HomeMy WebLinkAboutRetirement Contributions to NYS~* ' * OFFICIAL STATEMENT
SERIAL BONDS
NEW ISSUE
Rating: Moody's A*
In the opinion of Bond Cou~el, under existing statutes, interest on the Bonds is exetnpt from New York State ~tJ4¥New York
City personal income taxes. ~ ~
The Bonds WILL NOT be deMgnated by the Town.
$678,000
TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK
PENSION SYSTEM SERIAL BONDS (FEDERALLY TAXABLE) - 1993
Dated: October 1, 1993 Due: October 1, 1994 - 2005: as shown below
Bonds are eneral obligations of the Town of Southold, Suffolk County, New York. All of the taxable real
The. -. - ~ · ~_~ ..... ,.~, .....f ad valorem taxes to pay the Bonds and interest thereon, without
property within s~lcn iowa is suDj~;t to la~ t~vy ~
limitation as to rate or amount.
Bonds will be issued in fully registered form and, when issued, will be registered in the name of Cede &
~ The ~ ~ ~- · .... '~-.~- t'~.-,-an,, ~"DTC"~ New York, New York, which will act as Soec~u, ri~e~
co., . P. · · ' ok-entr form onl tn the prlnci al amount or
Deposlto~ for the. Bo.ads. Ifidkvldu. al purch..as, es ~fll ~e. .m_a~b~ ......~Y~entin,, thYe~r ownershin IP~terest in the Bonds.
or lntel~ral multipleS mereor, rurcnasers wm .not r,ec,,e,,l?~c~2,~.,.~-,~,~ ~h~',,,t ~'omi-annuallv th[reafter on Avril I and
Interes[ on the Bonds will. be pay.able ~on. April, 1,½7_~? ~?.c.t.o. av~e[2,...[~-I,-,,, t~"T]~'~'~ ~o-th-e-~curities Denosit&y, which
October I mea. y .... Y. ........ :~inantq for subseauant dlstrlbutton to the Benef~mal Owners of
will in turn remit sucn prlnclpm aaa interest to its r'iatriu.t.-----, .....
the Bonds, as described herein.
The Bonds mature on October I in each year without option of prior redemption, as set forth below.
AMOUNTS AND MATURITIES
Amount Maturity Ramie Yield Amoun[ Maturity Rate Yield Amoun~ Maturitw Rate Yield
$48,000 1994 6.00% 3.80% $50,000 1998 6.00% 5.35% $60,000 2002 6.10 % 6.10%
50,000 1995 6.00 4.20 50,000 1999 6.00 5.60 70,000 2003 6.10 6.20
50,000 1996 6.00 4.60 50,000 2000 6.00 5.80 70,000 2004 6.125 6.25
50,000 1997 6.00 5.00 60,000 2001 6.00 6.00 70,000 2005 6.125 6.35
,_ ................... ,,.,,- m..o -°°;"ned a ratin,, of "A" to the Bonds Such rating reflec¢ oonly
*MOODY 5 IN¥/~IUK~ ;M~KVlLC, tv~%. ua.~ aqa,~, . n' · ' '
h ratm a enc and any desired explanantlon of the slgmficance of such rating should be. obtalnea txom
the view of suc ' g. g Y, ~ ~. - .............. v,,~u iaaa'/ t212~ 553-03-00. There is no assurance
Moody's Investors Service, Inc;, ~ unurc~. ~;treet, .~ew ~,..or_~, ~,~ ~','~',fii'~,~'b'~ lo~vered or withdrawn entirely if, in
that a narticular rating will annlv lot any given perloo
~ juc~ment of the ~gency '6riginally establishing, the rating, clr,cums .t~ces.$.o w~arr .a?. ^ny aownwaru
withdrawal of such rating could have an adverse effect on the market price ot me ~onas.
nds are o ,red sub'ect to the final approving opinion of Hawkins, Delafield & Wood, New York, New
. , _ Tl~e. B~o , ~e___~:_ ~o~ .... ~;~-o ?i is ,mected that delivery of the Bonds in book-entry form will be
Iort~ Hona Lounset, a.nq. Ct~ttt. tttt Olt~t [ut~**u,*o..~. - t ~1~ ,nnJ :- nr~,., v.~t- N~o rk.
made through the facilittes of DTC on or about t~ctooer ~, ~,~ ,, ,,~ ........ w Yo
Hawkins, Delafield & Wood has not participated in the preparation of the demographic, financial or statistical
data contained in this Official Statement, nor verified the accuracy, completeness or fairness thereof, and, accordingly,
expresses no opinion with respect thereto.
ached Official Statement of the Town, dated September, 13, 1993, together with this cover page dated
The att ' · · ~cial Statement within the meanin of
93 and the attached A endlx B, constitute the Town s final O ....
Septe.m.ber ~23,~ 19. , ~ . . ,, ~P ..... ,, ^ ...... ;a~ ~,~ id Rule information omitted from said O~g~c!al
Securities ~ excnan e Lo.m. misslon t~ule t.~c~,-~. ~_,.v.,,,j2~,,~..sfi~ ...... ~ ;-¢~rmatlon no other revisions to me
Statement is set fo~tl~ on this and the attacnco page omy, ,a,u ~....p, ,,, .......... ' , ' '
Official Statement have been made.
ROOSEVELT & CROSS, INC.
Dated: September 23, 1993
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 a resolution of the Town Board of the Town of
Southold, in t~e County of Suffolk, State of New York, entitled:
"Bond Resolution of the Town of South~ld, New
York, adopted July 27, 1993, authorizing the
payment of the Town's outstanding liability
for retirement contributions to the State of
New York, stating the estimated maximum cost
thereof is $678,220, appropriating said amount
therefor, and authorizing the issuance of
$678,220 serial bonds of said Town to finance
said appropriation,"
was adopted July 27, 1993, 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.
(SEAL)
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the corporate seal of said Town this 27th
day of Au~lust, 1993.
~ ' Tow~ Clerk ~/
STATE OF NEW YORK )
: SS.:
COUNTY OF SUFFOLK )
JUDITH T. TERRY, being duly sworn, deposes and says:
That she is and at all times hereinafter mentioned she
was the duly ~lected, qualified and acting Town Clerk of the Town
of Southold, in the County of Suffolk, State of New York;
That on July 27, 1993, she has caused to be
conspicuously posted and fastened up a Notice setting forth an
abstract of the bond resolution duly adopted by the Town Board on
July 27, 1993, a copy of which is annexed hereto and made a part
hereof on the sign board of the Town maintained pursuant to the
Town Law.
Subscribed and sworn to before me
this 27th day of July , 1993.
Notary Public, State of New York
UNDA J. COOPER
Nolerv Public, State of New York
No. 4822563, Suffolk Countv,~,.
Term Expires December 31, I u
Town Clerk
37457.1
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on July 27, 1993, the Town
Board of the Town of Southold, in the County of Suffolk, New
York, adopted a bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted July 27, 1993, authorizing the
payment of the Town's outstanding liability
for retirement contributions to the State of
New York, stating the estimated maximum cost
thereof is $678,220, appropriating said amount
therefor, and authorizing the issuance of
$678,220 serial bonds of said Town to finance
said appropriation,"
an abstract of which bond resolution concisely stating the
purpose and effect thereof, is as follows:
FIRST: AUTHORIZING said Town to finance its $678,220
aggregate unpaid liability to the New York State and local
Employees' Retirement System and the New York State and local
Police and Fire Retirement System and STATING the estimated
maximum cost thereof is $678,220; APPROPRIATING $678,220 to pay
said liability; STATING the plan of financing includes the
issuance of $678,220 serial bonds of the Town, and the levy and
collection of taxes upon all the taxable real property within the
Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $678,220 serial
bonds of the Town pursuant to the Local Finance Law of the State
of New York (the "Law") to finance said appropriation;
THIRD: DETERMINING and STATING the period of probable
usefulness applicable to the purpose for which said bonds are
authorized to be issued is the period of time remaining for
amortization of the amounts due, and, accordingly the bonds shall
mature not later than December 15, 2005; 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 $678,220
serial bonds will exceed five (5) years;
FOURTH: DETERMINING that said bonds and any bond
anticipation notes issued in anticipation of said bonds and the
renewals of said bond anticipation notes shall be general
37457.1
obligations of the Town and PLEDGING to their payment the faith
and credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and
duties as to the issuance of said bonds and any bond anticipation
notes issued in anticipation of said bonds, or the renewals
thereof; and
SIXTH: DETERMINING that the bond resolution is subject
to a permissive referendum.
DATED: July 27, 1993
Judith T. Terry
Town Clerk
37457.1
EXTRACT OF MINUTES
Meeting of the Town Board of
the Town of $outhold,
in the County of Suffolk, New York
July 27, 1993
Southold,
Town Hall,
at
7:30 o'clock P.M.
There were present:
Board Members:
A regular meeting of the Town Board of the Town of
in the County of Suffolk, New York, was held at the
53095 Main Road, Southold, New York, on July 27, 1993
(Prevailing Time).
Hon. Scott L. Harris, Supervisor; and
Justice Raymond W. Edwards
Councilman George L. Penny IV
Councilman Thomas H. Wickham
Councilwoman Alice J. Hussie
There were absent: Councilman Joseph J. Lizewski
Also present:
.
Supervisor Harris
resolution and moved its adoption:
Judith T. Terry, Town Clerk
Matthew G. Kiernan, Assistant Town Attorney
offered the following
37457.1
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED JULY 27, 1993, AUTHORIZING THE
PAYMENT OF THE TOWN'S OUTSTANDING LIABILITY
FOR RETIREMENT CONTRIBUTIONS TO THE STATE OF
NEW YORK, STATING THE ESTIMATED MAXIMUM COST
THEREOF IS $678,220, APPROPRIATING SAID
AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE
OF $678,220 SERIAL BONDS OF SAID TOWN TO
FINANCE SAID APPROPRIATION.
Recitals
WHEREAS, pursuant to Chapter 62 of the New York Laws of
1989 the State of New York (the "State") amended certain statutes
concerning the payment of employer contributions to retirement
systems, which resulted in the creation of liabilities for the
Town of Southold, in the County of Suffolk, New York (the
"Town"), in the amount of $425,577 with respect to the New York
State and local Employees' Retirement System and $456,542 with
respect to the New York State and local Police and Fire
Retirement System; and
WHEREAS, the State has permitted the Town to amortize
such liability over a seventeen (17) year period commencing in
the year 1989 at the interest rate of eight and three-quarters
per centum (8.75%) per annum, and since 1989 such aggregate
liability of $882,119 has been reduced to $678,220; and
37457.1
WHEREAS, the Town Board of the Town has determined that
as a result of the general decline in interest rates it may now
be able to obtain financing at an interest rate which is less
than eight and three-quarters per centum (8.75%) per annum, and
on terms beneficial to the Town; and
WHEREAS, the Town Board has determined that it is in
the best interest of the Town to authorize the financing of such
$678,220 liability;
Now, therefor,
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 1. The Town of Southold, in the County of
Suffolk, New York (herein called "Town"), is hereby authorized to
finance its $678,220 aggregate unpaid liability to the New York
State and local Employees' Retirement System and the New York
State and local Police and Fire Retirement System. The total
amount of said unpaid liabilities is $678,220, and said amount is
hereby appropriated to pay said liability. The plan of financing
includes the issuance of $678,220 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.
37457.
Section 2. Serial bonds of the Town in the principal
amount of $678,220 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, as described herein, for which said serial
bonds authorized pursuant to this resolution are to be issued,
within the limitations of Section 11.00 (a) 85 of the Law, is the
period of time remaining for the amortization of the amount due
under Sections 17-a and 317-a of the Retirement and Social
Security Law, and, accordingly, the bonds herein authorized shall
mature not later than December 15, 2005.
(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 1.103-18 of the United States
Treasury Department.
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
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.
37457.1
The adoption of the foregoing resolution was seconded
by Justice Edwards and duly put to a vote on roll call, which
resulted as follows:
AYES: Supervisor Harris, Justice Edwards, Councilman Penny,
Councilman Wickham, Councilwoman Hussie.
NOES: None.
The resolution was declared adopted.
Supervisor Harris
and moved its adoption:
THE TOWN BOARD OF THE TOWN OF SOUTHOLD,
OF SUFFOLK, NEW YORK,
Section 1.
shall, within ten (10)
cause to be published,
offered the following resolution
IN THE COUNTY
HEREBY RESOLVES AS FOLLOWS:
The Town Clerk of said Town of Southold
days after the adoption of this resolution
in full, in the "THE LONG ISLAND TRAVELER-
WATCHMAN," a newspaper published in Southold, 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:
37457.
TOWN OF SOUTHOLD. NEW YORK
PLEASE TAKE NOTICE that on July 27, 1993, the Town
Board of the Town of Southold, in the County of Suffolk, New
York, adopted a bond resolution entitled:
"Bond Resolution of the Town of Southold, New
York, adopted July 27, 1993, authorizing the
payment of the Town's outstanding liability
for retirement contributions to the State of
New York, stating the estimated maximum cost
thereof is $678,220, appropriating said amount
therefor, and authorizing the issuance of
$678,220 serial bonds of said Town to finance
said appropriation,,,
an abstract of which bond resolution concisely stating the
purpose and effect thereof, is as follows:
FIRST: AUTHORIZING said Town to finance its $678,220
aggregate unpaid liability to the New York State and local
Employees' Retirement System and the New York State and local
Police and Fire Retirement System and STATING the estimated
maximum cost thereof is $678,220; APPROPRIATING $678,220 to pay
said liability; STATING the plan of financing includes the
issuance of $678,220 serial bonds of the Town, and the levy and
collection of taxes upon all the taxable real property within the
Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $678,220 serial
bonds of the Town pursuant to the Local Finance Law of the State
of New York (the "Law") to finance said appropriation;
THIRD: DETERMINING and STATING the period of probable
usefulness applicable to the purpose for which said bonds are
authorized to be issued is the period of time remaining for
amortization of the amounts due, and, accordingly the bonds shall
mature not later than December 15, 2005; 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 $678,220
serial bonds will exceed five (5) years;
FOURTH: DETERMINING that said bonds and any bond
anticipation notes issued in anticipation of said bonds and the
renewals of said bond anticipation notes shall be general
37457.1
obligations of the Town and PLEDGING to their payment the faith
and credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and
duties as to the issuance of said bonds and any bond anticipation
notes issued in anticipation of said bonds, or the renewals
thereof; and
SIXTH: DETERMINING that the bond resolution is subject
to a permissive referendum.
DATED:
July 27, 1993
Judith T. Terry
Town Clerk
37457.1
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 newspapers 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.
37457.1
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 Harris, Justice Edwards, Councilman Penny
Councilman Wickham, Councilwoman Hussie.
NOES: None.
The resolution was declared adopted.
~CATE
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 July 27, 1993, 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 27th day
of July, 1993
(s L)
37497.1