HomeMy WebLinkAboutAg Lands Development RightsNo. Roi $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 &New York, hereby
acknowledges itself indebted and for value received promises to pay to the bearer of this Note, or if it be
reg/stered, to the registered holder, the sum of ONE MILLION ONE HUNDRED SEVENTY-SIX
THOUSAND DOLLARS ($1,176,000) on the 5th day of November, 1993, together with interest thereon from
the date hereof at the rate of three per centum (3.00%) per annum, payable at maturity. Both principal of and
interest on this Note will be paid in lawful money of the United States of America, at THE NORTH FORK
BANK AND TRUST COMPANY. Mattituck, New York.
At the request of the holder, the Town Clerk shall convert this Note into a registered Note by registering it
in the name of the holder in the books of the Town kept in the office 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 hold~r, his legal representatives, successors or transferees. This Note shall then be transferable only
upon presentation to such Town Clerk with a written transfer of title and such Town Clerk shall thereupon
register this Note in the name of the transferee in his books and shall endorse a certificate of such registration
hereon. Such transfer shall be dated, and signed by the registered holder, or his legal representatives, and it
shall be duly acknowledged or proved, or 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 &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 re~stered holder, and interest shall cease to be paid hereon after such date of redemption.
This Note is issued pursuant to the provisions &the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State of New York, six bond resolutions adopted by the Town Board on their respective
dates, authorizing the issuance of serial bonds for various purposes in and for the Town, and the Certificate of
Determination executed by the Supervisor on November 6, ! 992. This Note has been designated by the Town as a
qualified tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 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
statutes 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 Ior a facsimile thereof) to be affixed, imprinted, engraved, or otherwise reproduced hereon and
attested by its Town Clerk and this Note to be dated as of the 6th day of November, 1992.
(SEAL)
ATTEST:
TOWN (~F SOUTHOLD~
(/ ., ,.~ ../'
~ Supervisbr ~' "~
Meeting of
in
A regular meeting of the Town Board of
EXTRACT OF MINUTES
the Town Board of the Town of Southold,
the County of Suffolk, New York
September 10, 1991
the Town of
Southold, in the County of Suffolk, New York, was held at the
Town Mall, 53095 Main Road, Southold, New York, on September 10,
1991 at 4:00 o'clock P.M. (Prevailin~ Time).
There were present: Honl Scott L. Harris,
Councilpersons: Raymond W. Edwards
George k. Penny IV
Ruth D. Oliva
Ellen M. Latson
Thomas Ho Wickham
Supervisor; and
.There were absent: None
Also present:
and moved
Councilman Wickham
its adoption:
Judith T. Terry, Town Clerk
Harvey A. Arnoff, Town Attorney
offered the following resolution
BOND RESOLUTION OF THE TOWN OF $OUTHOLD, NEW
YORK, ADOPTED SEPTEMBER 10, 1991, AUTHORIZING
THE ACQUISITION OF CERTAIN DEVELOPMENTAL
RIGMTS 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.
Recitals
WHEREAS, Section 247 of the General Municipal Law,
constituting Chapter 24 of the Consolidated Laws of the State of
New York (herein called "Section 247"), authorizes the Town of
Southold, Suffolk County, New York, to acquire developmental
rights in lands used in bona fide agricultural production, which
developmental rights represent permanent legal interests or
rights in land for the preservation of open spaces and areas; and
WHEREAS, the acquisition of developmental rights in
prime agricultural lands located throughout the Town for the
preservation of open space and area and conserving the character
of local communities is found, determined and deemed to be
necessary, in the public interest and a proper public purpose of
the Town in accordance with the findings and determinations of
the State Legislature as set forth in Section 247; and
WHEREAS, accordingly, the Town desires to implement the
land acquisition and financing program set forth below.
Now, therefore,
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 three-fifths 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 acquire such developmental rights in various parcels of prime
agricultural lands within the Town for the preservation of open
space and area as may be authorized, from time to time, by the
Town Board of the Town after due notice and a public hearing,
pursuant to Section 247, including incidental costs in relation
thereto, such acquisition being hereby found and determined to be
necessary and in the public interest and a proper public purpose
of the Town in accordance with the findings and determinations
set forth in Section 247. The estimated maximum cost of said
class of objects or purposes, including preliminary costs and
costs incidental thereto and the financing thereof, is $1,750,000
and said amount is hereby appropriated therefor. The plan of
financing includes the issuance of $1,750,000 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.
amount of $1,750,000
co the provisions of
33-a of
called
Serial bonds of the Town in the principal
are hereby authorized to be issued pursuant
the Local Finance Law, constituting Chapter
the Consolidated Laws of the State of New York (herein
"Law"), to finance said: appropriation.
Section 3. The following additional matters are hereby
determined and declared:
(a) The period of probable usefulness of said class of
objects or purposes for which said $1,750,000 serial bonds
authorized pursuant to this resolution are to be issued,
the
(30
limitations of
years.
(b)
Section 11.00 a. 21(a) of the
within
Law, is thirty
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 ~uthorized by
this resolution will exceed five (5) years.
Section 4. Each of the serial 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 a 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 amor{ization and redemption of the
bonds and any notes in anticipation thereof to mature in such
year and (b) the payment of interest to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
bond anticipation notes, are hereby delegated to the Supervisor,
the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of the sale of
said bonds, may be contested only if:
(a) such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
(b) the provisions of law which should be complied with
at the date of the publication of such resolution
are not substantially complied with,
and an action, suit or proceeding contesting such validity, is
commenced within twenty days after the date of such publication,
or
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section 7. A Proposition for the approval or
disapproval of this resolution shall be submitted to the
qualified electors of the Town at the Biennial Town Election to
be held on November 5, 1991, and this resolution shall take
effect upon approval by said qualified electors at said Biennial
Town Election.
The adoption of the foregoing resolution was
Councilwoman Oliva and duly put to a vote on roll
resulted as follows:
seconded by
call, which
AYES: Supervisor Harris, Justice Edwards, Councilman Penny,
Councilwoman Oliva, Councilwoman Latson, Councilman Wickham.
NOES: None.
The resolution was declared adopted.
Councilwoman Latson
moved its adoption:
offered the following resolution and
RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK,
AUTHORIZING THE SUBMISSION OF A PROPOSITION AT
THE BIENNIAL TOWN ELECTION TO BE HELD NOVEMBER
5, 1991, DIRECTING PUBLICATION OF NOTICE OF
SUCH ELECTION, AND DETERMINING OTHER MATTERS
IN CONNECTION THEREWITH.
Recitals
WHEREAS, on the 10th day of September, 1991, the Town
Board of the Town of Southold (herein called "Town Board" and
"Town", respectively), in the County of Suffolk, New York,
adopted a bond resolution authorizing the acquisition of
developmental rights in various parcels of prime agricultural
lands within the Town for the preservation of open spaces and
areas within said Town and the issuance of serial bonds of the
Town in the amount of $1,750,000 to finance the cost thereof; and
WHEREAS, the Town Board upon its own motion determined
to submit a Proposition for 'the approval or disapproval of said
bond resolution to the qualified electors of the Town at the
Biennial Town Election to be held on November 5, 1991;
Now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK,
Section 1.
qualified electors of
NEW YORK, AS FOLLOWS:
At the Biennial Town Election of the
the Town to be held within said Town, on
November 5, 1991, between the hours of 6:00 A.M. (Prevailing
Time) and 9:00 P.M. (Prevailing Time) or as much longer as may be
necessary to enable the voters then present to cast their votes,
the following Proposition contained in the Notice hereinafter set
forth shall be submitted to the qualified voters, as hereinafter
referred to. The polling places in each of the respective
Election Districts of the Town shall be the same polling places
as shall be used at the General Election to be held on that day.
Section 2. The Town Clerk is hereby authorized and
directed to give notice of the~submission of said Proposition at
the said Biennial Town Election at least ten (10) days prior to
the date of such election by causing a Notice in substantially
the form set forth in Section 3 hereof to be posted on the sign
board of the Town maintained pursuant to subdivision 6 of Section
30 of the Town Law and published in "THE SUFFOLK TIMES", a
newspaper published in Mattituck, New York, and in "THE LONG
ISLAND TRAVELER-WATCHMAN", a newspaper published in Southold, New
York, each having a general circulation within the Town and
hereby designated as the official newspapers of the Town for such
publication.
Section 3.
following form:
Said Notice shall be in substantially the
TOWqg OF $OUTHOLD~ NEW YORK
NOTICE OF PROPOSITION TO BE
SUBMITTED AT THE BIENNIAL TOWN ELECTION
TO BE HELD ON NOVEMBER 5, 1991
NOTICE IS HEREBY GIVEN that pursuant to the resolution
duly adopted by the Town Board~ of the Town of Southold, in the
County of Suffolk, New York, on September 10, 1991, the following
Proposition will be submitted to the qualified electors of the
Town at the Biennial Town Election to be held within said Town,
on November 5, 1991, between the hours of 6:00 A.M. (Prevailing
Time) and 9:00 P.M. (Prevailing Time) to wit:
PROPOSITION NO. 1
SHALL the resolution of the Town of Southold, New
York, 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," BE APPROVED?
an abstract of such resolution concisely ~tating the purpose
and effect thereof, is as follows:
FIRST: RECITING that Section 247 of the General
Municipal Law, constituting Chapter 24 of the Consolidated
Laws of the State of New York (hereinafter called "Section
247"), authorizes the Town of Southold, Suffolk County, New
York (hereinafter the "Town"), to acquire developmental
rights in lands used in bona fide agricultural production,
which developmental rights represent permanent legal
interests or rights in land for the preservation of open
spaces and areas; and that the acquisition of developmental
rights in prime agricultural lands located throughout the
Town for the preservation of open space and area and
conserving the character of local communities is found,
determined and deemed to be necessary and in the public
interest and a proper public purpose of the Town in
accordance with the findings and determinations of the State
Legislature as set forth in Section 247; and that,
accordingly, the Town desires to implement the land
acquisition and financing program set forth below;
SECOND: AUTHORIZING said Town to acquire such
developmental rights in various parcels of prime
agricultural lands within the Town for the preservation of
open space and area as may be authorized, from time to time,
by the Town Board of the Town after due notice and a public
hearing, pursuant to Section 2~7, including incidental costs
in relation thereto, such acquisition being hereby found and
determined to be necessary and in the public interest and a
proper public purpose of the Town in accordance with the
findings and determinations set forth in Section 247;
STATING the estimated maximum cost of said class of objects
or purposes, including preliminary costs and costs
incidental thereto and the financing thereof, is $1,750,000;
APPROPRIATING said amount therefor; STATING the plan of
financing includes the issuance of $1,750,000 serial bonds
of the Town to finance said appropriation, and the levy of a
tax upon all the taxable real property within the Town to
pay the principal of said bonds and interest thereon;
THIRD:
serial bonds of
of the State of
appropriation;
AUTHORIZING the issuance of $1,750,000
the Town pursuant to the Local Finance Law
New York (the "Law") to finance said
FOURTH: DETERMINING and STATING that the period of
probable usefulness of the class of objects or purposes for
which said $1,750,000 serial bonds are to be issued is
thirty (30) years; current funds are not required by the Law
to be ~rovided prior to the issuance of the bonds or any
notes in anticipation thereof; and the proposed maturity of
said $1,750,000 serial bonds will exceed five (5) years;
FIFTH: 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;
SIXTH: 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
SEVENTH: DETERMINING that a proposition for the
approval or disapproval such bond resolution shall be
submitted to the qualified electors of the Town at the
Biennial Town Election to be held on November 5, 1991, and
that such resolution shall take effect upon approval by such
qualified electors at said Biennial Town Election.
NOTICE IS FURTHER GIVEN that the polling places in
each of the respective Election Districts of the Town of
Southold shall be the same polling places as shall be used
for voting at the General Election held on that day.
BY ORDER OF THE TOWN BOARD
DATED: SEPTEMBER 10, 1991
JUDITH T. TERRY
TOWN CLERK
Section
least twenty (20)
Town Election.
Section 5.
immediately.
days
This resolution shall be adopted at
prior to the date of said Biennial
This resolution shall take effect
The adoption of the
seconded by CouncHman Penny
roll call, which resulted as
foregoing resolution was
and duly put to a vote
follows:
on
AYES: Supervisor H~rris, 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 ~he 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 September 10, 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 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 10th
day of September, 1991.
(SEAL)
Town Clerk
STATE OF NEW YORK )
: SS.:
COUNTY OF SUFFOLK )
says:
JUDITH T. TERRY, being duly sworn, deposes and
That she is and at all times hereinafter mentioned
she
of the Town of Southold, in the County of Suffolk,
New York;
That on September 12 , 1991, a date which is at
least ten (10) day prior to the date of said Biennial Town
Election, she has caused to be conspicuously posted and
fastened up a Notice of the Proposition to be submitted at
said Biennial Town Election to be held in the Town on
November 5, 1991, which contained an abstract of the
was the duly appointed, qualified and acting Town Clerk
State of
proposition to the qualified
stating the purpose and
is annexed hereto and made
resolution to be submitted as a
electors of the Town, concisely
effect thereof, a copy of which
part hereof on the sign board of the Town maintained
pursuant to the Town Law.
Town Clerk
Subscribed and sworn to before me
the 12th day of September , 1991.
blic, State of New York
TOWN OF SOUTHOLD~ NEW YORK
NOTICE OF PROPOSITION TO BE
SUBMITTED AT THE BIENNIAL TOWN ELECTION
TO BE HELD ON NOVEMBER 5, 1991
NOTICE IS HEREBY GIVEN that pursuant to the resolution
duly adopted by the Town Board of the Town of Southold, in the
County of Suffolk, New York, on September 10, 1991, the following
Proposition will be submitted to the qualified electors of the
Town at the Biennial Town Election to be held within said Town,
on November 5, 1991, between the hours of 6:00 A.M. (Prevailing
Time) and 9:00 P.M. (Prevailing Time) to wit:
PROPOSITION NO. 1
SHALL the resolution of the Town Of Southold, New
York, 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," BE APPROVED?
an abstract of such resolution concisely stating the purpose
and effect thereof, is as follows:
FIRST: RECITING that Section 247 of the General
Municipal Law, constituting Chapter 24 of the Consolidated
Laws of the State of New York (hereinafter called "Section
247"), authorizes the Town Of Southold, Suffolk County, New
York (hereinafter the "Town"), to acquire developmental
rights in lands used in bona fide agricultural production,
which developmental rights represent permanent legal
interests or rights in land for the preservation of open
spaces and areas; and that the acquisition of developmental
rights in prime agricultural lands located throughout the
Town for the preservation of open space and area and
conserving the character of local communities is found,
determined and deemed to be necessary and in the ~ublic
interest and a proper public purpose of the Town in
accordance with the findings and determinations of the State
Legislature as set forth in Section 247; and that,
accordingly, the Town desires to implement the land
acquisition and financing program set forth below;
SECOND: AUTHORIZING said Town to acquire such
developmental rights in various parcels of prime
agricultural lands within the Town for the preservation of
open space and area as may be authorized, from time to time,
by the Town Board of the Town after due notice and a public
hearing, pursuant to Section 247, including incidental costs
in relation thereto, such acquisition being hereby found and
determined to be necessary and in the public interest and a
proper public purpose of the Town in accordance with the
findings and determinations set forth in Section 247;
STATING the estimated maximum cost of said class of objects
or purposes, including preliminary costs and costs
incidental thereto and the financing thereof, is $1,750,000;
APPROPRIATING said amount therefor; STATING the plan of
financing includes the issuance of $1,750,000 serial bonds
of the Town to finance said appropriation, and the levy of a
tax upon all the taxable real property within the Town to
pay the principal of said bonds and interest thereon;
THIRD:
serial bonds of
of the State of
appropriation;
AUTHORIZING the issuance of $1,750,000
the Town pursuant to the Local Finance Law
New York (the "Law") to finance said
FOURTH: DETERMINING and STATING that the period of
probable usefulness of the class of objects or purposes for
which said $1,750,000 serial bonds are to be issued is
thirty (30) 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 $1,750,000 serial bonds will exceed five (5) years;
FIFTH: 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;
SIXTH: 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
SEVENTH: DETERMINING that a proposition for the
approval or disapproval such bond resolution shall be
submitted to the qualified electors of the Town at the
Biennial Town Election to be held on November 5, 1991, and
that such resolution shall take effect upon approval by such
qualified electors at said Biennial Town Election.
NOTICE IS FURTHER GIVEN that the polling places in
each of the respective Election Districts of the Town of
Southold shall be the same polling places as shall be used
for voting at the General Election held on
BY ORDER OF THE TOWN BOARD
DATED: SEPTEMBER 10, 1991
that day.
JUDITH T. TERRY
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 Anticipation Note dated November 8, 1991,
maturing November 6, 1992, and heretofore issued in anticipation
of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted July 2, 1991, authorizing the purchase of
computer equipment for use by said Town, stating
the estimated maximum cost thereof is $89,000,
appropriating said amount therefor, and authorizing
the issuance of $89,000 serial bonds of said Town
to finance said appropriation,"
duly adopted by the Town Board on the date therein referred to,
and the Certificate of Determination executed by the Supervisor
on November 8, 1991, the redemption of said $89,000 Note having
been heretofore provided to the extent of $18,000 from a source
other than the proceeds of said bonds.
2. A bond anticipation note of the Town in the
principal amount of $60,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted July 14, 1992, authorizing the purchase of
an emergency generator system for use by said Town,
stating the estimated maximum cost thereof is
$60,000, appropriating said amount therefor, and
authorizing the issuance of $60,000 serial bonds of
said Town to finance said appropriation,"
duly adopted by the Town Board on the date therein referred to.
3. A bond anticipation note of the Town in the
principal amount of $55,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 2, 1992, authorizing the purchase
of a crawler/loader for the Southold Town Landfill,
in Cutchogue, in the Town, stating the estimated
maximum cost thereof is $70,000, appropriating said
amount therefor, and authorizing the issuance of
$70,000 serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
4. A bond anticipation note of the Town in the
principal amount of $100,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted April 7, 1992, authorizing the purchase of
a back-hoe for the use of the Town Highway
Department, stating the estimated maximum cost
thereof is $100,000, appropriating said amount
therefor, and authorizing the issuance of $100,000
serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
5. A bond anticipation note of the Town in the
principal amount of $850,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted September 10, 1991, authorizing the
acquisition of certain developmental rights in
prime agricultural lands within said Town for the
preservation of open spaces and areas, stating the
estimated maximum cost thereof is $1,750,000,
appropriating said amount therefor, and authorizing
the issuance of $1,750,000 serial bonds of said
Town to finance said appropriation,"
duly adopted by the Town Board on the date therein referred to.
6. A bond anticipation note of the Town in the
principal amount of $40,000 shall be issued in anticipation of
the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted November 12, 1991, appropriating $225,000
for the increase and improvement of facilities of
Southold Wastewater Disposal District, in said
Town, authorizing the expenditure of $155,000 from
the Southold Wastewater Disposal District Repair
Reserve Fund and $20,000 from the 1992 operating
budget to finance a portion of such appropriation,
and authorizing the issuance of $50,000 serial
bonds of said Town to finance the balance of said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
7. Said $71,000 Note, said $60,000 Note, said $55,000
Note, said $100,000 Note, said $850,000 Note, and said $40,000
Note shall be combined for the purpose of sale into a single Note
issue in the aggregate principal amount of $1,176,000
(hereinafter referred to as the "Note").
as follows:
The terms, form and details of said Note shall be
Amount and Title:
$1,176,000 Bond Anticipation Note for
Various Furposes-1992
Dated: November 6, 1992
Matures:
November 5, 1993, subject to prior redemption
Number and
Denomination:
Number R-l, at $1,176,000
Interest Rate
per annum:
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, I have hereunto set my hand this 6th
day of Nove~uber, 1992. ? / ~ ~
S~/perv is'or
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 Public, State of New York
UNDA J. COOPER
Notary Public, State of New Yo~k
No. 4822563, Suffolk Counly~G. ·
~'orm E~r~;res December 31, 19 7 ~. 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.
e
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. Marris, 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 $1,105,00~ (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) the aggregate face amount of the Current Refunding
Note does not exceed $5,000,000;
(iii) the Prior Issue had a weighted average maturity of
3 years or less; and
(iv)
the maturity date of the Current Refunding Note, as
measured from the original date of issuance of the
notes issued pursuant to the resolution hereinabove
cited in paragraph 2 hereof in renewal of which the
Current Refunding Note is being issued, does not
exceed 30 years.
4. With respect to the New Money Note:
(a) The Town has entered into or will enter into within
six months from the date of this certificate into binding
commitment(s) for the acquisition, construction or accomplishment
of the Projects, and the amount of such commitment(s) with
respect to the Projects will or do exceed the lesser of an amount
equal to 2-1/2% of $1,105,000, being the aggregate amount of
obligations currently issued for such Projects, or $100,000.
(b) The Projects have been completed, or, if the
Projects have not been completed, it is reasonably expected that
all of the proceeds of such New Money Note will be expended
within three years from the date of this Certificate. If the
Projects has not been completed, work on the acquisition,
construction or accomplishment of the Projects will proceed or is
proceeding with due diligence to completion.
(c) Said New Money Note is not subject to the rebate
requirement imposed by Section 148 of the Code because:
(i) the Town is a governmental unit with general taxing
powers;
(ii) the New Money Note does not constitute a "private
activity bond" as that term is defined in Section 141 of the
Code;
(iii) ninety-five percent or more of the net
the sale of the New Money Note is to be used for
governmental activities of the Town; and
proceeds of
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
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 265
of the Code.
(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 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 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 Issue 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:
(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.
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 ~nd
affixed the corporate seal of the
Town of Southold this 6th day of
November, 1992.
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
(S~L)
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
.~.%d~f~...~.. ~ce~er 31, 1993 supe~isor
I HEREBY CERTIFY that the signatures of the officers of
the above-named Town, which appear above, are true and genuine
and that I know said officers and know them to hold the
respective offices set opposite their signatures.
(Title) (Name of Bank)
ATTORNEY'S CERTIFICATE
I, Matthew C. Kiernan, HEREBY CERTIFY that I am a licensed
attorney at law of the State of New York having offices at 53095
Main Road, $outhold, New York, and am the duly chosen, qualified
and acting Assistant Town Attorney of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town',, that no 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 Nove~zber, 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 STATISTICS
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box l 179
Southold, New York 11971
FAX (516) 76S-i823
TELEPHONE (516) 765-1801
PLEASE PUBLISH THE ATTACHED NOTICE, IN ITS ENTIRETY, ON SEPTEMBER 19, 1991,
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 Suffolk Times
The Traveler-Watchman
Town Board Members
Town Attorneys
Land Preservation Committee
Town Clerk's Bulletin Board
TOWqq OF SOUTHOLDf NEW YORK
NOTICE OF PROPOSITION TO BE
SUBMITTED AT THE BIENNIAL TOWN ELECTION
TO BE HELD ON NOVEMBER 5, 1991
NOTICE IS HEREBY GIVEN that pursuant to the resolution
duly adopted by the Town Board of the Town of Southold, in the
County of Suffolk, New York, on September 10, 1991, the following
Proposition will be submitted to the qualified electors of the
Town at the Biennial Town Election to be held within said Town,
on November 5, 1991, between the hours of 6:00 A.M. (Prevailing
Time) and 9:00 P.M. (Prevailing Time) to wit:
PROPOSITION NO. 1
SHALL the resolution of the Town of Southold, New
York, 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," BE APPROVED?
an abstract of such resolution concisely stating the purpose
and effect thereof, is as follows:
FIRST: RECITING that Section 247 of the General
Municipal Law, constituting Chapter 24 of the Consolidated
Laws of the State of New York (hereinafter called "Section
247"), authorizes the Town of Southold, Suffolk County, New
York (hereinafter the "Town"), to acquire developmental
rights in lands used in bona fide agricultural production,
which developmental rights represent permanent legal
interests or rights in land for the preservation of open
spaces and areas; and that the acquisition of developmental
rights in prime agricultural lands located throughout the
Town for the preservation of open space and area and
conserving the character of local communities is found,
determined and deemed to be necessary and in the public
interest and a proper public purpose of the Town in
accordance with the findings and determinations of the State
Legislature as set forth in Section 247; and that,
accordingly, the Town desires to implement the land
acquisition and financing program set forth below;
SECOND: AUTHORIZING said Town to acquire such
developmental rights in various parcels of prime
agricultural lands within the Town for the preservation of
open space and area as may be authorized, from time to time,
by the Town Board of the Town after due notice and a public
hearing, pursuant to Section 247, including incidental costs
in relation thereto, such acquisition being hereby found and
determined to be necessary and in the public interest and a
proper public purpose of the Town in accordance with the
findings and determinations set forth in Section 247;
STATING the estimated maximum cost of said class of objects
or purposes, including preliminary costs and costs
incidental thereto and the financing thereof, is $1,750,000;
APPROPRIATING said amount therefor; STATING the plan of
financing includes the issuance of $1,750,000 serial bonds
of the Town to finance said appropriation, and the levy of a
tax upon all the taxable real property within the Town to
pay the principal of said bonds and interest thereon;
THIRD:
serial bonds of
of the State of
appropriation;
AUTHORIZING the issuance of $1,750,000
the Town pursuant to the Local Finance Law
New York (the "Law") to finance said
FOURTH: DETERMINING and STATING that the period of
probable usefulness of the class of objects or purposes for
which said $1,750,000 serial bonds are to be issued is
thirty (30) 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 $1,750,000 serial bonds will exceed five (5) years;
FIFTH: 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;
SIXTH: 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
SEVENTH: DETERMINING that a proposition for the
approval or disapproval such bond resolution shall be
submitted to the qualified electors of the Town at the
Biennial Town Election to be held on November 5, 1991, and
that such resolution shall take effect upon approval by such
qualified electors at said Biennial Town Election.
NOTICE IS FURTHER GIVEN that the polling places in
each of the respective Election Districts of the Town of
Southold shall be the same polling places as shall be used
for voting at the General Election held on that day.
BY ORDER OF THE TOWN BOARD
DATED: SEPTEMBER 10, 1991
JUDITH T. TERRY
TOWN CLERK
JUDITH T. TERRY
TOWN CLERK
REGISTRAR OF VITAL STAT]STICS
OFFICE OF THE TOWN CLERK
TOWN'OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
FAX (516) 765-1823
TELEPHONE (516) 765-1801
PLEASE PUBLISH THE ATTACHED NOTICE, IN ITS ENTIRETY, ON SEPTEMBER 19. 1991,
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 Suffolk Tim~s
The Traveler-Watchman
Town Board Members
Town Attorneys
Land Preservation Committee
Town Clerk's Bulletin Board
JUDITH T. TERRY
TO~ CLERK
REGISTRAR OF VITAL STATISTICS
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
FAX (516) 765-1823
TELEPHONE (516) 765-1801
PLEASE PUBLISH THIS "NOTICE" AND ATTACHED BOND RESOLUTION IN ITS ENTIRETY
ON DECEMBER 5, 1991, AND FORWARD TWO (2} AFFIDAVITS OF PUBLI~TH
TERRY, TOWN CLERK, TOWN HALL, MAIN ROAD, SOUTHOLD, NEW YORK 11971.
Copies to the following:
The Suffolk Times
The Traveler-Watchman
J. Cushman, Accounting & Finance
Town Clerk's Bulletin Board
NOTICE
The bond resolution published herewith has been adopted on the 10th
day of September, 1991 and approved by Proposition adopted by the
qualified voters on November 5, 1991. The validity of the obligations
authorized by such bond resolution may be hereafter contested only if such
obligations were authorized for an object or purpose for which the Town
of Southold, 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
Southold Town Clerk
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.
Recitals
WHEREAS, Section 247 of the General Municipal Law,
constituting Chapter 24 of the Consolidated Laws of the State of
New York (herein called "Section 247"), authorizes the Town of
Southold, Suffolk County, New York, to acquire developmental
rights in lands used in bona fide agricultural production, which
developmental rights represent permanent legal interests or
rights in land for the preservation of open spaces and areas; and
WHEREAS, the acquisition of developmental rights in
prime agricultural lands located throughout the Town for the
preservation of open space and area and conserving the character
of local communities is found, determined and deemed to be
necessary, in the public interest and a proper public purpose of
the Town in accordance with the findings and determinations of
the State Legislature as set forth in Section 247; and
WHEREAS, accordingly, the Town desires to implement the
land acquisition and financing program set forth below.
Now, therefore,
THE TOWN BOARD OF THE TOWN OF $OUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not
less than three-fifths 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 acquire such developmental rights in various parcels of prime
agricultural lands within the Town for the preservation of open
space and area as may be authorized, from time to time, by the
Town Board of the Town after due notice and a public hearing,
pursuant to Section 247, including i~cidental costs in relation
thereto, such acquisition being hereby found and determined to be
necessary and in the public interest and a proper public purpose
of the Town in accordance with the findings and determinations
set forth in Section 247. The estimated maximum cost of said
class of objects or purposes, including preliminary costs and
costs incidental thereto and the financing thereof, is $1,750,000
and said amount is hereby appropriated therefor. The plan of
financing includes the issuance of $1,750,000 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.
amount of $1,750,000
to the provisions of
33-a of
called
Serial bonds of the Town in the principal
are hereby authorized to be issued pursuant
the Local Finance Law, constituting Chapter
the Consolidated Laws of the State of New York (herein
"Law"), to finance said. appropriation.
Section 3. The following additional matters are hereby
determined and declared:
(a) The period of probable usefulness of said class of
objects or purposes for which said $1,750,000 serial bonds
authorized pursuant to this resolution are to be issued, within
the limitations of Section 11.00 a.
(30) years.
(b) Current funds are not
provided as a down payment prior to
21(a) of the Law, is thirty
required by the Law to be
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 ~uthorized by
this resolution will exceed five (5) years.
Section 4. Each of the serial 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 a 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 amor{ization 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
anticipation of the sale of
resolution and of any notes issued in
said bonds, may be contested only if:
(a)
(b)
such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
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. A Proposition for the approval or
disapproval of this resolution shall be submitted to the
qualified electors of the Town at the Biennial Town Election
be held on November 5, 1991, and this resolution shall take
effect upon approval by said qualified electors at said Biennial
Town Election.
to
TOWN OF SOUTHOLD
NEW YORK
NOTICE OF PROPOSITION
,TO BE SUBMITTED AT
THE BIENNIAL TOWN
ELECTION TO BE HELD ON
NOVEMBER $, 1991
NOTICE IS HEREBY
GIVEN that pursuant to the
resolution duly adopted bY the
Town Board of the Town of
Southold, in the County of Suf-
folk, New York, on September
10, 1991, the following Pr~posi-
tion will be submitted fo the
qualified electors of the Town at
the Biennial Town Election to be
held within said Town; on
November 5, 1991, between the
hours of 6:00 A.M. (Prevailing
Time) and 9:00 P.M. (Prevailin$
Time) to wit:
PROPOSFFION NO.- I ·
SHALL the re~infion, of:the~
Town of Southold, New York,
entitled: "Bond Resolution of
the Town of Southgld, New
York, adopted September 10,
1991, authorizing the acqdisi-
tion of certain developmemal
rights in prime agricultural
lands within said Town for thc
preservation of open spaces and
areas, stating the estimated'max-
imum cost thereof is $1,750,000,
appropriating said amount
therefor, and authorizing the is-
suance of $1,750,000 serial
bonds of said Town to finam:e
said appropriation," BE
APPROVED?
an abstract of such resolution
concisely stating the purpose
and effect thereof, is as follows:
FIRST:. RECITING that Sec-
tion 247 of the General
Municipal Law, constituting
Chapter 24 of the Consolida~nl
Laws of the State of New York
(hereinafter called "Section
247"), authorizes the Town of
Soutbold, Suffolk County, New.
York (hereinafter the "Town"),
to acquire developmental rights
in lands used in bona fide
agricultural production, which
developmental rights represent
permanent legal interests or
rights in land for the preserva-
tion of open spaces and areas;
and that the acqUiSition of
developmental rights in prime
agricultural lands located
throughout the Town for the
preservation of open space and
area and conserving the
character of local communities
is found, determined and deem-
ed to be necessary and in the
public interest and a proper
public purpose of the Town in
accordance with the findin~
and determinations of the State
Legislature as set forth in Sec-
tion 247; and that, accordingly,
the la~l acqni~ba, aad titan-
said ~
.~ of
~~ f~m
a pub~ h~ ~nt to
and tn the publ~ ink.at and a
proper public p..u~..' of the
the ~ed_ n~m~unl cost o f
said class of objects or proposes,
including preliminary cmts and
comte incidental th~eto and the
rmaneina~-reof~j~ $1,750,000;
& PPROPRIATI~O said
sua~:~ of'~]~l.?~i{}0 serial
in~ ~eo~; '
Tlillnr AUTI~II)RtZlNG
the immnee of $I.'Pj~000 serial
bonds*of t~_ q~..~ ~l~n~. t to
the or the
to flnanco ~ ~ation;
, FOUi~H: DE~'IIRMINING
and ~TATING ~st'~n-ind of
said $1,?SO,O00 sdrbtl bonds are
~un~nt funds
by the Law tO be In,~d~d prior
to the iesunn~ o~48ll~ b0n~ or
any notes in ~cip-ti~n
thereof; nnd
, maturity of
· ~ri~, bond~ win ~ n~ ts)
FIX~rH: DEII~I~IN'I NG
; that mid bonds .~,uy bond
r ticiplUion Of ~ ~ ltlrd the
ren~wsU of.id ~ anticipa-
tion. nines ~
eLllnn3uqo ~o ~ pa~t
the ~ror tl~J~n~r~ ~nd
duties as to ~e*W of said
lion notes iuued iWatniclpatton
of said bonds, or ~ renevn~ls
thereof; and
COUNTY OF SUFFQI~.
S'I'A'I'F. OF NEW Y(D~.'i~ ss:
Patricia Wood,' being duly sworn, says that she is the
Editor, of THE LONG ISLAND TRAVELER-WATCHMAN,
a public newspaper printed at Soulhold, in Suffolk County;
and that the notice of' which the annexed is a printed copy,
h,ts heen .pul)lisl~ed in said I_ong Island 'l'raveler-Watchr~an
successively, commencing on the ............ ./.~.z~. ....
day of. ...... ~, 19..~../..
Nwotn I,, hcrl~rc me Ihis ,/~ z:U
...................... day of
......... ~. , 19 .'~.~.
Notary Public
BARBARA A. SCHNEIDER
NOTARY PUBLIC. St?re ol New York
No. 4~06846
Qualified in Suffolk Cot}nly,,
Commission Expires
SEVENTH: DETERMIN-
ING that a gropoaltion for the
approval o~ dimpp~:W~' such
ted to the quali~ad ~ 9f
the Town at the I~nini T0wn
ElectiOn ~o. be' I~M .on
Nov~ni~' $, I~lg~ and that auth
resolullon ~ ta~ ~ffect upon
tors at said Biennial Town
Election.
NOTICE IS FURTHER
GI~F..N that the pollins places
io each of the rsspecti~ Elf~on
Districts of the Town of
ins plnce~t as shall be used for
beld on tlmt da~.
BY ~ OF 'I~IE
DATED:
1991 .... .., .
JUDITH T. TERRY
TOWN CLERK
siofls of thc cc~sdmfion.
BOND ~ESOLUTION OF TH~
TOWN OP SOUTIIOLD. NEW
ACQUISITION OF CI{RTAIN
DEV~OPMEN'I'AL RIGH'[~ ~
PRIME AGRICUUFURAL
LANDS WITItlN SAID TOWN
I~R TIlE PRESERVATION OF
OPEN SPACES AND AREAS.
STA~NG TIlE ESTIMATED
~X~UM C~T T[-I~EOF IS
$1.750.~0. APPROPRIATING
SAID AMOUNT THEREFOR,
AND AUTitOR[ZING THE
~UANCE OF $1,750.~ S~-
AL BON~ OF SAID ~WN ~
FINANCE SAID APPROPRIA-
~ecilals
WHEREAS, Section 247 of thc
$1,750,0~ arc hcrcby luthofi~d 1~
Mws of ~c Sram of New York Cocrc-
in called "Law"). to finance said
resolution an: to be issued, within thc
limitations of Section II.00 a. 21(a)
of thc Law, is thifly (30) years.
Co) Currant funds arc not required
by thc Law to be provided as a down
paymcm prior to thc issuancc of thc
(c) Thc proposcd maturity of thc
sale of said bo~s .,n~ p.rov?i~n s.h.all
STATE OF NEW YO[
)S,~
COUNTY OF SUFFOLK)
MM County, being duly sworn, s. ys tl~t he/she is PrlnclpM
Clew o! THE SUFFOLK TIMES, a Weekly Newspaper,
iwMbhed at Mattltuck, in the Town cf SoutheM, County of
Sufl~)lk Rnd State of New Yo~, -,nd thet the Notice of which
the eenexed Is a I~lntMI ~o~, h. been rngubdy ~bll~ed in
alld Newspsper once eech week for / weeks
aueeoss~ commencing on tho ~' day of
Principal Clerk
Sworn to before mo thIs ~ "~?
AUCE C. MacDONALD
N~ Pubic. S~Io of New York
No. ~79351
Qualffi~ in Suffolk Coun~ ~
~mmi~ion EXD res D~. 8 19 ~
STATE OF NEW YORK) ';.tUTH A. I:~
} SS:
COUNTY OF SUFFOLK)
~ld~un~ibei~ duly ~orn, ~ys that he/she ~ Principal
Clerk of THE SUFFOLK TIMES, a Weekly Newspaper,
publ~hed at Mattltuc~ In the Town o~ ~uthold, Coun~ of
Suffolk and State of New Yor~ and that the Notice of which
~ a~exed ~ a print~ co~,
said Newspaper once each week for ~ we~s
successlve~, commencing on the [ ~/ _ day of
.-"x Clelk
Swom to before n~ this
dayof .~ 19
COLJNTY OF SUFFOLK
S'I'ATI~ OF N[:W YOP, K
Patricia Wood,' being duly sworn, says that she is the
Editor, of THE LONG ISLAND TRAVELER-WATCHMAN,
;~ public newspaper prinLed at Southold, in Suffolk County;
and that the notice of wi]ich the annexed is a printed copy,
h.l¢. huurl j'~trJ)lished in ~;ticJ I.o/'~g Isl.'md 'l'r;lvL, rL, r-W[JlChl'n;tr~
oncr~cach week for. ..................... ~ .... weeks
successivcl~, commencing on the ......................
~,,v()J'rl h)J)eJ'(}l'e me IhJs .. .................... (J;w of
December 1991
Notary Public
BARBARA A, SCHNEIDER
NOTARY PUBLIC. St:'te of Now York
No, 4806846
Qualified in SuRolk Cot~nty/
Commission Expires