST THEREOF IS $250,000, APPROPRIATING SAID kMOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $250,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION, STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A M3kNDATORY REFERENDUM," BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: AUTHORIZING the Town to improve and preserve Town waterways, including, but not limited to, preservation of tidal wetlands, salt marshes, creeks, bays, Long Island Sound, estuaries and fresh water wetlands and to provide public access to waterways, drainage and run-off, all in the interest of improving water quality and waterways; provided, however, that no such right, including the fee or any lesser interest, development right, easement, covenant, or other contractual right in any piece or parcel of such lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly made by the entity duly authorized to make such determination and declaration; STATING the estimated maximum cost thereof is $250,000; APPROPRIATING $250,000 to pay said cost; and STATING the plan of financing includes the issuance of $250,000 serial bonds of the Town, and the levy and collection of taxes upon all the taxable real 326702.1 001092 RF.~ property within the Town to pay the principal of said bonds and interest thereon; SECOND: AUTHORIZING the issuance of $250,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; THIRD: DETERMINING and STATING the period of probable usefulness applicable to the object or purpose for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such bonds or any bond anticipation notes may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SIXTH: DETERMINING that a proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 2, 1999 and that this bond resolution shall take effect upon approval of such proposition. Said Proposition shall appear in substantially the following form on the ballot label to be inserted on the voting machines to be used for voting at said Biennial Town Election: 326702.1 001092 RES YES: NO: PROPOSITION No. 2 SHALL THE BOND RESOLUTION ENTITLED: "BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 23, 1999, AUTHORIZING THE IMPROVEMENT AND PRESERVATION OF TOWN WATERWAYS, INCLUDING, BUT NOT LIMITED TO, PRESERVATION OF TIDAL WETLANDS, SALT MARSHES, CREEKS, BAYS, LONG ISLAND SOUND, ESTUARIES AND FRESH WATER WETLANDS, PROVIDING OF PUBLIC ACCESS TO SUCH WATERWAYS, DRAINAGE AND RUN-OFF, ALL IN THE INTEREST OF IMPROVING WATER QUALITY AND WATERWAYS; PROVIDED, HOWEVER, THAT NO SUCH IMPROVEMENT, PRESERVATION OR PROVIDING OF ACCESS, DRAINAGE OR RUN-OFF SH3kLL BE COMMENCED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRNOMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY MADE, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $250,000, APPROPRIATING SAID AMOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $250,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION, STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A M3%NDATORY REFERENDUM," BE APPROVED? Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "THE SUFFOLK TIMES," a newspaper published in Mattituck, New York, hereby designated the official newspaper of the Town for such publication, and to post on the sign board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law, said publication and posting to be at least ten (10) days before the Biennial Town Election, the Notice thereof, including the said Proposition for the approval or disapproval of the Bond Resolution adopted at this meeting. Section 3. The polling places in each of the respective election districts of the Town shall be the same polling places as shall be used at General Elections. Section 4. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in full, in the newspaper referred to in Section 2 hereof, and hereby designated the official newspaper of the Town for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 5. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by C. nH n~ilm~ n Mnare_ and duly put to a vote on roll call, which resulted as follows: AYES: Councilman Brian G. Murphy Councilman John M. Romanelli Councilman William Do Moore Councilwoman Alice J. Hussie Supervisor Jean W. Cochran NOES: None The resolution was declared adopted. 326702.1 001092 RF~S CERTIFICATE I, ELIZ/LBETH 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 the Town of Southold duly called and held on August 23, 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 far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said the Town of Southold this~ day of August, 1999. (SE~tL) Town Clerk 326702.1 001092 RES NOTICE The resolution published be with has been adOpted on ls~ day of September, 1998, and a Proposition therefor has been approved by a majority of the qualified voters of the Town voting thereon at the Special Town Election held at the same time as the General Election on November 3, 1998. The valid- ity of the obligations authorized by such resolution may be here- after contested only if such ob- ligations were authorized for an object or purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of pubhcation of this notice were not substantially complied with, and an action, suit or proceed- ing contesting such validity is commenced within twenty days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the constitu- tion. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEP- TEMBER 1, 1998, AUTHO- RIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY, IN- CLUDING, BUT NOT LIM- ITED TO, DEVELOPMENT RIGHTS IN OPEN AGRICUL- TURAL LANDS, WITHIN SAID TOWN, FOR THE PRESERVATION OF OPEN SPACES AND AREAS AND TO MAINTAIN AND EN- HA'NCE THE CONSERVA- TION OF NATURAL RE- SOURCES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,000,000, APPROPRIAT- ING SAID AMOUNT THERE- FOR, AUTHORIZING THE ISSUANCE OF $2,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION, STATING THAT LAND INSTALL- MENT PURCHASE OBLIGA- TIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLU- TION AND DETERMINING THAT THIS BOND RESOLU- TION SHALL BE SUBJECT TO A MANDATORY REFER- ENDUM. Recitals WHEREAS, pursuant to Sec- tion 247 of the General Munici- pal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (herein called "Section 247"), the Town of Southold, Suffolk County, New York (herein called "Town"), is authorized to ac- quire interests or fights in real property for the preservation of open spaces and areas as defmed in Section 247; and WHEREAS, such acquisition of interests or rights in land situ- ate throughOut the Town for the preservation ofopan spaces and areas and maintaining and en- hancing the conservation of natural resources, as defined in Section 247, must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to implement the l/md acquisition and financing program herein- after set forth and to authorize the issuance of land installment purchase obligations for the purpose of financing the acqui- sition of such interests or rights in real property: now, therefore THE TOWN BOARD OF THETOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEW YORK, HEREBY RESOLVES Coy the favorable vote of not less than three-filths of all the members of said Town Board) AS FOLLOWS: Section 1. The Town is hereby authorized to acq0ire by pur- chase, gift, grant,:bequest, de- yise, lease or otherWise, includ- ing the fee or any lesser inter- est, or development right, ease- ment, covenant or other contrac- tual right necessary to achieve the .purposes of Section 247, in various parcels of real property including, but not limited to, development rights in open ag- ricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the con- servation of natural resources, as may be authorized from time to time, by the Town Board of the Town, afier due notice and a public hearing pursuant to the provis OhS of Section 247 and applicable provisions of the Town of Southold Code, includ- ing incidental costs incurred in relation thereto, such acquisi- tion being hereby found, deter- mined and deemed to be necas- sary and in th~ public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, in- cluding the fee or any lesser in- terest, or development right, easement, covenant, or other contractual right in any piece or parcel of such lands shall be so acquired until all relevant pro- visions of the State Environ- Section 3. The following ad- di*;~,nal matters are hereby de- t ned, stated and declared: ta) The period of probable usefulness of said class of ob- jects or purposes as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued} within the limitations of Section 11.00 (a) 21. of the Law,'is thirty (30) year~. (b) All or a portion of the in- debtedness to be contracted by the Town for the purpose of fi- nancing the acquisition of such interests or rights in real prop- erty may be issued in the form · of a land installment purchase obligation or obligations pursu- ant to the provisions of Section 29.10 of the Law any portion of sa d estimated maximum cost that is not financed by the issu- ance ora land installment obli- gation or obligations may be fi- nanced through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) The proceeds of the bonds herein authorized and any bond anticipation notes issued in an- ticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds as well as any bond purchase obligation 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 ob- ligations of the Town, payable as to both principal and interest by general tax upon all the tax- able real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevo- cably pledged to the punctual payment of the principal of and interest on said bonds and any for the purpose or purposes for which said bonds are autho- rized. The foregoing statement of intent with respect to reim- bursement is made in confor- mity with Treasury Regulation Section 1.I50-2 of the United States Treasury Department. (d) The proposed maturity of said $2,000,000 serial bonds will exceed five (5)years. Section 4. Each of the bonds authorized by this resolution mental Quality Review Act (herein called "SEQRA"), con- stituting Article 8 of the New notes issued in anticipation of York Environmenta Conserva~ tl~e sale of said bonds and pro- -' - - :~ ,.-J ws~on shall be made annually in With and a final declaration as . g ~ . t ..... ; ...... *ol ;...,..,-~ }i~* propnatlon ~or (a) the amort~za- ~een nv · v .,,-~,~ ~"~l~'l'"'"d"~:~'~r'~d"~'}'"~ '~° tion and redemption of the titYduly' authorized'tff mak-e bonds and any notes in antici- such determinatign and declaraz pation thereof to mature in such tion. The estimated maXimum, year and (b) the payment of in- terest to be due and payable in such year. Section 5. Subject to the pro- visions of this resolution and of the Law and pursuant to the pm- visions of Section 21.00 relative to the authorization of the issu- ance of bonds with substantially level or declining annual debt service and of Section 30.00 relative to the authorization of the issuance of bond anticioa- tion notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are here~' delegated to the Supervi? cost of said class of object's or purposes, including I?eltminary cOsts and costs incidental thereto and the financing thereOf, is $2,000,000, and said amount is hereby appropriated therefor. The plan 6f financi~g includes the issuance of $2,000,000 serial bonds of the Town to finance said appropria- tion, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the ~nterest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of $2,000,000 are hereby autho- rized 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. chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this reso- lution and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are autho- rized for an object or purpose for which the Town is not au- thorized 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 substan- tially complied with, and an action suit or proceed- ng contesting such validity, is commenced within twenty days after the date of such publica- tion, or (c) such obligations are autho- · rized in violation of the provi- sions of the constitution. Section 7. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the tqhualified voters of the Town at e Special Town Election to be held at the same time as the General Election on November 3, 1998, and this bond resolu- tion shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. 1X-I 1/12/98 (376) PROPOSAL FIVE, A PROPOSITION SOUTHOLD TOWN PROPOSITION NO. 2 SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted September 1, 1998, authorizing the acquisition of interests or rights in real property, including, but not limited to, developmental rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $2,000,000 serial bonds of said Town to finance said appropriation, stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? The Whole Number was ......... 9,065 The Total YES Vote was .........4,635 The Total NO Vote was ..........2,703 The Total Blank Vote was .......1,725 The Total Void Vote was ................ 2 Therefore, we do hereby certify that the above canvass and recanvass for the General Election, held on the 3rd day of November, 1998 is a true and complete copy of the original on file in the office of the Suffolk County Board of Elections. IN WITNESS WHEREOF, We have hereunto set our hands and affixed the seal of the Board of Elections of Suffolk County this 12th day of November, 1998 at Yaphank, New York Sincerely, STATE OF NEW YORK ~ SUFFOLK COUNTY Office of the Town Clerk ss: of the TOWN OF SOUTHOLD (Seal) This is to certify that I, Elizabeth A. Neville, Town Clerk of the Town of Southold in the said County of Suffolk, have compared the foregoing copy of..Cot, ti.fir:ate .of :the. Insllector~ of. Election showing, the .results of the voting on Southold Town Proposition NO. 1 and Southold Town PtopOsitioh' NO.'2 bf 1998 .... , ........ with the original now on file in this office, and that the same ~s a correct and true transcript of such original. Certificate of. the .Inspectors .of' ,Electio~ showing the. results, of.the voting, on. Southold. Town. Proposition No. I and Southold Town Proposition No.2and the whole thereof. of '199'8 ....................... In Witness Whereof, I have hereunto set my hand and affixed the seal of said Town this .2.ql;h. day of No.vemher.,. 1.098 .............. ·own O,or o, ,o EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York September 1, 1998 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Hall, Southold, New York, on September 1, 1998 at 4:30 o'clock P.M. (Prevailing Time). There were present: Board Members: Hon. Jean W. Cochran, Supervisor; and Councilman Brian G. Murphy Councilman John M. Romanelli Councilman William D. Moore Justice Louisa P. Evans Councilwoman Alice J. Hussie There were absent: Also present: Elizabeth A. Neville, Town Clerk Gregory F. Yakaboski, Town Attorney Councilman William D. Moore offered the following resolution and moved its adoption: 221742.1 02C032 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 1, 1998, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY, INCLUDING, BUT NOT LIMITED TO, DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS, WITHIN SAID TOWN, FOR THE PRESERVATION OF OPEN SPACES AND AREAS AND TO MAINTAIN AND ENHANCE THE CONSERVATION OF NATURAL RESOURCES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,000,000, APPROPRIATING SAID AMOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $2,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION, STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM. Recitals WHEREAS, pursuant to Section 247 of the General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (herein called "Section 247"), the Town of Southold, Suffolk County, New York (herein called "Town"), is authorized to acquire interests or rights in real property for the preservation of open spaces and areas as defined in Section 247; and WHEREAS, such acquisition of interests or rights in 221742.1 020032 RES land situate throughout the Town for the preservation of open spaces and areas and maintaining and enhancing the conservation of natural resources, as defined in Section 247, must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to implement the land acquisition and financing program hereinafter set forth and to authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in real property: now, therefore THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than three-fifths of all the members of said Town Board) AS FOLLOWS: Section 1. purchase, gift, grant, The Town is hereby authorized to acquire by bequest, devise, lease or otherwise, including the fee or any lesser interest, or development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of real property including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, as may be authorized from time to time, by the Town Board of the Town, after due notice and a 221742.1 020032 RES public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, or development right, easement, covenant, or other contractual right in any piece or parcel of such lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act (herein called "SEQRA"), constituting Article $ of the New York Environmental Conservation Law, have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $2,000,000, and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $2,000,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of $2,000,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 221742.1 020032 RES 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, stated and declared: (a) The period of probable usefulness of said class of objects or purposes, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. of the Law, is thirty (30) years. (b) All or a portion of the indebtedness to be contracted by the Town for the purpose of financing the acquisition of such interests or rights in real property may be issued in the form of a land installment purchase obligation or obligations pursuant to the provisions of Section 29.10 of the Law; any portion of said estimated maximum cost that is not financed by the issuance of a land installment obligation or obligations may be financed through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) 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 or purposes 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. 221742,1 0217032 RES (d) The proposed maturity of said $2,000,000 serial bonds will exceed five (5) 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 as well as any bond purchase obligation 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 and of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and 221742.I 020032 RES issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, 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. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the qualified voters of the Town at the Special Town Election to be held at the same time as the General Election on November 3, 1998, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. 221742.1 020032 RES The adoption of the foregoing resolution was seconded by Supe~i~r Jean W.C~chranand duly put to a vote on roll call, which resulted as follows: AYES: Councilman Brian G. Murphy, Councilman John R. Romanelli, Councilman William D. Moore, Justice Louisa P. Evans, Councilwoman Alice J. Hussie NOES: None The resolution was declared adopted. Councilman William D. Mooreoffered the following resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. A Special Town Election of the Town of Southold (herein called "Town"), in the County of Suffolk, New York, shall be held at the same time as the General Election on November 3, 1998, between the hours of 6:00 o'clock A.M. (Prevailing time) and 9:00 o'clock P.M. (Prevailing Time) or as much longer as may be necessary to enable the voters then present to cast their votes, to vote upon the following Proposition contained in the Notice of such Special Town Election hereinafter set forth, shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town shall be the same polling places as shall be used at the General Election to be held that day. 221742.1 020032 i~S Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "THE TRAVELER WATCHMAN," a newspaper published in Southold, New York, New York, hereby designated the official newspaper of the Town for such publication, and to post on the sign board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law, said publication and posting to be at least ten (10) days before such Special Town Election, a Notice in substantially the form stating that the Town Board will submit a Proposition for the approval or disapproval of the Bond Resolution adopted at this meeting, the title of which is set forth therein: TOWN OF SOUTHOLD, NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE SPECIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1998 NOTICE IS HEREBY GIVEN that a Special Town Election of the Town of Southold will be held at the same time as the General Election on November 3, 1998, between the hours of 6:00 o'clock A.M (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time), and that the following Proposition will be submitted to the qualified voters of the Town of Southold for their approval or disapproval and will appear on the ballot in substantially the following form, to wit: PROPOS__~ITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted September 1, 1998, authorizing the acquisition of interests or rights in real property, including, but not limited to, developmental rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $2,000,000 serial bonds of said Town to finance said appropriation, stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution and determining that this bond resolution shall be subject to a mandatory referendum,,, BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that pursuant to Section 247 of the New York General Municipal Law ("Section 247"), the Town of Southold ("Town"), is authorized to acquire interests or rights 221742.1 020032 RES in real property for the preservation of open spaces and areas and maintaining and enchancing the conservation of natural resources, as defined therein; that such acquisition of interests or rights in real property throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the provisions of Section 247 and the Town desires to impelement the land acquisition and financing program hereinafter set forth; AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, including the fee or any lesser interest, or development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of real property including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, as may be authorized from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, or development right, easement, covenant, or other contractual right in any piece or parcel of such lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA,,), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration; STATING the estimated maximum cost thereof is $2,000,000; APPROPRIATING $2,000,000 to pay said cost; and STATING the plan of financing includes the issuance of $2,000,000 serial bonds of the Town, and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; SECOND: AUTHORIZING the issuance of $2,000,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; THIRD: DETERMINING and STATING the period of probable usefulness applicable to the class of objects or purposes for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such bonds or any bond anticipation notes may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SIXTH: DETERMINING that a Proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Special Town Election to be held at the same time as the General Election on November 3, 1998 and that this bond resolution shall take effect upon such approval. Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in substantially the following form: PROPOS~ITION YES NO SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted September 1, 1998, authorizing the acquisition of interests or rights in real property, including, but not limited to, developmental rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $2,000,000 serial bonds of said Town to finance said appropriation, stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution and determining that this bond resolution shall be subject to a mandatory referendum,,, BE APPROVED? By order of the Town Board Dated: September 1, 1998 ELIZABETH A. NEVILLE Town Clerk 221742,1 020032 RES Section 3. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in full, in the newspaper referred to in Section 2 hereof, and hereby designated the official newspaper of the Town for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 4. This resolution shall take effect immediately. 221742.1 020~)32 RES The adoption of the foregoing resolution was seconded by ~.~n~ 3e~n W. Cochran and duly put to a Vote on roll call, which resulted as follows: AYES: NOES: The resolution was declared adopted. 221742.1 020032 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 the Town of Southold duly called and held on September 1, 1998, 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 far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said the Town of Southold thisl0th day of September, 1998. (SEAL) Town C16rk 221742.1 020032 RES NOTICE The resolution published here- with has been adopted on 1st day of Sept~mbar, 1998, and a Proposition therefor has been approved by a majority of the qualified voters of the Town voting thereon at the Special Town Election held at the same time as the General Election on November 3, 1998. The valid- ~ty of the obligations authorized. y such resolution may be here- after contested only if such ob- ligations were authorized for an object or purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of pub[icatioa of this notice were not substantially complied with, and an action, suit or proceed- ing contesting such validity is commenced within twenty nays after the date of publication of this notice, or such obligations were outhorized in violation of the provisions of the constitu- tion. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEP- TEMBER l, 1998, AUTHO- RIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY, CLUDING, BUT NOT LIM- ITED TO, DEVELOPMENT RIGHTS IN OPEN AGRICUL- TURAL LANDS, WITHIN SAID TOWN, FOR THE PRESERVATION OF OPEN SPACES AND AREAS AND TO MAINTAIN AND EN- HANCE THE CONSERVA- TION OF NATURAl. RE- SOURCE,~STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,000,00{}, APPROPRIAT- YNG SAID AMOUNT THERE- FOR, AUTHORIZING THE ISSUANCE OF $2,000,000 SERIAL BONDS OF SAID TO~N TO FINANCE SAID APPROPRIATION, STATING THAT LAND INSTALL- MENT PURCHASE OBLIGA- TIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS-BOND RESOLU- TION AND DETERMINING THAT THIS BOND RESOLU- TION SHALL BE SUBJECT TO A MANDATORY REFER- ENDUM. Recitals WHEREAs, pursuant to Sec- Sion 247 of the General Munici- Gl Law, constituting Chapter of the Consolidated Laws of the State of New York (herein called "Section 247"), the Town of South°Id, Suffolk County, New York (herein called "Town"), is authorized to ac- quii'e interests or r~ghts in real prOperty for the preservation of open spaces and areas as defined in Section 247; and WHEREAS, such acquisition of interests or rights in land situ- ate thron~Out the Town for the preservation of open spaces and areas and maintaining and en- hancing the conservation of natural resources, as defined in Section 247, must be found, determined and deemed to be necessary, in the public interest and a prOper public purpose of the Towninaccordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to implement the land acquisition and financing program herein- after set forth and to authorize the issuance of land installment purchase obligations for the purpose of financing the acqui- sition of such interests or rights in real property: now, therefore THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEw YORK, HEREBY RESOLVES (by the favOrable vote of not less than threeOqfths of all the members'of~gaidTnwn Board) "':: AS FOLLOWS: :;~ ' Section 1. The Town is hereby authorized to acquire by pur- chase, gift, grant, bequest, de- vise, lease or otherWise, includ- ing the fee or any lesser inter- est, or development right, ease- ment, co~enant or other contrac- tual right necessary to achieve the purposes of Section 247, in various parcels of real property including, but not limited to, development rights in open ag- ricultural l~nds, within the Town, for the preservation of open spaces and areas and to maintain and enhance the con- servation of natural resources, as may be authorized from time to time, by the Town Board of the Town, afier due notice and a public hearing, pursuant to the provisions of Se~ion 247 and applicable provisions of the Town of Southold Code, includ- ing incidental costs incurred in relation thereto, such acc[uisi- tion being hereby found, eater- mined and deemed to be neces- sa~ and in the public interest and a proper publ!c pulp.o.se .of the Town m accoraance wl~ the findings and determinations set forth in Section 247; provided, however, that no such right, in- cluding the fee or any lesser in- terest, or development right, easement, covenant, or. other contractual right in any piece or parcel of such lands shall be so acquired until all relevant pro- visions of the State Environ- mental Quality Review Act (herein called "SEQRA"), con- stituting Article 8 6f the New York Environmental Conserva- tion Law, have been complied with and a final declaratiun as to environmental impact has been duly declared by the em tity duly authorized to~ make such determination and deClara- tion. The estimated maximum cost of said ClaSs of objects Or pUrpOses, including greliminary costs and Jests mc[dental thereto and the financing thereof, is $2,000;000; and said amount iS here.by approPriated therefor. The plan of financing includes the issuance of $2,000,000 serial bonds of the Town to finance said appropria- tion, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. SectiOn 2. Serial bonds of the ToWn in the principal amount of $2,000,000 are hereby autho- rized 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 ad- ditional matters are hereby de- termined, stated and declared: (a) The period of probable usefulness of said class of ob- jects or purposes, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. of the Law,'is thirty (30) years. (b) All or a portion of the in- debtedness to be contracted by the Town for the purpose of fi- nancing the acquisition of such interests or rights in real prop- arty may be issued in the form of a land installment purchase obligation or obligations pursu- ant to the provisions of Section 29.10 of the Law; any portion of said estimated maximum cost that is not financed by the issu- ance ora land installment obli- gation or obligations may be fi- nanced through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) The proceeds of the bonds herein authorize~d and any bond anticipation notes issued in an- ticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose or purposes for which said bonds are autho- o~ rized. The foregoing statement of intent with respect to reim- bursement is made in confor- mity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (d) The proposed maturity of said $2,000,000 serial bonds will exceed five (5)years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued n anticipation ofthe sale of said bonds as well as any ::~x bond purchase obligation shall ~, contain the recta ofvalidity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of: said bonds, shall be general ob- ligations of the Town, payable as to both principal and interest by general tax upon all the tax- able real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevo- cably 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 pro- vision shall be made annually in the budget of the Town by ap- propriation for (a) the amortiza- tion and redemption of the bonds and any notes in antici- pation thereof to mature in such year and (b) the payment of in- terest to be due and payable in such year. Section 5. Subject to the pro- visions of this resolution and of the Law and pursuant to the pro- visions of Section 21.00 relative to the authorization of the issu- ance of bonds with substantially level or declining annual debt service and of Section 30.00 relative to the authorization of the issuance of bond anticina- tion notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this reso- lution and of any notes issued in anticipation &the sale of said bonds, may be contested only iff (a) such obligations are autho- rized for an object or purpose for which the Town is not au- thorized to expend money, or (b) the provisions of law which should be complied with at the date &the publication of such resolution are not substan- tially complied with, and an action, suit or proceed- ing contesting such validity, is commenced within twenty days after the date of such publica- tion, or (c) such obligations are autho- rized in violation of the provi- sions of the constitution. Section 7. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the tohualified voters of the Town at e Special Town Election to be held at the same time as the General Election on November 3, 1998, and this bond resolu- tion shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. , , * IX-I 1/12/98 (376) - ~ '- <-::r-' Z D n zO -. c~