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HomeMy WebLinkAboutFarmland Preservation EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York September 3, 1996 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'3, 1996 at 4:30 o'clock P.M. (Prevailing Time). There were present: Hon. Jean W. Cochran, Supervisor; and Board Members: Councilwoman Alice J. Hussie Councilman Joseph L. Townsend, Jr. Councilwoman Ruth D. Oliva Justice Louisa P. Evans Councilman William D. Moore There were absent: No one. Also present: Judith T. Terry, Town Clerk Laury L. Dowd, Town Attorney Councilman Townsend offered the following resolution and moved its adoption: 145018.1 017595 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 3, 1996, AUTHORIZING THE ACQUISITION OF CERTAIN DEVELOPMENTAL RIGHTS IN PRIME AGRICULTURAL LANDS 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 AND AUTHORIZING THE ISSUANCE OF $2,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. 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 developmental rights in agricultural lands actually used in bona fide agricultural production, which developmental rights represent permanent legal interests or rights in land for the preservation of open spaces and areas; and WHEREAS, the acquisition of developmental rights in prime agricultural lands 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 with the findings and 145018.1 017595 RES 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: 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 such developmental rights in various parcels of prime agricultural lands within the Town for the preservation of open spaces and areas 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, including incidental costs 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 in any piece or parcel of such lands shall be 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 145018.1 017595 RES authorized to so determine and declare. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and to 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 and declared: (a) The period of probable usefulness of said class of objects or purposes, as described herein, for which said serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. (a) of the Law, is thirty (30) 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 or purposes for which said bonds are authorized. The foregoing statement of I45018.I 017595 RES 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 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 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 I45018.1 017595 RES 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 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 t~is bond resolution shall be submitted to the qualified voters of the Town at the Special Town Election to be held at the General Election on November 5, 1996, and this bond take effect upon the approval of the Proposition by Town at that referendum vote. same time as the resolution shall said voters of the [45018.1 017595 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. Councilwoman Hussie offered 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, will be held at the same time as the General Election on November 5, 1996, 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, at which Special Town Election the following Proposition contained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts I45018.1 017595 RES of the Town of Southold shall be the same polling places as shall be used at the General Election to be held on that day. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "The Long Island Traveler- Watchman", a newspaper published in Southold, 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 following 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 in said Notice: 145018.1 017595 RES TOWN OF SOUTHOLD, NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE SPECIAL TOWN ELECTION TO BE HELD ON NOVEMBER 5, 1996 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 5, 1996, 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: PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted September 3, 1996, authorizing the acquisition of certain developmental rights in prime agricultural lands 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 and authorizing the issuance of $2,000,000 serial bonds of said Town to finance said appropriation," BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. 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 developmental rights in agricultural lands, as defined therein, for the preservation of open spaces and areas; that such acquisition of developmental 145018 I 017595 RES rights in prime agricultural lands 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 such developmental rights in various parcels of prime agricultural lands within the Town for the preservation of open spaces and areas 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, including incidental costs 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 in any such lands shall be 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 declared; 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 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; 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; 1450181 017595 RES 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 8, 1994 and that this bond resolution shall take effect upon such approval. DATED: September 3, 1996 JUDITH T. TERRY Town Clerk 145018.[ 017595 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. 145018.1 017595 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. 145018.1 017595 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 the Town of Southold duly called and held on September 3, 1996, 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 6th day of September, 1996. SEAL) Town Clerk NOTICE The resolution published aerewith has been adopted on the 1996. 'r, . validity of the obli- gations, ~orized by such reso- lution may be hereafter contested ~nly if such obligations were au- :horized for an object or purpose ~or which the TOWN OF ¢OUTHOLD, in the County of guffolk, New York, is not autho- rized 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 pub- lication of this notice, or such ob- ligations were authorized in vio- lation of the provisions of the constitution. JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOV~N OF SOUTHOLD, NEW YORK, ADOPTED SEPTEM- BER 3, 1996, AUTHORIZING THE ACQUISITION OF CER- TAIN DEVELOPMENTAL RIGHTS IN PRIME AGRI- CULTUILatL LANDS WITHIN SAID TOWN FOR THE PRES- ERVATION OF OPEN SPACES AND AREAS, STAT- ING THE ESTIMATED MAXIMUM COST THEREOF IS $2,000,000, APPROPRIAT- ING SAID AMOUNT THERE- FOR AND AUTHORIZING THE ISSUANCE OF $2,000,000 SERIAL BONDS OF SAID TOWN TO FI- NANCE SAID APPROPRIA- TION. Recitals WHEREAS, pursuant to Section 247 of the General Mu- nicipal Law. constituting Chap- ter 24 of the Consolidated Laws of the State &New York (herein called "section 247"), the Tow. n of Southold, Suffolk County, New York (herein called "Town"), is authorized to ac~ quire developmental rights in ag- ricultural lands actually used in bona fide agricultural produc- tions, which developmental rights represent permanent legal interests or rights in land for the preservation of open spaces and areas; and WHEREAS, the acquisition of developmental rights in prime agricultural lands located through the Town for the pres- ervation of open spaces and ar- eas and conserving the charac- ter of local communities must be found, determined and deemed to be necessary in the public in- terest and a proper public pur- pose of the Town in accordance with the findings and determina-. tions 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 hereinaf- ter set forth: Now, therefore THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 5rdday'ofSeptamber, 199fi, and IN THE COUNTY OF SUF- Proposition therefor has been FOLK, NEW YORK HEREBY ~pproved by a majority of the RESOLVES (by the favorable ~lualified voters of the Town vot- vote of not less than three-fifths ing the~o~g)t the Special Town of alt the members of said Town Ele~t~fi~el~d' ~n November 5, Board) AS FOLLOWS: Section 1. The '~,wn is hereby authorized , .cquire such developmental rights in various parcels of prime agricul- tural lands within the Town for the preservation 6f open spaces and areas as may be authorized from time to time, by the Town Board of the Town, after due notice and a public hearing, pur- suant to the provisions of Sec- tion 247, including incidental costs in relation thereto, such acquisition being hereby found, determined and deemed to be nece~a~ and in the public in- terest and a proper public pur- pose of the Town in accordance with the findings and determina- tions set forth in Section 247, provided, however, that no such right in any piece or parcel of such lands shall be acquired un- til all relevant provisions of the State Environmental Quality Review Act ("herein called ' "SEQRA"), constituting Article 8 of the New York Environmen- 'tal Conservation Law, have been complied with and a final decla- ration as to environmental im- pact ha~ been duly declared by the entity duly authorized to so determine and declare. The esti- mated maximum costs of said class of objects or purposes, in- cluding preliminary costs and costs incidental thereto and to the financing thereof, is $2,000,000, and said amount is hereby appro- priated therefor. The plan of fi- nancing 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 oftbe Consolidated Laws of the State of New York (herein called "Law"), to finance said appro- priation. Section 3. The following ad- ditional matters are hereby de- termined and declared: (a) The period of probable usefulness of said class oftbjects or pu~oses, as described herein, for which said serial bonds an- thorized pursuant to this resolu- tion are to be issued, within the limitations of Secfion 11.00 (a). 21. (a) of the Law, is thirty (30) years. (b) The proceeds of the bonds herein authorized and any bond anticipafion 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 authorized. The foregoing statement of in- tent with respect to reimburse- ment is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) 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 is- sued 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 prop- erty 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 prin- cipal 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 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 rela- tive to the authorization of the is- suance of bond anticipation notes and of Section 50.00 and Sec- tions 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authoriz- ing bond anticipation notes and prescribing their terms, form and issuance of the bonds heroin authorized and of any bond an- ' ticipafion notes issued in antici- pation of said bonds~ and the re- newals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal of- fleer of the Town. Section 6. The vilidity of the bonds authorize~l by this resolu- tion and of any notes issued in anticipation of said bonds, may be contested only iff (a) such obligations are au- thorized for an object or purpose for which the Towrlis not autho- rized to expend mdney, or (b) the provisions of law which should be complied with at the date oftbe publication of such resolution are not substan- tially complied with, and an action, suit or proceed- ing contesting such validity is commended withth twenty days after the date of su'ch publication, or (c) such obligations are au- thorized in violation of the pro- visions oftbe constitution. Section 7. A proposition for the approval or disapproval of this bond resolution shall be sub- mitted 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 5, 1996, andthis bend resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. IX-I 1/21/96{15~ NOTICE TOWN OF SOUTHOLD, NEW YQRK ' NOTICE OF PROPOSI- TION TOBE SUBMH 1ED AT THE SPECIAL TOWN ELECTION TO BE HELD ON NOVEMBER 5, 1996 NOTICE IS HEREBY GIVEN that a Special Town Election ofd'~e Town of Southold will be held at the same time as the General Electionon Novem- ber 5, 1996, 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 voter~ of the Town of Southold for their approval of disapproval and will appear on the ballot in substan- tially the following form, to wit: PROPOSITION SHALL THE RESOLU- T~..,q ENTITLED: "Bond Reso- lution of the Town of Southold, New York, adopted September 3, 199C authorizing the acquisi- tion of certain developmental rights in prime agricultural lands within said Town for the preser- vation of open spaces and areas, stating the estimated maximum cost thereof is $2,000,000 appro- priating said amount therefor and authorizing the issuance of $2,000,000 serial bonds of said Town to finance said appropria- tion,'' BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election distxicts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond reso- lution, concisely stating the pur- pose and effect thereof, is as fol- lows: FIRST: RECITING that pur- suant to Section 247 of the Gen- eral Municipal Law ("Section 247") the Town of Southold ("Town") is authorized to ac- quire developmental rights in ag- ricultural lands, as defined therein, for the preservation of open spaces and areas; that such acquisition of developmental rights in prime agricultural lands throughout the Town must be found, determined and deemed to be necessary and in the public interest and a proper public pur- pose of the Town in accordance with the findings and determina- tions of the State Legislature and the Town desires to implement the land acquisition and financ- ing program hereinafter set forth; AUTHORIZING the Town to acquire such developmental rights in various parcels of prime agricultural lands within the Town for the preservation of open spaces and areas as may be authorized from time to time, by the Town Board of the Town, af- ter due notice and a public hear- ing, pursuant to the provisions of Section 247, including inciden- tal costs in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in thc public in- terest and a proper public pur-~ pose of the Town in accordance with the findings and determina- tions set forth in Section 247, provided, however, that no such right in any such lands shall be acquired until all retevant provi- sions of the State Environmen- tal Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; STATING the estimated maxi- mum 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 Continued on Page 26 COUNTY C, SUFFOLK STATE OF NEW YORK ss: Patricia C. Lollot, being duly sw()rn, save- th,: she is the Production Coordinator, of the TRV. ELER WATCHMAN, a public newspaper prinh- at Southold, in Suffolk County; and that the t~(, rice of which the annexed is a printed (()W has been published in said Traveler Watt hmm once each week for / ........................................................................ Wt~('k~ successively, commencing on the ....:. ........... ................ Sworn to before me this ........ d:!. ............ ¢l~,x ~ ........................... .................... Notary Public BARBARA A. SCHNEIDER NOTARY PUBLIC, State of New York No. 4806846 (~uallfied in Suffolk Count~ Continued from Pa e 24 the Local Finance Law of the State of New York 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 autho- rized to be issued is thirty (30) years; the proceeds of the bonds may be used to reimburse the Town for expenditures made af- ter the effective date hereof for thc 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 an- ticipation notes issued in antici- pation of said bonds and the re- newals of said bond anticipation notes shall be general obligatiom of the Town and PLEDGING to their payvhrnt the faith and credit~ of the Town: ~IFTH: DELEGATING to duties as ~b the i~s~eg O~'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 ap- proval or disapproval of this bond resolution shall be submit- ted to the qualified voters of the Town at the Special Town Elec- tion to be held on November 8, 1994 and that this bond resolu- tion shall take effect upon such approval. DATED: September 3, 1996 JUDITH T. TERRY Town Clerk 1X-10/10/96(116)