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HomeMy WebLinkAboutAquisition of Open SpaceMeeting EXTRACT OF MINUTES 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 Hall, 53095 Main Road, Southold, New York, on September o'clock P.M. (Prevailing Time). Hon. Scott L. Harris, Raymond W. Edwards George L. Penny IV Ruth D. Oliva Ellen M. Latson Thomas H. Wickham 1990 at 7:30 There were present: Councilpersons: Supervisor; and 25, There were absent: None Also present: and moved Councilman Penny its adoption: Judith T. Terry, Town Clerk Harvey A. Arnoff, Town Attorney offered the following resolution BOND AND CAPITAL NOTE RESOLUTION OF THE TOWN OF SOUTHOLD, NEW ~ORK, ADOPTED SEPTEMBER 25, 1990, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE PRESERVATION OF OPEN SPACES AND AREAS IN SAID TOWN FOR PUBLIC USE AND ENJOYMENT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $2,000,000, APPROPRIATING SAID AMOUNT THEREFOR, AUTHORIZING THE ISSUANCE OF $100,000 CAPITAL NOTES TO PROVIDE THE REQUIRED DOWN PAYMENT, AND AUTHORIZING THE ISSUANCE OF $1,900,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION. Recitals WHEREAS, Section 247 of the General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open spaces and areas for public use and enjoyment; and WHEREAS, the acquisition of interests or rights in real property located throughout the Town for purposes of preserving open spaces and areas 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 said Eection 247 of the General Municipal Law; and WHEREAS, accordingly, the Town desires to implement the real property 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 $outhold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to acquire interests or rights in various parcels of real property within the Town for the preservation of open spaces and areas for public use and enjoyment as may be authorized, from time to time, by the Town Board of the Town after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, 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 said 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 $2,000,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $100,000 capital notes to provide the down payment required by the Law, as hereinafter defined, and the issuance of $1,900,000 serial bonds of the Town to finance the balance of said collection of taxes on all the taxable to pay the principal of said bonds and the same shall become due and payable. Section 2. Capital notes of the Town appropriation, and the levy and real property in the Town the interest thereon as in the principal amount of $100,000 to pay the required down payment, and serial bonds of the Town in the principal amount of $1,900,000 to finance the balance of said appropriation not provided by said capital notes, 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"). 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 $1,900,000 serial bonds authorized pursuant to this resolution are to be issued, within limitations of Section 11.00 a. 21(a) of the Law, is thirty the (30) years. (b) Current provided prior to the funds are required by the Law to be issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof and such current funds will be so provided by the issuance of the capital notes herein authorized. The Supervisor is hereby authorized and directed to set aside the proceeds of sale of said capital notes and to apply same solely to said class of objects or purposes herein described. (c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the capital notes and each of the serial bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall centain the recital of validity as prescribed by Section 52.00 of the Law and said capital notes and 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 capital notes and 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 capital notes and 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 capital notes and bonds herein authorized and of any bond anticipation notes issued in anticipation of renewals of said capital notes and bond anticipation hereby delegated to the Supervisor, the chief fiscal Section 6. the Town. authorized by this said bonds, and the notes, are officer of The validity of the capital notes and resolution and of any notes issued in bonds or (¢) 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, 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 General Election to be on November 6, 1990, and this resolution approval by said qualified electors at held shall take effect upon said General Election. (b) (a) anticipation of the sale of said bonds, may be contested only if: The adoption Justice Edwards resulted as follows: of the foregoing resolution was seconded by and duly put to a vote on roll call, which AYES: Supervisor Harris, Justice Edwards, Councilman Penny, Councilwoman Oliva, Councilwoman Latson, Councilman Penny. NOES: None. The resolution was declared adopted. Councilman Penny moved its adoption: offered the following resolution and RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, AUTHORIZING THE SUBMISSION OF A PROPOSITION AT THE GENERAL ELECTION TO BE HELD NOVEMBER 6, 1990, DIRECTING PUBLICATION OF NOTICE OF SUCH ELECTION, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH. Recitals WHEREAS, on the 25th day of September, 1990, the Town Board of the Town of $outhold (herein called "Town Board" and "Town", respectively), in the County of Suffolk, New York, adopted a bond and capital note resolution authorizing the acquisition of interests or rights in real property for the preservation of open spaces and areas in said Town and the issuance of capital notes and serial bonds of the Town in the respective amounts of $100,000 and $1,900,000 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 and capital note resolution to the qualified electors of the Town at the General Election to be held on November 6, 1990; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS: Section 1. At the General Election of the qualified electors of the Town to be held within said Town, on November 6, 1990, at the polling places of each of the respective election districts of the Town of Southold, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock 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 hereafter referred to. Section 2. The Town Clerk is hereby authorized and directed to give notice of the submission of said Proposition at the said General 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 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 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 TOWN OF SOUTHOLD~ NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 6, 1990 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 25, 1990, the following Proposition will be submitted to the qualified electors of the Town at the General Election to be held within said Town, on November 6, 1990, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time) at the polling places of each of the respective election districts of the Town of Southold, New York, to wit: PROPOSITION SHALL the resolution of the Town of Southold, New York, entitled: "Bond and Capital Note Resolution of the Tows of Southold, New York, adopted September 25, 1990, authorizing the acquisition of interests or rights in real property for the preservation of open spaces and areas in said Town for public use and enjoyment, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $100,000 capital notes to provide the required down payment, and authorizing the issuance of $1,900,000 serial bonds of said Town to finance the balance of 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, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open spaces and areas for public use and enjoyment; and that acquisition of interests or rights in real property located throughout the Town for purposes of preserving open spaces and areas 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 said Section 247 of the General Municipal Law; and that, accordingly, the Town desires to implement the real property acquisition and financing program set forth below. SECOND: AUTHORIZING said Town to acquire interests or rights in various parcels of real property within the Town for the preservation of open spaces and areas for public use and enjoyment as may be authorized, from time to time, by the Town Board of the Town after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, 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 said 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 $2,000,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $100,000 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,900,000 serial bonds of the Town to finance the balance of 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: AUTHORIZING the issuance of $100,000 capital notes to provide the required down payment and $1,900,000 serial bonds of the Town to finance the balance of said appropriation not provide~ by said capital notes pursuant to the Local Finance Law of the State of New York (the "Law"); FOURTH: DETERMINING and STATING that the period of probable usefulness of the class df objects or purposes for which said $1,900,000 serial bonds are to be issued is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said capital note proceeds and apply the same solely to said class of objects or purposes; and the proposed maturity of said $1,900,000 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said capital notes and bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said capital notes and 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 capital notes and 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 and capital note resolution shall be submitted to the qualified electors of the Town at the General Election to be held on November 6, 1990, and that such resolution shall take effect upon approval by such qualified electors at said General Election. BY ORDER OF THE TOWN BOARD DATED: SEPTEMBER 25, 1990 JUDITH T. TERRY TOWN CLERK Section 4. This resolution shall be adopted at least twenty (20) days prior to the date of said General Election. Section 5. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by Supervisor Harris and duly put to a vote on roll call, which resulted as follows: Penny, AYES: Supervisor Harris, Justice Edwards, Councilman 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 se 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 25th day of September, 1990. (SEAL) // ~ Town ~Clerk ~ GEORGE WOLF BOARD OF ELECTIONS COUNTY OF SUFFOLK YAPHANK, NEW YORK ! 1980 HAROLD J. WITHERS. PH.D REPUBLICAN COMI~IISSIONER November 16. 1990 Honorable Judith T. Terry Town Clerk, Town of Southold Southold Town Hall 53095 Main Road Southold, NY 11901 RECEIVED NOV 1 9 199b Dear Mrs. Terry: We, Harold J. Withers and George Wolf, Commissioners of Elections in and for the County of Suffolk, pursuant to instructions received from your office, have directed to be placed on the ballot, at the November 6, 1990 General Election, the following proposition: BALLOT PROPOSAL NUMBER FOUR SOUTHOLD TOWN ~NUMBER ONE SHALL the resolution of the Town of Southold, New York, entitled: "Bond and Capital Note Resolution of the Town of ~{outhold, New York, adopted September 25, 1990, authorizing the acquisition of interests or rights in real property for the preservation of open spaces and area:{ in said Town for public use and enjoyment, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $100,000 capital notes to provide the required dow~ pa}~ent, and authorizing the issuance of $1,900,000 serial bonds of said Town to finance the balance of said appropriation," BE APPROVED? The Total YES Vote 3,182 The Total NO Vote 3,337 IN WITNESS W~EREOF, Board of Elections New York. We have hereun~:o set our hauds and affixed the seal of the of Suffolk County this 16th day of November, 1990, at Yaphank, J. Wi' Commissioner 7s Sincerely, Commissioner WJC/GW/clrg 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 was the duly appointed, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, State of New York; That on September 28 , least ten (10) day prior to the Election, she has caused to fastened up a Notice of the 1990, a date which is at date of said General be conspicuously posted and Proposition to be submitted at said General Election to be held in the Town on November 6, 1990, which contained an abstract of the resolution to be submitted as a proposition to the qualified electors of the Town~ copy sign concisely stating the purpose and effect thereof, a of which is annexed hereto and made part hereof on the board of the Town maintained pursuant to the Town Law. Town Clerk ~ Term ~'Xpires October31 "~';"~D ' Subscribed and sworn to before me the 28th day of S tembe , 1990. Notably Public, State 6f )qew York TOWN OF SOUTHOLD~ NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 6, 1990 NOTICE IS HEREBY GIVEN that pursuant duly adopted by the Town Board of the Town of County of Suffolk, New York, on September 25, to the resolution Southold, in the 1990, the following Proposition will be submitted to the qualified electors of the Town at the General Election to be held within said Town, on November 6, 1990, between the hours of 6:00 o'clock A.M. (Prevailing Time). and 9:00 o'clock P.M. (Prevailing Time) at the polling places of each of the respective election districts of the Town of Southold, New York, to wit: PROPOSITION SHALL the resolution of the Town of Southold, New York, entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 25, 1990, authorizing the acquisition of interests or rights in real property for the preservation of open spaces and areas in said Town for public use and enjoyment, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $100,000 capital notes to provide the required down payment, and authorizing the issuance of $1,900,000 serial bonds of said Town to finance the balance of 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, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open spaces and areas for public use and enjoyment; and that acquisition of interests or rights in real prcperty located throughout the Town for purposes of preserving open spaces and areas and conserving the character of lccal 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 said Section 247 of the General Municipal Law; and that, accordingly, the Town desires to implement the real property acquisition and financing program set forth below. SECOND: AUTHORIZING said Town to acquire interests or rights in various parcels of real property within the Town for the preservation of open spaces and areas for public use and enjoyment as may be authorized, from time to time, by the Town Board of the Town after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the ~ublic interest and a proper public purpose of the Town ~n accordance with the findings and determinations set forth in said 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 $2,000,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $100,000 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,900,000 serial bonds of the Town to finance the balance of 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: AUTHORIZING the issuance of $100,000 capital notes to provide the required down payment and $1,900,000 serial bonds of the Town to finance the balance of said appropriation not provided by said capital notes pursuant to the Local Finance Law of the State of New York (the "Law"); FOURTH: DETERMINING and STATING that the period of probable usefulness of the class of objects or purposes for which said $1,900,000 serial bonds are to be issued is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said capital note proceeds and apply the same solely to said class of objects or purposes; and the proposed maturity of said $1,900,000 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said capital notes and bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said capital notes and 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 capital notes and 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 and capital note resolution shall be submitted to the qualified electors of the Town at the General Election to be held on November 6, 1990, and that such resolution shall take effect upon approval by such qualified electors at said General Election. BY ORDER OF THE TOWN BOARD DATED: SEPTEMBER 25, 1990 JUDITH T. TERRY TOWN CLERK 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 28th day of September 190 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. Notice of proposition to be submitted at the General Election to be held on November 6, 1990 relative to a Bond and Capital Note Resoluton for $2,000,000 for the acquisition of interests or rights in real property for the preservation of open spaces and areas in the Town for public use and. enjoyment. Judith T. Terry Southold Town Clerk Sworn to before me this 28th ~ay of September1990 Notary Public No. 4822563, Suffolk TOWN OF SOUTHOLD~ NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE GENERAL ELECTION TO BE HELD ON NOVEMBER 6, 1990 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 25, 1990, the following Proposition will be submitted to the qualified electors of the Town at the General Election to be held within said Town, on November 6, 1990, between the hours of .6:00 o'clock A.M. (Prevailing Time). and 9:00 o'clock P.M. (Prevailing Time) at the polling places of each of the respective election districts of the Town of Southold, New York, to wit: PROPOSITION SHALL the resolution of the Town of Southold, New York, entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 25, 1990, authorizing the acquisition of interests or rights in real property for the preservation of open spaces and areas in said Town for public use and enjoyment, stating the estimated maximum cost thereof is $2,000,000, appropriating said amount therefor, authorizing the issuance of $100,000 capital notes to provide the required down payment, and authorizing the issuance of $1,900,000 serial bonds of said Town to finance the balance of 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, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open spaces and areas for public use and enjoyment; and that acquisition of interests or rights in real property located throughout the Town for purposes of preserving open spaces and areas 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 said Section 247 of the General Municipal Law; and that, accordingly, the Town desires to implement the real property acquisition and financing program set forth below. SECOND: AUTHORIZING said Town to acquire interests or rights in various parcels of real property within the Town for the preservation of open spaces and areas for public use and enjoyment as may be authorized, from time to time, by the Town Board of the Town after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, 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 said 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 $2,000,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $100,000 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,900,000 serial bonds of the Town to finance the balance of 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: AUTHORIZING the issuance of $100,000 capital notes to provide the required down payment and $1,900,000 serial bonds of the Town to finance the balance of said appropriation not provided by said capital notes pursuant to the Local Finance Law of the State of New York (the "Law"); FOURTH: DETERMINING and STATING that the period of probable usefulness of the class of objects or purposes for which said $1,900,000 serial bonds are to be issued is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said capital note proceeds and apply the same solely to said class of objects or purposes; and the proposed maturity of said $1,900,000 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said capital notes and bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said capital notes and 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 an~ duties as to the issuance of said capital notes and 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 and capital note resolution shall be submitted to the qualified electors of the Town at the General Election to be held on November 6, 1990, and that such resolution shall take effect upon approval by such qualified electors at said General Election. BY ORDER OF THE TOWN BOARD DATED: SEPTEMBER 25, 1990 JUDITH T. TERRY TOWN CLERK TOWN OF SOUTHOLD, NEW YORK NOTICE OF PROPOSITION TO BE SUBMiTrED AT THE GENTaRAL ELECTION TO BE HELD ON NOVEMBER 6, 1990 NOTICE IS HEREBY GIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Sc~thold, in the County of Suffolk, New York, on September 25, 1990, the foUowing Proposition will be submitted to the qualified Election to be held within said Town, on November 6, 1990, between the hours of 6.'00 o'clock A.M. (Prevailing 'Iime) and 9:00 o'ctock P.M. (Prevailing Time) at the polling places of each of the spective election districts of the Town of Southold. New York. to wit: PROPOSITION SHALL the resolution of thc Town of Southold. New York. enti- fled: "Bond and Capital Note Reso- lution of the Town of Southold. New York. adopted September 25. 1990. authorizing the acquisition of interests or r~ghts in rem property for the preservation of open *paces and areas in said Town for public use and enjoyment, stating the esti- mated maximum cost thereof is $2.000.000. appropriating said mount therefor, authorizing the is- suance of $100.000 capital notes to provide the required down pay- me~t. and authorizing the issuance of $1.900.000 serial bonds of said Town to finance the balance of said appropriation." BE APPROVED? an abstract of such resolution con- ¢isely stating the purpose and effect thereof, is as follows: FIRST: RECITING that Section 247 of the General Municipal Law. co~timting Oaapter 24 of tbe Con- solidated Laws of the Sate of New York. authorizes the Town of Southold. Suffolk County. New York. authorizes the Town of Southold. Suffolk County. New York. to acquir~ interests or rights th m~i prope~y for the p~eservatinns of open spaces and ~'eas for gublic use and enjoyment; and that acquisition of inter,sis or fights in real property located throughout the Town for purposes of preserving open spaces and ams and conserving the charac- ter of local communities is found. determined and deemed to be neces- sary and in the public interest and a proper public purpose of the Town in accordsnca with the findings and determinations of the State Legisla- tta~ as sm forth in sai.d Section 247 of the General Municipal Law; and that. accordingly, the Town desires to implement the reaI property acquisition and financing program set forth belov. L SECOND: AUTHORIZING said To~-n to acquire interests or rights Ln various parcels of real property within the Town for the pmsetwatim of ppen spaces ~nd a~s for public York; (the "Law"); FIFTH: DETERMINING that said capital notes and bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said capital notes and BOARD TOWN CLERK of Mattituck, in n, says that he/she is Principal 4ES, a Weekly Newspaper, ~ Town of Southold, County of k, and that the Notice of which has been regularly published in :h week for I wee.ks on the 4 day of Principal Clerk TOWN QF SOUTHOLD NEW YORK NOTICE OF PROPOSITION TO BE SUBMI ri I~ AT THE GENERAL ELI/CleON TO BE HELD ON NOVEMBER 6, 19~0, NOTICE IS HI/RI/BY OIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Suuthold. in the County of Suf- folk, New 3/brk, on September 25, 1990, the t.JIlowi~ Proposi- tion will be submitted to the qualified electors of the Town at the General Election to be held within said Town, on No~nber 6, 1990, between the hours of 6:00 o'clock A.M. (Pz. evailing Time) and 9:00 o'clock P.M. (Prevailing Time) at the polling places of each of the respective election districts of the ~ of Suuthnid, New York, to wit: PROPOSITION SHALL the resuin~/o~/..of the Town of Suuthold, New York, entitled: "Bond and Capital Note Resolution Of the Town of Southold, New York, adopted the acquisition of interests or fights in real property for the preservation of open spaces and arens in seid Town for public nse and enjoyment, statiq the estimated maximum cost thereof is $2,000,000, ap- propriating said amount therefor, authorizin~ the is- soance of $100,000 capital notes to provide the required down payment, and anthori=Jn~ the is- suance of $1,900.000 serial bonds of said Town to f'mance the balance of said aDpmpria- tion;' BE APPROVI~D?" an abstract of such ~olution concisely statin~ the purpose and effect thereof, is as follows: FIRSt. RECITINO that Sec- tion 247 of the General. Municipal Law. consitUting Chapter 24 of the Consolidated Laws of the State of New York, authorizes the To)vii of Southold, Suffolk County~ New York, to ac. quire,/aterests or rights in real property 'for the preservation of open spaces and areas for public use and en~oy- meat; and that acquisition of in- terests or rights in real property located thronghou~ th~lb~n for purposes of ~olxn the character "'Of I~ Em- inanities is found, determined and deemed to be naceseary and in the public interest and a pm- per public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in said Section 247 of the General Municipal Law; and that, accor- dingiy, the Town desir~ to im- plement the real property ac- qnisition and f'mandng program set forth below. SECOND: AUTHORIZING said Town to acquire inter, ts or rights in various parcels of real property within the Town for the preservation of open spaces and areas for public use and enjoy- ment aa may be authorized, from time to time, by the Town Board of the Town after due notice and a public heal~n~ pur- suant to said Section 247 of the General Municipal Law, in- eluding incidental costs in rela- tion thereto, such acquisition be- , lng hereby found and datesmin- ed 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 said Section 247; STATING the estimated maximum c~t of seid class of objects or purposes, in- cluding preliminary costs and costs incidental thereto and the APPROPRIATING said amount the~fore; StaliN0 the plan of finandn~ includse the i~ suance of $100,000 capital notes to provide the down i~qnmt re- funds will be pre ed from tht proceeds of capital notes; nad DIRECTING the Supervisor to set aside said capital note pro- ceeds and apply the same solely to said class of objects or pur- poses; and the proposed maturi- ty of said, $1,900,000 serial bonds will cxcead five (/;) years; FIFTH: DETERMININO that said capital notes and bon~ and any bond anticipa- tion notes issued in anticipation of said bonds and the renewals of said capital notes and bond anticipation notes shall be general obligations of the Town and Pledging to their payment the faith and aedit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties ns to the issuance of said capital notes and bonds and any bond anticipation notes is~uad in anfidpation of said bonds, or the renewals thereof; and SEVENTH: DETERMIN- COtJNTY OF SUFFOLK fi'l A'I'[! ('~[: NEW YORK Patricia Wood,' being duly sworn, says that she is the Editor, o[ THE LONG ISLAND TRAVELER-WATCHMAN, a public newspaper printed at Southold, in Suffolk County; and that the notice of wi~ich the annexed is a printed copy, ll,l', hc'(.ll published hi ',;fid I_ong I,;Innd 'r'l,tvch.~.\,V;~lchnl,u] ..... ...... // %v,u'J~ h)her(we mc chis ....... '~'. ............. Cia ~.1 0 f ING that a proposition for the approval or disapproval such ~ bond nnd capital note resolution .......... -- I 9 ~ ~ shall be submitted to the qualirted electors of the Town at the General Election to be held on November 6, 1990, and that such resolution shall take effect .~'~ ~ ~..~ upon approval by such qualified ................. . ..... electors at said General Election. BY ORDER OF THE TOWN BOARD DATED: SEPTEMBER 25, 1990 JUDITH T. TERRY TOWN CLERK 1X-10/4/~'h Nolary Public BARBARA A. SCHNEIDER NOTAflY PUI)LI(~, Stato of New Yolk No. 4/106846 Qualified in Suffolk C~u. nly/ Coml.issit,. 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