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HomeMy WebLinkAboutPolice Headquarters AlterationsUNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TO?/N OF SOUTHOLD 60,000 BOND ANTICIPATION NOTE FOR.RECONSTRUCTION OF POLICE HEADQUARTERS-1990 The Term of Southold, in the County of Suffolk, a municipal corporation of tile State of New York, hereby acknowledges itself Indebted and for value received promises to pay to the bearer of this Note, or If it be registered, to the registered holder, the sum of ---Sixty Thousand ......................................... Dollars ($ 60,000 .......... ) on the 14th day of March , 19 92, together with interest thereon from the date hereof at the rate of ---five and eighty-nine hundredths ........... per centum ( 5.89 %) per annum, payable at maturity. Both pr/nc/pal of and Interest on this Note w~l be paid In lawful money of the United States of America, at NORSTAR }3ANK, N.A.. Southold, New York. At the request of the holder, the TOVCI C 1 erk shall convert this Not~ into a ~eglstered Note by registering it In the name of the holder in the books of the Town kept In the office of such To~m Clerk and endorsing a certificate of such registration hereon, after which both ei~all of and Interest on this Note shall be payable only to the registered holder, his legal representatives, successors or sferera. This Note shall then be transferable only upon presentation to such Town Clerk with s written transfer of title a~t such TO,VD Clerk shall thereupon legister this Note in the name of the transferee In his books and shall endorse a certificate of such registration hereon. Such transfer ~ be dated, and signed by the registered holder, or his legal representati?es, and it shall be duly acknowledged or pro,ed, or In the alternative the signature thereto shall be certified as to its genuineness by an officer of a bank or trust company locoted aud authorized to do business in this State. This Note is the only Note of an authorized issue, the principal amount of which is $60,000. Thh Nde ~issuedpursu~tto theprov~ionsoftbeLoenlFInanceLaw, ~nsfituSngCh~terBa-aoftbe Conmlidate~ Lawsof the State of NewYor~ the bond resolution adopted by the To~m Board on December 27, 1989, authorizing the issuance of $60,000 serial bonds for the partial reconstruction and alteration of the Police Headquarters Building, within said To~m, and the Certificate of Determination executed by the Supervisor on March 14, 1990. This Note has been designated by the Toxm as a qualified tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amended. : The faith and credit of such To~m of Southeld are hereby li-revocably pledged for the punctual payment of the princlpni of and Interest on ~ Note according to its terms. It is hereby certified and recited that all eonditian~, acts and things required by the Constitut/on and statutes of the State of New York to exist, to have happened and to have been performed precedent to and In the issuance of this Note, exist, have happened and have been performed, and that this Note, together with all other indebtedness of such To?~q of Southold is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, Town of Southold has caused this Note to be signed by its To~m Clerk Supervisor . and its corporat~ seal ~o be imreun~o affixed and attested by its and this Note t~ be dated as of the 14 th dayof March, TOV/N OF SOUTHOLD ,/2 / S up~ rvi~s or 19 90. Meeting of in A regular Southold, in the County of Town Mall, 53095 Main Road, 1989 at 3:00 o'clock .M. EXTRACT OF MINUTES the Town Board of the Town of Southold, the County of Suffolk, New York December 27, 1989 meeting of the Town Board of the Town of Suffolk, New York, was held at the Southold, New York, on December 27, (Prevailing Time). There were present: Hon. Francis J. Murphy, Supervisor; Councilpersons: Raymond W. Edwards, Town Justice Jean W. Cochran, Councilwoman George L. Penny IV, Councilman Ruth D. Oliva, Councilwoman Ellen M. Larsen, Councilwoman and There were absent: None. Also present: and moved Supervisor Murphy its adoption: Judith T. Terry, Town Clerk Matthew G. Kiernan, Assistant Town Attorney offered the following resolution BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED DECEMBER 27, 1989, AUTHORIZING THE PARTIAL RECONSTRUCTION AND ALTERATION OF THE POLICE HEADQUARTERS BUILDING, WITHIN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $60,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $60,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable less than two-thirds of all the members of said Town FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to partially reconstruct and alter the police headquarters building, within said Town, including original furnishings, equipment, machinery and apparatus required for the purposes for which such building, as so reconstructed and altered, is to be used. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $60,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $60,000 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 IN THE COUNTY OF vote of not Board) AS 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 $60,000, 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 existing police headquarters building is of at least Class "C" construction as defined by Section 11.00 a. 11 (c) of the Law, and the period ,Df probable usefulness of said specific object or purpose for which said $60,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 12(a)(3) of the Law, is ten (10) years; however, the proposed maturity of the serial bonds authorized pursuant to this resolution or any bond anticipation notes issued in anticipation thereof shall not exceed five (5) years from the original date of (b) Current funds are provided as a down payment prior authorized by this resolution or issuance of such obligations. not required by the Law to be to the issuance of the bonds any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 d. 4 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 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) (b) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. 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. 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 Murphy, Justice Edwards, Councilwoman Cochran, Councilman Penny, Councilwoman Oliva, Councilwoman Larsen. 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 December 27, 1989, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 27th day of December, 1989. (SEAL) Town Clerk JUDITH T. TERRY fOWN CLERK REGISTRAR OE VITAL STATISTICS Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 FAX t516) 765-1823 tELEPHONE ($16~ 765-1801 OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD PLEASE PUBLISH THE ATTACHED NOTICE AND BOND RESOLUTION IN iTS ENTIRETY ON JANUARY 4, 1990, AND FORWARD TWO (2) AFFIDAVITS OF PUBLICATION TO JUDITH T. TERRY, TOWN CLERK, TOWN HALL, MAIN ROAD, SOUTHOLD, NEW YORK 11971. Copies to the following: The Suffolk Times The Long Island Traveler-Watchman Town Board Members Town Clerk's Bulletin Board Police Chief Winters NOTICE The resolution published herewith has been adopted on the 27th day of December, 1989, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the TOWN OF SOUTMOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTMOLD, NEW YORK, ADOPTED DECEMBER 27, 1989, AUTHORIZING THE PARTIAL RECONSTRUCTION AND ALTERATION OF THE POLICE HEADQUARTERS BUILDING, WITHIN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $60,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $60,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Town Board) AS FOLLOWS: Suffolk, Section 1. The Town of Southold, in the County of New York (herein called "Town"), is hereby authorized to partially reconstruct and alter the police headquarters building, within said Town, inc~.uding original furnishings, equipment, machinery and apparatus required for the purposes for which such building, as so reconstructed and altered, is to be used. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $60,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $60,000 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 $60,000, 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 existing police headquarters building is of at least Class "C" construction as defined by Section 11.00 a. 11 (c) of the Law, and the period of probable usefulness of said specific object or purpose for which said $60,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 12(a)(3) of the Law, is ten (10) years; however, the proposed maturity of the serial bonds authorized pursuant to this resolution or any bond anticipation notes issued in anticipation thereof shall not exceed five (5) years from the original date of issuance of such obligations. (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. 4 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 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 commenced within twenty days 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 action, suit or proceeding contesting such validity, is after the date of such publication, newspaper circulation in the Town newspapers of said Town published in Mattituc~, New York, each having a general and hereby designated the official for such publication. activity Code; (ii) the Note does not constitute a "private bond" as that term is defined in Section 141 of the (iii) ninety-five percent or more of the net proceeds of the sale of the Note are to be used for local governmental activities 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 Project do not exceed the total cost of the Project. 7. The Project 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 Project 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. It will not (except to the extent that any of the projects financed involve ~rants) be sold or otherwise disposed of, in whole or part, prior to the maturity date of the Note. in 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 underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Town, in respect of property or borrowed money used or to be used for a Private Use. 14. No more than 5% of the proceeds of the Note will be used to finance property used by a nongovernmental person in a Private Use which is unrelated to the governmental use of the property being financed. 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 Project 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, (1) 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 reasonably expected legal and underwriting costs associated with issuance will be paid within 180 days of the date hereof. For purposes of this paragraph the term loan does not include any use of proceeds by an agency of the Town unless such agency is a political subdivision or an instrumentality of the Town. 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 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 an "arbitrage bond" 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 resolution of the Town Board of said Town hereinabove cited 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 Tow~l~of Southol~,/ this fourteenth daf bf March, 1,g90. /gupervis~k- AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK COUNTY OF SUFFOLK :ss: Judith T. Terry, being duly sworn upon her oath deposes and says: (1) I am the duly appointed, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, New York (herein and in Schedule A annexed hereto called "Town"); (2) That with respect to the contract of sale of the Note of the Town described in the Certificate of Determination executed by the Supervisor on the fourteenth day of March, 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; such in said contract unless otherwise hereto and by this reference made (3) That upon information and belief, as a result of inquiry, no such officer or employee has any such interest noted in Schedule A annexed a part hereof. ~ Town Clerk ~ Subscribed and sworn to before me this fourteenth day ofAMarch, 1990. Nota,3~ Public, State~f New York T~N~.ry Public, S~ ~ N~ ~ ~2~12~, S~ ~ ~m ~r~ ~ 3% 1~ ~ 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. CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $60,000 BOND ANTICIPATION NOTE FOR RECONSTRUCTION OF POLICE HEADQUARTERS-1990 OF THE TOWN OF $OUTHOLD, 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 resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A bond anticipation note (the "Note") of the Town in the principal amount of $60,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted December 27, 1989, authorizing the partial reconstruction and alteration of the Police Headquarters Building, within said Town, stating the estimated maximum cost thereof is $60,000, appropriating said amount therefor, and authorizing the issuance of $60,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board on the date therein referred to. 2. The terms, form and details of said Note shall be as follows: Amount and Title: $60,000 Bond Anticipation Note for Reconstruction of Police Headquarters-1990 Dated: March 14, 1990 Matures: March 14, 1991 Number and Denomination: Number 1, at $60,000 Interest Rate per annum: 5.89% Form of Note: Substantially in accordance with prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. form 3. Said Note is not issued in renewal of any note or notes. 4. The amount of bond anticipation notes originally issued in anticipation of the issuance of serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof, including the Note, is $60,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note, will be $60,000. 5. The serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is non-assessable. 6. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to Norstar Bank, N.A., Southold, New York, for the purchase price of $60,000, 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 Norstar Bank, N.A., Southold, New York, and shall bear interest at the rate of five and eighty-nine hundredths per centum (5.89%) per annum, payable at maturity. 7. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town (or a facsimile thereof) shall be affixed, imprinted, engraved or otherwise reproduced thereon and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS Wq~EREOF, I hgve hereunto//et my hagd this fourteenth day of March, 1990. '' 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 fourteenth day of March, 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 resolution cited in said Certificate has been adopted by said Town Board. (SEAL) IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this fourteenth day of March, 1990. ~Town Clerk f 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 March 14, 1990, we officially signed and properly executed by manual signatures a $60,000 Bond Anticipation Note for Reconstruction of Police Headquarters-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 ~mpressed 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 March 14, 1990, I delivered said Note to Norstar Bank, N.A., Southold, New York, the purchaser thereof, and that at the time of such delivery of said Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: Price ......... $60,000 date of such delivery ............. -O- Amount Received ..................... $60,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this fourteenth day of March, 1990. Term of Office Title .1991 Supervisor .1993 Town Clerk ~ I HEREBY CERTIFY that the signatures of the officers of th_~ov~named Town, which appear above, are true and genuine and th~jq/~ know said ~fficers and know them to hold the ~espec~v~ffices se s set opposite their (~itle) signatures. (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 W~EREOF, I have hereunto set my hand this fourteenth day of March, 1990. SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $60,000 Bond Anticipation Note for Reconstruction of Police Headquarters-1990 March 14, 1990 March 14, 1991 Number 1, at $60,000 5.89% 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 29th day of December 1989 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 Bond Resolution of lhe Town of Southold, adopted December 27, 1989, authorizing the partial reconstruction and alteration of the Police Headquarters Building - $60,000. udith T. Terry Southold Town Clerk Sworn to before me this 29th day of December 1989 - / Pub,,i ELIZABETH ANN NEVILLE NN~o,tary Public, State of New York o, 52-8125850, Suffolk Coupw Term Expire~ October 31, 19 ,~A AND ALTI~ATION OF THE. POLICE H E~.~=TERS BUILD'tO, ~/ITHIN'.~AID TOWN, ST~TINtF" THE ESTIMATED MAX~tUM CO~ THEREOF IS $60,000, AP- FROPRXATING SAID ~MOUNT THEREFOR, AND AUTHOR- XZ~NO THE XSSUANCE OF $60.000 SERIAL BONDS OF SA~ TOWN TO FRqAN4~ SAID THE TOWN BOARD OF 3~IE COUNTY OF SUFFOLK, NEW YORI~ H~REBY RESOLV]~ (by the favorable vo~ of mi less of said Town Board) AS i~J. OWS: Section 1. Tha Town of Somhold. in the County of ix)flee headqueflerc buildins, ~ md q~mms ~fcired for int, as so ~ecomtructnd md ci- mszbnun a~t of said spucffi~ ob- ua~ costs md ~ incid~nml is $60,000 and said ammmt is hereby ,~,~atnd therefor. The susn~e of S60A00 mid beads of ~ mxrc on aH tim mnbl~ md mrcst ~ as tim mae shlJ 18B Jgldl~m pd~ds~bmb- ..ID.~W~gi~mlt ~. the prowl. ~MI~ of tl~ ,.~d~;.tLnU ~ ~ ~ d the Sine of ~ftuty of Suffo~, New YecA, is Ms mnhosised to e~q~nd meeey e~ I~ the i~ovisbu of hw which m d d~ date d inddtmi~ of IldlW b a~mmmd ~d,h tvtenty &lin after the Publin~lm of thh Mmke, or such d~pdoM wo~ ~ in vi~ati~n of drc p~o- vinbes of tbe ~o~b~dn. P.~ITH T. T~,RY Tewn (3cftc BOND ~NOFTHE ~OF ~OUTHOLD, NEW ADOPTED D~.b~JSR 27, 19~. AUTHOur2~qO TBS PARTIAL RECONSTRUCTION tional mauem are hereby deter- m~d and ds~nnd: (a) The exisfin8 police head- qu&,~g,, build, at is of at least by __e~__'ml 11.00 L 11 (c) of the u~dmm of nM sp~d'R; objm acrid beads aad~mtsod pusuam to this ms(th~ioe rm m be issued, ~thin die I~mbt~ts of Il.GO L 12(t)(3) of the Law, is tm (10) years; howo~, the lng- pend tomtit/of ~h. m~d bend~ J~on or any bond anticiputio~ notes issund in sa~pltion ~ shall not ~ed fbe (5) ~a~ h b o~ date.~ h- qulied by thc Law to be t~ovldnd as a down Puymem prior ~ ~ h acco~nce wi~ (c) ~ ~ m~ufity of t~ b~ds amhofi~d by y~. ~y b~nd nn~cipn~on ~ s~d ~ds sh~ ~t~ ~ of v~ Town, paynbl~ ~~T~t ~ a~ h~t ~ s~d ~ sad ny n~s iss~ h anfi~fi~ of ~e s~e of sam ~ds ~d h ~e ~et ~ ~ Town by appropriation for (a) the · e ~ds nd ~y notes in ~fi~pafi~ ~f s~ of ~b ~ ~ ~ au~ of the is~ of m ~.~ of ~ Mes and MWah of ~ ~ To~. ~)the pt~i~s of law w~ ~d ~ c~d publication of such md m ~, sua~e~ ~not - ~ng mca vbli~**.is cern- the date of such publication, or (c) such obliaatlms are autho- rlzed in vinint/en of the pro- visions of the constitution. Se~b2a 7. Thb bond shah take effec~ immediately, and the Town C%th is hereby amho- ~ and dlree~d to PubHth the foreaoins ~Joint~a, in f~ll, te- lstar with 8 Notic~ nt+.acAed in subon~lly d~ form prescribed by §8L00 of the Law in "THE LONG ISLAND TRAVBLER- WATCTIMAN,* a newJpupe~ Pub- licAod in S~, New Yoth, and in "THE SUFFOLK TIMES," n New Yos~, e~h bevin~ a ~enoral circulation in the Town sad bercby desianatnd the official of Mattituck, in ;ays that he/she is Principal ~, a Weekly Newspaper, own of Southold, County of ' tnd that tho Notice of which s been regularly published in week for 1 weeks ~ the 4th ._ day of Principal Clerk COUNTY OF SUFFOLK STATE OF I~EW.Y~)RK ss: 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 that the notice of which the annexed is a printed copy, has been published in said Lon§ Island Traveler-Watchman once each ~eek for ....................... Y~.. weeks successivel}, commencin~ on the ............. ......... da,~ o1'.....' .~,,~?~,t-.,v-,~ ..... 19 ?. ~.. Sworn to befole me this c// day of ........ !: J4'.'c?.~'-c-:'~ ...... 19 ½' The resolution p0bl.}shed herewith has been ad0~ted on the 27th day of December, 1989, and the validity o.f the obliga-. t tions authorized by such ?esolu- tion may b.e hereafter contested only if such 6bligatiOns Were authorized for an objea or pur- pose for which the TOWN OF souTHOLD, in the Courity of Suffolk, New York, is not anth- ?fized tO.expend morley otif the l~'ovisio~s of law which should haVe BL-efi compli~;f with a:s of · the date Of public'fition' of this Nbtice ~ere not sul~tanthlly complied ~vith, ah8 art action, suit or IJrocecding contesting such validity ii Commenced within twenty days after the publ!cation of thi,s Nod~,% or such obligations were authoriz- .gd in ¥iolation of the pwvisions of~ th~ c6nst~tutmn. JUDITH T. TERRY BOSD RESO~TION OF THE ~WN OF SOUTHOLD, .. ~ NEW YORK, ADORED DE- CBM~R 27, 1989, AUTH- ORIZING THE PARTIAL ALTERATION .OF THE ', PQ~ HEADQUARTERS i' B~DING, WITHIN SAID · ~ S~TiNG TRE ESTI- ' MAT~ ~XIMUM COST THER~F IS $~,~, AP-' PROBRIA~I~ SAID · AMOONT.THE~OR. AND · AUTHORIZING .THE IS- SUA~ OF.$~,~ SERIAL BONDS OF ~D ~WN ~ FINA~ SAID APPRO- .TH~ '~WN. BOARD OF ~E ~N O~ s~THOLD, IN THE COUNTY OF SUF- FOLK, ~W YO~, HE.BY RE~V~S ~. t~ favo~ble vote of qot ~ ~jwo-thi~s o~ ~rs of~d ~wn ~ection. 1. Th~ ~wn of ~oM, in ~e County of Suf- f~k, N~ Y~k (~n ~lled to pe~a~ ~ns~ua and ai- ter. thg.ppfi~ h~d~uarters cl~ing original f~ishings, eq~pment, mac~nery and ap~ratus gqui~d f~ the pur- PO~s fo? which tach butting, as so ~const{u~ ~d.ai~ed, is to be used. The estimated m~imum cost of said s~eific object or pu~o~ including p~- ~in~ ~s ~d ~gs indden- tal the~tq and the financing the~f, is $~,~ ~d said amount is be~ ~riated therefpr. ~he p~ of financing inclu~ ~e ~su~ of $~,~ serial b~ds qf, ~e Town to the ~ and.~B~ion ~ t~es in t~ ~n ~ pay t~ pr~ipal of ~ bon~ a~ the ~te~st · er~n ~ ~e samc ~h~l be- com,.due and pey~M~ ~o~ ~ ~dfl ~n~ of the to~pur~t m ~e pm- v~s~:of t~ ~ Finance ~w, c~tituti~ ~hapt~ of ~e ~nsolidat~ ~ of the 8~ of.N~ Y~k ~¢~n call- tioual ~re~ am be~by derer- (a) The existing v ~ace head- quarters building is of. at h~ast Class "C" construction as de- fined by Section 1LOO.a, 11 (c) of the Law, and the perio~ of probable usefuhlei$ of said spe- cific object ,or purpose for which .said $60,000 serial bonds a ,~thodzed purs~lal}i to this re- solution are to be issued, within the--limifations of S~tion 11.00 a. ]2(a)(3) of the Law, is ten (10) years;, however, the proposed maturity of the serial bonds authorized pursuani to. this re~ sol~ttion .or any bond anticipa- tion noteajss/~ed in ar~ticipation thereof shall not exceed five (5) .~ars from ~he original date of ..'iisuance of such bbligations (b) Current funds are not re- quired by the Law to be provid- ed as a down payment prior to the issuance of the bonds auth- . orizad by tl~ resolution or any ..boq~d anticipation notes isgued ' tn anticipation therepf in ac- cot/lance ~yith Section 107.00 d. 4 of the La~'. (c) The proposed maturity of the bonds authorized by this re- solution will not e~ceed five (5) years. Section 4. Each of the bonds autl!b~'ized by this resolution a~l f~.l~ bond anticipation notes i~sue~ in'anticipation of th~ sa e of said bonds shall contain the recital of validity as prescribed bi) Section 52.00 of the LaSt and sald b~ds.~nd any not~:s issued in anti~pation of said bonds, sh~ll be general obligations of the Town, payable as~to bbth prindpal and interest by g~neral tax upon all the taxable r~l pro- perty within the Town without limitation of rate or amount. The faith and credit of the Town are hereby ir~vocably plsdged to the punctual PaYment of the principal of and interest on said bonds and any notes issued in anticipation, of the saie of said bonds and provision shall be made annually in th~, budget of the Town by appropriation for (a). the amortization and re- demption of the bonds and any notes in anticipation thereof to mar'ute in such year and (b) the payment of interest to be due and p~yable in such yea~. Section 5. Subject to the pro- vis~ons o1~ this resolution and of the'Law and pursuant to'the prdvisiqns of Section ~0.00 rela- . tiv_e t.o the ~uthori~atJon of the .. i~$t~aflce bf bond.anticipation · ' notes and of Section 50 O0 and ~'~t~ons 56.00 to ~0.00 of xbe Law, the powers and duties of the Tgwn Board relative to auth- orizing bond anti~ipafiofi hotes and prescribing the terms, form and contents ..,,d as tO the sale and issuance of the bonds here-. in authorized and of 'an~ Mind ' .anfictpntioli ..notes issued iff afiticipafion of said bo~ds,.a~fl . the rane~ah of. said bond an- ' ficiPatioll:m:}tes, are hereby de[e- · gated to t'be Supervisor, the chief fisgal o ,fficek of ~e Town. · Si~ction 6. The validity oPthe. 'bol/d/authofizeg by this resolu- tion.and of any notes'issued in :' antidRafl0n of the sale of said -.bond..may be ~ontested only fi: anthoriZed to e~pen~t finoney;or (b)' the pt~visions .of law which..sho~ld be complied~with at ~tbe ~luteof the pu&li~ation of su~h~6so'~ution are not substan- · tinily ~ompli~d with, and an a~tioe, suit or proceed- ing co~ntestingLSuch validily, }s commenced y&lfl~n ~wenty days a~ter the.'d~te of su~h~PUblic~- tin0,' or' · / ~ ~ ' (~:..such obligalions? are authorized in violation o~ 'the provisions.of the constitution. $ecl~n '/. This bond resolu- tio, n ~hall take effect from'e- din'rely, and the Town Cl~rk is hereby authorized and directed to pnblish the foregoing resolu- tio~ in full, together with a Notice attached in substantial- ly the form prescribed by §81.00 of the Law in "THE LONG ISLAND TRANrELER WATCHMAN," a neW~aper published in Southold~ .New paper .publish- · .. qew ~ork, each -~;.'.' ..~-.,:'~ c~rculalion m · '°~ 'eby dasig,ated ~:~3~. :pallets of said ~*. ~ul~ficntion. n~X, 1/4/90 (4)