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HomeMy WebLinkAboutLand on Traveler StreetUNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD BOND ANTICIPATION NOTE FOR PURCHASE OF LAND-1993 The Town of Southold, in the County of ~,aJ~k, a~ill~nicipal desperation of the State of New York, hereby acknowledges itself indebted and for it,~k'"~ecj~j~'J~m]s~ toXin, to the bearer of this Note, or if it be registered, to the registered holder, the sum of O~JI~I~I~I~I~Y~ THOUSAN, D DO~LLA.RS ($131,~00)on th~' 25th day of Feb~a~, 1994 ~gei~with interest thereo~[~ the da~ nereo~ at the ra~ pi two and, eighty-three hundredths per cen~ (2.~ ~ ~e at maturity. Both principal of and interest: on this Note will be paid in lawful money~i~~of America, at THE SUFFOLK COUNTY~ NATIONAL BANK, Riverhead, County Nat 0nal Bank At the request of the holder, the To~d~h~this No~ in~ 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 re~stration hereon, after w~ich both principal of and interest on this Note shall be payable only to the regiswred holder, his legal representatives, successors or transferees. This Note shall then be transferable only on resenration to such Town Clerk with a writ~n transfer of title and such Town Clerk shall thereup°n register ~s ~dW in the name of the transferee transfer shall be dated, and signed by the registered holder, or his legal representatives, and it shall acknowledged or proved, or in the alternative the si~ature thereto shall be certified as te its genuineness by an officer ora bank or trust company located and authorized te do business in this State. This Note is the only Note of an authorized renewal issue, the principal amount of which is $131,000. This, Note may be called for ~edemption on any d~ior~aturi~y after the giving of at i~ast five (5) days' notice of the date of redemption b~ mailing o~t~ t~ t~ ~1 purchaser, or if this Note be regis~red ~ the~ registered holder, and interest s~~'~n ~uch date °f redempu°n' This Note is issued pursu~to th~av~i~O ~1 Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State o~w y~b~l~ adopted by the Town Board on January 22, 1991,,~ authorizing the issuance of $ the existing Town Hall Building.~~~mmati°n execu~d by the Supervisor on February 26, 1993. This Note has been designated b~'~qh~[[hed 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 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 ali conditions, acts and things required by the Constitution and statute~ of the State of New York te exist, to have happened and this Note, exist, have happened and have been performed, and that this Note, together with all other (nde 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 or--hold.caused ~s No~ te be si~ed by its Supervisor. and its corporate seal (or a facsimile thereo~be~ i~p~n~g~aved, or otherwise reproduced hereon and attested by its Town Clerk and this ~~as~ft~6t~i°f Feb~a~ ' 1993' (SEAL) , ~. ATTEST' Clerk , , , , , ~ ,OF,~O~7 ~ T~ of ~ut~id,; in t~ Comty of Suff6~, a mici~ c~ratlon of State of New Y~rk, hereby acknowled~s ItSelf indebted and for value received prombes to .pay to I/te hoszee o/i~s. Noto, o~- if it be re6istered, to the ~istered holder, the ~lte ed ___Eishty-~even Thou~ancl Fiv~ Htu-ic~ ............... ~--~--D~lars (* 87,500~--' ..... --"), of November ; , on the 8th day ,1991, tos~chor with interest thereto from 'tho date hereof, at the rele of 9~--six arid thirty-.thr6e hl.lndredths ............ per centum (6 .]] %) per almma, payable at maturity, Both principal Oi an/l interest o~'tldS bloie wl~ be paid ia lawful money of the Unite/l States of America, at . THE NORTH FORK BANK & TRUST C(]~ANY, Southold, New York. At the lequest of tho hokle~, the Town Clerk shall eouvert this l, lote'into a registe,ed Note by r~glsteting it m ~ -moe of ',he belder m ~ hookm of the Town kept m ,the offte of such Tows Clerk ~md endorsing a certificate of such registration horenn~ after which princlpul of and interest on this Note shall be payable ouly to tho registered holders his ~gal_._rep~entativer, sucee~ors or traus~eree~. This Note shall then he transferable only upOn presentation to such Town Cmer~ with a written traus/er of title ami such Town Cl~rk shall thereupon ~egister this the alternative lbe signature t~ereto ~hall be enrti{~l ~s to tts genumeness m~ an ou~ce~ o~ a uo~ ........... r--. and' authorized to do business in this State. This Note is the only Note of an authorized issue, the 9r~ncipal aunt of which is $87,500. ~d on ~pt~r 22, 1987, ,author~9 t~ iss~ of $87,~0 ~it~' n~es, ~ , $t,662~500 s~i~ ~ for ~ ac~istion of ~a~, ~te~sts or ri~ts ~ ~1 p~ty for t~ p~'~ion of ~ s~s ~ ~s ~ ~ for said T~, ~d t~ C~ificate of ~t~nation ~cut~ by t~ s~isor ~ ~ 9, 1990. ~s Note ~s ~n ~si~at~ by t~ T~ ~ a ~%ifi~ t~-ex~t ~li~tion p~s~t to t~ pr~isions of ~tion 265 of t~ Inte~al Re~n~ C~e of 1986, The faith and credit of such Town of Southold are hereby S~ of N~ York ~ ~ ~ have ~pp~ ~d to ~ve of ~uthold m ~ ere~ ~ ~d ~er I~it ~~n ~d laws of retch ~;. IN WIT--S WHE~F. T~ of ~uthold bas cau~ thh Note ~ be g~ed by , ~d T~ Clerk ~d~No~da~ 9th B~ N~r, 1990- A~EST. Su~sor F/[(~URITY.COI~OM~IAN BANKNOTB COMPANY UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOgN OF SOUTHOLD S43,750 CAPITAL NOI~E FOR A~UISITt~ OF ~-1991 The' Town of Southold, in the County Of Suffolk, a mUnicipal c°rporation of the State of New York, hereby schnowled~es ltsetf indebted and for value received promises to pay to the bearer of this Note, or if it be red, tared, to the ~ered holder, the sum.of ---Forty-Three ?housanfl Seven Iiundred Fifty ............... Dollars ($ 43,750 .......... ) on the 6th day of November ,1~ 92, tosethe~ with interest thereon from the date be~of at the rate of ~--five and fifteen hundredths ................ per eentum (5.15 %) per annum, payable at umtoflty. ]loth peinetpsl of sad interest ~n this Note wt~ be paid in lawful money of the United Sthtes of Americ~ at BRI~ NATIONAL BANK, SOUTHOLD, NEW YORK , At ,the request 0f th~ homer, the Town C].~rk . sbell co~vert this Note into ~ registered Note by re~g it in the ngme of tho holder in ~e ho~ks of the TOW~ k~pt in the office ~ ' Town Clerk and endorsing a ~ertifleato of such registration here0~, after which beth This Note shnU tho be hw'ns{erable o~ly upon presentation to such l'.4wtt F~h ~ wflttm transfer of title and ~ach ToWn Clerk sho~ thereupon ~-idster this and authorized to do business in this Stni~ This Note is the only Note of an authorized issue, tlae principal aunt of Which is $43,750; Board on Septembe~ 22, 198V, authorizin9 the issuance of $43,V50 capital notes and 500 serial bonds fo~ the acquisi~±on of certain interests or rights in real for the ~r~servati°n ~f open s{~aces and areas in and for said Town, and ;ii the Certificate of Determination executed by the Supervisor on November 8, t991. - % This Note has been designated by the Town as a qualified tax-exe~t obli_qation " pursuant to the provisions of Sectio~ 265 of the Internal Revenue Code of 1986, as amended. f,? The faith aad or.lit .f such Town of Southold ara hereby it it~ev0~ably pledged fdr the punctual payment of the principal of and ~. '~. ~mto o~ New York to exist, to pp P : - Tc~wn / / have~ bevpened and have hem perforated, and that this !~'ote. to~tber wit~ all otber tndeb'~t~eSs o~ suca /~ ( of S~uthOld is ,thin every debt and other limit prescribed by the Const~ution and laws of such State. ~_ t,...,. IN wrl~Ess wHlm~oF, Town of $outhold "" - z-visor X~' - has cat, sad this Noto to be ~mi by its 5upa /~F. .". _ ..... ' andtaisNol, t~beda~daso~the 8th de, of November, 1091 Meeting of A regular meeting Southold, in the County of Town Hall, 53095 Main Road, 1991 at 7:30 o'clock ~.M. There were present: Councilpersons: EXTRACT OF MINUTES the Town Board of the Town in the County of Suffolk, New January 22, 1991 of Southold, York of the Town Board of the Town of Suffolk, New York, was held at the Southold, New York, on January 22, (Prevailing Time). Hon. Scott L. Harris, Supervisor; and Raymond W. Edwards George L. Penny IV Ruth D. Oliva Ellen M. Latson Thomas H. Wickham There were absent: Also present: Councilman ,Penny Judith T. Harvey A. offered the Terry, Town Clerk Arnoff, Town Attorney following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JANUARY 22, 1991, AUTHORIZING THE PURCHASE OF THE PIECE OR PARCEL OF LAND SITUATE ADJACENT TO TME EXISTING TOWN MALL BUILDING, 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. THE TOWN SUFFOLK, NEW YORK, less than FOLLOWS: two-thirds of all the members of said Town Board) BOARD OF TNE TOWN OF SOUTMOLD, IN THE COUNTY OF HEREBY RESOLVES (by the favorable vote of not AS in the County of is hereby authorized to purchase the piece or parcel of land ~ituate adjacent to the existing Town Hall Building for use as a Town parking area. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $175,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $175,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town, to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 1. The Town of Southold, Suffolk, New York (herein called "Town"), Section 2. Serial bonds of the Town in the principal amount of $175,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $175,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the period of probable usefulness of said $175,000 serial (b) provided as a authorized by bonds is hereby limited to fifteen (15) years. Current funds are not required by the Law to be down payment prior to the issuance of the bonds this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 d. 4 of the Law. (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 b~nd anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, the chief fiscal officer Section 6. The are hereby delegated to the Supervisor, of the Town. 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, commenced within or twenty days after the date of (c) suit or proceeding contesting such validity, is such publication, such obligations are authorized provisions of the constitution. in violation of the Section 7. This bond resolution is subject to permissive referendum. The adoption Justice Edwards resulted as of the foregoing resolution and duly put to a vote on follows: AYES: Supervisor Harris, Justice Edwards, Councilman Penny, Councilwoman Oliva, Councilwoman katson, Councilman Wickham. NOES: None was seconded by roll call, which The resolution was declared adopted. Councilman Penny moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, tN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. The Town Clerk of said Town shall within ten (10) cause to be published, TRAVELER-WATCHMAN," a and in "THE SUFFOLK TIMES," a newspaper published in Ma~tituck, New York, two newspapers having a general circulation within said Town and hereby designated the official newspapers 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: offered the following resolution and of Sou[hold, days after the adoption of this resolution in full, in "THE LONG ISLAND newspaper published in Southold, New York, TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on January 22, 1991, 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 January 22, 1991, authorizing the purchase of the piece or parcel of land situate adjacent to the existing Town Hall Building, 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," an abstract of which bond resolution concisely stating the purpose and effect thereof, is as follows: FIRST: AUTHORIZING said Town to purchase the piece or parcel of land situate adjacent to the existing Town Hall Building for use as a Town parking area; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $175,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the the issuance of $175,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay.the principal of said bonds and interest thereon; SECOND: AUTHORIZING the issuance of $175,000 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 of the specific object or purpose for which said $175,000 serial bonds are to be issued, is thirty (30) years; however, the period of probable usefulness of said $175,000 serial bonds is hereby limited to fifteen (15) years; current funds are not required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof; and the proposed maturity of said $175,000 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 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: January 22, 1991 Judith T. Terry Town Clerk Section 2. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in full, in the newspapers referred to in Section 1 hereof, and hereby designated the official newspapers 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 immediately. resolution shall take effect The adoption Supervisor Harris resulted as follows: of the foregoing resolution was and duly put to a vote on roll seconded by call, which AYES: Supervisor Harris, Justice Edwards, Councilman Penny, Councilwoman Oliva, Councilwoman Latson, Councilman Wickham. NOES: None The resolution was declared adopted. 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 January 22, 1991, 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 relate the whole of said original minutes so to the subject matters referred to in IN WITNESS WHEREOF, I have hereunto affixed Town of January, far as the same said extract. set my hand and the corporate seal of said Southold this 22nd day of 1991. (SEAL) ~ ' Tqwn Clerk DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK $2,695,000 Various Purposes Serial Bonds-1993 Total Issue Bonds Date~ April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest Rate r u~.~lL~.if.y._~ Auaust 1~ 1993 $ 0 5.000% $ 0.00 $ 44,916.67 1994 170,000 5.000% 67,375.00 63,125.00 1995 ' 175,000 5.000% 63,125.00 58,750.00 1996 200,000 5.000% 58,750.00 53,750.00 1997 175,000 5.000% 53,750.00 49,375.00 1998 125,000 5.000% 49,375.00 46,250.00 1999 125,000 5.000% 46,250.00 43,125.00 2000 125,000 5.000% 43,125.00 40,000.00 2001 125;000 5.000% - 40,000.00 36,875.00 2002 125,000 5.000% 36,875.00 33,750.00 .2003 125,000 .5.000% 33,750.00 30,625.00 2004 125,000 5.000% 30,625.00 27,500.00 2005 125,000 5.000% 27,500.00 24,375.00 2006 125,000 5.000% 24,375.00 21,250.00 2007 125,000 5.000% 21,250.00 18,125.00 2008 125,000 5.000% 18,125.00 15~000.00 2009 150,000 5.000% 15,000.00 11,250.00 2010 150,000 5.000%' 11,250.00 7,500.00 2011 150,000 5.000% 7,500.00 3,750.00 2012 150,000 5.000% 3,750.00 0.00 Total $ 2,695,000 $ 651,750.00 $, 629,291.67 $ Prepared by Munistat Services, Inc. ,4/8/93 Total Bonds Outstanding Be~innina of Year 44,916.67 300,500.00 296,875.00 312.500.00 278 125.00 220.625.00 214375.00 208 125.00 201 875.00 195 625.00 189 375.00 183 125.00 176 875.00 170 625.00 164375.00 158.125.00 176.250.00 168,750.00 161,250.00 153,750.00 2,695,000 2,695.000 2,525000 2,350000 2,150000 1,975000 1,850000 1,725000 1,600 000 1,475 000 1,350000 1,225000 1,10¢ 000 975 000 85G 000 725 ~00 600 300 450 300 300 300 150 3,976,041.67 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK $620,000 Acquisition of Senior Buildlng Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December 3 ~ Rate ~ August IS 1993 $ 05.000% $ 0.00 $ 10,333.33 1994 25,000 5.000% 15,500.00 14,875.00 1995 25,000 5.000% 14,875.00 14,250.00 1996 30,000 5.000% 14,250.00 13,500.00 1997 30,000 5.000% 13,500.00 12,750.00 1998 30,000 5.000% 12,750.00 12,000.00 1999 30,000 5.000% 12,000.00 11,250.00 2000 30,000 5.000% 11,250.00 10,500.00 2001 32,000 5.000% 10,500.00 9,700.00 2002 32,000 5.000% 9,700.00 8,900.00 2003 33,000 5.000% 8,900.00 8,075.00 2004 33,000 5.000% 8,075.00 7,250.00 2005 35,000 5.000% 7,250.00 6,375.00 2006 35,000 5.000% 6,375.00 5,500.00 2007 35,000 5.000% 5,500.00 4,625.00 2008 37,000 5.000% 4,625.00 3,700.00 2009 37,000 5.000% 3,700.00 2,775.00 2010 37,000 5.000% 2,775.00 1,850.00 2011 37,000 5.000% 1,850.00 925.00 2012 __ 37,000 5.000% ~925.00 0.00 Total $ 620,000 Prepared by MunistatServices, Inc. ~4/8/93 $ 164,300.00 $ 159,133.33 $ Total Bonds Outstanding 10,333.33 $ 55,375.00 54,125.00 57,750.00 56,250.00 54,750.00 53,250.00 51,750.00 52,200.00 50,600.00 49,975.00 48,325.00 48,625.00 46,875.00 45,125.00 45,325.00 43,475.00 41,625.00 39,775.00 37 925.00 620,000 620.000 595 000 570 000 540 000 510 000 480000 450.000 420.000 388000 35~ O00 323 ~00 290 ~00 255 )00 220,000 185,000 148,000 llI,O00 74,000 37,000 943,433.33 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK $1,675,000 Acquisition of Development Rights Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December _3 ~ Rate ~ Au u__~k~t_~ Total 1993 $ 0 5.000% $ 0.00 $ 27,916.67 $ 27,916.67 1994 78,000 5.000% 41,875.00 39,925.00 159,800.00 1995 80,000 5.000% 39,925.00 37,925.00 157,850.00 1996 94,000 5.000% 37,925.00 35,575.00 167,500.00 1997 83,000 5.000% 35,575.00 33,500.00 152,075.00 1998 84,000 5.000% 33,500.00 31,400.00 148,900.00 1999 84,000 5.000% 31,400.00 29,300.00 144,700.00 2000 83,000 5.000% 29,300.00 27,225.00 139,525.00 2001 81,000 5.000% 27,225.00 25,200.00 133,425.00 2002 80,000 5.000% 25,200.00 23,200.00 128,400.00 2003 79,000 5.000% 23,200.00 21,225.00 123,425.00 2004 79,000 5.000% 21,225.00 19,250.00 119,475.00 2005 76,000 5.000% 19,250.00 17,350.00 112,600.00 2006 76,000 5.000% 17,350.00 15,450.00 108,800.00 2007 88,000 5.000% 15,450.00 13,250.00 116,700.00 2008 86,000 5.000% 13,250.00 I 1,100.00 110,350.00 2009 111,000 5.000% 11,100.00 8,325.00 130,425.00 2010 111,000 5.000% 8,325.00 5,550.00 124,875.00 2011 111,000 5.000% 5,550.00 2,775.00 119,325.00 2012 111,000 5.000% 2,775.00 0.00_ _ 113,775.00 $ 439,400.00 $ . 425,441.67 $ Total $ 1,675,000 Prepared by Munistat Services, Inc. ~4/8/93 2,539,841.67 Bonds Outstanding Belinninl 9f Year 1,675,000 1,675,000 1,597,000 1,517,000 1,423,000 1,340,000 1,256,O0O 1,172,000 1,089,000 1,008,000 928,000 849,000 770,000 694,000 618,000 530,000 444,000 333,000 222,000 111,000 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW $3g,000 Improvement of Wastewater Disposal District Part of $2,69:5,000 Various Purposes Serial Bonds Dated: April 15, 1993 Interest Due: August 1:5, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December 3 ~ Rate February 1_5 August 15 1993 $ 0 5.000%$ 0.00 $ 633.33 1994 2,000 5.000% 950.00 900.00 1995 2,000 5.000% 900.00 850.00 1996 2,000 5.000% 850.00 800.00 1997 2,000 5.000% 800.00 750.00 1998 2,000 5.000% 750.00 700.00 1999 2,000 5.000% 700.00 650.00 2000 2,000 5.000% 650.00 600.00 2001 2,000 5.000% 600.00 550.00 2002 2,000 5.000% 550.00 500.00 2003 2,000 5.000% 500.00 450.00 2004 2,000 5.000% 450.00 400.00 2005 2,000 5.000% 400.00 350.00 2006 2,000 5.000% 350.00 300.00 2007 2,000 5.000% 300.00 250.00 2008 2,000 5.000% 250.00 200.00 2009 2,000 :5.000% 200.00 150.00 20!0 2,000 5.000% 150.00 100.00 2011 2,000 5.000% 100.00 50.00 2012 2,000 5.000% $0.00 0.00 Total $ 38,000 $ 9,500.00 $ 9,183.33 $ Prepared by Munistat Services, Inc. 4/8/93 $ DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTy, NEW YORK $131,000 Laud Acquisition-Town Hall .Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December ~ ~ .Rate ~ August 15 1993 $ 0 5.000% $ 0.00 $ 2,183.33 1994 9,000 5.000% 3,275.00 3,050.00 1995 9,000 5.000% 3,050.00 2,825.00 1996 9,000 5.000% 2,825.00 2,600.00 1997 9,000 5.000% 2,600.00 2,375.00 1998 9,000 5.000% 2,375.00 2,150.00 1999 9,000 5.000% 2,150.00 1,925.00 2000 10,000 5.000% 1,925.00 1,675.00 2001 10,000 5.000% 1,675.00 1,425.00 2002 11,000 5.000% 1,425.00 1,150.00 2003 11,000 5.000% 1,150.00 875.00 2004 11,000 5.000% 875.00 600.00 2005 12,000 5.000% 600.00 300.00 2006 12,000 5.000% __ 300.00 0.00 Total $ 131,000 $ 24,225.00 $ 23,133.33 $ Prepared by Munistat Services, Inc. 4/8/93 Bonds Outstandi Total ~ 2,183.33 $ 131,000 15,325.00 131,000 14,875.00 122,000 14,425.00 113,000 13,975.00 104,000 13,525.00 95,000 13,075.00 86,000 13,600.00 77,000 13,100.00 67,000 13,575.00 57,000 13,025.00 46,000 12,475.00 35,000 12,900.00 24,000 12,300.00 12,000 178,358.33 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK $49,000 Purchase of Generators Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December ~ February 15 Rate ~ AuRust 1~5 1993 $ 0 5,000%$ 0.00 $ 816.67 $ 1994 11,000 5.000% 1,225.00 950,00 1995 11,000 5.000% 950.00 675.00 1996 13,000 5.000% 675.00 350.00 1997 _ 14,000 5.000% 350.00 0,00 Total $ 49,000 $ Prepared by Mun~tatServices, Inc. 4/8/93 Tot~! Bonds Outstanding Be~innin~ of y~nr 816.67 $ 49,000 13,175.00 49,000 12,625.00 38,000 14,025.00 27,000 14.350.00 14,000 3,200.00 $ 2,791.67 $ 54,991.67 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTy, NEW YORK $46,000 Purchase of Crawler-Loader Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest ~ February 15 Rate ~ Amzust 15 1993 $ 05.000%$ 0.00 $ 766.67 $ 1994 10,000 5.000% 1,150.00 900.00 1995 11,000 5.000% 900.00 625.00 1996 12,000 5.000% 625.00 325.00 1997 . 13,000 5.000% 325.00 0.00 Total $ 46,000 $ Prepared by MunistatServices, Inc. 4/8/93 Total Bonds Outstanding Be~innina of Y~- 766.67 $ 46,000 12,050.00 46,000 12,525.00 36,000 12,950.00 25,000 13,325.00 13,000 3,000.00 $ 2,616.67 $ 51,616.67 DEBT SERVICE SCHEDULE TOWN OF $OUTHOLD, SUFFOLK COUNTY, NEW YORK $82,000 Purchase of Backhoe Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest ~December 3 ~ Rate ~Februar¥ 15 August 1~ 1993 $ 05.000% $ 0.00 $ 1,366.67 $ 1994 18,000 5.000% 2,050.00 1,600.00 1995 i 8,000 5.000% 1,600.00 1,150.00 1996 22,000 5.000% 1,150.00 600.00 1997 24,000 5.000% 600.00 0.00 Total $ 82,000 $ Prepared by Munistat Services, Inc. 4/8/93 Total 1,366.67 $ 21,650.00 20,750.00 23,750.00 24,600.00 5,400.00 $ 4,716.67 $ 92,116.67 Bonds Outstandi 82,000 82,000 64,000 46,000 24,000 DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK $54,000 Purchase of Computer Equipment Part of $2,695,000 Various Purposes Serial Bonds-1993 Bonds Dated: April 15, 1993 Interest Due: August 15, 1993 and semiannually Payable Through Depository Trust Company, New York, New York Fiscal Year Ending Principal Interest Interest Interest December ~ ~ Rate ~ August I 1993 $ 0 5.000% $ 0.00 $ 900.00 $ 1994 17,000 5.000% 1,350.00 925.00 1995 19,000 5.000% 925.00 450.00 1996 18,000 5.000% 450.00 0.00 Total $ 54,000 $ Prepared by Munistat Services, Inc. 4/8/93 Bonds Outstandi Total Be~innino of Ye~ 900.00 $ 54,000 19,275.00 54,000 20,375.00 37,000 18~450.00 18,000 2,725.00 $ 2,275.00 $ 59,000.00 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 $43,750 Capital Note for for Acquisition of Land-1991 (the "Note") of the Town, dated November 8, 1991, 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 sale of the Note will be used together with other funds of the Town in the amount of $43,750 to redeem a prior issue of capital notes (the "Prior Issue") in the aggregate principal amount of $87,500 heretofore issued to provide funds for the purpose described (the "Project") in the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $43,750 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," adopted by the Town Board of the Town on the date therein referred to. 3. 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 date of issuance of the original notes issued pursuant to the resolution hereinabove cited in paragraph 2 hereof in renewal of which the 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. 4. The 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) (ii) (iii) the Prior Issue qualified for, and was taken into account under the rebate exception when issued; the aggregate face amount of the Note does not exceed $5,000,000; the Prior Issue had a weighted average maturity of 3 years or less; and (iv) the maturity date of the 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 Note is being issued, does not exceed 30 years. 5. The bond anticipation notes exceed the total cost of total proceeds of sale of all capital notes and issued to date for the Project do not the Project. 6. The Project 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 Project 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. 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, 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 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. be 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 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 (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 a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. In making such designation it has been determined that: (i) the Note currently refunds the Prior Issue; (ii) the Prior Issue was designated as a "qualified tax-exempt obligation"; (iii) the aggregate face amount of the Note 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 Note, as measured 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 Note is being issued, does not exceed 30 years; and (vi) 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". 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 an "arbitrage bond" 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. I am one of the officers of the Town of Southold charged by the resolution of the Town Board of said Town hereinabove cited 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 and affixed the corporate seal of the Town of Southold, this eighth day of November, 1991. /Supervisor CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $43,750 CAPITAL NOTE FOR FOR ACQUISITION OF LAND-1991 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 resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A capital note (the "Note") of the Town in the principal amount of $43,750 shall be issued pursuant to the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $43,750 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," duly adopted by the Town Board on the date therein referred to. as follows: The terms, form and details of said Note shall be Amount and Title: $43,750 Capital Note for for Acquisition of Land-1991 Dated: November 8, 1991 Matures: November 6, 1992 Number and Denomination: Number R-i, at $43,750 Interest Rate per annum: 5.15% Form of Note: Substantially in accordance with prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. form 3. Said Note is issued to renew, in part, a note or notes in the amount of $87,500 maturing on November 8, 1991, the redemption thereof having been provided to the extent of $43,750 from a source other than the proceeds of serial bonds. 4. The amount of capital notes originally issued pursuant to the resolution referred to in paragraph 1 hereof, including the Note, is $87,500, and the amount of capital notes which will be outstanding after the issuance of the Note, including said Note will be $43,750. 5. The capital notes authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is non-assessable. 6. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note as follows: to Bridgehampton National Bank, Southold, New York, for the purchase price of $43,750, 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 Bridgehampton National Bank, Southold, New York, and shall bear interest at the rate of five and fifteen hundredths per centum (5.15%) per annum, payable at maturity. 7. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto 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 WI~EREOF, I have hereunto_set my hand this eighth day of November, 1991. ,~ // ~ ~uperv~sor ~ ~ 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 eighth day of November, 1991; 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 resolution 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 eighth day of November, 1991. (SEAL) T%wn Clerk AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK 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 eighth day of November, 1991, 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. Subscribed and sworn to before me this eighth day of November, 1991. Town Clerk Notary Public, S~ate of New York SCHEDULE A , 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. 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 8, 1991, we officially signed and properly executed by manual signatures a $43,750 Capital Note for for Acquisition of Land-1991 (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 by impression 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 8, 1991, I delivered said Note to Bridgehampton National Bank, Southold, 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 ............................... $43,750 Interest on said Note accrued to the date of such delivery -0- Amount Received ........ [[[~[[~[[[~[[ $43,750 (SEAL) IN WITNESS WHEREOF, we have hereunto said corporate seal has hereunto been affixed November, 1991. set our hands and this eighth day of Term of Office Signature Expires Title ~December 31, 1991 Supervisor '~-~/.~ecember 31, 1993 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 signat,ures. (Signature) {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, Southold, 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 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, eighth day of November, 1991. have hereunto set my hand ' /- Attorney- ' this SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $43,750 Capital Note for for Acquisition of Land-1991 November 8, 1991 November 6, 1992 Number R-I, at $43,750 5.15% 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 9, 1990, we officially signed and properly executed by manual signatures a $87,500 Capital Note for Acquisition of Land-1990 (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 official 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 by impression 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 9, 1990, I delivered said Note to The North Fork Bank & Trust Company, Southold, 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 ................................... $87,500 Interest on said Note accrued to the date of such delivery ................. -0- Amount Received ......................... $87,500 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this ninth day of November, 1990. Signature Term of Office Expires Title Supervisor ~~ December 31, 1991 ~~~.'.~D~eember 31, 1993 Town Clerk I HEREBY CERTIFY that the signatures of the officers of 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. of 772~ ~7- C~ ~/a~ ~ .... ' {~-u~er ~ ~ ~T~tle) (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, Southold, 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 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, ninth day of November, 1990. have hereunto set my hand this SCHEDULE A Amount and Title: Dated: Matures: Number and Demonimation: Interest Rate per annum: $87,500 Capital Note for Acquisition of Land-1990 November 9, 1990 November 8, 1991 Number 1, at $87,500 6.33% CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $87,500 CAPITAL NOTE FOR ACQUISITION OF LAND-1990 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 resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A capital note (the "Note") of the Town in the principal amount of $87,500 shall be issued to provide the down payment required for the object or purpose authorized pursuant to the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," duly adopted by the Town Board on the date therein referred to as follows: The terms, form and details of said Note shall be Amount and Title: $87,500 Capital Note for Acquisition of Land-1990 Dated: November 9, 1990 Matures: November 8, 1991 Number and Denomination: Number 1, at $87,500 Interest Rate per annum: 6.33% Form of Note: Substantially in accordance with prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. form notes. 3. Said Note is not issued in renewal of any note or 4. The amount of capital pursuant to the resolution referred including the Note, is $87,500, and which will be outstanding after the including said Note will be $87,500. notes originally issued to in paragraph 1 hereof, the amount of capital notes issuance of the Note, 5. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note as follows: to The North Fork Bank & Trust Company, Southold, New York, for the purchase price of $87,500, 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 & Trust Company, Southold, New York, and shall bear interest at the rate of six and thirty-three hundredths per centum (6.33%) per annum, payable at maturity 6. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto 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 ninth day of November, 1990. ' Sulgervi sot CLERK'S CERTIFICATE I, Judith T. Terry, Town Clerk of the Town of Southold, in the County of Suffolk, New York, MEREBY 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 ninth day of November, 1990; 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 resolution 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 ninth day of November, 1990. (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 his 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 ninth day of November, 1990, 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 ninth day of November, 1990. Nota~.~ Public, State o~ New York ry UDIIC, ~tete of New Yol'k No. 52-8125850, Suffolk Cou_~ty Term EXpires October 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 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. 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 $87,500 Capital Note for Acquisition of Land-1990 (the "Note") of the Town, dated November 9, 1990, 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 sale of the Note will be used to provide funds for the purpose described (the "Project") in the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," duly adopted by the Town Board on the date therein referred to. 3. The Town has entered into, or will enter into within 6 months of the date hereof, binding commitment(s) for the acquisition, construction or accomplishment of the Project, and the amount of such commitment(s) with respect to the Project exceed the lesser of an amount equal to 2-1/2% of $87,500, being the aggregate amount of obligations currently issued for the Project, or $100,000. 4. The Project has been completed, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Note will be expended within three years from the date of this Certificate. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project will proceed or is proceeding with due diligence to completion. 5. The proceeds of the Note are 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 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 Note are to be used for local governmental activities of the Town; and (iv) the Town reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Town during the 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 not exceed the outstanding (redeemed) principal amount of the obligation to be refunded. 6. The total proceeds of sale of all capital notes and bond anticipation notes issued to date for the Project do not exceed the total cost of the Project. 7. The Note (i) is being issued within 30 days of the Town's $600,000 Bond Anticipation Note for Acquisition of Land-1990 (the "Bond Anticipation Note"), (ii) is being issued pursuant to a common plan of financing with such Bond Anticipation Note and (iii) bears a claim to be paid from substantially the same source of funds as the Bond Anticipation Note. As a result, the Note and the Bond Anticipation Note will be treated as a single issue for purposes of applying the arbitrage yield restrictions imposed by the Code and implementing Treasury Regulations. 8. The Project 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. 9. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 10. 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. 11. 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. 12. 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. 13. The Project 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. 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, prior to the maturity date of the Note. 14. 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. 15. 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. 16. 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 14, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 17. For purposes of paragraphs 14, 15 and 16, 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 (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. 18. The amount of proceeds of the Note that will be used directly or igdirectly 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. 19. 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 18 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. 20. 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. 21. The Note is hereby designated a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. In making such designation it has been determined that: (i) 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 (ii) 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. 22. 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 an "arbitrage bond" 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. I am one of the officers of the Town of Southold charged by the resolution of the Town Board of said Town hereinabove cited in paragraph 2 hereof with the responsibility for issuing the Note and, as such, am an official whose certification ma~ be relied upon as the certification of the Town as referred to ~n 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 and affixed the corporate seal of the Town of Southold this ninth day of November, 1990. ~'Superv~ ~or November 9, 1990 The Town Board of the Town of Southold, in the County of Suffolk, New York Dear Sirs: We have examined a record of proceedings relating to the issuance of a $87,500 Capital Note for Acquisition of Land-1990 of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York. Said Note is dated November 9, 1990, matures November 8, 1991, is numbered 1, bears interest at the rate of six and thirty-three hundredths per centum (6.33%) per annum, payable at maturity, is of the denomination of $87,500, is payable to bearer without coupons, 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, the bond and capital note resolution adopted by the Town Board on September 22, 1987, authorizing the issuance of $87,500 capital notes and $1,662,500 serial bonds for the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, and the Certificate of Determination exectued by the Supervisor on November 9, 1990. In our opinion, the Note is a valid and legally binding general obligation of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Note and interest thereon without limitation of rate or amount. The enforceability of rights or remedies with respect to such Note may be limited by bankruptcy, insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. The Internal Revenue Code of 1986, as amended (the "Code"), establishes certain requirements that must be met subsequent to the issuance and delivery of the Note in order that interest on the Note be and remain excludable from gross income under Section 103 of the Code. The Supervisor of the Town, in executing the Arbitrage and Use of Proceeds Certificate, has certified to the effect that the Town will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that interest paid on the Note is excludable from gross income under Section 103 of the Code. We have examined such Arbitrage and Use (NOTICE TO BE ATTACHED TO AND PUBLISHED WITH RESOLUTION UPON EXPIRATION OF PERIOD OF PERMISSIVE REFERENDUM) NOTICE The resolution published herewith has been adopted on the 22nd day of January, 1991, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed. The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions 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 proceeding 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 JANUARY 22, 1991, AUTHORIZING THE PURCHASE OF THE PIECE OR PARCEL OF LAND SITUATE ADJACENT TO THE EXISTING TOWN HALL BUILDING, 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. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not of all the members of said Town Board) AS less than two-thirds FOLLOWS: Section 1. The Town of Southold, New York (herein called "Town"), Suffolk, to purchase existing Town Hall Building for use as a Town parking area. estimated maximum cost of said specific object or purpose, in the County of is hereby authorized the piece or parcel of land situate adjacent to the The costs and costs incidental thereto and $175,000 and said amount is hereby The plan of financing includes the including preliminary financing thereof, is appropriated therefor. issuance of $175,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property bonds and the interest payable. the in the Town, to pay the principal of said thereon as the same shall become due and Section 2. Serial bonds of the Town in the principal amount of $175,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $175,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the period of probable usefulness of said $175,000 serial bonds is hereby limited to fifteen (15) years. (b) Current funds are not required by the Law to be provided as a down payment prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 d. 4 of the Law. (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 bond antigipation 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. STATE OF NEW YORK ) : ss.: COUNTY OF SUFFOLK ) JUDITH T. TERRY, being duly sworn, deposes and says: That ~e is and at all times hereinafter mentioned~e was the duly elected, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, State of New York; That on January 25 , 1991, ~e 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 January 22, 1991, 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 25th day of January , 1991. Notary P6blic, 'State of New York Te~r~ ~);re$ D.cernber: TOWN OF SOUTHOLDr NEW YORK PLEASE TAKE NOTICE that on January 22, Board of the Town of Southold, in the County of York, adopted a bond resolution entitled: 1991, the Town Suffolk, New "Bond Resolution of the Town of Southold, New York, adopted January 22, 1991, authorizing the purchase of the piece or parcel of land situate adjacent to the existing Town Hall Building, 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," an abstract of which bond resolution concisely stating the purpose and effect thereof, is as follows: FIRST: AUTHORIZING said Town to purchase the piece or parcel of land situate adjacent to the existing Town Hall Building for use as a Town parking area; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $175,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the the issuance of $175,0C0 serial bonds of t~e Town t~ [inance 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 interest thereon; SECOND: AUTHORIZING the issuance of $175,000 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 of the specific object or purpose for which said $175,000 serial bonds are to be issued, is thirty (30) years; however, the period of probable usefulness of said $175,000 serial bonds is hereby limited to fifteen (15) years; current funds are not required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof; and the proposed maturity of said $175,000 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 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 SIXTM: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: January 22, 1991 Judith T. Terry Town Clerk  sss. t~w,,? ~ sm~ o~ g.~ ~ ~UN~ OF SUFFOLK) ~ ' ~ ~ /~ /~ ~ '~ ~- Of MattRuck, In ~f~ w~ ~dSl~5,~M Clerk of THE SUFFOLK TIMES, o Weekly Newspaper, ~ ~, ~ ~ d~ publbhed at Mnttituc~ in the To~n of ~uthoM, ~un~ of M b h~ ~ ~ r~ Suffolk and State of New Yor~ and tnt the Notice of which tM amexed b n ~nt~ ~, ~ b~n rqula~ ~bl~ In ~~n~ smd Newspaper once eaeh week for / weeks Wd~s~my~k 'Le ~/-- -- day of ~ d ~ T~ ~ ~ ~ Principal Clerk ~e, ~ud~g p~' ~ -~iaaflcin~ thereof, ~ Sworn ~ STA~O ~e ~* '~~ of ~,?~ ~ a~ti~, ~d ~' Ter~ ~x~Jr~ F~r~Tt~ ~II~ouNTY OF SUFFOLK STATE OF NEW YORK SS: Patricia Wood, being duly sworn, says that she is the Editor, of THE LONG ISLAND TRAVELER-WATCHMAN, a public newspaper printed at Southold, in Suffolk County; and that the notice of which th,e annexed is a printed copy, has been published in said Long Island Travelsr-Watchman once each week for .........................../ weeks successively, comrnencing on the .......... "~./ .......... day ,,~ ..... ~ ...... ,9 ~/.. ~.~ Sworn to before me this ........... .~..ff ....... day of ......... '~ ..... t9 .~' .f. Notary Public i?ARBARA A. SCHNEIDER NCTAE'/PUBLIC, State of New York Nc. 4305846 £; ;J!Iie,.i i,~ 5 ;%IR County_ C.,a[niss,oil Expirea ~'I'AT~ OF NEW YORK} )SS: COUNTY OF SUFFOLK) SHARON ROC~ of Mattltuc~ In ~ld ~un~, ~1~ du~ ~orn, ~ t~t he/~e · Pdn~l~ Clerk of THE SUFFOLK TIMES, m Weekly Newspaper, publm~d at M.ttltuek In t~ Twn of Southold, bun~ of Suffolk ~ State of New Yo~ ~ t~t th Notice of ~lch t~ a~xed b a ~lnt~ ~, ~ ~n r~u~ ~ in said Newspaper once each week for ~ weeks sucoess~ely, commencing on the 28 day of Prlnolpal Cle~ ., , '-