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HomeMy WebLinkAboutFI Metal Dump ClosureNo. RST-I UNITED STATES OF AMERICA STATE OF NEW YORK TOWN OF SOUTHOLD E.F.C. Municipal Water Pollution Control Facility Note - 1995 A (Bond Anticipation Note) REGISTERED OWNER: NEW YORK STATE ENVIRONMENTAL FACILITIES CORPORATION MAXIMUM PRINCIPAL SUM: THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($300,000.00) REGISTERED $300,000.00 The TOWN OF SOUTHOLD (the "Municipal Loan Recipient"), a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the Registered Owner named above, the lesser of (x) the Maximum Principal Sum set forth above and (y) the unpaid principal amount of all advances (the "Advances") made by or on behalf of New York State Environmental Facilities Corporation (the "Corporation") to the Municipal Loan Recipient pursuant to Article IV of the Project Financing and Loan Agreement dated as of September 1. 1995, (the "Project Financing and Loan Agreement"), between the Corporation and the Municipal Loan Recipient (the lesser of such amounts being hereinafter referred to as the "Unpaid Principal Sum"), such amount to be paid on the Ist day of September, 1997, (the "Maturity Date") or upon such later date established pursuant to formal amendment of the Project Financing and Loan Agreement in accordance with Exhibit B thereto. All advances made by or on behalf of the Corporation to the Municipal Loan Recipient pursuant to the Project Financing and Loan Agreement. and all prepayments made on account of the Unpaid Principal Sum hereof, shall be recorded by or on behalf of the Corporation and endorsed on the grid attached hereto in accordance with the terms of the Project Financing and Loan Agreement, which is hereby made a part hereof. Recordat on of Advances. confirmed by a certificate of the Municipal Loan Recipient given in accordance with the Project Financing and Loan Agreement. shall conclusively establish the principal amount outstanding hereunder, htterest shall not accrue on said Unpaid Principal Sum prior to the earlier of the Maturity Date or the date of earlier redemption of said Unpaid Principal Sum, but in the event of any default in the payment of said Unpaid Principal Sum on the earlier of the Maturity Date or the date of earlier redemption, the Municipal Loan Recipient promises to pay interest on said Unpaid Principal Sum to the Registered Owner named above at the rate of twelve per centum (12%) per annum on and after said Maturity Date or date of earlier redemption until said Unpaid Principal Sum is paid in full. Principal of and interest (in respect of overdue principal), if any, on this Note shall be payable to the registered owner hereof, at its address set forth on the books of the Municipal Loan Recipient maintained for registration of this Note. For so long as the Corporation shall be the registered owner of this Note, the Corporation may, by written instruction to the Municipal Loan Recipient, direct the Municipal Loan Recipient to pay any principal of and interest (in respect of overdue principal), if any, on this Note to any bank acting as custodian of the Corporation. Both principal of and interest (in respect of overdue principal), if any, on this Note will be paid, without presentment, in funds available on or before the due date and in any lawful coin or currency of the United States of America which at the date of payment is legal tender for the payment of public and private debts. This Note shall be transferable or exchangeable, solely in accordance with the terms of the Project Financing and Loan Agreement, only upon presentation to the Municipal Loan Recipient with a written transfer of title and such Municipal koan Recipient shall thereupon register this Note in the name of the transferee in his books and shall endorse a certificate of such registration hereon. Such transfer shall be dated and signed by the Registered Owner, or his legal representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as to its genuineness by an officer of a bank or trust company located and authorized to do business in this State. This Note may' be called for redemption in xvhole or in part by the Municipal Loan Recipient, at a redemption price equal to 100% of the principal amount outstanding, on any date prior to maturity after the giving of at least five (5) days' written notice of the date of redemption by delivery of written notice to the Registered O~ner. This Note shall be snbject to mandatory redemption prior to the Maturity Date pursuant to, and in accordance with, Section 4.3(a) of the Project Financing and Loan Agreement upon the date specified in a notice from the Corporation delivered to the Municipal Loan Recipient not less than sixty (60) days prior to such redemption date upon the occurrence of either of the following events, as specified in such notice: (i) the Project financed or to be financed bv Advances under this Note shall have been abandoned by the Municipal Loan Recipient; or (ii) the Project financed or io be financed by Advances under this Note shall have been completed. Page 1 of 4 This Note is issued pursuant to the provisions of the Local Finance Laxv, constituting Chapter 33-a of the Consolidated Laws of the State of New York, the bond resolution adopted by the Town Board of the Town of Southold on March 7, 1995' auth°rizing the issuance °f $300,000.00 serial bonds, and the Certificate of Determination executed by the Supervisor of the Town of Southold on September l, 1995, as supplemented from time to time in accordance with the Project Financing and Loan Agreement. by its Clerk and this Note to be dated as of the 1st day of September, 199~/~/ TOWN OF (SEAL) By: The faith and credit of such Municipal Loan Recipient are hereby irrevocably pledged for the punctual payment of the principal of and interest (in respect of overdue principal), if any, on this Note 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 all other indebtedness of such Municipal Loan Recipient, is within every debt and other limit prescribed by the Constitution and laws of such State.' IN WITNESS WHEREOF the Munic pal Loan Recipient has caused thi otc to be signed bv its Superv sor, and its corporate sea (or a facsimile thereo0 to be affixed, imprinted, engraved, o ~rw se reproduced' hereon and attested / ATTEST: Thomas Wickham Supervisor mame: Judith T. Terry '~,./'~ Title: Clerk 'The Municipal Loan Recipient Note should be authenticated if authentication is required pursuant to the Resolution or local law. Page 2 of 4 (FORM OF ASSIGNMENT) FOR VALUE RECEIVED, the Undersigned hereby sells, assigns and transfers unto (Please insert Social Security or other identifying number of Assignee(s): ) the within note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer the within note on the books kept for registration thereof with full power of substitution in the premises. Dated: NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within note in every particular, withoat alteration or enlargement or any change whatever. Page 3 of 4 Note Number: RST-I Maximum Principal Sum: $300,000.00 Maturity Date: Latest Extended Maturity Date: Municipal Loan Recipient: SRF Project No.: Notation by: September 1, 1997 December 30, 1997 Town of Southold 5110-02 ADVANCES AND PAYMENTS OF PRINCIPAL' Requisition Amount of Amount of Unpaid Notation Date No. Advance Principal Paid Principal Sum Made By ' This grid ma5' be extended if the number of Advances and payments so require. Page 4 of 4 Town of Southold SRF Project No. 5110-02 CERTIFICATE OF DETERMINATION as to (i) Confirmation of Certain Matters set forth in the hereinafter defined Project Financing and Loan Agreement, (ii) Signatures and Incumbency of Authorized Signatories, (iii) Delivery and Payment of the Municipal Loan Recipient Note and (iv) Certain Other Matters I, Thomas Wickham, the Supervisor of the Town of Southold (the "Municipal Loan Recipient"), hereby certify that: l. This Certificate has been executed in connection with the delivery to the New York State Environmental Facilities Corporation (the "Corporation") of the $300,000.00 Maximum Principal Sum E.F.C. Municipal Water Pollution Control Facility Note - 1995 A (the "Note") to evidence its obligation to repay a Short-Term Loan made pursuant to the Project Financing and Loan Agreement dated as of September 1, 1995 (the "Project Financing and Loan Agreement"), between the Corporation and the Municipal Loan Recipient. 2. The Municipal Loan Recipient hereby acknowledges that (i) it has provided the intbrmation concerning the Municipal Loan Recipient contained in the Application for State RevoMng Fund submitted to the Corporation, including any supplemental information provided to the Corporation on or before the date of this certificate, (ii) there have been no material adverse changes in such information, and (iii) this information lnay be relied upon by the Corporation. 3. The representations and warranties relating to the Municipal Loan Recipient set forth in the Project Financing and Loan Agreement are true and correct as of the date hereof as if made on and as of tile date hereof, and the Municipal Loan Recipient has complied with and performed and will continue to comply xvith and perfoml all of its covenants and agreements in the Project Financing and Loan Agreement. 4. The Note conforms to the description thereof in the Project Financing and Loan Agreement and constitutes a validly issued and legally binding general obligation of the Municipal Loan Recipient. 5. On the date hereof, the Municipal Loan Recipient delivered or caused to be delivered to the Corporation, the purchaser thereof, the Note, duly and completely executed by or on behalf of the Municipal Loan Recipient. 6. The Note was duly and completely executed in the name and on behalf of the Municipal Loan Recipient by the imprinting thereon of the manual or facsimile signature of the undersigned officer of the Municipal Loan Recipient, who did and does hereby adopt such signature, and the impressing or imprinting thereon of the official seal of the Municipal Loan Recipient, and that on the date hereof, I am the duly chosen, qualified and acting officer of the Municipal koan Recipient holding the office indicated by the official title set opposite my signature hereto, for a term expiring on the date set opposite such title. 7. No litigation of any nature is now pending or, to my knox~ ledge, threatened (a) to restrain or enjoin the issuance or delivery of the Note or the levy and collection of taxes or assessments to pay the same, (b) in any manner questioning or affecting, directly or indirectly, the validity of the Note or the proceedings or authority for the issuance thereof, or (c) contesting the corporate existence or boundaries of the Municipal Loan Recipient or the title of the undersigned officer to his/her respective office. 8. No authority or proceedings for the issuance of the Note have been repealed, revoked or rescinded. 9. The facsimile of the seal which is impressed or imprinted upon this certificate has been imprinted or impressed upon the Note and is the legally adopted, proper and only official corporate seal of the Municipal Loan Recipient. 10. The Municipal Loan Recipient hereby acknowledges that Advances shall be made under the Note upon the Municipal Loan Recipient's submission of requests for Advances contained in Supplemental Certificates of Determination in substantially the form of Exhibit H-5 to the Project Financing and Loan Agreement. The Municipal Loan Recipient agrees that this Certificate of Determination shall be amended and supplemented by the delivery of such Supplemental Certificates of Determination and that as of such delivery date the Municipal Loan Recipient shall be deemed to have remade the certifications contained in paragraphs 2, 3, 7 and 8 of this Certificate of Determination. IN WITNESS WHEREOF, I have hereunto set lny hand and said corporate seal has hereunto been affixed as of the 1st day of September, 1995. (SEAL) GNA ~omas Wic~an~ OFFICIAL TITLE TERM OF OFFICE EXPIRES Supervisor 12/31/95 I HEREBY CERTIFY that the signature of the officer of the above-nalned IVlunicipal Loan Recipient which appears above, is true and genuine and that I know said officer and know her/him to hold the office set opposite her/his signature. SIGNATURE OFFICIAL TITLE Clerk TERIVl OF OFFICE EXPIRES ~' Judith-T. Terry 12/31/97 Page 3 of 3 NOTICE The resolution published herewith has been adopted on ']th day of Ma~h, 1995, and an abstract thereof Ima I~en pobil~hed and posted as m- qut~d by lew and the period of time ha~ ela~ fo~ ll~ submission and fil- ing of a imtdon for a pmaiasivc ~f- ~rmdam and a valid i~idon has not bson subnfiued and filed. The validity of Ils obllgailom authorized by such ~solatiou may bs ~ contused only if such obligations wcr~ autho- rized for an object or purpose for which tl~ TOWN OF SOUTHOLD. in the County of Suffolk. New york, is not autho~z~ to cxp~nd money or if the ptovial~aa of law which should have been complied with as of thc dug M polgdcafion of thb nmic~ w~ not substantially compiled with, and an action, suit or proceeding contest- ing such validity is commenced within twenty days afro' thc date of publica- tion of this nobcc, or such obligations were authorized in violation of the provisions of th~ constitution. JUDrI~H T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED MARCH 7, 1995, AUTHORIZING THE ABANDON- MEHT OF THE FISHER'S ISLAND METAL DUMP, A REFUSE DIS- POSAL LANDFILL AREA ON THE WESTERN SIDE OF F1SHER'S IS- LAND. IN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $300,000. AP- PROPRIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF $300,000 SE- RIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION AND THE LEVY AND COLLEC- TION OF TAXES FOR THE PAY- MENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS. WHEREAS, the Town of Southokl, in the County of Suffolk. New York, (~e "Town") has determined to ahan- don the refuse disposal landfill area known as the Fisher's Island Metal Dump, on the western side of Fishar's Island, within the Town, pursuant to ag~ernent with the New York State Department of Envimnmentel Conser- vatinn consenting to the abandonment of such landfill area in accordance with Title 6 of the New York State Code of Rules and Regulations (here- in '°'NYCRR"'). Par~s 360, ?01 and 703; and W,~REAS. th~ Town Board of Ihs Town, ~ havia~ identified and con- sid~n~d th~ velevam areas of cnvieon- lion of th~ crimia fo~ detenninafio~ of significance contained in 6NYCRR pmx 617.11 and other relevant docu- mentation associated with such shun- -Project"). i~sned a Negative Declara- tion for porpo~s of the State Envi- ronmental Quality Review Act, Ant- cie 8 of ll~ Environmental Conserva- tion Law (herein "SEQRA"), and Chapter 44 of th~ Coda of the Town of ]ect will no~ have a"significant effect" on the environment, and ha~ hereto- fore satisfied the requirements impmed by SEQRA; now, the~fore THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HERERY RESOLVES (by the favorable vote of not less than two-tintnla of all the memhe~ of said Town Boa~d) A~ FOLLOWS: Section 6 Th~ ~lldlty d th~ hamie Section I. The Town of Southoin, .... tSuffolk N~wYatla V- ~ll~l~l~anal~lff em side of Fisher's Island. in said ~wn, including, bio not limited to legal fees, pBnting, engraving and fences, roadways and bu Idings ap- pu~enanl or incidental thereto. limin~ costs and costs incidental $3~,~, ~d ~d ~um is h~by approp~ated. ~e plan of financing includes the issuance of $300,000 ~d ~pmpfiafion. ~ the le~ ~ pm~ in ~e Town ~ ~yable. ~ 2. Serial ~ of t~ Town in ~ pfi~ipal am~m of $3~,~ a~ hereby authorized to be issued ~e ~w. co~fimfing ~ 33- a of the Consolidated Laws of the State of New York (herein called (a) ~ ~fi~ of p~ble u~ful- for which s~d serial ~nds ~d su~ witch ~e ilmi~fions of Se~on c~ ~en~ (20) (b) ~ p~ee~ of~e ~n~ h~- in authorized and any bond antici- pation notes issued in ~ficip~on of said bonds may ~ a~iled to ~im- ~t~ ~e effective ~e of ~is m~lu- sp~ct to reimbumement is made in co~iw with T~u~ Regulation Section 1.150-2 of t~ United States (c) The propo~d mamfi~ of ~id $300,000 serial bonds may exceed five (5) ye~s. anticipation notes issued in ~ficipa- lion of the sale of said bonds shall scfi~d by Section 52.~ of ~ ~id ~n~ aM ~y ~tes ~sued in ~fi~pailon of ~e ~le of ~d shall be general o~tions of the Town, payabk ~ ~ ~ pfind~l ~d inie~st by general tax upon all the ~able ~ Pm~ wi~in t~ Town without limitation of rote or ~ount. ~e fai~ ~d c~it of hereby i~evocably pledged to the and interest on said bonds and any notes issued in ~fici~ion of of s~d bon~ ~ provision shall made annually in the budget of the Town by appropriation for (a) the ~e~f to ~m~ in s~h ye~ ~y~le in such y~. ~on 5. Su~t m ~ pm~siom po~t to ~e ~s~ of S~on t~ iss~ce of ~ ~ving ~- tinily level or decH~ng anticipation notes and of Section Town Bo~d relative to aut~fizing as to the sale and issuance of the bond anticipation notes issued in anticipation of ~id ~nds, ~d the ~newals of said ~nd amicipation n~s tn ~te~ated so the STATE OF NEW YORK ) ) SS: COUNTY OF SUFFOLK ) I e_heL of Mattituck, in said Count, being duly sworn, says that he/she ia Princlpul Clerk of THE SUFFOLK TIMES, a Weekly Newspaper, pubilahed at Maltltuck, In the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed is a printed copy, has been regularly published in smd Newspaper once each week for _[_ weeks su. cces~.lvely, commencing on the ~ day of CHRISTINA VOU~ Notary Public. State of New Yo~. No. 5004884 ~rincipul Clerk Qualifred ~n Suffolk County Notary Public Sworn ~t~ before ~j~e Ihla ~ (b) the psoviaiom of law which ehadd bo c~np~ed wi~h ~, tho d~e the lmblic~o~ of ~ ~esola- ~ 7. ~ ~ ~ is Referendum Certificate CERTIFICATE OF CLERK I, JUDITH T. TERRY, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY, as follows: That the resolution of the Town Board of the Town of Southold, in the County of Suffolk, State of New York, entitled: "Bond Resolution of the Town of Southold, New York, adopted March 7, 1995, authorizing the abandonment of the Fisher's Island metal dump, a refuse disposal landfill area on the western side of Fisher's Island, in said Town; stating the estimated maximum cost thereof is $300,000, appropriating said amount therefor; and authorizing the issuance of $300,000 serial bonds of said Town to finance said appropriation, and the levy and collection of taxes for the payment of the principal of and interest on said bonds," was adopted March 7, 1995, and that the notice setting forth the date of adoption of the resolution and containing an abstract of said resolution which concisely stated the purpose and effect thereof, was duly posted and published as required by law. That no petition signed and acknowledged by the electors of the Town protesting against said resolution and requesting that said resolution be submitted to the electors of the Town for their approval or disapproval has been filed with the Town Clerk within thirty days after the date of the adoption thereof, or at any other time since said adoption. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 7th day of April , 1995. ~/ Town Clerk f NYI 98929.1 015422 RES EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York March 7, 1995 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, 53095 Main Road, Southold, New York, on March 7, 1995 at 7:30 o'clock P.M. (Prevailing Time). There were present: Hon. Thomas H. Wickham, Supervisor; and Board Members: Councilman Joseph J. Lizewski Councilwoman Alice J. Hussie Councilman Joseph L. Townsend, Jr. Councilwoman Ruth D. Oliva Justice Louisa P. Evans There were absent: None. Also present: Judith T. Terry, Town Clerk Laury L. Dowd, Town Attorney Justice Evans offered the following resolution and moved its adoption: NYI 95929,1 015422 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED MARCH 7, 1995, AUTHORIZING THE THE ABANDONMENT OF THE FISHER'S ISLAND METAL DUMP, A REFUSE DISPOSAL LANDFILL AREA ON THE WESTERN SIDE OF FISHER'S ISLAND, IN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $300,000, APPROPRIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE OF $300,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION AND THE LEVY AND COLLECTION OF TAXES FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS. Recitals WHEREAS, the Town of Southold, in the County of Suffolk, New York, (the "Town") has determined to abandon the refuse disposal landfill area known as the Fisher's Island Metal Dump, on the western side of Fisher's Island, within the Town, pursuant to agreement with the New York State Department of Environmental Conservation consenting to the abandonment of such landfill area in accordance with Title 6 of the New York State Code of Rules and Regulations (herein "6NYCRR"), Parts 360, 701 and 703; and WHEREAS, the Town Board of the Town, after having identified and considered the relevant areas of environmental NY! 99929.1 015422 RES concern and in full consideration of the criteria for determination of significance contained in 6NYCRR Part 617.11 and other relevant documentation associated with such abandonment of such landfill area (herein "Project"), issued a Negative Declaration for purposes of the State Environmental Quality Review Act, Article $ of the Environmental Conservation Law (herein "SEQRA"), and Chapter 44 of the Code of the Town of Southold and determined that the Project will not have a "significant effect" on the environment, and has heretofore satisfied the requirements imposed by SEQRA; 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 two-thirds of all the members of said Town Board) AS FOLLOWS: Section Suffolk, New York 1. The Town of Southold, in the County of (herein called "Town"), is hereby authorized to abandon the refuse disposal landfill area known as the Fisher's Island Metal Dump, situate at Mosquito Hollow Road, on the western side of Fisher's Island, in said Town, including, but not limited to legal fees, printing, engraving and publication of legal notices, engineering costs, including filling, drainage, fences, roadways and buildings appurtenant or incidental thereto. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and to the financing thereof, is $300,000, and said amount is hereby NYI 98929,! 015422 RES appropriated. The plan of financing includes the issuance of $300,000 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 $300,000 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 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. 6-b. of the Law, is not to exceed twenty (20) 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 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 $300,000 serial bonds may 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 having 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 NYI 98929.1 015422 RES 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. This bond resolution is subject to permissive referendum. NYI 98929.1 015422 RE~ The adoption of the foregoing resolution was seconded by Councilwoman Hussie and duly put to a vote on roll call, which resulted as follows: Hussie, AYES: Supervisor Wickham, Councilman Lizewski, Councilwoman Councilman Townsend, Councilwoman Oliva, Justice Evans. NOES: None. The resolution was declared adopted. Justice Evans 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. The Town Clerk of said Town of Southold shall, within ten (10) cause to be published, newspaper published in days after the adoption of this resolution in full, in the "SUFFOLK TIMES," a Mattituck , New York, having a general circulation within said Town and hereby designated the official newspaper of the Town for such publication and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following form: TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 7, 1995, the Town Board of the Town of Southold, in the County of Suffolk, New York, adopted the bond resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted March 7, 1995, authorizing the abandonment of the Fisher's Island metal dump, a refuse disposal landfill area on the western side of Fisher's Island, in said Town, stating the estimated maximum cost thereof is $300,000, appropriating said amount therefor and authorizing the issuance of $300,000 serial bonds of said Town to finance said appropriation, and the levy and collection of taxes for the payment of the principal of and interest on said bonds," an abstract of which bond resolution concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that the Town of Southold ("Town") has determined to abandon the Fisher's Island Metal Dump pursuant to agreement with the New York State Department of Environmental Conservation and the Town Board has issued a Negative Declaration for purposes of SEQRA and Chapter 44 of the Town Code and determined that such abandonment will not have a "significant effect" on the environment and has heretofore satisfied the requirements imposed by SEQRA; SECOND: AUTHORIZING said Town to abandon the refuse disposal landfill area known as the Fisher's Island Metal Dump, situate at Mosquito Hollow Road, on the western side of Fisher's Island, in said Town, including, but not limited to legal fees, printing, engraving and publication of legal notices, engineering costs, including filling, drainage, fences, roadways and buildings appurtenant or incidental thereto; STATING the estimated maximum cost thereof is $300,000; APPROPRIATING $300,000 to pay said cost; STATING the plan of financing includes the issuance of $300,000 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; THIRD: AUTHORIZING the issuance of $300,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance said appropriation; NYI 98929.1 0|~422 RES FOURTH: DETERMINING and STATING the period of probable usefulness applicable to the purpose for which said bonds are authorized to be issued is not to exceed twenty (20) 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 $300,000 serial bonds may exceed five (5) years; FIFTH: 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; SIXTH: 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 SEVENTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: March 7, 1995 JUDITH T. TERRY Town Clerk Section 2. 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 1 hereof, and hereby designated the official newspaper 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 3. This resolution shall take effect immediately. 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 Wickham, Councilman Lizewski, Councilwoman Hussie, Councilman Townsend, Councilwoman Oliva, Justice Evans. NOES: None. The resolution was declared adopted. NYI 95929.1 015422 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 March 7, 1995, 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 7th day of March, 1995. (SEAL) Town ~lerk ~ NYI 99929.1 015422 RE~