HomeMy WebLinkAboutRoad Improvements-Southold ShorNo. CR-1 $718,000
UN[rED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUIfI~'OLK
TOWN OF SOUTHOLD
BOND ANTICIPATION NOTE FOR VARIOUS PURPOSES-1994
Thc Town of Southold, in thc County of Suffolk, a municipal coq)oration of thc State of New York,
hereby acknowledges itself indebted and for value received pwmises to pay to the bearer of this Note, or if it be
registered, to thc registered holder, the sum of SEVEN HUNDRED EIGHI'~EN THOUSAND DOLLARS
($718,000) on the 3rd day of November, 1995, together with interest thereon from the date hereof at the rate of
four and forty-five hundredths per centum (4.45%) 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 Suffolk County
National Bank of Rlverhead, Cutchogue, New York.
At the request of the holder, the Town Clerk shall convert this Note into a registered 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, after which both principal of and interest on this Note shall
be payable only to the registered holder, his legal representatives, successors or transferees. This Note shall
then be transferable only upon presentation to such Town Clerk with a written transfer of title and such Town
Clerk 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 holder, 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 is the only Note of an authorized combined renewal issue, the aggregate principal amount of
which is $718,000. This Note may be called for redemption on any date prior to maturity after the giving
of at least five (5) days' written notice of the date of redemption by mailing of written notice to the
original purchaser, or if this Note be registered to the registered holder, and interest shall cease to be
paid hereon after such date of redemption.
This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of
the Consolidated Laws of the State of New York, seven bond resolutions adopted by the Town Board on their
respective dates, author/zing the issuance of serial bonds for various purposes, and the Certificate of
Determination executed by the Supervisor on November 4, 1994. This Note has been designated by the Town
ns a qualified tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of
1986, as amended.
The faith and credit of such Town of Southold arc hereby irrevocably pledged for the punctual payment
of the principal of and interest 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 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/~te to be signed by its
Supervisor, and its corporate seal (or a facsimile thereof) to be affixed, imp~¢ed, engraved, or otherwise
reproduced hereon and attested by its Town Clerk and this Note to be datec~s of the 4th day of November,
1994. // , /
(SEAL) By
Supervisor
ATTEST:
EXTRACT OF MINUTES
Meeting of the Town Board of the Town of Southold,
in the County of Suffolk, New York
June 14, 1994
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, $outhold, New York, on June 14, 1994 at 4:30 o'clock
P.M. (Prevailing Time).
There were present:
Councilmen:
Hon. Thomas H. Wickham,
and
Joseph J. Lizewski
Alice J. Hussie
Joseph L. Townsend, Jr.
Ruth D. Oliva
Justice Louisa P. Evans
Supervisor;
There were absent: None.
Also present:
Judith T. Terry, Town Clerk
Laury L. Dowd, Town Attorney
Supervisor Wickham
and moved its adoption:
offered the following resolution
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BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED JUNE 14, 1994, AUTHORIZING THE
CONSTRUCTION OF ROAD IMPROVEMENTS IN THE TOWN,
APPROPRIATING $25,000 THEREFOR, AND AUTHORIZING
THE ISSUANCE OF $25,000 SERIAL BONDS OF SAID
TOWN TO FINANCE SAID APPROPRIATION.
Recitals
W~EREAS, following submission of a petition for the
improvement of the Town highways in the Town of Southold, Suffolk
County, New York (hereinafter referred to as the "Town"), known
as Albacore Drive, Blue Marlin Drive and Dolphin Drive, and shown
and designated on a certain map entitled "Map of Southold
Shores", surveyed by Otto W. Van Tuyl, Greenport, New York, and
filed in the Office of the Clerk of the County of Suffolk on
August 29, 1963, as Map number 3853, and filed in the Office of
the Southold Town Clerk, using a permanent pavement on such
portions of said highways as shown on said Map, and the
construction of such curbs, gutters, catch basins and drainage
facilities as may be necessary; and such petition has been duly
signed by the owners of real property owning at least one-half of
the entire frontage or bounds on both sides of said highway; and
such petition was also duly signed by resident owners owning not
less than one-half of the frontage owned by resident owners
residing in or along such highway, and after a public hearing
duly called and held, the Town Board of the Town determined on
October 19, 1993 that it is in the public interest to construct
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such improvements described in the petition, and ordered that
such highways be so improved;
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 Town Board) AS
FOLLOWS:
Section 1. The Town hereby authorizes the improvement
of Albacore Drive, Blue Marlin Drive and Dolphin Drive, Town
highways in the Town, by the paving thereof using a permanent
pavement and the construction of such curbs, gutters, catch
basins and drainage facilities as may be necessary, all as more
fully referred to in the Recitals hereof. The estimated maximum
cost of said specific object or purpose, including preliminary
costs and costs incidental thereto and to the financing thereof,
is $25,000 and hereby appropriates said amount therefor. The
plan of financing includes the issuance of $25,000 serial bonds
of the Town to finance said appropriation, and the assessment,
levy and collection upon the several lots and parcels of land
within the Town which the Town Board shall determine and specify
to be especially benefited by said improvement, so much upon and
from each as shall be in just proportion to the amount of benefit
which the improvement shall confer upon the same, to pay the
principal of said bonds and the interest thereon as the same
shall become due and payable.
72137.1 015327 PREC
Section 2. Serial bonds of the Town in the principal
amount of $25,000 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 the specific
object or purpose for which said $25,000 serial bonds authorized
pursuant to this resolution are to be issued, within the
limitations of Section 11.00 a. 20 (c) of the Law, is fifteen
(15) years.
(b) The proceeds of the bonds herein authorized and any
bond anticipation notes issued in anticipation of said bonds may
be applied to reimburse the Town for expenditures made after the
effective date of this resolution for the purpose for which said
bonds are authorized. The foregoing statement of intent with
respect to reimbursement is made in conformity with Treasury
Regulation Section 1.150-2 of the United States Treasury
Department.
(c) The proposed maturity of the bonds authorized by
this resolution will 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 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
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:
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(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.
immediately.
This bond resolution shall take effect
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The adoption of the foregoing resolution was seconded by
Councilwoman Hussie 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.
Councilwoman Hussie
resolution and moved its adoption:
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COLrNTY OF SUFFOLK, NEW YORK, AS FOLLOWS:
Section 1. The Town Clerk of the Town of Southold,
offered the following
in the County of Suffolk, New York, is hereby directed to publish
the foregoing bond resolution, in full, in "THE SUFFOLK TIMES", a
newspaper, published in Mattituck, New York, and in "THE TRAVELER-
WATCHMAN", a newspaper published in Southold, New York, having a
general circulation within the Town and hereby designated as the official
newspapers of the Town for such publication, together with the statutory
notice in substantially the form as prescribed by Section 81.00 of the Local
Finance Law of the State of New York.
Section 2. This resolution shall take effect immediately.
The adoption of the fore~[oin~[ resolution was seconded by
Supervisor Wickham and duly put to a vote on roll call, which
resulted as follows:
AYES: Supervisor Wickham, Councilman I_izewski, Councilwoman Hussie,
Councilman Townsend, Councilwoman Oliva, 3ustice Evans.
NOES: None.
The resolution was declared adopted.
72137.1 015327 PREC
CERTIFICATE
I, Judith T. Terry, Town Clerk of the Town of Southold,
in the County of Suffolk, State of New York, HEREBY CERTIFY that
the foregoing annexed extract from the minutes of a meeting of
the Town Board of said Town of Southold duly called and held on
June 14, 1994, 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 W~EREOF, I have hereunto set my hand and
affixed the corporate seal of said
Town of Southold this 14th day of
June, 1994.
(SEAL)
Town Clerk
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STATE OF NEW YORK)
SS:
COUNTY OF SUFFOLK)
JUDITH T. TERRY, Town Clerk of the Town of Southold, New York,
being duly sworn, says that on the 16th day of June 1994,
she affixed a notice of which the annexed printed notice is a true copy,
in a proper and substantial manner, in a most public place in the Town
of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin
Board, Southold Town Hall, Main Road, Southold, New York 11971.
Bond Resolution - $25,000.00, Road Improvements at Southold Shores.
Sworn to before me this
1RtH day of June , 1994.
No~ry Publrc
Judith T. Terry ~'
Southold Town Clerk
LINOA J. COOPER
Notary Public, State of Ne~v York
No 4822563, Suffolk Countyot..
T~rm E~ife~ December 3~, 19 ~' T
CERTIFICATE OF DETERMINATION BY THE
SUPERVISOR RELATIVE TO
AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $718,000 BOND
ANTICIPATION NOTE FOR VARIOUS
PURPOSES-1994 OF THE TOWN OF
SOUTHOLD, NEW YORK.
I, Thomas H. Wickham, 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 resolutions duly adopted and as referred to in
paragraphs 1 to 7, inclusive, hereof, and subject to the
limitations prescribed in said resolutions, I have made the
following determinations:
1. A bond anticipation note of the Town in the
principal amount of $219,100 shall be issued to renew, in part,
the $256,100 bond anticipation note dated November 5, 1993,
maturing November 4, 1994, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted August 24, 1993, authorizing
the purchase of a tub grinder for use by said
Town, stating the estimated maximum cost
thereof is $256,100, appropriating said
· amount therefor and authorizing the issuance
of $256,100 serial bonds of said Town to
finance said appropriation
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 5, 1993, the redemption of said $256,100 bond
anticipation note having been heretofore provided to the extent
of $37,000 from a source other than the proceeds of serial bonds.
2. A bond anticipation note of the Town in the
principal amount of $11,900 shall be issued to renew, in part,
the $13,900 bond anticipation note dated November 5, 1993,
maturing November 4, 1994, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted August 24, 1993, authorizing
the purchase of a stump buster for use by
said Town, stating the estimated maximum cost
NYI 87542 I 014543 CERT
thereof is $13,900, appropriating said amount
therefor and authorizing the issuance of
$13,900 serial bonds of said Town to finance
said appropriation,"
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 5, 1993, the redemption of said $13,900 bond
anticipation note having been heretofore provided to the extent
of $2,000 from a source other than the proceeds of serial bonds.
3. A bond anticipation note of the Town in the
principal amount of $86,000 shall be issued to renew, in part,
the $175,000 bond anticipation note dated November 5, 1993,
maturing November 4, 1994, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted April 20, 1993, authorizing the
preparation of preliminary plans,
specifications and estimates necessary for
the improvement of the Town's yard waste
composting operations, in connection with an
intermunicipal agreement to be executed with
the Towns of Huntington and Smithtown,
stating the estimated maximum cost thereof is
$175,000, appropriating said amount therefor
and authorizing the issuance of $175,000
serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 5, 1993, the redemption of said $175,000 bond
anticipation note having been heretofore provided to the extent
of $89,000 from a source other than the proceeds of serial bonds.
4. A bond anticipation note of the Town in the
principal amount of $176,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted February 24, 1994, authorizing,
for use by the Town Highway Department, the
purchase of (1) a three yard payloader at the
estimated maximum cost $78,500 and (2) a
street sweeper at the estimated maximum cost
of $106,500, stating the estimated total cost
thereof is $185,000, appropriating said
amount therefor, authorizing the issuance of
NY1 875-!2.1 0J4543 CERT
$185,000 serial bonds of said Town to finance
said appropriation and authorizing the
proceeds of sale of the Town's existing
payloader and street sweeper to be applied to
said cost,"
duly adopted by the Town Board on the date therein referred to.
5. A bond anticipation note of the Town in the
principal amount of $150,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted May 16, 1994, authorizing the
partial reconstruction of the lighting and
the heating and/or ventilating systems in the
Town Hall, the Police Headquarters and the
Human Resources Center, stating the estimated
maximum cost thereof is $150,000,
appropriating said amount therefor,
authorizing the issuance of $150,000 serial
bonds of said Town to finance said
appropriation and stating that any matching
State grants for energy conservation received
by the Town will be expended for the costs of
such reconstruction or payment of principal
of and interest on such bonds,"
duly adopted by the Town Board on the date therein referred to.
. 6. A bond anticipation note of the Town in the
principal amount of $25,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New
York, adopted June 14, 1994, authorizing the
construction of road improvements in the
Town, appropriating $25,000 therefor, and
authorizing the issuance of $25,000 serial
bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
7. A bond anticipation note of the Town in the
principal amount of $50,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
NYI 87542 1 014543 CERI
"Bond Resolution of the Town of Southold, New
York, adopted September 6, 1994, authorizing
the construction of road improvements in the
Town, appropriating $50,000 therefor, and
authorizing the issuance of $50,000 serial
bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
8. Said $219,100 note, said $11,900 note, said $86,000
note, said $176,000 note, said $150,000 note, said $25,000 note
and said $50,000 note shall be combined for the purpose of sale
into a single Note issue in the aggregate principal amount of
$718,000 (hereinafter referred to as the "Note").
as follows:
The terms, form and details of said Note shall be
Amount and Title:
$718,000 Bond Anticipation Note for
Various Purposes-1994
Dated:
November 4, 1994
Matures:
November 3, 1995,
subject to prior redemption
Number and
Denomination:
Number CR-1, at $718,000
Interest Rate
per annum:
4.45%
Form of Note:
Substantially in accordance with
form prescribed by Schedule B, 2 of
the Local Finance Law of the State
of New York.
NYI 87542 I 014543 CERT
10. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
pursuant to the resolutions referred to in paragraphs 1 to 7,
inclusive, hereof, including the Note, is (1) $256,100, (2)
$13,900, (3) $175,000, (4) $176,000, (5) $150,000, (6) $25,000
and (7) $50,000, and the amount of bond anticipation notes which
will be outstanding after the issuance of the Note, including
said Note, will be (1) $219,100, (2) $11,900, (3) $86,000, (4)
$176,000, (5) $150,000, (6) $25,000 and (7) $50,000.
11o The serial bonds authorized pursuant to the
resolutions referred to in paragraphs 1 to 5, inclusive, hereof
are for improvements which are non-assessable, and the serial
bonds authorized pursuant to the resolutions referred to in
paragraphs 6 and 7, hereof, are for improvements which are
assessable.
12. Pursuant to said powers and duties delegated to
me, I DO HEREBY AWARD AND SELL said Note to The Suffolk County
National Bank of Riverhead, Riverhead, New York, for the purchase
price of $718,000, plus accrued interest, if any, from the date
of said Note to the date of delivery thereof and payment
therefor, and I FURTHER DETERMINE that said Note shall be payable
as to both principal and interest at The Suffolk County National
Bank of Riverhead, Cutchogue, New York, and shall bear interest
at the rate of four and forty-five hundredths per centum (4.45%)
per annum, payable at maturity.
13. Said Note shall be executed in the name of the
Town by its Supervisor and the corporate seal of the Town (or a
facsimile thereof) shall be affixed, imprinted, engraved or
otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to me to issue and sell the Note~ereinabove referred
to are in full force and effect and have n~t been modified,
amended or revoked. //
IN WITNESS WHEREOF, I have hereunto s~t my hand this
4th day ~ November, /19~4.
Supervisor
NYI 87542 I 014543 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 4th day of November, 1994; 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 resolutions
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 4th day of November,
1994.
(SEAL)
Town Clerk
NY1 87542 I 0145,~3 CERT
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Thomas H. Wickman, Supervisor of the Town of
Southold, in the County of Suffolk, New York (the "Issuer"),
HEREBY CERTIFY and reasonably expect with respect to the issuance
of the $718,000 Bond Anticipation Note for Various Purposes-1994,
being a combined issue of bond anticipation notes authorized in
anticipation of the sale of serial bonds pursuant to seven (7)
bond resolutions (hereinafter referred to as the "Note" or
"Notes") of the Issuer, dated November 4, 1994, and maturing on
November 3, 1995, as follows:
Unless the context clearly requires otherwise, all
capitalized terms used but not otherwise defined herein shall
have the meanings set forth in Article II hereof or in the
Ordinance, 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 Notes and am acting for and on
behalf of the Issuer in signing this certificate.
1.2. Purpose of Certificate. This certificate is made
for 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 Notes. 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 Notes. The provisions of this
certificate constitute a contractual obligation of the Issuer in
consideration for the purchase of and payment for the Notes 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 Notes will not be used in a manner that would
cause the Notes to be arbitrage bonds under Section 148 of the
Code or private activity bonds 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.
87542 I 014543 CERT
1.4. No Composite Issum. 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 Notes,
pursuant to a common plan of financing which are expected to be
paid from substantially the same source of funds as the Notes.
1.5
covenants that,
are: (a) invested during the temporary period referred to in
Article IV, (b) held in any refunding escrow, or (c) invested
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
successor provision to Section
Bank Act, as amended:
No Federal Guarantee. The Issuer represents and
except for the gross proceeds of the Notes which
1989, or any
2lB(d) (3) of the Federal Home Loan
(i)
No portion of the payment of principal or interest
with respect to the Notes 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 Notes 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 Notes 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 Notes for federal income
taxation purposes.
1.8. Non-Purpose Investments. Not more than 50% of the
proceeds of the Notes 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.
NY! 87542 I 014543 CERT
1.9 IRS Information Reporting. The Issuer will make a
timely filing of the requisite IRS Form 8038-G or 8038-GC.
ARTICLE II
Use of Projects and Proceeds
2.1. Authorization. (a) The Notes are authorized to
be issued pursuant to applicable provisions of the laws of the
State of the State of New York, and the bond resolutions adopted
by the Town Board on their respective dates (the "Resolutions"),
as referred to hereinabove and in the Certificate of
Determination executed by the Supervisor on November 4, 1994.
(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 Notes) received by the
Issuer from the sale of the Notes, excluding accrued interest.
2.2. Purpose of Issue. The Notes are being issued to
provide funds for various purposes in and for the Town
(hereinafter collectively referred to as the "Project" or
"Projects"), as further described in the Resolutions.
2.3. Use of Proceeds. A portion of the proceeds of
sale of the Notes in the amount of $718,000 (the "Current
Refunding Note") will be used, together with other available
funds in the amount of $39,000, to redeem a prior issue of bond
anticipation notes which mature on November 4, 1994, in the
aggregate principal amount of $270,000 (the "Prior Issue"),
heretofore issued to finance the Project. The balance of the
proceeds of sale of the Notes in the amount of $487,000 (the "New
Money Note") will be used to provide original funds for the
Project as further described in the Resolutions.
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 Notes.
2.5. Private Loans. Not more than the lesser of 5
percent or $5,000,000 of the proceeds of the Notes will be used
directly or indirectly to make loans to persons other than a
governmental unit.
NYI 87542 I 014543 CERT
2.6. Private Use. The aggregate amount of proceeds of
the Notes 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 Notes during the term thereof is, under the terms of
the Notes 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.
2.7. Unrelated/Related Disproportionate Us~. No more
than 5% of the proceeds of the Notes 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 Notes
are allocable to an unrelated Private Use if such use is neither
directly nor operationally related to a governmental use and
proceeds of the Notes are allocable to a disproportionate related
Private Use to the extent that the proceeds of the Notes 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 Notes which are to be used for
the governmental use to which such Private Use relates.
· 2.8. Other Private Uses Defined. For purposes of
Sections 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 a person 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 exceedinq five years; (ii)
the issuer may terminate the contract, w~thout 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;
NYI 87542 I 014543 CERT
(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
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
(iii) "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 Notes 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
NYI 875-$2.1 014543 CERT
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 Notes 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
Notes are to be used (directly or indirectly) for the acquisition
of a nongovernmental output facility.
ARTICLE III
Arbitraqe/Rebate Exemption
3.1. Temporary Period-Refundinq. With respect to the
proceeds of the sale of the Current Refunding Note representing
proceeds allocable to the Prior Issue:
(a) Ail of the proceeds of the Prior Issue have been
expended, or any such proceeds which have not been expended
as of the date hereof, shall become transferred proceeds of
this issue. Such transferred proceeds may be invested
without restriction as to yield until three years after the
date of original issuance of the Prior Issue. If any
transferred proceeds remain unexpended after three years
after the date of original issuance of the Prior Issue, such
proceeds will be invested at a yield not in excess of the
yield on the Notes.
(b) The proceeds of the Notes will be used to refund
the Prior Issue within 90 days of the date hereof, and may
be invested during such time without restriction as to
yield.
3.2. Temporary Period-New Money. With respect to the
New Money Note:
(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 cited in Section 2.2 hereof,
and the amount of such commitment(s) with respect to such
Project will or do exceed the amount equal to 5% of
$401,000, 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.
NYI 875.~2 I 0145-~3 CERT
(c) It is reasonably expected that at least 85 percent
of the net sale proceeds of such New Money Note will be
expended within three years from the date of this
Certificate. No more than 50 percent of the proceeds of the
Notes will be invested in nonpurpose investments with a term
of four years or more.
3.3.
Money Note was
Section 148 of
Rebate. (a) Neither the Prior Issue nor the New
or is subject to the rebate requirement imposed by
the Code because, with respect to each:
(i) the Issuer was or is a governmental unit with
general taxing powers;
(ii)
the Prior Issue/New Money Note did not or 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 Prior Issue/New Money Note was or
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 expected or expects that
the aggregate face amount of all tax-exempt bonds
issued by the Issuer during the calendar year in
which the Prior Issue was issued and the current
calendar year would not or will not exceed
$5,000,000. For purposes of such determination,
no tax-exempt obligation was or shall be taken
into account if it was or is a current refunding
obligation issued in the calendar year in which
the Prior Issue/New Money Note (as applicable) was
or is being issued which does not exceed the
outstanding (redeemed) principal amount of the
obligation to be refunded.
(b) The Current Refunding Note is not subject to the
rebate requirement imposed by Section 148 of the Code because all
of the Gross Proceeds of such Current Refunding Note will be
expended to pay the Prior Issue within 90 days of the date hereof
and will, therefore, qualify for the six-month expenditure
exception to rebate.
3.4. 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.
NYI 87542 I 014543 CERT
3.5. Source of Repayment Funds. The Notes will be
paid from taxes and the proceeds of other obligations of the
Issuer issued to fund the Notes.
3.6. Debt Service Fund. The taxes used to pay
principal and interest on the Notes, 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 Notes. 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 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 Notes.
3.7. Sinkin~unds. 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 Notes.
ARTICLE IV
Bank Qualification
4.1. Desiqnation. The Notes are hereby designated as
"qualified tax-exempt obligations" pursuant to the provisions of
Section 265 of the Code.
(a) In making such designation it has been determined
with respect to the Current Refunding Note that:
(i) the Notes currently refund the Prior Issue;
(ii) the Prior Issue was designated as a "qualified
tax-exempt obligation";
(iii) the aggregate face amount of the Notes does not
exceed $10,000,000;
(iv) the Prior Issue had a weighted average maturity of
3 years or less;
(v)
the maturity date of the Notes, as measured from
the original date of issuance of the notes issued
pursuant to the Ordinance, in renewal of which
such Notes are being issued, does not exceed 30
years; and
NYI 87542.1 014543 CERT
(vi)
not more than $10,000,000 of obligations issued by
the Issuer during the calendar year in which the
Prior Issue was issued were designated by the
Issuer as "qualified tax-exempt obligations.,,
(b) In making such designation it has been determined
with respect to the New Money Note that:
(i)
the Issuer does not reasonably anticipate that the
amount of "qualified tax-exempt obligations" to be
issued by the Issuer during the current calendar
year will exceed $10,000,000; and
(ii)
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~ncorporate seal of the
Town of Soft, old this 4th day of
November/~4.
Supervisor
NYI 87542 I 014543 CERT
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK )
:SS:
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 4th day of November, 1994, 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
officer 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.
Town Clerk~
Subscribed and sworn to before me
this 4th day of November, 1994.
Notary Public, State of New York
UNDA J. COOPER
Notary Public, State of New
.,.__~No;.4~225_63, Suffolk Cou~t~ ~-~
,~rm expires uecernber 31, 19~_~-~
NYI 87542.[ 014543 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 and set forth in the official record of proceedings of the
Town.
NY! 87542. i 014543 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 November 4, 1994, we officially signed and
properly executed by manual signatures a $718,000.Bond,,
Anticipation Note for Various Purposes-1994 (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, Thomas H. Wickham, Supervisor, HEREBY FURTHER
CERTIFY that on November 4, 1994, I delivered, or caused to be
delivered, said Note to The Suffolk County National Bank of
Riverhead, Riverhead, New York, the purchaser thereof, and that
at the time of such delivery of said Note, I received from said
purchaser the
NYI 87542.1 014543 CER/
amount hereinbelow stated, in full payment for said Note,
computed as follows:
Price
............................... $718,000
Interest on said Note accrued to the
date of such delivery ............. -0-
Amount Received .....................
$718,000
(SEAL)
IN WITNESS WHEREOF, we have hereunto set our hands and
said corporate seal has hereunto been affixed this 4th day of
Novemb~, 1994.
Term of Office
Expires Title
..... December 31, 1995
f~~~December 31, 1997
Supervisor
Town Clerk
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.
NYI 87542.1 0145-13 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, Southold, New York, and I 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 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.
IN WITNESS WHEREOF, I have hereunto set my hand this
4th day of November, 1994.
~ ~%ttorne~
NY1 87542 I 014.5o. 3 CERT
SCHEDULE A
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$718,000 Bond Anticipation Note for
Various Purposes-1994
November 4, 1994
November 3, 1995, subject to prior redemption
Number CR-1, at $718,000
4.45%
NYI 87542 I 014543 CERT
June. J .99,~. an4t¥ Ya~ld~ of.me
an ~ct or ~ for w~
TOWN ~ ~OU~OLO,-in the
~beflzed I~ ~aomioa of dae provi-
~UDITH T. TEIL~Y
Tow~ Cle~
TOWN OF SOUTHOLD, N'saw
YORK. &DOFTliO JONll 14,
i~. ALrrnoRIzINo ~ CON-
-STRUM ~OF ROAD
~lPI~S ' tN' THE
TOWN, ApPROpRIATING
~.~.: TII~R.~FOR, AND
A~l~ll~llt40 ~ I~$UANL"E
12S,~ ~tIAL ~ OF
~~ID
T~n ~ys in ~ ~wn ~
(~ ~fe~d to ~ thc
~ ~p of s~o]a
I~ ~lee ~ t~ ~ o~ me
~ ~ A~, 1~3.
M ~3~3, ~ fl~b ~
O~ of ~ S~M.T~ C~rk,
cu~, 8ui;ers, catch basins and
~ f~ilUm u my ~ ~es-
~ ~ ~ ~fition was
duty sipcd by ~si~t ownefl
owning not less than oflc-half of the
frontage owned by resident owners
residing in or along such highway, and
after a public bearing duly called and
held. the Town Board of thc Town
determined on October 19, 1993 that it
is in thc public interest to construct
such improvemetus described in the
petition, and ordered that such high-
ways be so improved;
Now. therefore, be it
RESOLVED BY THE TOWN
BOARD OF THE TOWN OF
SOUTHOLD. iN THE COUNTY OF
SUFFOLK, NEW YORK. (by the fa-
vorable vote of not less than two-thirds
of aH the member~ of said Town
Board} AS FOLLOWS:
Section I. The Town hereby au
thorizes the improvement of Albacore
Drive. Blue Marlin Drive and Dolphin
Drive. Tov. n highways in the Town.
by the pa~ing thereof using a perma-
nent pavement and the construction of
such curbs, gutters, catch basins and
drainage facilities as may be neces-
sary. all as more fully referred to in the
Recitals hereof. The estimated maxi-
mum cost of said specific object or
purpose, including preliminary costs
and costs incidental thereto and to the
financing thereof, is $25,000 and here-
by appropriates said amount therefor,
, Tbe plan of financin~ includes the
issuance of $25,000 serial bonds of Ihe
Town to finance said appropriation,
and the assessment, levy and collec-
tion upon the several lots and parcels
of land within the Tov. n v, hich the
Tov, n Board shall delermine and spec-
ify lo be especially benefited by said
iraprovemenL so much upon and from
each as shall be in just proportion to
the amonnt of benefit which the
provement shall confer upon the same.
to pay the principal of said bonds and
the interest thereon a% the same shall
become due and payable.
Section 2. Serial bonds of the Town
in the principal amount of $25.000 are
hereby authorized to be issued pur-
suant 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"L to finance said appropriation,
Section 3. Thc following additional
matters are hereby determined and
declared:
(al Thc period of probable useful-
ness of the specific object or purpose
for which said $25,000 serial bonds
authorized pursuant to this resolution
are to be issued, within the limitations
of Section I 1.00 a. 20 lc) of the law, is
fifteen (I 5l years,
(b) Thc proceeds of the bonds here-
in authorized and any bond antic-
ipation notes issued in anticipation of
said bonds may bc applied to reim-
burse the Town for expenditures made
after thc effective date of this resolu-
tion 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---. of the United States Treasury
Department.
lc) The proposed maturity of thc
bonds authorized by this resolution
will exceed five (5l years.
Section 4. Each of the bonds au-
thorized by this resolution and any
bond anticipation notes issued in an-
ticipation of the sale of said bonds
shall contain the recital of validity a~
pt~scdbed by Section 52,00 of the law
and said bonds and any notes issued in
antieipndon of ~aid bends shall be gen-
eral obligations of the Town. payable
as to both principal and interest by
general lax upon all the taxable real
property within tbe Town without lim-
itation of rate or amount. The faith and
credit of the Town are hereby irrevO-
cably pledged to the punctual payment
of tbe principal of and interest on said
bonds and any notes issued in anticipa-
tion of the sale of said bonds and
provision shall be made annually in
the budget of the Town by appropria-
lion for (al the amortization and
redemption of the bonds and any notes
in anticipation thereof to mtuurc in
such year and lb) the payment of inter-
eSl to be due and payable in such yca~.
Section $. Subject to the provisiollg
o~ this resolution and of the Law
pursuant to the p{ovisions of Secfi41~
the issuance of bond anricipnuon r~l
and of Section 50.00 and Sections
56 00 to 6000 of the Law, the po
and duties of thc Town Board m afire
to authorizing bond anticipation
and prescdblng the terms, form and
rized and of any bond anticipatiofl
bonds, and the renewals of said
are hereby delegated to the Supervise,
the chief fiscal officer of the Town.
Section b. The validity of the bonds
STATE OF ~ xORK)
) SS:
of Mnttituck, in
said Cotmty, being duly sworn, says that he/she
is Principal Clerk of THE SUFFOLK TIMES, a
Weekly Newspaper. published at Mattituck, in
the Town of Southuld, County of Suffolk and
State of New York. and that the Notice of which
the nnn~xed In a printed copy, hem been refular-
ly published in sam t(ewspepe~ once each week
for J weehe successively, ~p.mmencinf on
the ._.~day of ~ 19~.
day of~Lf~-JL~f~u-~-~
NOTICE
· Tlie resolution published
herewith has been adopted on
the 14th day of June, 1994,
and the validity of the obliga-
tions authorized by such
resolution may be hereafter
contested only if such obliga-
tions were authorized for an
object or purpose for which
the TOWN OF SOUTHOLD,
in the County of Suffolk, New
York, is not authorized to ex-
pend money or if the provi-
sions of law which should
have been complied _with as of
the date of publication of this
Notice were not substantially
complied with, and an action,
suit or proceed:ns contesting
such validity is commenced
within twenty days after the
date of publication of this
Notice, or such obligations
were authorized in violation of
the provisions of the
constitution.
JUDITH T. TERRY
Town Clerk
BOND RESOLUTION OF
THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED
JUNE 14, 1994, AUTHOR-
IZING THE CONSTRUC-
TION OF ROAD IM-
PROVEMENTS IN THE
TOWN, APPROPRIATING
$25,000 THEREFOR, AND
AUTHORIZING THE IS-
SUANCE OF $25,000 SERIAL
BONDS OF SAID TOWN TO
FINANCE SAID
APPROPRIATION.
Recitals
WHEREAS, following sub-
mission of a petition for the
improvement of the Town
highways in the Town of
Southold, Suffolk County,
New York (hereinafter referred
to as the "Town"), known as
Albacore Drive, Blue Marlin
Drive and Dolphin Drive, and
shown and designated on a
certain map entitled "Map of
Southold Shores;' surveyed by
Otto W. Van Tuyl, Greenport,
New York, and filed in the Of-
fice of the Clerk of the Coun-
ty of Suffolk on August 29,
1963, as Map number 3853,
and filed in the Office of the
Southold Town Clerk, using a
permanent pavement on such
portions of said highways as
shown on said Map, and the
construction of such curbs,
gutters, catch basins and
drainage facilities as may be
necessary; and such petition
has been duly signed by the
owners.'of real proPerty own-
. ins at l~t one-half of the en-
tire f .rd~. ge or bounds on
both ,.Sl~-of ~tid highway
'.~ mll~lB~tition was also alu-
of th~,~nt~: owned by ~i-
~"~'~ig in or
along ~fillt~,, ~ a~ter
m~d held, '~he 't~va'Board of.
~ihe 'lS*n=detmi~ned o~n Oc-
tbber !% l~ga that~it is m the
'public intm't~'t'.'to construct
such ,lntp~v~ml~tw described
in tl~' p~il~mlt ;anti 0rd~red
that suc~l-'lti~ways be so
~M4v, tlt~8~+~ it
· ~RESOL*~ED" BY TH£
TOW~ BOARD O~ 'Thee
I~WN OP SOUTI~OLD,
?FII~ KZR,'NTY'OP SUF-
FOLK.' NEW ~K (bY the
favorable vote bf ffSrless than
two-thin~ Of ail the members
Of ~ld 'Town Board) AS
Section f. 'n~ Town hereby
uuthor t~'t~iml~neni of
'Albaeore'D~' ~hie Mm-lin
Drive and Dolpl~n Drive,,
To~n ~ in me Town,
t~y the pa~' ~h~Of USing a
i~anont'pm~ne~t and the
eondtru~ ?)F ~¢h Curbs,
gutter~ ,~ basins and
necessary, ~11 as more fully
re~'t~Xi to in. the Recitals
h~reof. TI~ esitmated max-
imum cost of said specific ob-
jeci or pm'l~se,' including
preliminary costs and costs in-
cidemal the~to and the finan-
cin~ thereof; ia $2~000 and
hereby ',appropriates. said
financing- in~lud~ the is-
of~the TOMI ~o f'mance, zaid
merit, ie~ ~md~colbetkm
the scvernllots and~parcels of
land within, the Town which
t~ Tmwzt~B4~ sh~th~ter-
mine and specify, t~
espe~aUr ben~ by
improvmm~t, ~o. nmcb.upon
just
of benefit whinhl~eimpsove-
~n~a$ the same Shall
~dUc~and lmyable.
Section 2..Serial bonds of
the Town in the .principal
amonut Of $~,000 are h4~eby
authorized .to-be.issued pur-
suant totitepr~ of the
Lo~d,. Finance Law, con-
stituting Chapter 33-a. of'the
Gons~klMml: Laws of. the
State~o~ Nm~ ~ 0mzin:~ali-
ecl "I.~v';): ~:flonnce said
app~priation,.
,00 Thc pm~d of~thie
mm'~ness ~said spam~lc ob-
ject or. pml~ose ilar whinh said
ed I~rs~mt to this msOhitina
are to be i~ued, w, ithin the
li~il~tton~ of..S~:tio~ tl.0~
201c) Of iht Lawn,Is
years. . :
bon~. h~ author~2f~.and
an~ b(~nd un.atiCa notes
i~ in a~.tJ~tlon o_f said
ditmm made after tl~ effective
date of Otis ~Cihttion, for the
purl~ose' fo~:W§i~h said bonds
a~ a~aorl~ The fo~soinS
statem~n,t of intcRt with
made itt .C~formRy with
~ t~,~on sminn
1.150=Z of t~.l~nited States
'Itsasu~y l:~partment.
(c) The l~ maturity
of the.bonds, authofia~d by
this resolution, w~li er, ca*d five
O) years.
· S~mion 4. Each of
bonds &uth~riz~d 5y .tlKs
reiolu~on .and any bond an-
· ti~ip~ttioU n~tCS issued..in an-
ticipation of the sulc of said
Section 52.00.of the !..$w and
tions of the-Yrow~ pa~ble as
to both. principal ~nd
To.n ,without. ~
rote,or am0mm The .fgith and
credit.of tbe 'l~wn
irrevocably pledaed to the
punting! p~mmt of tbe prin-
cip~. of ~d,interest on such
bonds ~ a~ notes.in an-
,f
made annually in the budget
of the Town by appropriation
for (a) the amortization and
redemption of the bonds and
any notes i~,. anticipation
thereof to mature in such year
and 0a).the~Pa~ment of interest
~o be:ffaea~Me ~n ~Uch
Y~ar..
Section 5. Subject to the
provisions of this..j~s~ulion
and of,the Law and pursuant
to the provisions ~}' Section
$0.00 relative to th~ ~thoriza-
tion of_ th~= issuan~ of- bond
anticipalion notes and of Sec-
tion 50.00 and Sections 56.00
to ~0.00 of the 'Lay4 the
pow~s an{t duties o f t he Town
Board: relative to authorizing
bond anticipation notes and
prescribing the terms, form
and contents and as to the sale
and is$uancee of the bonds
herein authorized and of any
bond anticipation notes issued
in anticipation of said bonds,
and the mnnw~ls of said bond
~w~icipation not~s, are hereby
dcte~ed to th~ S~rvisor,
th~ ehi~. fiscll nffieer of the
Town.
Section 6~ The validity of
the bonds anthoriied I~ this
resolution and of any notes
issued in anticipation of the
~.,.s~e of said ~ may be
(a) such. obligations are
authori~t for an-obj~t or
purpose for Whic~ tbe ~ is
not authorized tiJ ~end
which should be complied
with at the date of pablimtion
of such resolution are not
substantially complied with,
and'an action, suit or pro-
ceedi~ con,ting sash validi-
ty, is ~omnml~d'wM~ ~-
ty days after,,he dat~ of such
publication, or
(c), Su~ obligations are
authorized In violation of the
pro~'tslom o~ Ihe eo~d~ution.
Section ?. TI~ bond r~olu-
tion shall tuke ~ff~t
immediately.
IX-6/23/94(6~)
COUNTY OF SUFFOLK
STATE OF NEW YORK
ss:
Patricia Wood, being duly sworn,
says that she is the Editor, of the
TRAVELER-WATCHMAN, a public
newspaper printed at Southold, in
Suffolk County; and that the notice
of which the annexed is a printed
copy, has been published in said
Traveler-Watchman once each week
for
................... ~ ......... weeks
succe~ively, commencing on the
..~ ......
Swor5 to before me on this
· ..~.~..day of
Notary Public
BARBARA A..qCHNBDER
NOTARY PUBLIC, Statm of New YoI%
No. 480~46
Quatified in Suffelk Coml~ .
Commission Expir~ 3"/~1/~