Loading...
HomeMy WebLinkAboutOpen Space & Areas Preservation EXTP~ACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York September 2, 1997 A regular meeting of the Town Board of the Town of Southotd, in the County of Suffolk, New York, was held at the Town Hall, Southold, New York, on September 2, 1997 at 4:30 o'clock P.M. (Prevailing Time). There were present: Board Members: Hon. Jean W. Cochran, Supervisor; and Councilwoman AHce 3. Hussie Councilman Joseph k. Townsend, Jr. Councilwoman Ruth D. Oliva Justice Louisa P. Evans Councilman William D. Moore There were absent: None. Also present: Judith T. Terry, Town Clerk Laury L. Dowd, Town Attorney Supervisor Cochran offered the following resolution and moved its adoption: 145018.1 '317595 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 2, 1997, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY WITHIN SAID TOWN FOR THE PRESERVATION OF OPEN SPACES AND AREAS, 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 therein; and WHEREAS, the acquisition of interests or rights in land located throughout the Town for the preservation of open spaces and areas and conserving the character of local communities must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance 145018,1 017595 RES 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. The Town is hereby authorized to acquire by purchase, gift, grant, bequest,' devise, lease or otherwise such interests, including the fee or any lesser interest, or developmental rights, easements, covenants or other contractual rights necessary to achieve the purposes of Section 247, in various parcels of real property within the Town for the preservation of open spaces and areas and conserving the character of local communities, 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 145018.1 017595 RE5 accordance with the findings and determinations set forth in Section 247; provided, however, that no such interest, 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 8 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 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: I45018.1 017595 RES (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. (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. (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 145018.1 017595 RES 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 issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the 145018.[ 017595 RES 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 purpose for which the Town is not authorized to expend money, or 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 Biennial Town Election to be held on November 4, 1997, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. 145018,1 017595 RES The adoption of the foregoing resolution was seconded by Councilwoman OHva and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Cochran, Councilwoman Hussie, Councilman Townsend, Councilwoman Oliva, Justice Evans, Council- man Moore. NOES: None. The resolution was declared adopted. Councilwoman Oliva offered the following resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, iN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOL'v-ES AS FOLLOWS: Section 1. At the Biennial Town Elec5icn of the Town of Southold (herein called "Town"), in the County of Suffolk, New York, to be held on November 4, 1997, 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 necessa,~-y to enable the voters then present to cast their votes, the following Proposition shall be included in the Notice of such Biennial Election shall be submitued to the qualified voters, as hereinafter referred to. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "THE SUFFOtK T~MSS", a newspaper published in Mattituck, New York, hereby designated the official newspaper of the Town for such publicauion, and co post cn 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 Biennial Town Election, the Notice thereof, which Notice shall include a statement that the Town Board will submit the following Proposition for the approval or disapproval of the Bond Resolution adopted at this meeting, the title of which is set forth therein: I45018.1 017595 PROPOSITION SF!ALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted September 2, 1997, authorizing the acquisition of interests or rights in real property within said Town for the preservation of open spaces and areas, 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 General Municipal Law ("Section 247") the Town of Southold ("Town") is authorized to acquire interests or rights in real property for the preservation of open spaces and areas and conserving the character of local communities, 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 and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature and the Town desires to implement the land acquisition and financing program hereinafter set forth; AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise such interests, including the fee or any lesser interest, or developmental rights, easements, covenants or other contractual rights necessary to achieve the purposes of Section 247, in various parcels of real property within the Town for the preservation of open spaces and areas and conserving the character of local communities, 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 interest or right in any such lands shall be so acquired until all relevant provisions of the State Environmental 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 $2,000,000; 145018.1 017595 RES 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 on November 4, 1997 and that this bond resolution shall take effect upon such approval. I45018.1 017595 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. 145018.1 017595 RES The adoption of the foregoing resolution was seconded by Councilman Moore and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Cochran, Councilwoman Hussie, Councilman Townsend, Councilwoman Oliva, Justice Evans, Council- man Moore. NOES: None. The resolution was declared adopted. 145018.1 017595 CERTIFICATE I, JUDITH T. TERRY, 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 2, 1997, 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 3rd day of September, 1997. (SEAL) Town Clerk 14501~.1 017595 RES Of ~ 247, in various p~ceis of ram property within the Town for the preservation of open spaces and areas and conserving the character of local communities, as may be authorized from time to time, by the Town Board of th6 Town, after due notice and a ~ ~ng, pursuant to the provi- ~ ~lff $nction 247 and applicable II~ o'f the Town of Soutbold ~ taoluding incidental costs in~:~ta~ta relation thereto, such acqui- ~ ~ hereby found, determined ""'a ds~l~l to be necessary and in the I~ i~est and a proper public pur- ~ of ~ Town in accordance with S~D ~r-~wr ~voK, OF ~ll~A~l~NDS OF OBLIOATIONS ARE A~O- ~ZED TO ~IS BOND ~OL~ON, ~D D~ ~ ~S BOND ~OL~ON S~ BE SUB~E~ ~ A ~DA~RY ~DUM. WHE~, pu~nt to ~6n ~7 of the ~nemi Musical ~w, lng Chapter of the State of New York Oe~ ~led "~ion ~7~, ~e Town of ~u~ol~ ~ /~n~s and determinations set Suffo_lk. County, New York (bemin called ~h/~ ~tion 247; provided, howev- "Town ), is antborizod to acquire in- · t, ~.,.1~ Such interest, inctudln~ the terests or ri~hls in real property for the the s~le and issuance of the bonds here- in authorized and of any bond anticipe- tion notes iSsued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereb~y dele- gated t~ the Supervisor, the chief fiscal ofricer 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 autho- rized for an object or purpose for ~'~ which the Town is not authorized to i 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 con- testing such validity, is commenced withis twenty days after the date of The resolution publizhed herewith has defined therein; and I such publication, or been adopted on 2nd day of Sel~ember, WHERF~S, the acquisition of in- ' (c) such obiigaiions are autho- 1997, and a Proposition therefor has terests or rights in land lOCated thrmlgh. ' rized in violation of the provisions heenapprovedbyamajorityofthequal- out the Town for the preservario~ of I oftheconstitution. tried votsrs of the Town voting thereon open spaces and areas and conse~ing i Sect/on 7. A proposition for the at the Biennial Town Election held on the character of local communities must I approval or disapproval of this bond Novembor 4, 199~. The validity of the be found, datermined and deemed m he resolution shall be submitted as a obligations authorized by such resolu- necessary, in tho public interest and a J Proposition to the qualified voters of tion may be hereafter contested only if proper public porpme of the ~ in I t~e Town at the Biennial Town Election such obli~tions were authorized for an accordance with the findings and i to he held on November 4, 1997, and object or purpose for which the TOWN determinations of the Stats Legislatm~I this bond resolution shall take effect OF SOUTHOLD, in the County of Suf- as set forth in Section 247; ~d I upon the approval of he Proposition folk, New York, is not authorized to WHEREAS, in porsu~nce thereof, thn i by said voters of the Town at that ref- expend money or if the provisions of law which should have be~n complied with as of the date of publication of this notice were not substsntially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of pob- lication of this notice, or such obliga- tinus ware autbodz~d in violation of the provisions of the constitution. · JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEFFEMBER 2, 1997, AUTHORIZING THE ACQUI- SITION OF INTERESTS OR RIGHTS IN REAL PROPERTY WITHIN SAID TOWN FOR THE PRESERVATION OF OPEN SPACES AND AREAS, STATING THE ESTI- MATED MAXIMUM COST THERE- OF ~S $2,000,000, APPROPRIATING matters are hereby dsterm~ned, stated and dscizred: (a) The period of probable usefal. ness of said class of objects or per- poses, 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 poninn of the indcht- Town desires to implement the land acquisition and financing pro.am hem- inafter s~t fo~h and ID authorize the issuance of land installment po~ obligations for the purpose of financing the acquisition of such intents or rights in real prope~y: 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 Bco~d) AS FOL- LOWS: Section 1. The Town ia hereby autho- rized to acquire by porcbes~, gift, grant, bequest, devise, laase or otherwise such interests, including the fee or any izr, aer interest, or developmental rights, ease- rights necessary to achieve the perpo~s -~ ,,~auve-to the authorization of the issuance of bonds with substantial- ly level or declining annual debt ser- vice 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 erendum vote. 1213-1TN13 of Mattituck, in dy sworn, says that he/she ' THE SUFFOLK TIMES, a mbltshed at Mattituck, in Id, County of Suffolk and td that the Notice of which ted copy, has been regular- ~ewspaper once each week :.cessively, ~onunencing on Principal Clerk NOTICE The resolution published herewith has been adopted on 2nd day of September, 1997, and a Proposition therefor has been approved by a majority of the qualified voters of the Town voting thereon at the Biennial Town Election held on November 4, 1997. The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations 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 publication of this notice were not substantially complied with, and an action, suit or proceeding 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 constitution. JUDITH T. TERRY Town Clerk 145018.1 017595 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 2, 1997, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY WITHIN SAID TOWN FOR THE PRESERVATION OF OPEN SPACES AND AREAS, 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 therein; and WHEREAS, the acquisition of interests or rights in land located throughout the Town for the preservation of open spaces and areas and conserving the character of local communities must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance 145018.1 017595 RES 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. The Town is hereby authorized to acquire by purchase, gift, grant, bequest, devise, lease or otherwise such interests, including the fee or any lesser interest, or developmental rights, easements, covenants or other contractual rights necessary to achieve the purposes of Section 247, in various parcels of real property within the Town for the preservation of open spaces and areas and conserving the character of local communities, 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 145018.1 017595 accordance with the findings and determinations set forth in Section 247; provided, however, that no such interest, 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 8 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 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: 145018.1 017595 (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. (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 Requlation 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 in anticipation 145018.1 017595 RES 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 issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the 145018.1 017595 RE~ 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 Biennial Town Election to be held on November 4, 1997, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. 145018.1 017595 RES htumm or righu in md~ pmpafly dtib mid Town for the l~Se~ttinu aUtMsd~ maximum eO~ them~ is ~1~0, appmptiarinS said 8esem~f therefor, authorizing the issuance of S2,(MIO,000 rcrbl bonds of said Town to fiannce said appro- priation, ~ tim land b~*tkMnt potobe~e ~oligalions are antho~2~ the polling places in each of thc re~pe~ rive election dis~ of the Town of Southold shall be the snrne polling plac~ as shall be used for voting at a General Eleaion. An abstraa of said bond resolution, concisely stating the propose and effect the~of is as foilov~: FIRST:. RECITING th~ pursuant to Section 247 of the General Municipal Law ("Section 247") the Town of Southold ("Town") is anfltodand to acqcir~ interests or rights in mai proper- ty for the presep~afion of open spaces and mas and con~rvin~ the chmcter of local communities, as defined tbemin; that such acquisition of interests or rights in real property throughout the Town must be found, determined and deemed to be necessary and in the pub- l/c interest and a proper public purpose of the T-own in accordance with the find- ing~ and detenninatinns of the Stste Lcg/shtore and the Town dss~$ to implement the land acquisition and financinS pm~ram hereinafter set forth; AUTHORI22NG the Town to acquire by purchase, ~/fts, ~rant, bequest, de= vise, lease or othe~vise such /ntercsts, including the fee or any lesser interest, or develqpmental rights, easements, covenants or other contractual rights necessary to ach/eve the purposes of SeOinn 247, /n various parecls of real pl~erty within the Town for the preser- vation of open spaces and areas and con- serving the character of local communio t/es, as may be authorized from t/me to time, by the Town Board of the Town, af~ due notice and a public hearing, pumtata to the ptovisinns of Seaibn 247 and applicable provisions of thc Town of Southoid Code, including/nci- dental cmts incuned in relation t/~rcto, such acquisition being hereby found, de2nnined and deemed to be neces/2ry and in the public interest and a proper public propose of the Town in actor dance with the findings and detcrmina= flops set forth in Section 24?; pwvided, bowcvnr, that no such interest or fight in any such lands shall be so acquired until ail tekvant provisions of thc State Environmental 0uality Review Aa have been complied with and a final dsdara- fion as to environmental impaa has been dui), made; STARING the estimated n2ximum cost thetoof .is $2,000,(X~, APPROPRIATING $2,000,000 to pay said cost; and STATING the plan of fi- nancing includes the issuance of $2,000,000 serial bonds of the Town, and the h/vy and eoHection of rexes upon all the taxable real properly within the Town. to F' 'he principal of said bonds and inter. :moa; SECOND: AUTHORIZING issuance of $2,000,000 serial bonds of the Town pursuant to the Local Finance Law d the State of New York ("Law") ~ DETERMINING ami ~ thc period of potable immlmm~ for which said bonds am authorized to be issued is thi~y ~ yearn; that all or a potion of such Mss~ or any bond anticipation notes m~ h* issued in the fm-m of a land insudlmmt pmdmse obligation or oblisarimm ~ smmt to Section 29.10 of the iwoceeds of the bonds may he msmt~, i~h~h/~e the Town for ¢xpendl~mm made after the effective date hems~ the isr~T~se for which said bondm as*. au~tmrlzed, and the proposed mamdty~ said seri~ bonde will exceed tim years; FOURTH: DETERMINING aid bonds and any bond nm~ issued in anticipmion of . be~s and the renewals of said artiCUlation notes shcil be Seneul ddS~ arians of the Town; and PLEDGIMS0t~,. th~ poymant the faith and Credit Town; FIFi~: DEJ..~GATING to lib ~nd~or ~ pov,~ta and duties as ~ anridpet/on notes issued in anricill~im of s~l bonds, or the renewals ~ and $]XTH: DETERMINING that a Proper/on for the approval or dis- approval of this bond resolution shall be m be issued putsoant to thh b~'~d ~es- submisted to t/m qualified vo~em of tbe ~md demm~q WI~4~ - ~ at the Eienninl Town Election to FODITH T. TBRRY ~OOTHOLD TOWN C~.RK STATE OF NE. [ORK) ) SS: ~~~ of Mattituck. in said County, being duly sworn, says that he/she is Principal Clerk of THE SUFFOLK TIMES. a Weekly Newspaper, published at Mattituck, in the Town of Southold. County of Suffolk and State of New York. and that the Notice of which the annexed is a printed copy, has been reg-l~r- ly published in said Newspaper once each week for ~= weeks ~_c~esgively. ~o~mmencing on the [(_0 dayof~9~. Principal Clerk Sworn tO b,e~}re me this ~/~ ,. day of /~/~,/. 19 ~7_ MARY DIANA FOSTER NOTARY PUBLIO, STATE OF NE?/YoRK NO. 52-4655242, SUFFOLK coUNIY .~... COMMISSION EXPIRES AUGUST 31, 19 7'7 NO1~CE OF P-I~PIk~'IION TO BE SUBJm a-a~ AT TIlE SPECIAL TOWN TO BE HELD ON NOVEMBER 4, 1997 NOT/C~ XS HEREBY OXVEN that a Specisl To~n Elaaion of the To~n of Southold will he held at the same time · s the Oen~ral Election on November 4, 1997, betwe~ the hours of 6:00 o'clock A.II. 0~revailin[ Time) end SHALL THE RESOLUTION the Town of Sotohold, New YaK ~..tad SeMember 2, 1997, au- or rights in ~eal pmpewj witlda ~aid ed maximum "cost thereof is $2,000,000~ appz'op~lfin~ ~id amm'~t therefor, authorizing the of ~aid Towa to ~ance said ~q~tiall~ statlnl~ that land _.Line. =~ =~ sl~n he ~*ed ~ v99g a t~ Oeae~'ltlect~ held on that day. Aa ab~m of aaid Imad r~omuon. I~ST: RROTINO that pursuant to taw (~Se~tion 247") the Town' of e~Y fo~ the p~servafion ~ o~en spies in; that sa~h acquisition o~ intemm or of the To~n in a~cot~mee with the found, ~' thc nubhc htt~r~t , mmi~tie~ ~ ~ in- STATE OF NE~ fORK) ) SS: ~ of Mattituck, in said County, being duly sworn, says that he/she is Principal Clerk of THE SUFFOLK TIMES, a Weekly Newspaper, published at Mattltuck, in the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed is a printed copy, has been regular- ly published in said Newspaper once each week for ~_ weeks successively, commencing on the Principal Clerk this /C Sworn to,before me day of %-'N ~-~_ 19 ~? NOT~¥ ~U~U~, ~T~TE OF N~W NO. 52~655242 SUFFOLK COUN~ COMM SS ON ~PI~ AUGU~ 3~, with IOoq35 'ti. u~ excel five (~) ~em; · nj FOURTH: DETERMINING that ; O~]l bonds and the renewals of nM bond )lt/?q: anticipation note~ shall be general t~ ~ of lhe Town; and PLEDG- -r nq INO to their I~/ment lhe high snd °tqeo ~ eteL~: DELEGATING to the Su- 7 o~ t~/n pefl. isoriMpowersand duties ns to the ~'e.t~ ]~r~ issuance (2~ said bonds and any bond ,~e -~0~( .SIXTH: DETERMINII~G that a ln~a~ a]r~aaiea ~ me ~ or d~ /~ qorr~, s~orovul of this bond resolution shall I~ TOWn al Ihe Spic:ill '11r, vn Ele~ion to ~ h~kl on Novemb~ 4, 1997 and that fills bond resolution ~nll take ef~t ut~n au~ ~al. ~dDITH T. TERRY ~/c~ ~ SOu~oLD ~ow~ CL~X -held uaq,~ ~ Pa~aA!lap s~r L