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HomeMy WebLinkAboutComputer Equipment & UpgradingNo. 4R-1 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 N~w York, hereby ankaowledge~ it~lf indebted and for value r~..eived promises to pay to the bearer of this Note, or if it be registered, to th~ registered holder, the sum of NINE HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($935,000) on the lSth day of Septemb~, 1998, together with interest thereon from the date hereof at the rate of three and eighty-eight hundredths ~ gesture 0.88%) per annum, payable at maturity. Both principal of and interest on this Note will bc paid in lawful money of the United State$ of America, at The Bridgehampton National Bank, Southold Office, Southold, New York. At the request of the holder, thc Town Clerk shall convert this Note into a registered Note by regqztering it in thc name of thc holder in thc books of the Town kept in the office of such Town Clerk and endorsing a certificate of anch registration hereon, afar which both principal of and interest on this Note shall bc payable only to thc registered holdcr, hi~ k~gni roproanntatives, successors or transferees. This Note shall then be transferable only upon presentation to such Town Clerk with a writtea transfer of tiflc and such Town Clerk shall thcrcupon register this Note in thc name of thc tranafere~ in his book.~ and shall codorsc a certificate of such rcgistratinn hereon. Such transfer shall bc dated, and signed by the registered holder, or his legal representatives, and it shall bc duly acknowledged or proved, or in the alternative the signature ther~o ahab bc 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 Noto ia issued pursuant to thc provisions of thc Local Finance Law, constituting Chapter 33-a of thc Consolidated Laws of thc State of New York, ten bond resolutions adopted by the Town Board on their re.~pective dates, authorizing thc issuanco of aerial bonds for various purposcs, and thc Certificate of Determination executed by the Supervisor on September 18, 1997. Th~ Nota has be. ca designated by the Town as a qualified tax-exempt obligation pursuant to the provisions of $~tion 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 ia 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 Note, eniat, 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 s~al (or a facsimile thereof} to be affLXed, imprinted, engraved, or otherwise reproduced hereon and at~sted by its Town Clerk and this Note to be dated as of the 18th day of September, 1997. TOWN OF SOUTHOLD (SEAL) ATTEST: "Town Clerk COMBINED IN 1997 - $935.000 VARIOUS PURPOSES BOND ANTICIPATION NOTE (Sept. 18, 1997) JUDITH T. TERRY TOWN CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fmx (516) 765-1823 Telephone (516) 765-1800 OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD May 5, 1997 Gerard Fernandez, Jr., Esq. Hawkins, Delafield & Wood 67 Wall Street New York, New York 10005 Dear Mr. Fernandez: Enclosed is a certified copy of the Extract of Minutes with regard to the $400,000 Serial Bonds for Acquisition and Installation of Computer Equipment for Upgrading, along with an original Affidavit of Publication of the bond resolution. Very truly yours, Judith T. Terry Southold Town Clerk Enclosures ~ aulhorized by such mss- M'amb ~bl~ttions were a~ ~ ~ M e~ m~F ~ ~ ~er the ~bli~tion of ~ ~ T, ~y ~wn ~ ~D R~OL~ON OF ~ ~N OF SO--OLD, ~ 1~, A~O~G ~ AC- ~ON OF COMPU~R ~. IN~UD~G ~ ~ O~ER ~ U~E ~ ~I~NG ~M~R OF ~ ~; ST~O ~ ~OF IS $~,~; ~ ~R ~D A~O~ ISSUANCE OF $4~ ~ON. ~ ~WN ~O~D OF ~ TOWN OF SO~O~, IN ~ ~U~ OF SU~OL~ ~ YO~ ~y ~OL~ ~ ~ ~vo~le ~ of ~t 1~ th~ ~ · i~ ~ ~l ~ ~ of ~d Town ~) ~ ~OWS: ~on L ~e ~ of ~u~did ~ · e ~umy of Suffolk. New York (bere~ called ~Town"), is hereby aul~mdmd ~. .pin~ and inmll com. Mini~PI~ inchdiog, but not ~ ~ ~ ~niog ~ili- ~r sys~m of ~e ~ in ~e ~ ~ ~er~f, ~ p~.  ated ~refor ~e p~ of ~ inclu~ tbe i~ of ~Y~mpy ~ tbe~n ~ the nme ~li ~ ~ ~ py~le. ~Ou~o~d m ~ ~ p~t ~m~ ~p.r 33-a ~ ~ ~ are he.by dete~ ~ ~)~ P~ofthc ~ ~d ~d ~y ~nd an~ ~ my ~ applied m reimho~ ~e ~ for ex~n~t~ m~ after the ~e ~c of ~s m~lufion for ~c ~ for which ~id bonds arc ~ ~e [~go~g ~e~m of ~ wi~ ~ m ~bu~mem is made in ~nfo~liy with T~asu~ Regulation Se~io~ 1.150-2 of the (c) ~e pm~d maturity of ~c ~n~ au~o~d by ~is ~lutio~ will nm cx~ five (5) y~. ~ 4. ~ of ~e ~ au- · o~d by ~b ~lufion and ~y ~d ~ti~on notes i~ in ~. ~n~n the ~ of v~ty ~ p~. m ~lh p~ ~d intact by g~cr- ~ or ~t. ~ f~th ~d ~it of Ihe Town are be~by inev~ly pl~ ~o ~e p~ pa~cnt of the pd~ of ~d intent on ~ ~ ~d ~y no~s ~ in ~palion of · c ~c of ~ ~ ~d pmvislon ~ ~ ~ ~n~ly ~ the budget of · e To~ by ~mpfiation for (a) the ~o~tion ~d ~mpgon of ~e ~nds ~d ~y no~s in ~tici~tinn · c~of to mat~ ~ such ye~ ~d ~) · e ~ymem of inte~si to ~ue ~d ~yabin in su~ yc~, · ~on 5. Subje~ te ~e provisions of t~s ~lufi~ ~d of ~c ~w ~d p~m m ~ pmvisio~ of Sexton 21,~ mingve ~o ~e antho~aion of au~r~n of ~c ~u~ of ~d ~rd rcintivc ~ auth~iziog bond be~er a~o~d, ~ ~ ~y ~ed o~ ~d ~ ~d ~ ~new~s of ~d e~ to the Su~, ~e c~cf tis- ~ 0ffi~r of~e Town, ~on 6. ~e v~idity of ~e au~o~d by ~b ~lug~ ~d of ~y of~d ~n~ may ~ ~m~ted o~ly ii: (a) su~ obl~fi~ ~ amho~d for ~ ~j~t or ~ for wh~ · e ~ ~ not au~o~d m expend money, or , (b) the provisions of law which should be complied with at the date ~f the publication of such resolution are not substantially complied with, and an action, suit or proceeding con- ~S: testing suet validity is commenced' within twenty days after the date of , such publication, or (c) such obligations ate authorized -- in violation of the provisions of the constitution, Section 7. This bond resoinllon shall take effec~ immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing t~solution, in full, together with a Notice mitac, bed in substantially the form prescribed by Section 81.00 of the Law in "THE SUFFOLK TIMES" a newspaper pub- shed in Southold, New York, having a general citcuistion in the Town and hereby designated the official newspa- per of said Town for such publication. 8_..~7-1 TA24 of Mattituek, in sworn, says that he/she HE SUFFOLK TIMES, a ~lished at Mattituck, in County of Suffolk and that the Notice of which [ copy, has been regular- vspaper once each week :ssively, commencing on Principal Clerk Sworn to. before me this .~ ~ \day Of ~ ,,~.~*~-~ 1D~_ NO, 524655242 SUFFOLK COUf~ ~ COM~ISS ON ~PIRES/~UGUS~ ~1, 19 ~ EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York April 15, 1997 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 April 15, 1997 at 7:30 o'clock P.M. (Prevailing Time). There were present: Board Members: Hon. Jean W. Cochran, Supervisor; and Councilwoman Alice J. Hussie Councilman Joseph L. Townsend, Jr. Councilwoman Ruth D. Oliva Justice Louisa P. Evans Councilman William D. Moore There were absent: None Also present: Justice Evans and moved its adoption: Judith T. Terry, Town Clerk Laury L. Dowd, Town Attorney offered the following resolution 12531~.1 017106 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED APRIL 15, 1997, AUTHORIZING THE ACQUISITION AND INSTALLATION OF COMPUTER EQUIPMENT, INCLUDING SOFTWARE, IN ORDER TO UPGRADE THE EXISTING COMPUTER SYSTEM OF THE TOWN; STATING THE 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. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not of all the members of said Town Board) AS less than two-thirds FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to acquire and install computer equipment, including, but not limited to software and training facilities, in order to upgrade the existing computer system of the Town in the several Town offices. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and to the financing thereof, is $400,000 and the said amount is hereby appropriated therefor. The plan of financing includes the issuance of $400,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the · - . ' 128313.1 '017106 gE8 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 $400,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33- a of the Consolidated Laws of the State of New York (herein called "Law"), to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the specific object or purpose for which said serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 32. of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five (5) years. 128313.1 017106 RES Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and 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 any bonds heretofore or 128313,1 017106 RES hereafter 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. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCHMAN," a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. 128313.1 017106 RES The adoption of the foregoing resolution was seconded by Councilwoman Oliva 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. 128313.1 0171~6 RES 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 Town of Southold duly called and held on April 15, 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 Town of Southold this 15th day of April, 1997. (SEAL) Town ~lerk ~