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HomeMy WebLinkAboutTrommel Screen & ShredderUNITED STATES OF AMERICA STATE OF NEW YORK '~ll~ COUNTY OF SUFFOLK TOWN OF SOUTHOLD BOND ANTICIPATION NOTE FOR ACQUISITION The Town of Southold, in the County of Suffolk, a municipal corporation of the State of Ne'a hereby acknowledges 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 THREE HUNDRED THOUSAND DOLLARS ($300,000) on the 18th day of September, 1997, together with interest thereon from the date hereof at the rate of four per centum (4.00%) 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, New York. At the request of the holder, the Town Clerk shall convert this Note into a registored 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, atlcer which both principal of and interest on this Note shah bo payable only to the registored holder, his legal representatives, successors or transferees. This Noto shall then be transferable only upon presentation to such Town Clerk with a written transfer of title and such Town Clerk shah thereupon register this Note in the name of the his books and shah endorse a certificate of such registration hereon. Such transfer shall be dated, and signed by the registered holder, or his legal representatives, and it shah be duly acknowledged or proved, or in the alternative the signature thereto shali 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 issue, the principal amount of which is $300,000. This Note is issued pursuant to the previsions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, the bond resolution duly adopted by the Town Board on June 25, 1996, authorizing the issuance of $300,000 serial bonds for the acquisition of equipment for the Southold Solid Waste Mana District, in said Town, and the Certificate of Determination executed by the Supervisor on September 18, 1995. This Note has been designated by the Town as a qualitied tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amended. Thc faith and credit of such Town of Southold are hereby irrevocably pledged for thc punctual payment of the principal of and interest on this Noto according to its terms. It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this Note, exist, have happened and have been performed, and that this Note, together with aH 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 thereot) to be affixed, imprinted, engraved or otherwise reproduced hereon and attested by its Town Clerk and this Note to be dasd as of the 18th day of September, 1996. TOWN OF SOUTHOLD (SEAL) ~ , / ~ () Supervisor ATTEST: Town Clerk COMBINED IN 1997 - $935,000 VARIOUS PURPOSES BOND ANTICIPATION NOTE (Sept. 18, 1997) AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK ) 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 18th day of September, 1996, 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 off/~r 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. ~ ' To~n Clerk~ Subscribed and sworn to before me this 18th day of September, 1996. N~-[a~ Public, State(of New York 147027.1 016391 CERT 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 an~ set forth in the official record of proceedings of the TOW~ 147027A 016391 CERT ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Jean W. Cochran, Supervisor of the Town of Southold (the "Issuer"), in the County of Suffolk, State of New York, HEREBY CERTIFY with respect to the Issuer's $300,000 Bond Anticipation Note for Acquisition of Equipment-1996 (the "Note"), dated and issued on September 18, 1996, as follows: Unless the context clearly requires otherwise, all capitalized terms not otherwise defined herein shall have the meanings set forth below or in the Resolution, the Code or the Regulations (each as defined below): ARTICLE I General 1.1. Authority of Siqnatory. I am an officer of the Issuer charged with the responsibility for the execution, delivery, and issuance of the Note and am acting for and on behalf of the Issuer in signing this certificate. l~' 1.2. Purpose of Certificate. This certificate is made fo~ the purpose of establishing evidence of the expectations of the Issuer as of the date hereof as to future events regarding the amount and use of proceeds of the Note. It is intended and may be relied upon for purposes of Sections 103 and 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and as a certification described in Section 1.148-2(b) (2) of the Treasury Regulations (the "Regulations"). This certificate is executed and delivered as part of the record of proceedings in connection with the issuance of the Note. The provisions of this certificate constitute a contractual obligation of the Issuer in consideration for the purchase of and payment for the Note by the purchaser(s) thereof. 1.3. Reasonable Expectations. This certificate sets forth the facts, estimates and circumstances now in existence which form the basis for the Issuer's expectation that the proceeds of the Note will not be used in a manner that would cause the Note to be an arbitrage bond under Section 148 of the Code or a private activity bond under Sections 103 and 141 of the Code. To the best of my knowledge and belief, such expectation is reasonable and there are no other facts, estimates or circumstances that would materially change that expectation. 1.4. No Composite Issue. No other governmental obligations have been sold fewer than 15 days prior to, or will be sold fewer than 15 days after, the sale date of the Note, pursuant to a common plan of financing which are expected to be paid from substantially the same source of funds as the Note. 1'$7027.1 016391 CERT 1.5 No Federal Guarantee. The Issuer represents and covenants that, except for the gross proceeds of the Note which are: (a) invested during the temporary period referred to in Article III, (b) held in any refunding escrow, or (c) invested in obligations of the United States Treasury or in obligations issued pursuant to Section 2lB(d) (3) of the Federal Home Loan Bank Act, as amended by Section 511(a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989, or any successor provision to Section 2lB(d) (3) of the Federal Home Loan Bank Act, as amended: (i) No portion of the payment of principal or interest with respect to the Note is or will be guaranteed directly or indirectly by the United States or any agency or instrumentality thereof (herein "federally guaranteed"); and (ii) No portion of the gross proceeds of the Note in excess of five percent of such gross proceeds is or will be (A) used in making loans the payment of principal or interest with respect to which is to be federally guaranteed, or (B) invested directly or indirectly in federally insured deposits or accounts. 1.6. Tax Representation. The Issuer expects to be able to and will comply with all the procedures and provisions set forth herein, and will do and perform all acts and things necessary and desirable within its reasonable control in order to assure that interest paid on the Note shall be excluded from gross income of the owners thereof for the purpose of federal income taxation. 1.7. Additional Information. The Issuer will provide such other information as may be required to assure the exclusion from gross income of interest on the Note for federal income taxation purposes. 1.8. Non-Purpose Investments. Not more than 50% of the proceeds of the Note are being invested in investments not acquired to carry out the governmental purposes of the issue at a guaranteed yield and having a term of 4 years or more. 1.9 IRS Information Reportinq. The Issuer will make a timely filing of the appropriate IRS Form 8038-G or 8038-GC. 147027.1 016391 CERT ARTICLE II Use of Project and Proceeds 2.1. Authorization. (a) The Note is authorized to be issued pursuant to applicable provisions of the laws of the State of New York and the bond resolution duly adopted by the Town Board on June 25, 1996 (the "Resolution"), as referred to in the Certificate of Determination executed by the Supervisor on September 18, 1996. (b) For purposes of this Article II the term "proceeds" means the net amount (after payment of all costs and expenses associated with issuing the Note) received by the Issuer from the sale of the Note, excluding accrued interest. 2.2. Purpose of Issue. The Note is being issued to provide funds for the acquisition of equipment for the Southold Solid Waste Management District, in said Town (the "Project"), as further described in the Resolution. 2.3. Use of Proceeds. The proceeds of sale of the Note will be used to provide original funds for the Project. 2.4. Ownership/Lease/Sale. The Project will be owned by the Issuer or another state or local governmental unit and will not be leased to any person who is not a state or local governmental unit. It will not (except to the extent that any of the projects financed involve grants) be sold or otherwise disposed of, in whole or in part, except for incidental sales of surplus items the proceeds of which will not constitute net operating profits or net capital profits to the Issuer, prior to the maturity date of the Note. 2.5. Private Loans. Not more than the lesser of 5 percent or $5,000,000 of the proceeds of the Note will be used directly or indirectly to make loans to persons other than a governmental unit. 2.6. Private Use. The aggregate amount of proceeds of the Note used directly or indirectly in a trade or business carried on by a person other than a state or local governmental unit ("Private Use"), will not exceed 10% of such proceeds in the event that more than 10% of the principal or 10% of the interest due on the Note during the term thereof is, under the terms of the Note or any underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Issuer, in respect of property or borrowed money used or to be used for a Private Use. 147027.1 016391 CERT 2.7. Unrelated/Related Disproportionate Use. No more than 5% of the proceeds of the Note will be used directly or indirectly in the trade or business of a person other than a governmental unit that is unrelated or related and disproportionate to the governmental use of the property being financed, including any private loan financing described in Section 2.5 which meets this test. For purposes of this Arbitrage and Use of Proceeds Certificate, proceeds of the Note are allocable to an unrelated Private Use if such use is neither directly nor operationally related to a governmental use and proceeds of the Note are allocable to a disproportionate related Private Use to the extent that the proceeds of the Note which are to be used to finance property used by a nongovernmental person in a trade or business which is related to the governmental use of the property referred to in Section 2.6 above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 2.8. Other Private Uses Defined. For purposes of Section 2.6 and 2.7, a Private Use consists of any contract or other arrangement including, without limitation, leases, management contracts, guarantee contracts, take or pay contracts, or put or pay contracts, which provides for a use of the Project by~erson or persons who are not State or local governments on a'basis different than the general public. Any management, or operations contract or agreement which provides for nongovernmental use will provide for reasonable compensation which is in no part based on net profits and will satisfy the provisions of (a), (b) or (c) below: (a) for contracts which provide compensation for each annual period based on a periodic fixed fee, a capitation fee or combination thereof, (i) the contract has a term (including renewal options) not exceeding five years; (ii) the issuer may terminate the contract, without penalty, at the end of any three year period, and (iii) at least 50% of the compensation paid is on a periodic, fixed fee basis; (b) for contracts entered into or materially modified (other than pursuant to a renewal option) after March 15, 1993, which provide compensation based on a per unit fee or a combination per unit and periodic fixed fee, (i) the contract has a term (including renewal options) not exceeding three years; (ii) the issuer may terminate such contract (without penalty) at the end of the second year of the term, and (iii) the amount of the per unit fee is specified in the contract or otherwise limited by the qualified user or a third party; (c) for contracts entered into or materially modified (other than pursuant to a renewal option) after March 15, 1993, which provide compensation based on a percentage of 147027 I 016391 CERT fees charged, (i) the contract has a term (including renewal options) not exceeding two years, (ii) the issuer may terminate the contract (without penalty) at the end of the first year, and (iii) the service provider primarily provides services to third parties or the contract involves a facility during an initial start-up period; (d) For purposes of this Section 2.8: (i) "capitation fee" means a fixed periodic amount paid under a management contract or agreement for each person for whom the service provider assumes the responsibility to provide all needed services for a specified period, provided the quantity and type of services actually provided vary substantially; (ii) "periodic fixed fee" means a stated dollar amount for services rendered during a specified period of time (i.e. SXX per month) which amount may automatically increase according to a specified, objective, external standard; and "per unit fee" means a stated dollar amount for each unit of service provided (i.e. SXX per medical procedure). 2.9. Pooled Loan Financinqs. To the extent the amount of proceeds of the Note to be used to make loans to any borrowers (including loans referred to in Section 2.5 above and loans to state or local governmental units) exceeds $5,000,000, at least 95% of the net proceeds of the issue (as defined in Section 150 of the Code but without including proceeds used to finance costs of issuance or capitalized interest) that are to be used to make loans, will have been used within 3 years of the date hereof to make such loans. The payment of legal and underwriting costs is not contingent and at least 95% of the reasonably expected legal and underwriting costs associated with issuance will be paid within 180 days of the date hereof. 2.10. Output Facilities. No more than 5% of the proceeds of the Note are to be used with respect to any output facility (other than a facility for the furnishing of water). No more than the lesser of $5,000,000 or 5% of the proceeds of the Note are to be used (directly or indirectly) for the acquisition of a nongovernmental output facility. 147027.1 016391 CERT ARTICLE III Arbitraqe/Rebate Exemption 3.1. Temporary Period. The proceeds of the sale of the Note may be invested without restriction as to yield during the three-year temporary period commencing on the date hereof, because: (a) The Issuer has entered into or will enter into within six months from the date of this certificate, binding commitment(s) for the acquisition, construction or accomplishment of the Project, and the amount of such commitment(s) with respect to such Project will or do exceed the amount equal to 5% of $300,000, being the aggregate amount of obligations currently issued for such Project. (b) Such Project has been completed, or, if such Project has not been completed, work on the acquisition, construction or accomplishment of such Project will proceed or is proceeding with due diligence to completion. (c) It is reasonably expected that at least 85 percent ~Of the net sale proceeds of the Note will be expended within three years from the date of this Certificate. No more than 50 percent of the proceeds of the bonds will be invested in nonpurpose investments with a term of four years or more. 3.2. Rebate. The Note is not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Issuer is a governmental unit with general taxing powers; (ii) the Note does not constitute a "private activity bond" as that term is defined in Section 141 of the Code; (iii) ninety-five percent or more of the net proceeds of the sale of the Note is to be used for local governmental activities of the Issuer; and (iv) the Issuer (including all agencies, instrumentalities and political subdivisions of the Issuer) reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Issuer during the current calendar year will not exceed $5,000,000. For purposes of such determination, no tax-exempt obligation shall be taken into account if it is a current refunding obligation issued in the calendar year in which the Note is being issued which does not exceed the 147027H 01639! CERT outstanding principal amount of the obligation to be refunded. 3.3. No Excess Proceeds. The total proceeds of sale of all bond anticipation notes issued to date for the Project do not exceed the total cost of the Project. 3.4. Source of ReDayment Funds. The Note will be paid from taxes and the proceeds of other obligations of the Issuer issued to fund the Note. 3.5. Debt Service Fund. The taxes used to pay principal and interest on the Note, whether or not deposited in a debt service fund, will be expended within 13 months of the date of deposit in such fund, or the date of their accumulation, in the payment of debt service on the Note. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt. The debt service fund, if any, will be used to achieve a proper matching of revenues and debt service and will be depleted at least annually except for a reasonable carryover amount which will not exceed the greater of the earnings on such fund for the immediately preceding year or one-twelfth of the debt service on the Note for the immediately pre~eding year. 3.6. Sinkinq Funds. Except for the debt service fund described herein the Issuer has not created or established, and does not expect to create or establish, any sinking fund or other similar fund which the Issuer reasonably expects to use to pay principal or interest on the Note. ARTICLE IV Bank Qualification 4.1. Desiqnation. The Note is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. In making such designation it has been determined that: (i) the Issuer does not reasonably anticipate that the amount of "qualified tax-exempt obligations" to be 147027.1 016391 CERT (SEAL) (ii) issued by the Issuer during the current calendar year will exceed $10,000,000; and the amount of "qualified tax-exempt obligations" issued by the Issuer during the current calendar year does not as of this date, and including this issue, exceed $10,000,000. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Town of Southold, this 18th day of September, 1996. Supervisor 147027.1 016391 CERT CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $300,000 BOND ANTICIPATION NOTE FOR ACQUISITION OF EQUIPMENT-1996 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Jean W. Cochran, Supervisor of the Town of Southold, New York (herein called the "Town"), 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 to the bond resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A bond anticipation note (the "Note") of the Town in the principal amount of $300,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the bond resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted 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 incidental thereto and to the financing thereof in the amount of $10,000, is $300,000; appropriating said amount therefor; and authorizing the issuance of $300,000 serial bonds of said Town to finance said appropriation duly adopted by the Town Board on the date therein referred to. follows: 2. The terms, form and details of said Note shall be as Amount and Title: Dated: $300,000 Bond Anticipation Note for Acquisition of Equipment-1996 September 18, 1996 Matures: September 18, 1997 Number and Denomination: Number 1, at $300,000 Interest Rate per annum: 4.0O% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of 147027.1 016391 CERT the Local Finance Law of the State of New York. notes. 3. Said Note is not issued in renewal of any note or 4. The amount of bond anticipation notes originally issued in anticipation of the issuance of serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof, including the Note, is $300,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note, will be $300,000. 5. The serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is assessable. 6. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to The Bridgehampton National Bank, Southold, New York, for the purchase price of $300,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at,The Bridgehampton National Bank, Southold, New York, and shall bear interest at the rate of four per centum (4.00%) per annum, payable at maturity. 7. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto and attested by 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, 1996. Supervisor 147027.1 016391 CERT CLERK'S CERTIFICATE 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, 1996; 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 resolution 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, 1996. (SEAL) Town~ Clerk la7027A 016391 CERT CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAYMENT WE, the undersigned officers of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", HEREBY CERTIFY that on or before September 18, 1996, we officially signed and properly executed by manual signatures the $300,000 Bond Anticipation Note for Acquisition of Equipment-1996 (the "Note") of the Town, payable to bearer and otherwise described in Schedule A annexed hereto and by this reference made a part hereof, and that at the time of such signing and execution and on the date hereof we were and are the duly chosen, qualified and acting officers of the Town authorized to execute said Note and holding the respective offices indicated by the titles set opposite our signatures hereto for terms expiring on the respective dates set opposite such titles. WE FURTHER CERTIFY that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said Note or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of ~said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. WE FURTHER CERTIFY that the seal which is impressed upon this certificate has been affixed, impressed, imprinted or otherwise reproduced upon said Note and is the legally adopted, proper and only official corporate seal of the Town. And, I, Jean W. Cochran, Supervisor, HEREBY FURTHER CERTIFY that on September 18, 1996, I delivered or caused the delivery of said Note to The Bridgehampton National Bank, Southold, New York, the purchaser thereof, and that at the time of such delivery of said Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: Price ............................... $300,000 Interest on said Note accrued to the date of such delivery .............. 0- Amount Received ..................... $300,000 147027.1 016391 CERT IN WITNESS WHEREOF, we have hereunto set said corporate seal has hereunto been affixed this September, 1996. our hands and 18th day of Signature ~l-~ ~. % ~c~ . December 31, ~~~//~/~/----D e c e mb e r 31, Term of Office Expires 1997 1997 Title Supervisor Town Clerk (SEAL) I HEREBY CERTIFY that the signatures of the officers of the above-named Town, which appear above, are true and genuine and that I know said officers and know them to hold the respective offices set opposite their signatures. /ff~Signature) ! J(Na~e of 'Bank) 147027.1 016391 CERT ATTORNEY'S CERTIFICATE I, Laury L. Dowd, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, $outhold, New York, and am the duly chosen, qualified and acting Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of the Note of the Town, payable to bearer and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relatinq to said Note or affecting the validity thereof or the levy or ~ollection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repea~led, revoked or rescinded. IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of September, 1996. 1470271 016391 CERT SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate ~ annum: $300,000 Bond Anticipation Note Acquisition of Equipment-1996 September 18, 1996 September 18, 1997 Number 1, at $300,000 4.00% for 147027.1 U16391 CERT NOTICE The resolution published herewith has been adopted on the 25th day of June, 1996, and the validity of the obligations autho- rized 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 com- plied with as of the date of pub- lication of this Notice were not substantially complied with, and' an action, suit or proceeding, contesting such validity is com- menced within twenty days af- ter the publication of this Notice, or such obligations were autho- rized in violation of the provi- sions of the constitution. JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JUNE 25, 1996, AUTHORIZING THE ACQUISITION OF EQUIP- MENT FOR THE SOUTHOLD SOLID WASTE MANAGE- MENT DISTRICT, IN SAID TOWN, STATING THE ESTI- MATED TOTAL COST THEREOF, INCLUDING PRE- LIMINARY COSTS AND COSTS INCIDENTAL THERETO AND TO THE FI- NANCING THEREOF IN THE AMOUNT OF $10,000, IS $300,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE IS- SUANCE OF $300,000 SE- RIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. Recital WHEREAS, the Town Board of the Town of Southold (herein called the "Town") act- ing on behalf of the Southold Solid Waste Management Dis- trict (herein called the "Dis- trict''), in the Town, County of Suflblk, New York, has hereto- lbre determined to increase and improve the facilities of the Dis- trict by the acquisition of the cer- tain equipment hereinafter de scribed and, after a public hear- ing duly called and held, said Town Board has determined, pursuant to the Resolution and Order After Public Hearing duly adopted on this date. that it is in the public interest to so increase and impruve the thcilitics of thc District and ordered the acquisi- tion of such equipment; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two4hirds of all the members of said Board) AS FOLLOWS: Section 1. The Town hereby appropriates the amount of $300,000 tbr the acquisition of (a) a trommel screen, at the esti- mated maximum cost of $115,000 and (b) a leaf shredder, at the estimated maximum cost of $175,000, for use in and by the District. The estimated total cost of said specific object or purpose, including preliminary costs and costs incidental thereto and to the financing thereof in the amount of $10,000, is $300,000 and the said amount is hereby appropriated therelbr. The plan of financing includes the issuance of $300,000 serial bonds of the Tnwn to finance said appropriation and the as sessment, levy and collectiou of special assessments upon the several lots and parcels of land within the District which the Town Board shall determine and speci~ tu be especially benefited thereby, so much upon and from each as shall be in just propof tion to the amount of benefit con- l;erred upun the same. to pay thc principal of and interest on said bunds as the same shall bccomc due and payable. Section 2. Serial bonds of the Town are hereby authorized to be issued in the principal amount of $300,000 pursuant to the pro- visions 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 appro- priation. Section 3. The following ad- ditional matters are hereby de- termined and declared: (a) The period of probable usefulness of each item of the specific object or purpose tbr which said $300,000 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 28,of the Law, is fifteen (15 ) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in an- ticipation of said bonds may be applied to reimburse the Town for expenditures tnade aficr the effective date of this resolution lbr the purpose for which said bonds are aulhorized The fbrc- goiug statement of intent with re- spect tn reimbursement is made in cnntbrmity v, ith Treasury Regulatinn Section 1.150-2 of the United State Treasury. l)e- partment. (c) The Tnwn Board, acting in the role of Lead Agency, has determined and tbund that pur- suant to the applicable provisions of the State Environmental Qual- ity Review Act ("SEQRA") no substantial adverse environmen- tal impact will be caused by the acquisition of such equip~nent. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes is- sued in anticipation of said bonds shall contain the recital of va!id- ity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipa- tion of said bonds, shall be gen- eral obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the Town are hereby ir- revocably pledged to the punc- tual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and pro- vision shall be made annually in the budget of the Town by ap- propriation for (a) the amortiza- tion and redemption of the bonds and any notes issued in anticipa- tion thereof to mature in such year and (b) the payment of in- terest to be due and payable in such year. Section 5. Subject to the pro- visions of this resolution and nf the Law and pursuant to the pro- visions of Sectiou 21.00 relative to the authorization of thc issn~ ante ofbnnds having substan- tially level or declining annual debt sep4cc. Section 30.00 rela- tive lo thc authorization of the issuance of bond anticipation notes~ and Sectinn 50.00 and Sections 56.00 to 60.00 of thc law, the powers and duties of the Town Board relative to au- thorizing bond anticipation notes and prescribing their terms, fi)ma and contents and as to the sale and issuance of the bonds herein authorize& and any other bonds heretofore or hereafter autho- rized, and of any bond anticipa- tion notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Su- pervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolu- tion, and of any notes issued in anticipation of said bonds, may be contested only iff (a) such obligatious are au- thorized tbr an object or purpose for which the Town is not autho- rized to expend money, or (b) the provisions of law which should be complied with at the date of the publicatinn of such resolution are not substan- tially complied with, and an action, suit or proceed- ing contesting such validity is commended within tv~enty da.,, s after the date of such publication~ or (c) such obligations are au thoriyed in violation of thc pro- visions of the constitutthn, Section 7. This resolution shall take effect immediately. l X-7/4/96( 181 EXTRACT OF MINUTES Meeting of the Town Board of the Town of in the County of Suffolk, June 25, 1996 Southold, New York A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the To~n Hall, Southold, New York, in said Town, on June 25, 1996, 7~30 o'clock P.M. (Prevailing Time) ~ There were present: Hon. Jean W. Cochran, Supervisor; and Councilpersons: Joseph L. Townsend, Jr. Ruth D. Oliva Louisa P. Evans William D. Moore at There were absent: Councilwoman Alice J. Hussie Also present: Judith T. Terry, Town Clerk On motion of Justice Evans , seconded by Councilwoman Olive , the following Reso!uticn And Order After Public Hearing was offered and was adopzed by the affirma%ive vote of all members of the Town Board pFesen~ and voLlnq: 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, in said Town, on the 25th day of June, 1996. PRESENT: Hon. Jean W. Cochran, Supervisor William Moore, Councilperson Louisa Evans, Councilperson Ruth Oliva, Councilperson Joseph Townsend, Councilperson In the Matter of the Acquisition of Equipment for the Southold Solid Waste Management District, in the Town of Southold, in the County of Suffolk, New York, pursuant to Section 202-b of the Town Law. RESOLUTION AND ORDER AFTER PUBLIC HEARING WHEREAS, the Town Board of the Town of Southold (herein called "Town Board" and "Town", respectively), in the County of Suffolk, New York, on behalf of Southold Solid Waste Management District, in the Town (herein called "District"), has requested the acquisition of certain equipment, consisting of a trommel screen and a leaf shredder, for the District, to increase and improve its facilities, at the estimated cost of $300,000; and WHEREAS, pursuant to the Order Calling Public Hearing To Be Held On June 11, 1996, adopted May 14, 1996, a public hearing was duly held by the Town Board on the llth day of June, 1996 at 5:00 o'clock P.M. (Prevailing Time) at the Town Hall, 13660~.1 016391 RF~ Southold, New York, in the Town, and considerable discussion on the matter has been had and all persons desiring to be heard have been heard, including those in favor of and those in opposition to said acquisition of such equipment for the Southold Solid Waste Management District; and Wq{EREAS, the Town Board has given due consideration to the impact that the acquisition of equipment for the District may have on the environment and on the basis of such consideration, the Town Board has found that no substantial adverse environmental impact will be caused thereby; and WHEREAS, the Town Board and the Town have complied in every respect with all applicable federal, state and local laws and regulations regarding environmental matters including compliance with the New York State Environmental Quality Review Act, comprising Article 8 of the Environmental Conservation Law and, in connection therewith, a duly executed Short Environmental Assessment Form has been filed in the office of the Town Clerk; NOW, THEREFORE, on the basis of the information given at such hearing, it is hereby DETERMINED, that it is in the public interest to acquire the equipment for the District as hereinabove described and referred to at the estimated total cost of not to exceed $300,000; and it is hereby ORDERED, that the facilities of the District shall be so increased and improved and that such equipment shall be acquired and, further, that the Engineer heretofore retained by the Town Board shall prepare plans and specifications and make careful estimates of the expense of said increase and improvement 136E~4.t 016391 RES of the facilities and with the assistance of the Town Attorney, prepare a proposed contract or contracts for the acquisition of such equipment, which plans and specifications, estimate and proposed contract shall be presented to the Town Board as soon as possible; and it is hereby FURTHER ORDERED, that the expense of increasing and improving such facilities by said acquisition of equipment shall be financed by the issuance of not to exceed $300,000 serial bonds of the Town, and the costs thereof, including pa_yjnent of principal of and interest on said bonds, shall be paid by the assessment, levy and collection of special assessments upon the several lots and parcels of land within the District which the Town Board shall determine and specify to be especially benefited thereby, so much upon and from each as shall be in just proportion to the amount of benefit conferred upon the same, to pay the principal of and interest on said bonds as the same shall become due and payable; and it is hereby FURTHER ORDERED, that the Town Clerk record a certified I36604.1 016391 copy of nhis Resolution and Order Al:er Public Hearing in uhe ozzzce .... cf the C___m~=~ of Suffolk County within ten (!0) days armor adoption hereof. DATED: o--o'NE 25, 1996 TOWN BOARD OF THE TOWN OF soUTHoLD ,/~oun~lman Joseph L. Townsend, r. Councilwoman Ruth D. Oliva C~u~cilman William D. Moore (SEAL) Members of the Town Board of the Town of Southold, New York Justice Evans offered the following resolution BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED 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 INCIDENTAL THERETO AND TO THE FINANCING THEREOF IN THE AMOUNT OF $I0,000, IS $300,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $300,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. Recital WHEREAS, the Town Board of ~he Town of Southold (herein called the "Town") acting on behalf of the Southold Solid Waste Management District (herein called the "District"), in the Town, County of Suffolk, New York, has heretofore determined to increase and improve the facilities of the District by the acquisition of the certain equipment hereinafter described and, after a public hearing duly called and held, said Town Board has determined, pursuant to the Resolution and Order After Public Hearing duly adopted on this date, that it is in the public interest to so increase and improve the facilities of the Disnrict and ordered the acquisition of such equipment; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all the members of said Board) AS FOLLOWS: Section 1. The Town hereby appropriates the amount of $300,000 for the acquisition of (a) a trommel screen, at the estimated maximum cost of $115,000 and (b) a leaf shredder, at the estimated maximum cost of $175,000, for use in and by the District. The estimated total cost of said specific object or purpose, including preliminary costs and costs incidental thereto and to the financing thereof in the amount of $10,000, is $300,000 and the said amount is hereby appropriated therefor. Th~ plan of financing includes the issuance of $300,000 serial bonds of the Town to finance said appropriation and th~ assessment, levy and collection of special assessments upon the several lots and parcels of land within the District which the Town Board shall determine and specify to be especially benefited thereby, so much upon and from each as shall be in just proportion to the amount of benefit conferred upon the same, to pay the principal of and interest on said bonds as the same shall become due and payable. Section 2. Serial bonds of the Town are hereby authorized to be issued in the principal amount of $300,000 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 Section 3. The determined and declared: finance said appropriation. following additional matters are hereby (a) The period of probable usefulness of each item of the specific object or purpose for which said $300,000 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 28. of the Law, is fifteen (15) years. 13660~.1 016391 RES (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 Town Board, acting in the role of Lead Agency, ha~ determined and found that pursuant to the applicabl~ provisions of the State Environmental Quality Review Act (',SEQP~A") no substantial adverse environmental impact will be caused by the acquisition of such equipment. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of said bonds shall contain the recital of validity prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation said bonds, shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the To~n 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 issued in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. 136604A 016391 RES 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 having substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes, and 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 pr~scribing their terms, form and contents and as to the sale and issuance of the bonds herein authorized, and any other bonds heretofore or 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 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 dace of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This immediately. resolution shall take effect 136604 I 016391 RES The adoption of 5he foregoing resolution was seconded by CouncHwoman OHva and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Cochran, Councilman Townsend, Councilwoman Oliva, Justice Evans, Councilman Moore. NOES: No one. The Justice Evans resolution and moved its resolution was declared adopted. offered the followi~ng adoption: RESOLVED BY THE TOW~ BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS: Section 1. The Town Clerk is hereby directed to publish the foregoing bond resolution, in full, in "THE LONG ISLAND TRAVELER-WATC-wnMAN," a newspaper published in Southold, New York, and having a general circulation in said Town, which newspaper is hereby designated as the official newspaper of the Town for such publication, together with the Town Clerk's sta[utory notice in the form prescribed by Section 81.00 of the Local Finance Law of the State of New York. = Section 2. This resolution shall take effect immediauely. The by call, adoption of the foregoing resolution was seconded Councilwoman Oliva and duly put to a vote on roll which resulted as follows: AYES: Supervisor Cochran, Councilman Townsend, Councilwoman Olive, Justice Evans, Councilman ~%oore. NOES: No one. The resolution was declared adopted. CERTIFICATE I, JI/DITH T. TERRY, Town Clerk of the Town of Southold, in the County of Suffolk, New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town, duly called and held on June 25, 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 ~ true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the ~ubject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 25th day of June, 1996. (SEAL) Town Clerk 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, in said Town, on the 14th day of May, 1996~ PRESENT: Hon. Jean W. Cochran, Supe~,isor William Moore, Councilpersun Louisa Evans, Councilperson Alice Huasie, Councilperson Ruth Oliva, Councilperson Joseph Townsend, Councilperson X In the Matter of the Acquisition of Equipment for the Southold Solid Waste Management District, in the Town of Southold, in the County of Suffolk, New York, pursuant to Section 202-b of the Town Law. ORDER CALLING PUBLIC HEARING TO BE HELD ON JUNE 11, 1996 WHEREAS, the Town Board of the Town of Southold (herein called "Town Board" and "Town," respectively), in the County of Suffolk, New York, on bubalfofthe Southold Solid Waste Management Dis- triet, heretofore established and now existing in the Town (herein called "District"), has determined that it~is necessary to acquire certain equipment, consisting of a Trommel Screen and a Leaf Shredder, for use in the operations of the Dis- ulct, at the estimated cost of $300,000; Now, foerefore, be it ORDERED, that a meeting of the Town Board oftbe Town be held at the Town Hall. Southold, New York, in the Town, on the 1 lth day of June, 1996 at $:000 o'clock P.M. (Prevailing Time) to consider said acquisition of such equip- mentifor the District at the es- tima~i total cost of $300,000 and to hear all persons inter- ested in the subject thereof con- cerning the same and for such other action on the part of the Town Board with relation thereto as may be required by law; and be it, FURTHER ORDERED, that the Town Clerk publish at least once in "THE LONG ISLAND TRAVELER- WATCHMAN," a newspaper published in Southold, New York, and hereby designat~l as the official newspaper of the Town for such publication, and post on the siR bnard of the Town maintaif~i pursuant to subdivision 6 of Section 30 of the Town Law, a copy of this Order, certified by said Town Clerk~ the first publication thereof and said pusting to be not less than um(10) nor more than twenty (20) days before the date of such public hesring. DATED: May 14, 1996 · TOWN BOARD OF THE TOWN OF SOUTHOLD Sean W. Cochran, Supervisor William Moore Councilpe~on Louisa Evans Councilpe~son Alice Hussie Councilperson Ruth Oliva Councilpersun Joseph Townsend Councilpersen STATE OF NEW YORK) COUNTY OF SUFFOLK): ss: 1, JUDITH 1. Town Clerk of the Town of Southold, in the County of Suf- folk, New York, DO HEREBY CERTIFY that I have com- lng'Public Hearing with the original thereof filed in my of- rice on the 14~h day of May, 1996, and that the same is a ~rue and correct copy of said original and of the whole thereof. IN WITNESS WHEREOF, I have bemnto set my hand and affixed the corporate seal of said Town on this 14th day of May, 1996. Judith T. Terry, Town Clerk IX-5/23/96(1140 COUNTY OF SUFFOLK SYATE OF NEW YORK ss: Joey Mac Lellan, being duly sworn, says that he is the Editor, of the TRAVELER-WATCHMAN, a public newspaper printed at Southold, in Suf- folk Cotmty; and that the notice of which the annexed is a printed copy/has been published in said Traveler-Watchman once each week for ...................................................... ./... .............. weeks successively, commencing on the ...... ~ ..... ~J ~ ~ of]Ill ['~ ......... ~ I '~ ........ , 1 9..~g. .............................. · ':~ .......................... ,19.~ Notary Public BARBARA A. SCHNEIDER NOTA[iY FL'~.;LIC. State of f".ew York [~0. ~8P;C846 QL!~'!i[!~! 1 in Sufi~lk Courjty ~ Conm,i.s,~n Expires ~¢~