HomeMy WebLinkAboutVarious PurposesNo. 4R-1
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
S 163,000
BOND ANTICIPATION NOTE FOR VARIOUS PURFOSES-1991
The Town of Southold, in the County of Suffolk, a municipal corporation of
~fhte of New Yo~k, he~_by acknowledses ilael~ indebted ~nd for value received promises to pay to the beare~ of this Note, or
it be re~4atered, to the registered holder, me sum of
...... One Hundred Sixty-Three Thousand ................. -Dollars ($163,000 .......... )
on the 6th day o£ November , 1992 , toucher with interest thereon from the date hereof at the r~te of
............... five and twenty hl~ldredtbs--per centum ( 5.20 ~) per annum, payable at maturity.
Both prtm~Jpal of and interest on this lqote will be paid in lawful money of the United States of America, at
BRIDGEHAMPTON NATIONAL BANK, Southold, New York.
At the request of the holder, the Town Clerk shall convert this Note into
a refiistered Note by registering it In the name of the holder in the books of the Towrl kept in the o/[tce
of such Towrl Clerk and endorsing a certificate of such registration horeo~, aftor which both
priaciI-d of and Interest on this l~ote shall be payable oaly to the registered holder, bis lobed representatives, successors or
transferees. This Note shall then be transferable only upon presentation to such TOWI1 Clerk
with ~ written transfer of title and such Town Clerk sh~l thereupon re~tster this
Note in the name of the transferee in his books and shall endorse a certfficate of such registration hereon. Such trensfur shall
be dated, end si~ned by the ~e~istered holder, or his legal representatives, and it shall be duly achnowledt~l or proved, or In
the alternative tho signature thereto shall be certified a~ to its ~nuineneso by an o~icer of a beak or trust company located
and authorized to da hasiness in this Store.
This Note is the only Note of an authorized combined issue, the a99regate
principal amount of which is $163,000.
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 of written notice to the ori~nal purchaser, or if this
Note be registered to thc 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 Chopter 88-a of the Consolidated
Laws of the State of New -fork, four bond resoll~tions adopted by the Town Board on their
respective dates, authorizin9 the issuance of serial bonds for various purposes, in
and for the Town, and the Certificate of Determination executed by the Supervisor
November 8, 1991. This Note bas been designated by the Town as a c~] ified
tax-exempt obligation pursuant to the provisions of Section 265 of the Internal
Revenue Code of 1986, as amended.
The ~atth and credit o{ such Town of Southold are hereby
irrevocably pledged ~or the punctual payment of the principal of and interest on this l~,'ote according to its terms.
It is hereby certified and recited that all conditions, acts and things required by the Constitution and s.taintes of the
State of New York to exist, to have happened and to have been performed p.?ec~,dent to and in the Issuance of this Note~ exist,
have happened and have been performed, and that this Note~ together w~th all other indebtedness of such TowI~ of
Southold is within every debt and other lhoit prescribed by the Constitution and laws of such S~te.
IN WITNESS WHEREOF, the Town of Southold
bna caused this Note to be si~ned by its Supervisor
, and Its corporate seal t~ be bereumto affixed and attested by
Towrl Clerk and this Note to be dated as of the 8th day of November
TOWN OF SOUTHOLD
ToWn Clerk
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
$163,000 Bond Anticipation Note for Various Purposes-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 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 4,
inclusive, of the Certificate of Determination executed by the
Supervisor on November 8, 1991 (the "Certificate"). A portion of
the proceeds of sale of the Note in the amount of $74,000 (the
"Current Refunding Note") will be used, together with available
funds in the amount of $74,000, to redeem three prior issues in
the aggregate principal amount of $148,000 (the "Prior Issues"),
maturing on November 8, 1991, which were heretofore issued to
finance the Projects, as described in paragraphs 1 to 3,
inclusive, of the Certificate. The balance of said Note proceeds
in the amount of $89,000 (the "New Money Note") will be used to
provide original funds for the Project, as described in paragraph
4 of the Certificate.
3. With respect to said Current Refunding Note:
Ail of the proceeds of the Prior Issues have been
expended on the Projects within 3 years from the date of issue of
the notes originally issued for the Projects, or, any proceeds of
the Prior Issues which were not expended on the Projects within
the above-mentioned period were not invested at a yield which is
higher than the yield on the Prior Issues. Proceeds of the Prior
Issues which shall become "transferred proceeds" of the Note
shall not be invested at a yield which is higher than the yield
on the Note.
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 Project, and the amount of such commitment(s) with respect
to the Project will or do exceed the lesser of an amount equal to
2-1/2% of $89,000, being the aggregate amount of obligations
currently issued for such Project, or $100,000.
(b) The Project has been completed, or, if the Project
has 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 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.
(c) Said New Money Note is not subject to the rebate
requirement imposed by Section 148 of the Code because:
(i) the Town is a governmental unit with general taxing
powers;
(ii) the New Money Note does not constitute a "private
activity bond" as that term is defined in Section 141 of the
Code;
(iii) ninety-five percent or more of the net proceeds
the sale of the New Money Note is to be used for local
governmental activities of the Town; and
of
(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 ~rants) 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 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) In making such designation it has been determined
with respect to the Current Refunding Note that:
(i) the Current Refunding Note currently refunds the
Prior Issues;
(ii) the Prior Issues were designated as "qualified
tax-exempt obligations";
(iii) the aggregate face amount of the Note does not
exceed $10,000,000;
(iv)
(v) 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
(vi) not more than $10,000,000 of obligations issued by
the Town during the calendar year in which the
Prior Issues was issued, were designated by the
Town as "qualified tax-exempt obligations"
(b) In making such designation it has been determined
with respect to the New Money Note that:
the Prior Issues had a weighted average maturity of
3 years or less;
(i)
(ii)
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 8th day of
November, 1991.
uperv~sd'r
CERTIFICATE OF DETERMINATION BY THE
SUPERVISOR RELATIVE TO
AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $163,000 BOND
ANTICIPATION NOTE FOR VARIOUS
PURPOSES-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 resolutions duly adopted and as referred to in paragraphs 1
to 4, 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 $45,000 shall be issued to renew, in part,
the $90,000 Bond Anticipation Note, dated November 9, 1990,
maturing November 8, 1991, 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 September 22, 1987, authorizing the
purchase of a computer system for use by all Town
Departments, stating the estimated maximum cost
thereof is $225,000, appropriating said amount
therefor, and authorizing the issuance of $225,000
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 9, 1990, the redemption of said $90,000 Note having
been heretofore provided to the extent of $45,000 from a source
other than the proceeds of said bonds.
2. A bond anticipation note of the Town in the
principal amount of $14,000 shall be issued to renew, in part,
the $28,000 Bond Anticipation Note, dated November 9, 1990,
maturing November 8, 1991, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted April 22, 1986, authorizing the
construction of a dog pound at Peconic Lane in
Southold, stating the estimated maximum cost
thereof is $125,000, appropriating said amount
therefor, and authorizing the issuance of
serial bonds of said Town to finance said
appropriation,"
$125,000
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 9, 1990, the redemption of said $28,000 Note having
been heretofore provided to the extent of $14,000 from a source
other than the proceeds of said bonds.
3. A bond anticipation note of the Town in the
principal amount of $15,000 shall be issued to renew, in part,
the $30,000 Bond Anticipation Note, dated November 9, 1990,
maturing November 8, 1991, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of $outhold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 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 9, 1990, the redemption of said $30,000 Note having
been heretofore provided to the extent of $15,000 from a source
other than the proceeds of said bonds.
4. A bond anticipation note of the Town in the
principal amount of $89,000 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 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.
5. Said $45,000 Note, said $14,000 Note, said $15,000
Note, and said $89,000 Note shall be combined for the purpose of
sale into a single Note issue in the aggregate principal amount
of $163,000 (hereinafter referred to as the "Note").
as follows:
The terms, form and details of said Note shall be
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$163,000 Bond Anticipation Note for
Various Purposes-1991
November 8, 1991
November 6, 1992, subject to prior redemption
Number 4R-l, at $163,000
5.20%
Form of Note:
Substantially in accordance with
prescribed by Schedule B, 2 of
the Local Finance Law of the
State of New York.
form
7. 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 1 to 4,
inclusive, hereof, including the Note, is (1) $225,000, (2)
$70,000, (3) $75,000, and (4) $89,000, and the amount of bond
anticipation notes which will be outstanding after the issuance
of the Note, including said Note will be (1) $45,000, (2)
$14,000, (3) $15,000, and (4) $89,000.
8. The serial bonds authorized pursuant to the
resolution referred to in paragraphs 1 to 4, inclusive, hereof
are for improvements which are non-assessable.
9. 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 $163,000, plus accrued interest,
if any, from the date of said Note to the date of
delivery thereof, and ! 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 twenty
hundredths per centum (5.20%) per annum, payable at
maturity or prior redemption.
10. 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, 1991.
have hereunto set my hand this 8th
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 8th 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 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 8th day of November, 1991.
(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) 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 8th 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.
Town Cle~
Subscribed and sworn to before me
this 8th day of November, 1991.
Not'ary PuWlic, S~ate of New York
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.
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 $163,000 Bond
Anticipation Note for Various Purposes-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, 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 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 ........
Interest on ~i~'~ ~'~'~ $163,000
date of such delivery . -0-
Amount Received ........ ~.i]i~
$163,000
(SEAL)
IN WITNESS WHEREOF, we have hereunto set our hands and
said corporate seal has hereunto been affixed this 8th day of
November, 1991.
Term of Office
Signature Expires Title
/~~,,~. ^ December 31, 1991 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.
'- · -~-~na~u~e) ~ of Main Road
(Title) cName bf
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.
day of
IN WITNESS WHEREOF,
November, 1991.
have hereunto
· / ' ' Attorney
set my hand this 8th
SCHEDULE A
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$163,000 Bond Anticipation Note for
Various Purposes-1991
November 8, 1991
November 6, 1992, subject to prior redemption
Number 4R-l, at $163,000
5.20%