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HomeMy WebLinkAboutFuel SystemsNo, 1 UNITED STATES OF AMERICA 000 STATE OF NEW YORK COLrNT~ OF TOWN OF $OUTHOLD BOND ANTICIPATION NOTE FOR POEL DISTRIBUTION SYSTEM-1990 The Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York, hereby acknowledges Itself indehted and for value received prondsea to pay to the bea~r of this Note, ce if it be reg/stered, to the registered holder, the sum of ---Fifty Thousand ......................................... Dolhrs ($ 50,000 .......... ) on the 10th day of Septent~r , 19 91, together with interest thereon from the date hereof at the rate of ---SiX and eight hDndredths ................... per centum ( 6.08 %) per annum, payable at maturity. Eoth principal of and interest an this Note will ho paid in lawful money of the United Steles of America, at NORSTAR BANK, N.A., Southold, New York. At the request of the holder, the Town Clerk shall canvert this Note into a registered Note by registering it in the name of the holder in the books of the Town kept in the office of such Town Clerk and endorsing a certificate of suck registration hereon, after whick both princ/,pal of and interest on Ibis Note shall he payable only to the registered holder, his legal representatives, successors or tra~szerces, This Note shall then be transferable only upon presentation to such Town Clerk wlth a written transfer of title and such Town Clerk shall thereupon register this Note in the name of the transferee in bis books and shall endorse a certificate of such registration hereon. Suck transfer shall he dated, and signed by the registered holder, or his legal representatives, and it shall be duly acknowledged or proved, or in the. nile.rna.tire, the si~nat, ure thereto shall be certified aa to its genuineness by an officer of a bank or trust company located aua autoor~zea to do ousiness in this State. This Note is the only Note of an authorized issue, the principal amount of which is $50,000. Thh N~e is i~ued pursuantto the p~visio~ of the Lceal Finance Law, canstlteting Chapter88-~ ofthe Consolidated LawsoftheStateof NewYor~ the bond resolution adopted by the Town Boanzd on June 19, 1990, authorizing the issuance of $50,000 serial bonds for tb~ partial of the fuel distribution system at various Town buildings, and the Certificate of Determination executed by the Supervisor on September 10, 1990. This Note has been designated by t~ Town as a qualified tax-exempt obligation pursuant to the provisions of Section 265 of th~ Internal Revenue Code of 1986, as amended. The faith and credit of suck Town of Southold are hereby irrevocably pledlged fo.r. the punctual payment of the principal of and interest on this Note according to its terms. It is hereny certified and recited that all conditions, acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedeat to and in the issuance of this Note, exist, have happened and have been performed, and that ~ Note, together with all other indebtedness of such Town of Southold ts within every debt and other limit pre~rihed by the Constitation and laws of such State. IN WITNESS WHEREOF, Town of Southold has caused this Note to be signed by its Town Clerk Supervisor ,andi~ corpo~seal~ ho homun~affixedandat~atedbyi~ andtins Note tu he dated~ oftbe 10th d~of September, TOWN OF SOUTH OLD 19 90. EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York June 19, 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 June 19, 1990 at 7:30 o'clock P.M. (Prevailing Time). There were present: Hon. Scott L. Harris, Supervisor; and Councilpersons: Raymond W. Edwards, Town Justice George L. Penny IV, Councilman Ruth D. Oliva, Councilwoman Ellen M. Latson, Councilwoman Thomas H. Wickham, Councilman There were absent: None. Also present: Councilman Penny and moved its adoption: Judith T. Terry, Town Clerk offered the following resolution BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JUNE 19, 1990, AUTHORIZING THE PARTIAL RECONSTRUCTION OF THE FUEL DISTRIBUTION SYSTEM AT VARIOUS TOWN BUILDINGS, 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 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, New York (herein called "Town"), in the County of is hereby authorized to partially reconstruct the fuel distribution system at various Town buildings. 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) All of the existing Town buildings are 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 $50,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 13 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 prod ~ty 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 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 381.00 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 Greenport, New York, each having a general circulation in the Town and hereby designated the official newspapers of said Town for such publication. The adoption Supervisor Harris resulted as follows: AYES: Supervisor Harris, Justce Edwards, Councilman Penny, Councilwoman Oliva, Councilwoman katson, Councilman Wickham. NOES: None. of the foregoing resolution was seconded by and duly put to a vote on roll call, which 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 June 19, 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 seal of said Town of Southold this 19th day of June, 1990. (SEAL) Town Clerk JUDITH T. TERRY 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) 765-180i PLEASE PUBLISH THE ATTACHED NOTICE AND BOND RESOLUTION IN ITS ENTIRETY ON JUNE 28, 1990, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO JUDITH T. 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 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 AND BOND RESOLUTION IN ITS ENTIRETY ON JUNE 28, 1990. AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO JUDITH T. TERRY, TOWN CLERK, TOWN HALL, MAIN ROAD, SOUTHOLD, NE~ YORK 11971. Copies to the following: The Long Island Traveler-Watchman The Suffolk Times Town Clerk's Bulletin Board NOTICE The resolution published herewith has been adopted on the 19th day of June, 1990, 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 $OUTHOLD, 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 SOUTHOLD, NEW YORK, ADOPTED JUNE 19, 1990, AUTHORIZING THE PARTIAL RECONSTRUCTION OF THE FUEL DISTRIBUTION SYSTEM AT VARIOUS TOWN BUILDINGS, 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 less than two-thirds of all the members of said Town Board) FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to partially reconstruct the fuel distribution system at various Town buildings. 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. SOUTHOLD, IN THE COUNTY OF the favorable vote of not AS 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) All of the existing Town buildings are 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 $50,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 13 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 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 pf the publication of such resolution are not subsL ntial!y 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 Greenport, New York, each having a general circulation in the Town and hereby designated the official newspapers of said Town for such publication. AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK COUNTY OF SUFFOLK :ss: Judith T. Terry, being duly sworn upon his/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 tenth day of September, 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 tenth day of September, 1990. Notary i~ublic, State--6~ New York ELIZABETH ANN NEV1L~E 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. ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Scott L. Marris, Supervisor of the Town of Southold (the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY and reasonably expect with respect to the issuance of the $50,000 Bond Anticipation Note for Fuel Distribution System-1990 (the "Note") of the Town, dated September 10, 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 bf 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 purpose described (the "Project") in the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted June 19, 1990, authorizing the partial reconstruction of the fuel distribution system at various Town buildings, 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," adopted by the Town Board of the Town on the date therein referred to. 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 Project, and the amount of such commitment(s) with respect to the Project exceed the lesser of an amount equal to 2-1/2% of $50,000, being the aggregate amount of obligations currently issued for the Project. 4. The Project has been completed, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Note will be expen~ed within three years from the date of this Certificate. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project will proceed or is proceeding with due diligence to completion. 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 the Code; (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 grants) 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 Prigate 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, (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 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 165 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 issuanc~ 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 tenth day of / Supefvi~sor CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $50,000 BOND ANTICIPATION NOTE FOR FUEL DISTRIBUTION SYSTEM-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 Toqn, by the Town Board of the Town, pursuant to the resolution duly adopted and as referred to in ~aragraph 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 $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 June 19, 1990, authorizing the partial reconstruction of the fuel distribution system at various Town buildings, 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. The terms, form and details of said Note shall be as follows: Amount and Title: $50,000 Bond Anticipation Note for Fuel Distribution System-1990 Dated: September 10, 1990 Matures: September 10, 1991 Number and Denomination: Number 1, at $50,000 Interest Rate per annum: 6.08% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. 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 $50,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $50,000. 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 as follows: to Norstar Bank, N.A., Southold, New York, for the purchase price of $50,000, 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 six and eight hundredths per centum (6.08%) 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 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 tenth day of September, 1990./~C~~ ~ ' - SupeFvisor ' 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 tenth day of September, 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 tenth day of September, 1990. // Town Clerk ~ 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 September 10, 1990, we officially signed and properly executed by manual signatures a $50,000 Bond Anticipation Note for Fuel Distribution System-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 September 10, 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 ............................... $50,000 Interest on said Note accrued to the date of such delivery ............. -0- Amount Received ..................... $50,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this tenth day of September, 1990. Term of Office Expires Title December 31, 1991 Supervisor  ecember 31, 1993 Town Clerk RTIF¥ that the signatures of the officers of d Town, which appear above, are true and genuine and tha~/~ kn_o_w said officers and their know them to hold respec/f]K~/offices set opposite signatures. H9 7! /~///(~ignature)~~ (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 IN WITNESS WHEREOF, I tenth day of September, 1990. rescinded. have.not~mY hand thi~.~ ! / J Attorney / SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $50,000 Bond Anticipation Note Fuel Distribution System-1990 September 10, 1990 September 10, 1991 Number 1, at $50,000 6.08% for COUNTY OF SUFFOLK STATE 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 that the notice of which the annexed is a printed copy, has been published in said Long Island Traveler-Watchman Ol~Ce each week roi'.. / weeks successively, commencing on tile ........ 19. S',v(n'n to before me this .......... ~.~ ....... clay' or Notary Public P~RBAE"~ A. ;.'NNEIDER N(;IARY ,"'b$1 ;4, Stale ol New Y~k ha 4~06846 Quahfled ,~ $~o~k Couo~ / NOTICE The resolution published . herewith has been adopted on the 19th day of June, 1990, and the validity of the obligations authorized by such resolution may be hereafter contested on- ly 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 been complied with as of the date of publication of this Notice were not substantiai- 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 authoriz- ed in violation of the provisions of the constitution. JUDITH T. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JUNE 19, 1990, AUTHORIZ- ING THE PARTIAL RECONSTRUCTION OF THE FUEL DISTRIBUTION SYSTEM AT VARIOUS TOWN BUILDINGS, STATING THE ESTIMATED· MAXIMUM COST THEREOF IS $50,000, APPROPRIATINO SAID AMOUNT THERFOR, AND AUTHORIZING THE IS- SUANCE OF $$0,000 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 all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suf- folk, New York (herein called "Town"), is hereby authorized to partially reconstruct the fuel distribution system at various Town buildings. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs in- cidental thereto and the financ- ing the~of, 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 appmpriarion, 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 princ/pal amount of $50,000, are herebyauthorized to be issued pursuant to the pro- visions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein call- ed "Law") to finance said appropriation. Section 3. The following ad- ditional matters are hereby · determined and decinred: (a) All of the.existing-Town buildings am of at least Class "C" construction as def'med by Section IL00 a. ll(c) of the Law, and the period of probable usefulness of said specific object or purpose for which said $50,000 serial bonds authorized pursuant to this resolution am to he issued, within the limitations of Section IL00 a.13 of the Law, is five (5) years. (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 author/zed 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. Eech of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall conU~in 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 he general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real pro- perry within the Town without limitation or 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 pwvision shall he made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any no,t~ in antidpation thereof to mature in such year and (h) the payment of interest to be due and payable in such year. Section 5. Subject to the pro- visions 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 anticipa- 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 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 resolu- tion and of any notes issued in · anticipation of the sale of said bonds, may be con~sted only if: (a) such obligations are authorized for an object or pur- pose 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 substan- tinlly complied with, and an action, suit or pro- ceeding contesting such validi- ty, 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 ?. This bond resolu- tion shall take effect immediate~ ly, and the Town Clesk is hereby authorized and directed to publish the fore~)in~ ~$olution, in full, together with a Notice attached in substantially the form prescribed by §81.00 of the Law in "THE LONG ISLAND T RAV E L E R-WA'[CI-LM A N; ' a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES:' a newspaper published in Green- port, New York, each having a general .circulation in the Town and hereby designated the of- ficiai newspapers of said Town for such publication. IX-6/28/90(50) obii~lio~ aud~iznd by such ~o- lutlen may ~ ho~r BOND ~ON OF SY~ AT V~ BUI~GS, STA~NG THE - ES~A~D MAXIMUM COST ~EOF IS $50,~, APPRO~A~G SA~ ~NT ~ERE~R, AUTHOR~G THE ~hds of ~11 the mmnben d ~ll Bc~l) AS I~LLOW5: · ~o called To~"), is ~ ~kmtized to p~ielly the fuel dist~lmti~n tystem ,la vm,~. ms Town buildines. 'I~ ~ maximum cost of said ~ ns~ ~e~u nnd corn inclden~l~htos~ to and ~e financing ~, in S~,~ ~ ~d ~ k ~ a~ ~cmf~. ~ ~ ~ F~n~ng ~ ~ is~ ~ S~ti~ 2, S~al b~ds of ~e T~ ~ ~e ~I smoot of ~ws of the S~ of New Yo~ (~) All o~ Ih~ ~xis~n~ Town ll.~ ~ 11 (~) ~ ~ ~w, ~ ~ BONDS OF 5AI~ TOWN TO pun~ to thie moind~ ~ to be THE TOWN ~OARD OF THE S~e L~Is, page A~6 STATE OF NEW YORK) )SS: COUNTY OF SUFFOLK) Yvonne Lieblein of Mattituek, in said County, being duly sworn, says that he/she is Principal Clerk of THE SUFFOLK TIMES, a Weekly Newspaper, published 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 printed copy, has been regulagy published in mato~ in sud~ year and (b) the Fey. ment of interest to be due and sinm ~ ~is r~solntion and of the Law and pursunnt to die p~ovisims ~ of the issuance of bo~d anti~ilmtinn notes and of Section the Law. the powers and duties of scribing the ~rms, form and con- terns and as to the sak md issuance of the bonds herein authorized md of any bond anticipation notes ;..-.~ in anticipatie~ of s~d bo~ds, the S~.l~4sor, ~he chief fiscal offi- cer of the Town. Section 6. The validity of the bends authorized by ~ t~ointion ~nd of my notes issued in antkiFa- tle~ of ~e sale af said bonds, may (a) such obligations are autho- rized f~ an objea or pml~ose for whid~ ~e Town is nm thorized to ~pend me~ey, or Co) the provisions of law which should be e~mplied wi~h at the ~olution ate not ndmantie]ly and an action, suit or proceeding contesting such validity, is com-