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HomeMy WebLinkAboutSand-Landfill & Waterfront R PUNITED STATES OF AMERICA ~ ~ STATE OF NEW YORK 100,000 CC/_IR5~ OF SUF~OZ~K TOWN OF SCOTHOLD The Town of Southold, in t~$~hl~t~ qf Suffolk, a rmmicipal corporation of the ~r~.~.~ .,......__' ·" '~ t~at 0i,c'..'/~a~k if it be re~iatered, to the re~d.stored bolder, the sum of ---One Hundred Thousand ............................ d-~----Do~ars ($100,000 ........... -) on the 4th day of December , 1991 , together with interest thercon from the date hereof at the tale of ---six and twelve hundredths ................. per ccotum (6.12 %) per annu~ payable at mat.r~y. Both principal of and interest ou this Note will be paid in lawful money of the United States of Amerk% at THE SUFFOLK CCON/~ NATIONAL BANK, Cutchogue, New York. At the request of the holder, the T~e~_'k~ ~j~ ~,,,~. shall convert this ~t:t~l~i~ , re,istered Note by r%4sterln$ it in the na~f the holder in the b~oksl~e TOw~ kept tnt o' of sUchTown Clerk --: ~enio~[0a ~cer~f~ of'~'~ such re~istration hercoo, after which both principal of and interest on this Note shel~ble~l,~%~_. __°ul~ t~ t~i~bolder, his 1~1 representatives, successors or transferees. This Note shall then be transferable~_ ~{~$~o!~ ~o such Town Clerk Note in lbo name of the transferee in his books and shall endorse a certhtcate of such re~stration hereon. Such transfer shall be dated, and signed by the registered bolder, or bls lesal representativcs,..a_n_d it shall be duly anknowled~'d or proved, or in the alternative the signature thereto shall bo certified a~ to its ~enaineness 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 ccrabined issue, th~ principaJ_ ~mount of which is $100,000. This Note may be called for redemption on any date prior to maturity after the ~ivin~ of at least five ( 5 ) days' notice of the date of redemption by marlinS of written notice to the ori~in01 purch0~ser, or if this Note be reEistered to the reEtstered bolder, and interest shall ceasc to bc paid hereon after such date of redemption. Tiffs No~e is issued pursuant to the provisions of the Local Finance Law, constitutin$ Chapter 88-~ of the Consolidated Laws of the State of New York, th~ two bond resolutions adopted by the Town Boa~d on September 25, 1990. authorizing th~ issuance of s~rial bonds for various purposes in and for the Town, and the Cez~:ificate of Determination executed by the Supervisor on December 4, 1990. This Note has been designated by the Town a~ a qualified tax-ex~n~pt obligation pursuant to tbs provisions of Section 265 of the Internal Revenue Code of 1986, as amended. ,~ irrevo%~ f~f~: %::?al pa%e°en~nt o;~.rintc~}~ ~n~in~ta~s~t~ l~ote accord:n, to Its dte%~tes f the It i.s hereby certified and recited tblt all conditlons,"~'ag'cl'~hlhl~s~teq'~F~ by the Const'tutlon an s o of Southold is within e~ery debt an~l~e~~ by the Constitution and laws of such State. IN WITNESS WHEREOF, Town of Southold ha~ caused this Note to be si~ned by its Town Clerk ATTEST: Supervisor , and its corporate seml t6 be hereunto affixed sud attested by its and this Note to be dated as of the 4th day of Decefftber ' ~upezY/isor -' ,19 90. Town Clerk EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York September 25, 1990 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Mall, 53095 Mai~ Road. So.thole. New York. on Septemhe~ 1990 at 7:30 o'clock ~.M. (Prevailing Time). There were present: Hon. Scott L. Harris, Superui$or~ and Councilpersons: Raymond W. Edwards George L. Penny IV Ruth D. Oliva Ellen M. Latson Thomas H. Wickham There were absent: None Also present: Councilwoman Oliva Judith T. Terry, Town Clerk Harvey A. Arnoff, Town Attorney offered the following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 25, 1990, AUTHORIZING THE PURCHASE OF SAND AND OTHER FILL MATERIAL FOR USE AT THE TOWN LANDFILL, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $50,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $50,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the less than two-thirds of all the members of FOLLOWS: Section 1. The Town of Southold, Suffolk, New York (herein called "Town"), SOUTHOLD, IN THE COUNTY OF favorable vote of not said Town Board) AS in the County of is hereby authorized to purchase sand and other fill material for use at the Town Landfill. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $50,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $50,000 serial appropriation, and the taxable real property bonds and the interest payable. bonds of the Town to finance said levy and collection of taxes on all the in the Town to pay the principal of said thereon as the same shall become due and Section 2. Serial bonds of the Town in the principal amount of $50,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33- a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $50,000 serial bonds authorized pursuant to this resolution are limitations of Section 11.00 a. (b) Current funds are payment prior resolution or to be issued, within the 35 of the Law, is five (5) years. not required by the Law to be to the issuance of the bonds any bond anticipation notes provided as a down authorized by this issued in anticipation thereof in accordance with Section 107.00 d. 5 of the Law. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five (5) years. Section 4. Each of the bonds authorized resolution and any bond anticipation notes issued by this in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation year and (b) the payment of interest such year. Section 5. and of the Law and thereof to mature in such to be due and payable in Subject to the provisions of this resolution 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. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES," a newspaper published in Mattituck, New York, each having a general circulation in the Town and newspapers of said Town for hereby designated the official such publication. The adoption Supervisor Harris resulted as follows: of the foregoing resolution was seconded by and duly put to a vote on roi1 call, which AYES: Supervisor Harris, Justice Edwards, Councilman Penny, Councilwoman Oliva, Councilwoman Latson, Councilman Wickham. NOES: None. The resolution was declared adopted. CERTIFICATE I, JUDITH T. TERRY, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on September 25, 1990, 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 Town of Southold this September, 1990. seal of said 25th day of (SEAL) 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 $100,000 Bond Anticipation Note for Various Purposes-1990 (the "Note") of the Town, dated December 4, 1990, as follows: 1. The Town will comply with all the procedures and provisions set forth below. The Town will perform all acts and things necessary and desirable to assure that interest paid on the Note, shall for the purposes of federal income taxation, be excludable from the gross income of the recipients thereof under Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"). 2. The proceeds of sale of the Note will be used to' provide funds for the purposes described (the "Projects") in the two resolutions duly adopted by the Town Board on September 25, 1990, as more particularly described in paragraphs 1 and 2 of the Certificate of Determination executed by the Supervisor on December 4, 1990. 3. The Town has entered into, or will enter into within 6 months of the date hereof, binding commitment(s) for the acquisition, construction or accomplishment of the Projects, and the amount of such commitment(s) with respect to the Projects exceed the lesser of an amount equal to 2-1/2% of $100,000, being the aggregate amount of obligations currently issued for the Projects, or $100,000. 4. The Projects have been completed, or, if the Projects have not been completed, it is reasonably expected that all of the proceeds of sale of the Note will be expended within three years from the date of this Certificate. If the Projects have not been completed, work on the acquisition, construction or accomplishment of the Projects.will proceed or is proceeding with due diligence to completion. 5. The proceeds of the Note are not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Town is a governmental unit with general taxing powers; (ii) the Note does not constitute a "private activity bond" as that term is defined in Section 141 of Code; the (iii) ninety-f proceeds of the sale of governmental activities ive percent or more of the net the Note are to be used for local of the Town; and (iv) the Town reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Town during the current calendar year will not exceed $5,000,000. For purposes of such determination no tax-exempt obligation shall be taken into account if it is a current refunding obligation which does not exceed the outstanding (redeemed) principal amount of the obligation to be refunded. 6. The total proceeds of sale of all bond anticipation notes issued to date for the Projects do not exceed the total cost of the Projects. 7. 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. 8. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 9. 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. 10. 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. 11. 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. 12. 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. 13. 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 ~nderlyin~ arrangement, directly or indirectly, secured by any ~nterest ~n 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. 14. 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 15. 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 13, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 16. For purposes of paragraphs 13, 14 and 15, 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. 17. 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. 18. 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 17 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 ~easonably 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. 19. 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. 20. The Note is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. In making such designation it has been determined that: (i) the Town does not reasonably anticipate that the amount of "qualified tax-exempt obligations" to be issued by the Town during the current calendar year will exceed $10,000,000; and (ii) the amount of "qualified tax-exempt obligations" issued by the Town during the current calendar year does not as of this date, and including this issue, exceed $10,000,000. 21. 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 fourth day of December, 1990. S~pervisor- ' CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $100,000 BOND ANTICIPATION NOTE FOR VARIOUS PURPOSES-1990 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Scott L. Harris, Supervisor of the Town of Southold, New York (herein called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the resolutions duly adopted and as referred to in paragraphs 1 and 2 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 $50,000 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 25, 1990, authorizing the purchase of sand and other fill material for use at the Town Landfill, stating the estimated maximum cost thereof is $50,000, appropriating said amount therefor, and authorizing the issuance of $50,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board on the date therein referred to. 2. A bond anticipation note of the Town in the principal amount of $50,000 shall be 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 September 25, 1990, authorizing the preparation of surveys and plans for the waterfront revitalization project, stating the estimated maximum cost thereof is $50,000, appropriating said amount therefor, and authorizing the issuance of $50,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board on the date therein referred to. 3. Said $50,000 Note and said $50,000 Note shall be combined for the purpose of sale into a single note issue in the aggregate principal amount of $100,000, herein 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: $100,000 Bond Anticipation Note for Various Purposes-1990 December 4, 1990 December 4, 1991, subject to prior redemption Number 1, at $100,000 6.12% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. notes. 5. Said Note is not issued in renewal of any note or 6. No bond anticipation notes have been heretofore issued in anticipation of the issuance of serial bonds authorized pursuant to the resolutions referred to in paragraphs 1 and 2 hereof. ' 7. The serial bonds authorized pursuant to the resolutions referred to in paragraphs 1 and 2, hereof are improvements which are non-assessable. for 8. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note as follows: to The Suffolk County National Bank, Cutchogue, New York, for the purchase price of $100,000, 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 Suffolk County National Bank, Cutchogue, New York, and shall bear interest at the rate of six and twelve hundredths per centum (6.12%) per annum, payable at maturity or prior redemption. 9. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified amended or revoked. ' IN WITNESS WHEREOF, I have hereunto set my hand this fourth day of December, 1990. - -Su~rvis0r ' 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 fourth day of December, 1990; and I FURTHER CERTIFY that no resolution electing to reassume any of the powers or duties mentioned in said Certificate and delegated to the Supervisor by the 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 fourth day of December, 1990. (SEAL) Town Clerk AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK COUNTY OF SUFFOLK Judith T. Terry, being duly sworn upon her oath deposes and says: (1) I am the duly appointed, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, New York (herein and in Schedule A annexed hereto called "Town"); (2) That with respect to the contract of sale of the Note of the Town described in the Certificate of Determination executed by the Supervisor on the fourth day of December, 1990, to the financial institution indicated in such Certificate, I have made a careful inquiry of each officer and employee of the Town having the power or duty to (a) negotiate, prepare, authorize or approve the contract or authorize or approve payment thereunder, (b) audit bills or claims under the contract, or (c) appoint an officer or employee who has any of the powers or duties set forth above, as to whether or not such officer or employee has an interest (as defined pursuant to Article 18 of the General Municipal Law) in such contract; (3) That upon information and belief, as a result of such inquiry, no such officer or employee has any such interest in said contract unless otherwise noted in Schedule A annexed hereto and by this reference made a part hereof. Town Clerk ~,' Subscribed and sworn to before me this fourth day of December, 1990. Notary Publ~ic, State of New York UNDA J. COOPER Nolary Public, ~tate of Ne~: York No. 4822563, Suffolk County Term Expires December 31, 19 SCHEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per cenTum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, preparation or performance of any such part of such contract. 3. , has publicly disclosed the nature and extent of such interest in writing to the governing board of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. 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 December 4, 1990, we officially signed and properly executed by manual signatures a $100,000 Bond Anticipation Note for Various Purposes-1990 (the "Note") of the Town, payable to bearer and otherwise described in Schedule A annexed hereto and by this reference made a part hereof, and that at the time of such signing and execution and on the date hereof we were and are the duly chosen, qualified and acting officers of the Town authorized to execute said Note and holding the respective offices indicated by the 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 December 4, 1990, I delivered said Note to The Suffolk County National Bank, Cutchogue, 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 ....... $100 000 Interest on ~'~'~'~'~ ' date of such delivery ............. -0- Amount Received ..................... $100,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this fourth day of December, 1990. Term of Office Signature Expires Title ~' December 31, 1991 Supervisor ~~.'~ecember 31, 1993 Town Clerk I HEREBY CERTIFY that the signatures of the officers of the above-named Town, which appear above, are true and genuine and that I know said officers and know them to hold the respective offices set opposite their signatures. ~eSuff°lkCo"nfYNatJonal~ank ~U~CHo~ NEW XO~K Iz9~ / (Signature) (Title) (Name of Bank) ATTORNEY'S CERTIFICATE I, Matthew G. Kiernan, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, Southold, New York, and am the duly chosen, qualified and acting Assistant Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of the Note of the Town, payable to bearer and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, fourth day of December, 1990. have hereunto set my hand this ! SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $100,000 Bond Anticipation Note for Various Purposes-1990 December 4, 1990 December 4, 1991, subject to prior redemption Number 1, at $100,000 6.12% 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 1179 Southold, New York 11971 FAX (516) 765-1823 TELEPHONE (516) 765-1801 PLEASE PUBLISH THE ATTACHED NOTICE & BOND RESOLUTION IN ITS ENTIRETY ON OCTOBER 4, 1990, 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 Long Island Traveler-Watchman The Suffolk Times Town Clerk's Bulletin Board NOTICE The resolution publ'ished herewith has been adopted on the 25th day of September, 1990, and the validity of the obligations authorized by such resolutio~ may be hereafter contested only if such obligations were authorized for an object -or purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied w~th, and an action, su~t or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. JUDITH T. TERRY ,Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 25, 1990, AUTHORIZING THE PURCHASE OF SAND AND OTHER FILL MATERIAL FOR USE AT THE TOWN LANDFILL, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $50,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $50,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. TOWN OF THE TOWN BOARD OF THE SUFFOLK, NEW YORK, HEREBY RESOLVES (by the less than two-thirds of all the members of FOLLOWS: Section 1. The Town of Southold, Suffolk, New York (herein called "Town"), SOUTHOLD, IN THE COUNTY OF favorable vote of not said Town Board) AS in the County of is hereby authorized to purchase sand and other fill material for use at the Town Landfill. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $50,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $50,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of $50,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33- a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $50,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 35 of the Law, is five (5) years. (b) Current funds are not required by the Law to be provided as a down payment prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 d. 5 of the Law. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five (5) years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers relative to authorizing bond the terms, form and contents and duties of the Town Board anticipation notes and prescribing and as to the sale and issuance of the bonds herein authorized and of issued in anticipation of said bonds, and the bond anticipation notes, are hereby delegated the chief fiscal officer of the Town. any bond anticipation notes renewals of said to the Supervisor, 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, (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES," a newspaper published in Mattituck, New York, each having a general circulation in the Town and hereby designated the official newspapers of said Town for such publication. or STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) JUDITH T. TERRY, Town Clerk of the Town of Southold, New York, being duly sworn, says that on the 26th day of September 1990 she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, Southold Town Hall, Main Road, Southold, New York 11971. Bond Resolution - $50,000 - Purchase of Sand and other fill material for use at the Town Landfill. Adopted by the Southold Town Board of September 25, 1990. Judith T. Terry Southold Town Clerk Sworn to before me this 26th day of September 19 90 · -- -~ Notary Publi~7- - ELIZABETH ANN NEVILLE Notary Public, State ~f New ¥orl~ No. 52-81258~. Suffolk ~ Term E~ir~ ~r 31.1~ C©UNTY OF SUFFOLK S'I'ATI.: (')[; NEW YORK Patricia Wood,' being duly sworn, says that she is the Editor, et THE LONG ISLAND TRAVELER-WATCHMAN, a public newspaper printed at Southold, in Suffolk County; and that the notice of which the annexed is a printed copy, has I',c'un pul'dished in saki I.ong Island 'l'r.lw.'h'r-Walchm,ul once U,LCh week I'or. . . / . weeks st ccess~vt, ly, commencing on the ~-~ Swm'n [o berm'e me Ihis z./ ~:~ ..................... clay o£ Nolary Public BARBARA A. SCHNEIDER NOTARY PUBLIC, State of New York Ne. 4806846 I]ualified in Surfeit Coulee/ / Committee Expiras Sectfoft I. The Town of-~ Southold, In the County of Suf- the amortimtti~a and ~ tob. I be pro- (c) ~uch are la bean adqaed m ~hs 2.~h day of ~ ~iga~ an~o~ ~ such ~ may ~ ~r ~t- ~ ~y if such ob~igati~s were ~ for ~ ~j~ or for which ~c TOWN OF ~O~, h ~ ~y ~ S~- ~, ~w Y~ is ~ ~o~ ~ ~ ch~d have ~ ~ ~ ns of &e ~ of ~b~- ~ ~ p~ed~g ~test~g such N~, or such oblig~tinns were ~ ~OL~ON OF ~ OF ~U~OLD, y~K, ADO?T~ SEPT~M- ~ pR~PARA~ON OF S~- V~YS ~D PLUS FOR THE ~A~R~O~ REViTAL~A- ES~MATED MAXIMUM COST THEREOF ~S $~0.~0. k??~OPRIA~NG SAiD AMOUNT THeReFOR. AND A~HORlZlNO T~E ~ONDS OF SAI~ ~WN TO FXNANCE SAiD APPROP~- A~ON. THE TOWN BOARD OF SOUTHOLD. ~ THE COUNTY OF SUFFOLK. NEW YORK, HEREBY R~SOLV~S (by third~ of ~l] ~c mcm~r~ eT ~id To~ ~) AS FO~OWS: ~d dc~ plan~, ~c~in~fion~ for ~c ~i~tinn ~ ~c w~cr- i~t ~ ~e T~. ~c ~at- ed max~ cost of said s~ic ~j~ ~ ~s~ ~cin~ and thc financing tbercof, is $50,000 and said amount is hereby ated thetc~. Thc plan of £mancing include~ thc L~suance of $50.0~0 se- ~oEectin~ of taxes on all the taxable ~ property in thc Town to pay the principal of said bonds and the inter- doc ~d payable. $$0,000, am h~rchy authmized to he issued pursuant to thc provisions of t~ Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (here. in called "Law") to finmc~ said Section 3. The following addi- tinml maters am hcrchy determined (a) The period of probable use- fulncss of said specific object or pmpu~ for which said :$50,000 se- this resolution ar~ to be issued, with- in thc limi~atims of S~ction IL00 a. 62(a) of the Law, is five (5) years. (b) Cu, vent funds ar~ not r~lu~d by th~ Law to he provided as a down bonds authorized by this resolution or any bond anticipation notes is- co,dance with Section 107.00 d.5 of the Law. (c) Thc proposed mamrky of the bolds authmiz~d by this rcsolution will not exceed five (5) yuan. Sectinn 4. Each of thc bonds au- thorized by this ~solutlon and any anticipullm~ of the sale of said bond~ ~ cmmin the ~.ai~I of vaiidlty u p~scdbed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said b~ds, shall be general obligations of thc Town, payable ns to both principal and ~te~st by general tax upuu all Town without Imitation of rate or amount. 'l~e faith and c~d~t of the Town are hereby irrevocably pledged to the punctual paymmt of the 1~ of and inte~st on said bonds and any no,es issued in antici- pation of the sale of said bonds and p~ovision shall he made annually in the bi~d~et of the Town by ation for (a) Ge amortization and redemption of the bonds and any mature in such year and (b) the pay- Section 5. Subject to the provi- sions of this resolution and of the Law and pursuant to the pmvisiem ef Section 30.00 relative to thc shorL~ttion of thc issuance of bond she Law, the powers and dutins of thc Town Board relative to authoriz- in~ bend anticipation notes and pre- scribing the terms, form ~nd con- tem~ and ss to thc saic and issmmcc of the bonds herein authorized and issued in anticipation of said bonds, &ud the rmewals of said bo~d antici- putinn no~s, a~c he.by delegated to the Supep~or, the chief fiscal ~- ocr of thc Town. Section 6. The validity of thc bo~ds authorized by this resolution lion of the sale of said inmda, may (a) such obligations arc autho- ~ for an object or purest fo~ which thc Town is not an- tborized to c~pand money, or (b) the provisions of law which should be complied with at thc date of the publinstion of s~ch complied with, and an action, such valigliy, is commenced within twenty days after thc date of such publication, or (c) such obligations arc amho- dzcd in violation of thc pro- viaio~s ofthc constitution. Section ?. This bond rcsolution shall t~ke effect immediately, and · c Town Cin~k is ~..~cby authorized and d~ccted to publish the foregoing resolution, in full. together with I Law in "THE LONG ISLAND TRAVELER-WATCHMAN," a TI1VIES," a newspaper published in STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) Christina Volinski of Mattltuck, In said County, being duly sworn, says that he/sl~ b Principal Clerk of THE SUFFOLK TIMES, a Weekly Newspaper, publbhed at Mattltuck, In the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed Is a pdntnd ~o~, has b.en regularly published In said Newspaper once each week for 1 weeks successively, commencing on the 4 day of October 19 90 MEI,.ANIE V. BROWN tar/pubgr., ~tal~ ol N~w Ymk No. 49O8712 Pgnclpal Clerk Swnm to before nm dny o,_~ ~' SRn~nber. 1~90, and the validity of da* ~bligations authorized by such albe~.d for an object or purple fM which the TOWN OF SOU'iTIOLD, in the county of Suf. ~ New Yoflt, is net autbomed to ~.pmM me~ey or if thc provisions of law which should have been com- ~ wi~ u d d~e da*e of publica- ~ ce-nplind with..nd an action. ~ is comm~ccd within au~,~ssd in viointic~ of thc provi- sinl el"% cemtimtion. JUDITH T. 'fERRy TOWN OF SOUI'HOLD, NEW YO~I~, ADOPTED SEPTEM- ~ 2.~. I~90. AUTEO~G THat PURCHASE OF SAND ~ USE AT THE TOWN LAMD4qLL. STATING THE ~.~'f"..h~T E D MAXIMUM CO~T 'I~EREOF IS $50,000, AIq~OPRXATING SAID AMOUNT THEREFOR. AND AUTHORIZING THE IS- SUANCE OF $50.000 SERIAL BONDS OE SAID TOWN TO FINANCE SAID APPROPRIA- -' T~ON. THE TOWN BOARD OF SOUTHOLD. IN THE COUNTY thirds of all the members of said Town Bo.~d) AS I:OLLOWS: Section L Tbe Town of Sco~oid. in the Cmmty of Su~olk. New York (herein ~ "Town"). is To~ LandEJl. The estimated may imum cost of said specific obje.~ or financing thereof, is $50.000 and said amount is ben:by app~priated therefor. The plan of financing in- p~ncipal of said bonds and the inter- $50.000. a,: be~by at~o~ed to be and dech~d: (a) The period of p~bebin use- fulness of said specific object or p~rpose f~ w~ich said 350,000 se- in the limitations of Sectio~ ILO0 a. 35 of the Law, is five ~5) yeah. (b~ Curr~t funds are n~ ~..qinted by the Law to be Im~vid~ as a do'~m bonds authorized by this xcsointion or any bond anticipation notes is- sued in anticipation them. of in ac- cordance with S~ction 10'7.00 d.5 of the Law. (c) The proposed maturity of the bonds authorized by this resointion wUJ not exceed five (5) years. Seaion 4. Each of the bonds au- thorized by this resoluti~ and any bond anticipation notes issued in anticipation of the sale of said bo~ds shall comain the ~ccit~l of vd/dity as prescribed by Sect/on 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds. shall be general oblig~tinns of the Town, Pa- hie as to both.ptln¢/pal the t~aabin m~l property within t~ Town without limitation of rate or amount. The faith and credit d the Town are hereby irrevocably pledged to the punctual payment of the prindpal of and interest on said bo~ds and any notes issued in antici- Patinn of the sale of said bonds and p~'ovisic~ ChaU be m~ie annually in the budget of the Town by appropri- ation for (a) the amortization and Pcdemption of the bonds and any notes in anticipation thereof to matore in such year and (b) the pay- ment of interest Io be du~ and payable in such year. STATE OF NEW YORK) )SS: COUNTY OF SUFFOLK) Christina Volinski of Mattituck, in sald County, being duly sworn, $~s that he/she b Principal Clerk of THE SUFFOLK TIMES, e Weekly Newspaper, published Bt Mattituck, In th~ Town of Southold, County of Suffolk and State of )Jew York, end that the )Jotice of which the annexed is a printed copy, has been regularly published In said Newspaper once each week for 1 wee.ks 4 day of Section 5. Subject to the provi- sions of this resolution and of thc succeesblaly, commencing on the Law and Dunuant to thc provisions of Section 30.00 rblative to ;he au- October 19 9Q anticipation notes and of Section 50.0o and Sectims $~.00 to ~0.00 of NII~' Ild~ the Law, the powers and dutie~ of thc Town Board relative to authofiz- scribing thc terms, form and con- PrlnclpB[ Clerk rants md as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said be~ds, ~ me rmew-~, of uid tx~d antic/- Swom to before me this pallm nines, are he.by didegatmt to th. Suporvisot. the ~ef f~ o~. day of l~C'k'~ k:d4" 19 Section 6. The validity of the bonds authorized by this msoluti~ and of say n~.es isdued in anticipa- lion of the sale of said bonds, may be comested only (a) such ohUgatinns are rized for an object o~ pu~se Ior which the Town is not au- thodzed to ~pa~d money, or (b) the pmv~siees of law which should be complied with at thc ~te of tho publication of such resolutim are not substantially complind with. and an action. suit or proceeding contesting such vttldity, is commenced within twenty days after the (c) such obligations are autho- rized in violation of the pro- visions of the c~astitution. Section 7. This bond t~sointion shall take effect inunedi~tely, nnd the Town Oerk is bereby authorized and ~reoted to pablish the foregoing resolution, in full. together with a Notice attached in substantially the form prescribed by §81.00 of the Law in 'THE LONG ISLAND TRAVELER-WATCHMAN." a newspaper published in Southold. New York. ~d in "THE SUFFOLK TIMES." a newspaper published in Mattimck. New Yo~k. ~ch having a general carcuhtioo in the Town ami he,by des/gn~ted tbe offichd news- papar~ of said T~s-n for such publi- COUNTY OF SUFFOLK F,'I'ATI! OF NEW YORK : Patricia Wood,' being duly sworn, says that she is the Editor, of THE LONG ISLAND TRAVELER-WATCHMAN, a public newspaper printed at Southold, in Suffolk County; and th,~t tile notice of which the annexed is a printed copy, ~uccessivt, ly. COmmencin~ on tile Sv,,m'n If) bef(~re mc Ibis; , .................... day of Nolary Public BARBARA A. SCHNEIDER NOTARY PUBLIC, Slate of New York Ne. 4806846 (~iJalified in Suffo;i( Cou~ly/ Commissioll Expiras NOTICE The resolution published herewith has been adopted on the 25th day of September, 1~0, and the validity of the obliga- tions authorized by such resolu- tion may be hereafter contested only if such obligations were authorized for an object or pur- pose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have ~ complied with as of the date of publication of this Notice were not substantial- ly 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 aothoriz- ed in violation of the prov~ions of the constitution. JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHO.LI~, NEW YORK, ADOPTED SEPTEMBER 25, 199~ AUTHORIZING THE PREPARATION OF SURVEYS AND PLANS FOR THE WATERFRONT REVITALIZATION PRO- JECT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $50,000, APPROPRIATING SAID AMOUNT THERFOR, AND AUTHORIZING THE IS- SUANCE OF $50,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of ail the members of said Town Board) AS FOLLOWS: Section I. The Town of Southold, in the County of Suf- folk, New York (herein called "Town"), is hereby authorized to prepare, pursuant to Section 99-d of the General Muhicipai Law, surveys, preliminary plans and detailed plans, specifica- tiom and estimates nccasss~ry for planning for the r~dmliT-~. tion oftbe waterfront within the Town. The estimated maximum cost of said spedfi¢ object or costs and costs incidental thereto and the flanncin~ theranf, is $50,000 and said ~aount is ~ approprlatad · th~a~%r. The ~ of trmandng serial 'b~nds of the Town to Fmanc~ ~id appropriation, and tl~ levy and collection of taxes on ull the ms~le re~l prol~-ty i~ the 'lb~n to p~' the principal of ~ bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the prindpa] amount of $50,000, are hereby authorized to be issu~:l pursuant to the pro- visions of the Local Finance Law, constitutin~ Chapter 33-a of the Conmlidated Laws of the State of New York (herein call- ed *'Law") to finance said appropriation. Section 3. The foliowin~ ad- ditionhi matters are hereby determined and decla~d: (a) The period of probable usefulness of said specific object or purpose for which said $50,000 sea/al bonds authorized patsuant ~ th/s resolution am to be issued, within tbe limi~tions of Secti°n Il.00 a. 62(a) ~f the Law, is five (5) years. (h) Current funds are not re- qui~d by the Law to be provid- ed 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. 5 of thc Law. (c) The proposed maturity of thc bonds authorized by this resolution will not exceed five (5) years. Section 4. Each of the bonds authorized by this resolution and any bond antidpation 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 bono'sand any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by gen~rai tex upon all the taxchle nmi pro- perty within the Town without limitation of rate or amount. The faith and credit of the Town are bereby irrevocably pladgad to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and rademption of the bonds and ' any notes hi anticipation thereof to mature hi such year and (b) the payment of interest to be due and payable in such year. Sect/on 5. Subject to the pro- visions of this resolution and ot the Law and pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond antidpa- tion 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 antidpation of said bonds, and the renewals of said bond anticipation no~s, are hereby delegated to the Supervisor, the · e. hief fiscal officer of the Town. Section 6. The validity of the bonds authorized by his resolu- :ion 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 pur- pose for which the Town is not authorized to ~xpend money, or (h) the provisions of law which should be complied with at the date of the publication of such resolution are not substan- tially complied with, and an ac- tion, suit or proceeding con- testing such validity, is com- menced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resulu- tion shall ~ effect immediate- ly, and the Town Clerk is hereby authorized and directed to publish the forgoing resolution, in full, together with a Notice attached in substantially the form prescribed by §81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCHMAN;' a newspaper published in Southold, New York, and in "THE SUFFOLK TIMI/S~' a newspaper published in Mat- tituck, New York, each having a general circulation in the Town and hereby deslsnated the of- ficiai newspapers of said Town for such publication.