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HomeMy WebLinkAboutVarious PurposesNo. R- I UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD BOND ANTICIPATION NOTE FOR VARIOUS PURPOSES-1992 The Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to the bearer of this Note, or if it be registered, to the registered holder, the sum of ONE MILLION ONE HUNDRED SEVENTY.SIX THOUSAND DOLLARS ($1,176,000) on the 5th day of November, 1993, together with interest thereon from .the date hereof at the rate of three per centum (3.00%) per annum, payable at maturity. Both principal of and interest on this Note will be paid in lawful money of the United States of America, at THE NORTH FORK BANK AND TRUST COMPANY, Mattituck, 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 n the alternative the signature thereto shall be certified as to its genuineness by an officer ora bank or trust company located and authorized to do business in this State. This Note is the only Note of an authorized combined issue, the principal amount of which is $1,176,000. This note may be called for redemption on any date prior to maturity after the giving of at least five (5) days' notice of the date of redemption by mailing 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, six bond resolutions adopted by the Town Board on their respective dates, authorizing the issuance of serial bonds for various purposes in and for the Town, and the Certificate of Determination executed by the Supervisor on November 6, 1992. This Note has been designated by the Town as a qualified tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of i986, as amended. $1,176,000~ The faith and credit of such Town of Southold are 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 tssuance of thls 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 Note to be signed by its Supervisor, and its corporate seal (or a facsimile thereof) to be affixed, imprinted, engraved, or otherwise reproduced hereon and attested by its Town Clerk and this Note to be dated as of the 6th day of November, 1992. (SEAL) AT'I'EST: TOWNf SOUyHOf Supervisor API 6 1903 11952 CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $1,176,000 BOND ANTICIPATION NOTE FOR VARIOUS PURPOSES-1992 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Scott L. Harris, 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 6, 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 $71,000 shall be issued to renew, in part, the $89,000 Bond Anticipation Note dated November 8, 1991, maturing November 6, 1992, 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 July 2, 1991, authorizing the purchase of computer equipment for use by said Town, stating the estimated maximum cost thereof is $89,000, appropriating said amount therefor, and authorizing the issuance of $89,000 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 8, 1991, the redemption of said $89,000 Note having been heretofore provided to the extent of $18,000 from a source other than the proceeds of said bonds. 2. A bond anticipation note of the Town in the principal amount of $60,000 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 July 14, 1992, authorizing the purchase of an emergency generator system for use by said Town, stating the estimated maximum cost thereof is $60,000, appropriating said amount therefor, and authorizing the issuance of $60,000 serial bonds of said Town to finance said appropriation,,, duly adopted by the Town Board on the date therein referred to. 3. A bond anticipation note of the Town in the principal amount of $55,000 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 2, 1992, authorizing the purchase of a crawler/loader for the Southold Town Landfill, in Cutchogue, in the Town, stating the estimated maximum cost thereof is $70,000, appropriating said amount therefor, and authorizing the issuance of $70,000 serial bonds of said Town to finance said appropriation,,, duly adopted by the Town Board on the date therein referred to. 4. A bond anticipation note of the Town in the principal amount of $100,000 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 April 7, 1992, authorizing the purchase of a back-hoe for the use of the Town Highway Department, stating the estimated maximum cost thereof is $100,000, appropriating said amount therefor, and authorizing the issuance of $100,000 serial bonds of said Town to finance said appropriation,,, 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 $850,000 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 September 10, 1991, authorizing the acquisition of certain developmental rights in prime agricultural lands within said Town for the preservation of open spaces and areas, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $1,750,000 serial bonds of said Town to finance said appropriation,,, 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 $40,000 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 NovemBer 12, 1991, appropriating $225,000 for the increase and improvement of facilities of Southold Wastewater Disposal District, in said Town, authorizing the expenditure of $155,000 from the Southold Wastewater Disposal District Repair Reserve Fund and $20,000 from the 1992 operating budget to finance a portion of such appropriation, and authorizing the issuance of $50,000 serial bonds of said Town to finance the balance of said appropriation,- duly adopted by the Town Board on the date therein referred to. 7. Said $71,000 Note, said $60,000 Note, said $55,000 Note, said $100,000 Note, said $850,000 Note, and said $40,000 Note shall be comBined for the purpose of sale into a single Note issue in the aggregate principal amount of $1,176,000 (hereinafter referred to as the "Note"). as follows: The terms, form and details of said Note shall be Amount and Title: $1,176,000 Bond Anticipation Note for Various Purposes-1992 Dated: NovemBer 6, 1992 Matures: Number and Denomination: Interest Rate per annum: NovemBer 5, 1993, subject to prior redemption Number R-l, at $1,176,000 3.00% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. 9. The Notes referred to in paragraphs 2 to 6, inclusive, hereof, are not issued in renewal of any note or notes. 10. The amount of bond anticipation notes originally issued in anticipation of the issuance of serial bonds authorized pursuant to the resolution referred to in paragraphs i to 6, inclusive, hereof, including the Note, is (1) $89,000, (2) $60,000, (3) $55,000, (4) $100,000, (5) $850,000 and 6) $40,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note, will be (1) $71,000, (2) $60,000, (3) $55,000, (4) $100,000, (5) $850,000 and (6) $50,000. 11. The serial bonds authorized pursuant to the resolution referred to in paragraphs i to 6, inclusive, hereof are for improvements which are non-assessable. 12. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to The North Fork Bank and Trust Company, Mattituck, New York, for the purchase price of $1,176,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank and Trust Company, Mattituck, New York, and shall bear interest at the rate of three per cent~m (3.00%) per annum, payable at maturity or prior redemption. 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 hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS WHEREOF, I have hereunto set my hand this 6th day of November, 1992. ~ ,. perv1sor 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 6th day of November, 1992; 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 W~EREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 6th day of November, 1992. (SEAL) Town Clerk AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK COUNTY OF SUFFOLK :ss: Judith T. Terry, being duly sworn upon her oath deposes and says: (1) ! 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 6th day of November, 1992, 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 6th day of November, 1992. Nofary Public, State of New York UNDA J. COOPER Notary Public, Stata of New York No. 4822563, Suffolk County~-;;. ~rrn ~oires Deceml~er 31, 19 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 ~xtent 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. ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Scott L. Harris, Supervisor of the Town of Southold (the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY and reasonably expect with respect to the issuance of the $1,176,000 Bond Anticipation Note for Various Purposes-1992 (the "Note") of the Town, dated November 6, 1992, as follows: 1. The Town will comply with all the procedures and provisions set forth below. The Town will perform all acts and things necessary and desirable to assure that interest paid on the Note, shall for the purposes of federal income taxation, be excludable from the gross income of the recipients thereof under Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"). 2. The proceeds of the sale of the Note will be used to provide funds for the purposes described ("the Projects") as referred to in the resolutions cited in paragraps 1 to 6, inclusive, of the Certificate of Determination executed by the Supervisor on November 6, 1992 (the "Certificate"). A portion of the proceeds of sale of the Note in the amount of $71,000 (the "Current Refunding Note") will be used, together with available funds in the amount of $18,000, to redeem a prior issue in the principal amount of $89,000 (the "Prior Issue"), maturing on November 6, 1992, which was heretofore issued to finance the Project, as described in paragraph 1 of the Certificate. The balance of said Note proceeds in the amount of $1,105,000 (the "New Money Note") will be used to provide original funds 'for the Projects, as described in paragraphs 2 to 6 inclusive, of the Certificate. ' 3. With respect to said Current Refunding Note: (a) The Project has been completed, and all proceeds of the Prior Issue, including investment earnings, have been expended on the Project, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Prior Issue will be expended within three years from the original date of issuance of the notes issued pursuant to the resolution hereinabove referred to in paragraph 2 hereof in renewal of which the Current Refunding Note is being issued. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project is proceeding with due diligence to completion. (b) The Current Refunding Note constitutes a current refunding bond and pursuant to the provisions of Section 148 of the Code is not subject to the rebate requirement imposed by the Code because: (i) the Prior Issue qualified for, and was taken into account under the rebate exception when issued; (ii) (iii) (iv) the aggregate face amount of the Current Refunding Note does not exceed $5,000,000; the Prior Issue had a weighted average maturity of 3 years or less; and the maturity date of the Current Refunding Note, as measured from the original date of issuance of the notes issued pursuant to the resolution hereinabove cited in paragraph 2 hereof in renewal of which the Current Refunding Note is being issued, does not exceed 30 years. 4. With respect to the New Money Note: (a) The Town has entered into or will enter into within six months from the date of this certificate into binding commitment(s) for the acquisition, construction or accomplishment of the Projects, and the amount of such commitment(s) with respect to the Projects will or do exceed the lesser of an amount equal to 2-1/2% of $1,105,000, being the aggregate amount of obligations currently issued for such Projects, or $100,000. (b) The Projects have been completed, or, if the Projects have not been completed, it is reasonably expected that all of the proceeds of such New Money Note will be expended within three years from the date of this Certificate. If the Projects has not been completed, work on the acquisition, construction or accomplishment of the Projects will proceed or is proceeding with due diligence to completion. (c) Said New Money Note is not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Town is a governmental unit with general taxing powers; (ii) the New Money Note does not constitute a "private activity bond" as that term is defined in Section 141 of the Code; (iii) ninety-five percent or more of the net proceeds of the sale of the New Money Note is to be used for local governmental activities of the Town; and (iv) the Town reasonably expects that the aggregate amount of all tax-exempt bonds issued by the Town during current calendar year will not exceed $5,000,000. For purposes of such determination, no tax-exempt obligation shall be taken into account if it is a current refunding obligation which does principal amount of face the not exceed the outstanding (redeemed) the obligation to be refunded. 5. The total proceeds of sale of all bond anticipation notes issued to date for the Projects do not exceed the total cost of the Projects. 6. The Projects will not 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 Town. 7. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 8. The taxes used to pay principal and interest on the Note, whether or not deposited in a debt service fund, will be expended within 13 months of the date of deposit in such fund, or the date of their accumulation, in the payment of debt service on the Note. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt. The debt service fund, if any, will be used to achieve a proper matching of revenues and debt service and will be depleted at least annually except for a reasonable carryover amount not to exceed one years earnings on the fund or 1/12 of annual debt service. 9. Except for the debt service fund described herein the Town has not created or established, and does not expect to create or establish, any sinking fund or other similar fund which the Town reasonably expects to use to pay principal or interest on the Note. 10. No portion of the proceeds of the Note will be invested, directly or indirectly, in federally insured deposits or accounts other than investments of a debt service fund or investments for an initial temporary period. 11. The Projects will be owned by the Town or another state or local governmental unit and will not be leased to any person who is not a state or local governmental unit. They 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, prior to the maturity date of the Note. 12. The aggregate amount of proceeds of the Note used directly or indirectly in a trade or business carried on by a natural person, or in any activity carried on by a person other than a natural person ("Private Use"), excluding use by a state or local government unit and use as a member of the general public, will not exceed 10% of such proceeds in the event that more than 10% of the principal or 10% of the interest due on the Note during the term thereof is, under the terms of the Note or any underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Town, in respect of property or borrowed money used or to be used for a Private Use. 13. No more than 5% of the proceeds of the Note will be used to finance property used by a nongovernmental person in a Private Use which is unrelated to the governmental use of the property being financed. 14. No more than 5% of the proceeds of the Note is allocable to any disproportionate related Private Use. For purposes of this Arbitrage and Use of Proceeds Certificate, Note proceeds are allocable to a disproportionate related Private Use to the extent that the proceeds of the Note which are to be used to finance property used by a nongovernmental person in a trade or business which is related to the governmental use of the property referred to in paragraph 12, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 15. For purposes of paragraphs 12, 13 and 14, 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 Projects 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 (1) a term (including renewal options) not in excess of five years, (2) payments no portion of which are based on a share of net profits and at least 50 percent of which are made on a periodic, fixed-fee basis, and (3) termination by either party, without penalty, at the end of any three-year period is not considered a Private Use. 16. The amount of proceeds of the Note that will be used directly or indirectly to make loans to persons other than a governmental unit is not more in the aggregate than the lesser of $5,000,000 or 5% of such proceeds. 17. To the extent the amount of proceeds of the Note to be used to make loans to any borrowers (including loans referred to in paragraph 16 above and loans to state or local governmental units) exceeds $5,000,000, at least 95% of the net proceeds of the issue (as defined in Section 150 of the Code but without including proceeds used to finance costs of issuance or capitalized interest) that are to be used to make loans, will have been used within 3 years of the date hereof to make such loans. The payment of legal and underwriting costs is not contingent and at least 95% of the reasonably expected legal and underwriting costs associated with issuance will be paid within 180 days of the date hereof. For purposes of this paragraph the term loan does not include any use of proceeds by an agency of the Town unless such agency is a political subdivision or an instrumentality of the Town. 18. NO more than 5% of the proceeds of the Note are to be used with respect to any output facility (other than a facility for the furnishing of water). No more than the lesser of $5,000,000 or 5% of the proceeds of the Note are to be used (directly or indirectly) for the acquisition of a nongovernmental output facility. 19. The Note is hereby designated as a "qualified tax-exempt obligation" 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) (ii) (iii) (iv) (v) (vi) the Current Refunding Note currently refunds the Prior Issue; the Prior Issue was designated as a "qualified tax-exempt obligation"; the aggregate face amount of the Note does not exceed $10,000,000; the Prior Issue had a weighted average maturity of 3 years or less; the last maturity date of the Current Refunding Note, as measured from the date of issuance of the first note issued pursuant to the resolutions hereinabove referred to in paragraph 2 hereof in renewal of which such Current Refunding Note is being issued, does not exceed 30 years; and not more than $10,000,000 of obligations issued by the Town during the calendar year in which the Prior Issue was issued, were designated by the Town as "qualified tax-exempt obligations". (b) I with respect to (i) (ii) n making such designation it has been determined the New Money Note that: the Town does not reasonably anticipate that the amount of "qualified tax-exempt obligations" to be issued by the Town during the current calendar year will exceed $10,000,000; and the amount of "qualified tax-exempt obligations" issued by the Town during the current calendar year does not as of this date, and including this issue, exceed $10,000,000. 20. The Town has not received notice that it has been listed by the Commissioner of Internal Revenue as an issuer that may not certify its obligations, nor has it been advised that the Commissioner is contemplating listing the Town as a governmental unit that may not certify its obligations. On the basis of the foregoing, it is not expected that the proceeds of sale of the Note will be used in a manner that would cause the Note to be "arbitrage bonds" under Section 148 of the Code and the Income Tax Regulations prescribed thereunder. To the best of my knowledge and belief, there are no other facts, estimates or circumstances that would materially change the foregoing conclusion. ! am one of the officers of the Town of Southold charged by the resolutions of the Town Board of said Town hereinabove referred to in paragraph 2 hereof with the responsibility for issuing the Note and, as such, am an official whose certification may be relied upon as the certification of the Town as referred to in Section 148 of the Code, and Sections 1.103-13, 1.103-14 and 1.103-15 of the Income Tax Regulations thereunder. Neither I nor the Town has been notified or advised by the Internal Revenue Service of any contemplated publication of a notice in the- Internal Revenue Bulletin that the certification of the Town as to arbitrage status may no longer be relied upon by purchasers of its bonds or notes. This certification has been delivered as part of the record of proceedings and accompanying certificates with respect to the issuance of the Note and the provisions of this certificate constitute a contractual obligation of the Town in consideration for the purchase of and payment for the Note by the purchaser(s) thereof. (SEAL) IN WITNESS WHEREOF, I have hereunto set my hand ~nd affixed the corporate seal of the Town of Southold this 6th day of November, 1992. ~upervisdr- 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 6, 1992, we officially signed and properly executed by manual signatures a $1,176,000 Bond Anticipation Note for Various Purposes-1992 (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, Scott L. Harris, Supervisor, HEREBY FURTHER CERTIFY that on November 6, 1992, I delivered said Note to The North Fork Bank and Trust Company, Mattituck, New York, the purchaser thereof, and that at the time of such delivery of said Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: Price ......... ~ ...... Interest on said Note'~'~'~ date of such delivery ............. Amount Received ..................... $1,176,000 $1,176,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this 6th day of November, 1992. Term of Office Signature Expires Title ' ' 'L'~ ~.~''' December 31, 1993 Supervisor 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. (Title) (Name of Bank) ATTORNEY'S CERTIFICATE I. Matthew G. Kiernan. HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, $outhold, New York, and am the duly chosen, qualified and acting Assistant 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 ltlgatlon 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 6th day of November, 1992. Attorney SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $1,176,000 Bond Anticipation Note for Various Purposes-1992 November 6, 1992 November 5, 1993, subject to prior redemption Number R-l, at $1,176,000 3.00%