HomeMy WebLinkAboutVarious Purposes~No. 4R-I
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
BOND ANTICIPATION NOTE FOR VARIOUS PURPOSES-1997
The Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York,
hereby aeknowledge~ itself indebted and for value received promises to pay to the bearer of this Note, or if it be registered,
to the registered holder, the sum of NINE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($935,000) on the lgth
d~y of Sel~mbee, 1995, together with interest thereon from the date hereof at the rate of three and eighty.~ight
hundr~lths per e~ntum (3.85%) per annum, payable at maturity. Both principal of and interest on this Note will be paid
in lawful money of the United States of America, at The Bridgehampton National Bank, Southold Off, ce, Southold, New
York.
At the request of the holder, the Town Clerk shall convert this Note into a registered Note by registering
it in the name of the holder in the books of the Town kept in the office of such Town Clerk and endorsing a certificate of
such registration hereon, alter which both principal of and interest on this Note shall be payable only to the registered
holder, his legal representatives, successors or transferees. This Note shall then be transferable only upon presentation to
such Town Clerk with a written transfer of tide and such Town Clerk shall thereupon register this Note in the name of the
transferee in his books and shall endorse a certificate of such registration hereon. Such transfer shall be dated, and signed
by the registered holder, or his legal representatives, and it shall be duly acknowledged or proved, or in the alternative the
signature thereto shall be certified as to its genuineness by an officer of a bank or trust company located and authorized to
do business in this State.
This Note is the only Note of an authorized combined issue, the aggregate principal amount of which is
$935,000.
This Note 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, ten bond resolutions adopted by the Town Board on their respoetive dates,
authorizing the issuance of serial bonds for various purposes, and the Certificate of Determination executed by the
Supervisor on September 18, 1997.
This Note has been designated by the Town as a qualified tax-exempt obligation pursuant to the
previsions of Section 265 of the Internal Revenue Code of 1986, as amended.
The faith and credit of such Town of Southold are hereby irrevocably pledged for the punctual payment
of the principal of and interest on this Note according to its terms.
It is hereby certified and recited that all conditions, acts and things requh'ed 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 Note, exist, have happened and have been performed, and that this Note, together with all other indebtedness of such
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 Note to be signed by its Supervisor.
and its corporate seal (or a facsimile thereof) to be affixed, imprinl~xt, engraved, or otherwise repredueed hereon and
attested by its Town Clerk and this Note to be dated as of the 18th day of September, 1997.
TOWN OF SOUTHOLD
(SEAL)
Supervisor
ATTEST:
~/ ' ~'~Town Clerk
1994 Goe; 357 I ITHO IN ti S A
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
Judith T. Terry, being duly sworn upon her oath
deposes and says:
1. I am the duly appointed, qualified and acting Town
Clerk of the Town of Southold, in the County of Suffolk, New York
(herein and in Schedule A annexed hereto called "Town");
2. That with respect to the contract of sale of the
Note of the Town described in the Certificate of Determination
executed by the Supervisor on the lSth day of September, 1997, to
the financial institution indicated in such Certificate, I have
made a careful inquiry of each officer and employee of the Town
having the power or duty to (a) negotiate, prepare, authorize or
approve the contract or authorize or approve payment thereunder,
(b) audit bills or claims under the contract, or (c) appoint an
officer or employee who has any of the powers or duties set forth
above, as to whether or not such officer or employee has an
interest (as defined pursuant to Article 18 of the General
Municipal Law) in such contract;
3. That upon information and belief, as a result of
such inquiry, no such officer or employee has any such interest
in said contract unless otherwise noted in Schedule A annexed
hereto and by this reference made a part hereof.
Town ~lerk 6/
Subscribed and sworn to before me
this 18th day of September, 1997.
Notary Public, S~ate of New York
LINDA J. COOPER
Notary Public, Sta~:e of New York ~
No. 4822563, Suffolk County ~ ~
Term Expires December 31, 19 ,,
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SCHEDULE A
1. , is a stockholder of the Purchaser
owning or controlling, directly or indirectly, less than five per
centum (5%) of the outstanding stock thereof but no disclosure of
such interest by said officer is required pursuant to said Law.
2. , has an interest in the Purchaser
solely by reason of employment as an officer or employee thereof,
but the remuneration of such employment will not be directly
affected as a result of said contract and the duties of such
employment do not directly involve the procurement, preparation
or performance of any such part of such contract.
3. , has publicly disclosed the
nature and extent of such interest in writing to the governing
board of the Town. Such written disclosure has been made a part
of and set forth in the official record of proceedings of the
Town.
lg2642.1 015532 CERT
CERTIFICATE OF DETERMINATION BY THE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF THE $935,000 BOND ANTICIPATION
NOTE FOR VARIOUS PURPOSES-1997 OF THE TOWN OF
SOUTHOLD, NEW YORK.
I, Jean W. Cochran, Supervisor
New York (herein called the "Town'.) of the Town of Southold,
, HEREBY CERTIFY that pursuant
to the powers and duties delegated to me, the chief fiscal
officer of the Town, by the Town Board of the Town, pursuant
the bond resolutions duly ~dopted and as referred to in to
p~ragra~hs 1 to 10( inclusive, hereof, and subject to the
limitations pres?rlbed in said bond r ~'
following determinations: esolutlons, I have made the
. . . 1. A bond anticipation note of the Town in the
prlnclpa~ amount of $54,700 shall be issued to renew, in part,
the $~09,500 bond anticipation note dated November 1 1996
maturing ~eptember 18, 1997, and here . ' ,
~nt~lpatlon of the sale of ~ .... ~o~or~ iSSued ~n
~o the bond resolution entit~:~erlai Don~s authorized pursuant
"Bond Resolution of the Town of Southold, New
York, adopted August 24, 1993, authorizing the
purchase of a tub grinder for use by said Town,
stating the estimated maximum cost thereof is
$256,100, appropriating said amount therefor and
authorizing the issuance of $256,100 serial bonds
of said Town to finance said appropriation,,.
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $~09,500 bond
anticipation note having been heretofore provided to the extent
of $54,800 from a Source other than the proceeds of serial bonds.
2. A bond anticipation note of the Town in the
principal amount of $2,900 shall be issued to renew, in part, the
$5,900 bond anticipation note dated November 1, 1996, maturing
September 18, 1997, and heretofore issued in anticipation of the
sale of the serial bonds authorized pursuant to the bond
resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted August 24, 1993, authorizing the
purchase of a stump buster for use by said Town,
stating the estimated maximum cost thereof is
$13,900, appropriating said amount therefor and
authorizing the issuance of $13,900 serial bonds
of said Town to finance said appropriation,.,
152642.1 015832 CERT
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $5,900 bond
anticipation note having been heretofore provided to the extent
of $3,000 from a Source other than the proceeds of serial bonds.
P-:- . . 3. A bond anticipation .~
rimclpa~ amount ~ e~ ~- ~ ~= uA ~ne Town in
iyi_~?~,~uu pond anticipation note da~u~u uo_renew, in part,
~.~uurlng September ~ ~n.~ u=u November 1, 19 6
anticipatio~ of the~l~=~'~nd heretofore issued in 9 ,
· ~ une serial bonds authorized pursuant
to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted April 20, 1993, authorizing the
preparation of preliminary plans, specifications
and estimates necessary for the improvement of the
Town's yard waste composting operations, in
connection with an intermunicipal agreement to be
executed with the Towns of Huntingto9 and
Smlthtown, stating the estimated maximum cost
thereof is $175,000, appropriating said amount
therefor and authorizing the issuance of $175,000
serial bonds of said Town to finance said
appropriation,,,
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $43,500 bond
anticipation note having been heretofore provided to the extent
of $21,500 from a Source other than the proceeds of serial bonds.
4. A bond anticipation note of the Town in the
principal amount of $70,400 shall be issued to renew, in part,
the $~05,600 bond anticipation note d
ma~r~ng September 18. ~7 .... ~t~d November 1, 1996.
anticipation ~ +~ _L~19-1'_~uu heretofore issued in '
r the serial bonds authorized pursuant
to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted February 24, 1994, authorizing, for
Use by the Town Highway Department, the purchase
of (1) a three yard payloader at the estimated
maximum cost $78,500 and (2) a street Sweeper at
the estimated maximum cost of $106,500, stating
the estimated total cost thereof is $185,000,
appropriating said amount therefor, authorizing
the issuance of $185,000 serial bo~ds of said Town
to finance said appropriation and authorizing the
proceeds of sale of the Town's existing payloader
and street Sweeper to be applied to said cost,,,
152642.1 015832 CERT
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $105,600 bond
anticipation note having been heretofore provided to the extent
of $35,200 from a Source other than the proceeds of serial bonds.
. . . 5. A bond anticipation note of the Town in the
prlnclpa~ amount of $2~,000 shall be issued to renew, in ar
the $~0,000 bond anticl-ation .... p t
no~e ~a~e~ November 1. 1996 '
maturing ~eptember 18, 1997, and here . · ~ ,
~ntlclpatlon of the sale os ~- . ~o~ore issued in
~o the bond resolution ent~t~:serla~ Ponds authorized pursuant
"Bond Resolution of the Town of Southold, New
York, adopted May 16, 1994, authorizing the
partial reconstruction of the lighting and the
heating and/or ventilating systems in the Town
Hall, the Police Headquarters and the Human
Resources Center, stating the estimated maximum
cost thereof is $150,000, appropriating said
amount therefor, authorizing the issuance of
$150,000 serial bonds of said Town to finance said
appropriation and stating that any matching State
grants for energy conservation received by the
Town will be expended for the costs of such
reconstruction or payment of principal of and
interest on such bonds,..
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $50,000 bond
anticipation note having been heretofore provided to the extent
of $25,000 from a source other than the proceeds of serial bonds.
6. A bond anticipation note of the Town in the
principal amount of $1~,007 shall be issued to renew '
the $27,000 bond anticipation note dated No-- ~ , in part,
maturing September 18, 1997, and here .¥¥mDer 1~ 1996,
anticipation of the sale o~ ~- . ~ofore ~ssued ~n
~ u~ serial bonds authorized pursuant
to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted September 6, 1994, authorizing the
construction of road improvements in the Town,
appropriating $50,000 therefor, and authorizing
the issuance of $50,000 serial bonds of said Town
to finance said appropriation,..
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $27,000 bond
anticipation note having been heretofore provided to the extent
~[~2642.~1 0~5532 CERT
of $9,000 from a source other than the proceeds of serial bonds.
7. A bond anticipation note of the Town in the
principal amount of $12,500 shall be issued to renew, in part,
the $25,000 bond anticipation note dated November 1, 1996,
maturing September 18, 1997, and heretofore issued in
anticipation of the sale of the serial bonds authorized pursuant
to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted August 8, 1995, authorizing the
~onstruction of permanent improvement of highways
in the Town, known as Land,s End ~oa~. Latham Lane
and an unnamed stub road, appropriating $81,448
therefor, and authorizing the lSSuanc
serial bonds of sa~ ~ ...... e ~f $81,448
appropriation,., ~ ~uwn ~o ~lnance said
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 1, 1996, the redemption of said $25,000 bond
anticipation note having been heretofore provided to the extent
of $12,500 from a source other than the proceeds of serial bonds.
8. A bond anticipation note of the Town in the
principal amount of $240,000 shall · . .
the $300,000 bond anticina '~, ~_b~ ~SSued ~o renew, in part
maturing September 18, ~ ti .... ~-= ua=ed Sep=ember 18, 1996, '
1997, and heretofore issued in
anticipation of the sale of the serial bonds authorized pursuant
to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York( ~d~pted June 25, 1996, authorizing the .
acquisition of equipment for the Southold Solid
Waste Management District, in said Town, stating
the estimated total cost thereof, including
preliminary costs and costs ncldental thereto and
to the financing thereof in the amount of $10,000,
is $300,000; appropriating said amount
and authorizing the i ..... therefor;
~uance or $300,000 serial
bonds of said Town to finance said appropriation,..
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on September 18, 1996, the redemption of aid. S300,000 bond
S '
anticipation note having been heretofore provided to the extent
of $60,000 from a Source other than the proceeds of serial bonds.
9. A bond anticipation note of the Town in the
principal amount of $400,000 shall be issued in anticipation of
the sale of the serial bonds authorized pursuant to the bond
resolution entitled:
I82642.1 015832 CERT
"Bond Resolution of the Town of Southold, New
York, adopted April 15, 1997, authorizing the
acquisition and installation of computer
equipment, includ~_ _. .
the existin, .... ~_sort~are, in order to upgrade
the ~ ~v,,,~uuer system of the Town; stating
estimated maximum cost thereof is $400,000;
appropriating said amount therefor and authorizing
the issuance of $400,000 serial bonds of said Town
to finance said appropriation,,,
duly adopted by the Town Board on the date therein referred to.
10. A bond anticipation note of the Town in the
principal amount of $90,000 shall be issued in anticipation of
the sale of the serial bonds authorized pursuant to the bond
resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted February 20, 1997o.appropriating
amount of $90,000 for the acquisition of a the
payloader for the Southold Solid Waste Management
District, in said Town, stating the estimated
maximum cost thereof is $90,000 and authorizing
the issuance of $90,000 serial bonds of said Town
to finance said appropriation,,,
duly adopted by the Town Board on the date therein referred to.
11. Said $54,700 note, said $3,000 note, said $21,500
note, said $70,400 note, said $25,000 note, said $18,000 note,
said $12,500 note, said $240,000 note, said $400,000 note and
said $90,000 shall be combined for the purpose of sale into a
single note issue in the aggregate principal amount of $935,000
(hereinafter referred to as the "Note,,).
12. The terms, form and details of said Note shall be
as follows:
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
Form of Note:
$935,000 Bond Anticipation Note
Various Purposes-1997
September 18, 1997
September 18, 1998
for
Number 4R-l, at $935,000
3.88%
Substantially in accordance with
182642.1 015832 CERT
form prescribed by Schedule B, 2 of
the Local Finance Law of the State
of New York.
13. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
~!rsuant t~ihe bond resolutions referred to in paragraphs 1 to
~6~s '$~, ~l~g the Note, is, respectiv y, (1)
$ 0,000, °00, $1 6,000, (5)
$90,000 an~ ~ . ~ ) ~300,000 ~9~ , .... 0,
, u une amount of bond antici~=2:~_~u~,000 ~nd (10)
outstanding after the issuance of the Note, including said Note,
~uxun notes which will be
will be, respectively, (1) $54,700, (2) $3,000, (3) $21,500, (4)
$70,400, (5) $25,000, (6) $18,000, (7) $12,500, (8) $240,000, (9)
$400,000 and (10) $90,000.
14. The serial bonds authorized pursuant to the
~esolutions referred to in paragraphs 1 through 5 and 9 and 10,
inclusive, hereof, are for improvements which are non-assessable,
and the serial bonds authorized pursuant to the resolutions
~eferred to in paragraphs 6 through 8, hereof, are for
improvements which are assessable.
15. Pursuant to said powers and duties delegated to
me, I DO HEREBY AWARD AND SELL said Note to The Bridgehampton
National Ba~k, Southold Office, Southold..New York, for the
purchase price.of $935,000, plus accrued'interest, if any, from
the date of said Note to the date of delivery thereof and payment
therefor, and I FURTHER DETERMINE that said Note shall be payable
as to both principal and interest at The Bridgehampton National
Bank, $outhold Office, Southold. New York, and shall bear
interest ~t the rate of three a~d eighty-eight hundredths per
centum (3 88%) per annum, payable at maturity.
. 16. Sai~ Note shall be executed in the n
Town.b~ its Supervisor and the c ame of the
~lm~le thereof) shall be aff~Or~te ~eal of the Town for
uuuerwlse reproduced thereon a,~_l~P~l~te~, engraved o~ a
· .~ ~u~es~e~ Dy its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to me to issue and sell the Note hereinabove referred
to are in full force and effect and have not been modified,
amended or revoked.
IN WITNEss WHEREOF, I have hereunto set my hand this
18th day of September, 1997.
~up Visor
CLERK's CERTIFICAT_~E
I, Judith T. Terry, Town Clerk of the Town of Southold,
in the County of Suffolk, New York, HEREBY CERTIFY that I have
compared the foregoing copy of the Certificate of Determination
executed by the Supervisor and the same is a true and complete
copy of the Certificate filed with said Town in my office as Town
Clerk on the 18th day of September, 1997; and
I FURTHER CERTIFY that no resolution electing to
reassume any of the powers or duties mentioned in said
Certificate and delegated to the Supervisor by the resolutions
cited in said Certificate has been adopted by said Town Board.
IN WITNEss WHEREOF, I have hereunto set my hand and
affixed the corporate seal of said
Town this 18th day of September,
1997.
(SEAL)
Town Cierk ~7~
182642.1 015832 CERT