HomeMy WebLinkAboutCrawler/LoaderNo. R-I $1,176,000~
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 here&at the rate of three per centum (3.00%) per annum, payable at maturity. Both principal &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 inte a registered Note by registering it
in the name of the holder in the books of the Town kept in the office ofsuch 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 tltle and such Town Clerk shall thereupon
register this Note in the name of the transferee in his books and shall endorse a certificate of such registration
hereon. Such transfer shall be dated, and signed by the registered holder, or his legal representatives, and it
shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as to its
genuineness by an officer of a bank or trust company located and authorized to do business in this State. This
Note is the only Note of an authorized combined 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
ConsoIidated 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 &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 all conditions, acts and things required by the Constitution and
~tatutes of the State of New York to exist, to have happened and to have been performed precedent to and in the
Issuance of this Note, exist, have happened and have been performed, and that this Note, together with all other
indebtedness of such Town of Southold is within every debt and other limit prescribed by the Constitution and
laws of such State.
IN WITNESS WHEREOF. the Town of Southold has caused this Note to be signed by its Supervisor, and
its corporate seal (or a facsimile thereofl 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)
ATTEST:
EXTRACT OF MINUTES
Meeting of the Town Board of the Town of Southold,
in the County of Suffolk, New York
February 4, 1992
A regular meeting of the Town Board of the Town of
Southold, in the County of Suffolk, New York, was held at the
Town Hall, 53095 Main Road, Southold, New York, on February 4,
1992 at q:00 o'clock ~.M. (Prevailing Time).
There were present: Hon. Scott L. Harris, Supervisor; and
Councilpersons: George h. Penny IV
Thomas H. Wickham
Joseph J. Lizewski
Alice J. Hussie
There were absent: Justice Raymond W. Edwards
Also present:
,
Councilman Lizewski
and moved its adoption:
Judith T. Terry, Town Clerk
Harvey A. Arnoff, Town Attorney
offered the following resolution
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED FEBRUARY 4, 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.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not
less than two-thirds of all the members of said Town Board) AS
FOLLOWS:
Section 1. The Town of Southold, in the County of
Suffolk, New York (herein called "Town"), is hereby authorized
to purchase a crawler/loader for the Southold Town Landfill, in
the Town. The estimated maximum cost of said specific object or
purpose, including preliminary costs and costs incidental thereto
and the financing thereof, is $70,000 and said amount is hereby
appropriated therefor. The plan of financing includes the
issuance of $70,000 serial bonds of the Town to finance said
appropriation, and the levy and collection of taxes on all the
taxable real property in the Town to pay the principal of said
bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal
amount of $70,000, 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 addltional matters are hereby
determined and declared=
(a) The period of probable usefulness of said specific
object or purpose for which said $70,000 serial bonds authorized
pursuant to this resolution are to be issued, within the
limitations of Section 11.00 a. 28. of the Law, is fifteen (15)
years; provided, however, that the bonds authorized pursuant to
this resolution or bond anticipation notes issued in anticipation
of the sale of such bonds shall mature no later than five (5)
years from the date of the original issuance of bonds or notes
heretofore or herein authorized for such object or purpose.
(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. 9. of the Law.
(c) The proposed maturity of the bonds authorized by
this resolution will not 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
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and any notes in anticipation thereof to mature in such
year and (b) the payment of interest to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
bond anticipation notes, are hereby delegated to the Supervisor,
the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of the sale of
said bonds, may be contested only if:
(a)
such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
(b) the provisions of law which should be complied with
at the date of the publication of such resolution
are not substantially complied with,
and an action, suit or proceeding contesting such validity, is
commenced within twenty days after the date of such publication,
or
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section ?. This bond resolution shall take effect
immediately, and the Town Clerk is hereby authorized and directed
to publish the foregoing resolution, in full, together with a
Notice attached in substantially the form prescribed by §81.00 of
the Law in "THE LONG ISLAND TRAVELER-WATCfR~AN,,, a newspaper
published in Southold, New York, and in "THE SUFFOLK TIMES,,, a
newspaper published in Mattituck, New York, each having a general
circulation in the Town and hereby designated the official
newspapers of said Town for such publication.
The adoption of the foregoing resolution was seconded by
Suoervisor Harris and duly put to a vote on roll call, which
resulted as follows:
AYES:
Supervisor Harris, Councilman Penny, Councilman Wickham,
Councilman Lizewski, Councilwoman Hussie.
NO~-S: None.
The resolution was declared adopted.
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
February 4, 1992, has been compared by me with the original
minutes as officially recorded in my office in the Minute Book of
said Town Board and is a true, complete and correct copy thereof
and of the whole of said original minutes so far as the same
relate to the subject matters referred to in said extract.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the corporate seal of said
Town of Southold this 4th day of
February, 1992.
(SEAL)
TOwn Clerk
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 ~ticipation 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 Furposes-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 centum (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,
day of November, 1992.
I have hereunto set my hand this 6th
S~upervisor
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 WHEREOF,
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.
Notary Pub'lic, State of New York
UNDA J. COOPER
Notary Public, State of New York
No. 4822563, Suffolk County/2r.
T~rm ~)'r, ires December31, 19 :/r?J
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.
and extent
the Town.
set forth
, has publicly disclosed the nature
of such interest in writing to the governing board of
Such written disclosure has been made a part of and
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)
requirement
(i)
powers;
Said New Money Note is not subject to the rebate
imposed by Section 148 of the Code because:
the Town is a governmental unit with general taxing
(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
the sale of the New Money Note is to be used
governmental activities of the Town; and
net proceeds of
for local
(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.
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
of the Code.
265
(a)
with respect
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(b)
with respect
(i)
(ii)
In making such designation it has been determined
to the Current Refunding Note that:
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".
In making such designation it has been determined
to 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.
I 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 'and
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 accrued to the
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
· ~ 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.
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, 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 $1,176,000
3.00%
JUDITH T. TERRY
TOWN CLERK
REGISTRAR OF VITAL STAT[$T[CS
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box 1 179
Southold, New York 11971
FAX (516) 765-1823
TELEPHONE (516) 765-1801
PLEASE PUBLISH THE ATTACHED BOND RESOLUTION IN ITS ENTIRETY ON FEBRUARY
13, 1992, AND FORWARD TWO (2) AFFIDAVITS OF PUBLICATION TO JUDITH TERRY,
TOWN CLERK, TOWN HALL, MAIN ROAD, SOUTHOLD, NEW YORK 11971.
Copies to the following:
The Traveler-Watchman
The Suffolk Times
Town Clerk's Bulletin Board
The resolution published herewith has been adopted on
the 4th day of February, 1992, and 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 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 FEBRUARY 4, 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.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not
less than two-thirds of all the members of said Town Board) AS
FOLLOWS:
Section 1. The Town of Southold, in the County of
Suffolk, New York (herein called "Town"), is hereby authorized
to purchase a crawler/loader for the Southold Town Landfill, in
the Town. The estimated maximum cost of said specific object or
purpose, including preliminary costs and costs incidental thereto
and the financing thereof, is $70,000 and said amount is hereby
appropriated therefor. The plan of financing includes the
issuance of $70,000 serial bonds of the Town to finance said
appropriation, and the levy and collection of taxes on all the
taxable real property in the Town to pay the principal of said
bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal
amount of $70,000, 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 $70,000 serial bonds authorized
pursuant to this resolution are to be issued, within the
limitations of Section 11.00 a. 28. of the Law, is fifteen (15)
years~ provided, however, that the bonds authorized pursuant to
this resolution or bond anticipation notes issued in anticipation
of the sale of such bonds shall mature no later than five (5)
years from the date of the original issuance of bonds or notes
heretofore or herein authorized for such object or purpose.
(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. 9. of the Law.
(c) The proposed maturity of the bonds authorized by
this resolution will not 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 bo general
obligations of the Town, payable as to both principal and
interest by general tax upon all the taxable real property within
the Town without limitation of rate or amount. The faith and
credit of the Town are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any
notes issued in anticipation of the sale of said bonds and
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and any notes in anticipation thereof to mature in such
year and (b) the payment of interest to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
bond anticipation notes, are hereby delegated to the Supervisor,
the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of the sale of
said bonds, may be contested only if:
Cb)
such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
and an action,
commenced within twenty days after the date of such publication,
or
the provisions of law which should be complied with
at the date of the publication of such resolution
are not substantially complied with,
suit or proceeding contesting such validity, is
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section 7. This bond resolution shall take effect
immediately, and the Town Clerk is hereby authorized and directed
to publish the foregoing resolution, in full, together with a
Notice attached in substantially the form prescribed by S81.00 of
the Law in "THE LONG ISLAND TRAVELER-WATCHMAN,,, a newspaper
published in Southold, New York, and in "THE SUFFOLK TIMES,# a
newspaper published in Mattituck, New York, each having a general
circulation in the Town and hereby designated the official
newspapers of said Town for such publication.
STATE OF NEW YORK)
SS:
COUNTY OF SUFFOLK)
JUDITH T. TERRY, Town Clerk of the Town of Southold, New York,
being duly sworn, says that on the 7th day of February , 1992
she affixed a notice of which the annexed printed notice is a true copy,
in a proper and substantial manner, in a most public place in the Town
of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin
Board, Southold Town Hall, Main Road, Southold, New York 11971.
Bond Resolution, adopted on February 4, 1992, authorizing the purchase
of a crawler/loader for the Landfill, estimated maximum cost of
$70,000.00.
Judith T. Terry ~
Southold Town Clerk
Sworn to before me this
4th day of February
1992.
N~ta ry Pdblic
LINDA J. COOPER
NOlal~ Public, State of New York
- No. 4822583, Suffolk County
~enn F--Jq)ires December 31, i~ ~,~:~.~
NOTICE
The resolution published herewith
has bc¢lt adopted on thc 4th day of
February. 1992, md th~ validity of thc
obligations authorized by suob. rcs.ol~
lion may be be~..~ft~r contr, smd omy u
such obligations wcm aulhodzcd for
an objcct or purpus¢ for which thc
ToWN OF sOUTHOLD, in the
County of Suffolk, New ye{k, is not
provisions of law which should 11
this No~ic¢, or such obligations wc[e
IUDFFII T. TEFJ~-Y
Town Cieek
BONO R-ESOLUTION OF 'HIE
ToWN OF sOUTIIOLD. NEW
YORK, ADOPTED FEBRUARY
CRAWLER/LOADER FOR TIlE
souTBOLD TOWN LANDIqLL,
IN CUTCIIOGUE, IN TIlE
TOWN. STATING TIlE ESTI-
MATi~.D MAXIMUM cosT
TIIEREOF IS $70,000, APPRO-
PRIATING SAID AMOUNT
TIIEREFOR AND AUTtlORIZ-
~G TIIE issUANCE OF $70,000
SERIAL BONDS OF SAiD
T~OWN TO FINANCE SAiD
API,ROpRIATION.
cOUNTY OF sUFFOLK, NEW
yORK, IIEREBY RESOL¥ ES (by thc
thirds of all thc mcmbers of said Town
Board) AS FOLLOWS:
Scot,on 1. Tbs Town of Southold, in
(bcrcin callcd "Town"). is hereby
STATE OF NEW YORK)
)ss:
COUNTY OF SUFFOLK)
of Matfltuck, In
said County, being duly sworn, says that he/she is Principal
Clerk of THE SUFFOLK TIMES, · Weekly Newspaper,
published at Mattltuck, in the Town of Southold, County of
Suffolk end State of New York, and that the Net~e of which
the annexed Is a printed cow, has been regularly published In
said Newspaper once each week for t/ weeks
successively, commencing on the t/_~74'~-/ day of
Principal Clerk
Sworn to ~efor(e me this//C~
. VIRGI~A ~N VtRGIN~G~Nw Yo~
~ P~lic, Sm~ ~ ~ublic~mm ~ Ne
-- No. ~2 ~ 48~042
~omm~ss~on Expires March 23, ~ ~ "~
NOTICE
The ~'solution published
hemv#h trot been adopted on
Section 1. The Town of
Southold, in the County of Suf-
folk, New York (here~n called
"Town"), is he~y authorized
to pundmse a crawlet/loed~-for
the ~ The.~ima~d maxi-
only. ff melt oblignfiom~ were or p~. tn~dln~ preli-
~LD,~eC~n~of ~b.~ ~ ~
p~m of ~w w~h ~d
~~~ on ~ ~ ~y
~b~n of ~ ~ ~ ~ ~ ~,~.
or t~'~on; · S~ m ~~
~ T. ~g~ to~~m~
authorized ~y ~ x~ol~tion or
any bo'nd anticipati°n flores
issued in antic~ation thm~f in
ar~ozdan~ W~h ~on
(~} The p~rity of
STAT/NO THI3,~Sf~IId~ 0~ pull. se for which said
MAXIMUM COST T~tP~OF
ISSUANCE OF $70,~ ~.~ ~ (!~1 ~ ~ ti~to~~of~e
~R~ ~D~ O~ -~D ~' ~' ~ t~ ~s iSs~ OI ,~ ~g~a~on
~ '~ ~ ~ au~i~ ~t to this
APP~P~ON,
THE' ~ ~ OF
THK.'II:)WNOFSOUTHOLD, Ib~ ~ of su~ bonds shall
tN ~'m.~:OF ~.~. n~W~..'no-~.'~mn.five (~)
of~of~ .~. ~. ~ct or h~n ~,~ of ~
~) AS ~: ~}~t ~ ~ ~ m- ~nd ~'~ ~
q~.~ ~e ~ to ~ pm- ~ the ~'~-~ ~
m the ~s~ of ~e bon~ de~ m ~ S~, ~e
chi~ fi~ o~ Of t~ ~,
Section 6. The validity of the
bonds authorized b~.~ z~olu-
tion.and 6f ally t~OlO[ i~Hod in
anttcipat~n of tl~ slfie 6f 'sam
bon~ ma~c~mUmd.0nly ~..
(a) such ob~ auth-
o~ ~ ~, or
(0 su~ obUs~s a~
au~'ln ~o~~ 0f the
to ~~
~~JSl,~
£:OLJNTYOI: SUFFOLK
SS:
.S'I'A'I'I-: OI; NEW YOP. K
Patricia Wood,' being duly sworn, says that she is the
Editor, or THE LON.G ISLAND TRAVELER.WATCHMAN,
a public newspaper printed at S.outhold, in Suffolk County;
and lhat Ll',e notice or which the annexed is a printecl copy,
has hee~ .pufl)lished in s;li(I I_ong Island 'l'r;~vt'lt'r-W;~tchm;m
once t'ach week for . .................. ./'. weeks
successively, commencing on the ......... ,/?, .~. ........
clny of ~ebruary ]9 92
~ebruary 199.2...
Nnlary Public
BARBARA A. SCHNEIDER
NOTARY PUBLIC, St~te of New York
No. 4806846
,Qualiliod in Sullolk Cognty/
Commission Expires