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~