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HomeMy WebLinkAboutStreet Sweeper/Front End PayldrHO. R-l_ UNITED STATES OF AMERICA STATE OF NEW YORK ~ 136,000 COUNTY OF SUFFOLK T(]~N OF SOUTHOLD JUN- ? The To~m of Southold, in the County of lk, a municipal corporation of the l l SUffoik County National Bank State of New York, hereby acknowledges Hself indeh~~d promises to pay to the beo~e~ of this Note, or if it be registered, to the registered holder, the sum of ---One Hundred Thirty-Six Thousand .................... --~--Dollars ($ 136,000 ......... on the 7 th day et June ,19 91, to~ether with interest thereon from the date hereof at the rate of ---six and twenty-£ive hundredths ............. per centum ( 6.25 %) per annum, payable at maturity. 1}o~h princlp~ of and interest on this N'ote will be p~id in lawful money of tbe Units~l States of America, at COUNTY NATIONAL BANK, Cutchogue, New York. At the request of the holder~ the Town C I erk shah convert this Note into a registered Note by registering it in the name of the holder in the books of the TO~T1 kept in the office of such Town Clerk a~d endorsing a cerSfieate of such registration hereon, after which beth principal of and interest on this Note shah be payable only to the registered holder, his legal representatives, successors or withe written transfer of title a~d such....C~l~ ~ I ~i shall thereupon register this Note in the nome of the transferee in his b([oi~md shall endorse a ccrt~q~of such registration hereon. Such transfer shall be dated, and signed by the registered hold~'~r his legal rel~resentativeJ.~it shell be duly acknowledged or proved or in the alternative tM signature thereto shell l~,.[~lrtifle~qd~lto-itlt g~n~n~aT~ an officer of a b~nk or trust compaay located and authorized to do business in this State. ~ ,a,-,,, -- This Notois the only N~Ol~P~tl~allr~nowal issue, the principal amount of which is $136,000. RIVERHEAU, This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of NewYorlr, tho bohd resolution adopted by the Town Board on February 2~, 193~. authorizing the issuance of $170,000 serial bonds for the purchase of a s~eeper and a payloader for use by the Town Highway Department, and tho Certificate of Determination executed by the Supervisor on June g, 1990. This Note has been designated by the To~m as a qualified tax-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amended. The faith dad credit of such Tram of Southold are hereby irrevocably pledged for the punctual payment of the principal of and interest on this Note according to its terms. It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to end in the issuance of this Note, exist, have happened and have been performed~ and that this Note~ together with all other indebtedness of such Town o£ Southotd is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, Tmm of Southold has caused this Note to be signed by it~ Town Cldrk its and44qis aNqte to be dated as of tbS, i~ t h day of June, ,4 / · Supervet' ~ - ~ ~ ' 19 90. C t e,rk UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOII~OF $OUTHOLD 170,000 BOND .~TICIPATION NOTE FOR S~'~EPER AND PAYLOADER-1989 of the The Town of Southold, in the County of Suffolk, a municipal corporation State of New York, hereby acknowledges itself indebted and for valne reeelved promises to pay to the boo. for of this Note, or if it be registered, to the registered holder, the sum of ............... One Hundred Seventy Thousand ............. "Dollars ($170,000 .......... ) on the 8th a~y of June , i990 , together with interest thereon from the date hereof at the rate of ........ six and sixty hundredths ............ per centum (6.60 %) per annum, payable at maturity. Both principal of and interest on this Note will be paid in lawful money of the United States of America, at Norstar Bank, N.A., Southold, New York At the request of the holder, the Tram Clerk shall convert this Note into a registered Note by registering it hi the name of the holder in the hooks of the Town kept in the office of such To~m Clerk and endorsing a certificate of such registration hereon, after which both principal of and interest on this N ~ otc shah be payable only to the registered holder, Ids legal representatives, successors or transferees. This Note shall then oe transferable only upon presentation to such Town Clerk with a written transfer of title mad such Town Clerk shall thereupon register this Note in the name of the transferee ia his hooks and shall endorse a certificate of such registration hereon. Such transfer shall be dated, and sig~aed by the registered holder, or his legal representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified aa to its genuineness y au officer of a bank or trust company located and authorized to do business In this State. ~ b This Note is the only Note of an authorized issue, the principal amount of which is ~Th~ !s~ ~oo~_e~i$ i?.u. ea l~.urs, uant to the p~vislons of ~e ~al Fhanee Law, constitutln Chin ter ~ a of th ~ uuuu resoiurzon adopted by the Town ~ard on February 28, 1989, authorizin2 the purchase of a sweeper and a payloader for use by the Tmm~k Hishway ~partment, and the Certificate of ~termina~ion executed by the Supervisor on' June 9, 1989. ~is Note has been designated by the To~m as a qualified t~-exempt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, ~~ as ~nded. ' ....... . Tbe faith and er~ of au~ TO~ Of Southold i~e~oeably pl~d for ~e pun~u~ pa~en[ of the p~eipal of and Mterest on ~ Note ~r~g te its terms,are hereby It is hereby certified and recited ~at ~ can~tion~ ~te ~d t~gs ~uir~ by the ~ns~on and statute Sta~ of Hew York ~ ~st, to have hanuened and *- ~--,~ ~ ..... ' ' s of the have ~ppened ~d h~e been perfo~ed, ~d ~at ~ Note, to~er ~th ail other ~debt~nes$ of such TO~I Of Southold is wi~in every debt ~d other l~it proscribed by ~e ~nati~tinn and laws of snch State. IN WITNESS WHEREOF, the To~m of Southold has caused this Note to be signed by its Town Clerk Supervisor · and iss corporate seal ~o be hereunto affixed and attested by its and this Note to be dated as of the 9 th June 1989. ATTEST To~m Clerk 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 eighth day of June, 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 eighth day of June, 1990. Notary Public, St~-e~of N~w York EUZABETH ANN NEVIllE Notary Public, State of New Yo~ No. 52-8125850, Suffolk Couzttv Term E~irM October 31, SCHEDULE A , 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 afficer 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. Harris, Supervisor of the Town of Southold (the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY and reasonably expect with respect to the issuance of the $136,000 Bond Anticipation Note for Sweeper and Payloader-1990 (the "Note") of the Town, dated June 8, 1990, as follows: 1. The Town will comply with all the procedures and provisions set forth below. The Town will perform all acts and things necessary and desirable to assure that interest paid on the Note, shall for the purposes of federal income taxation, be excludable from the gross income of the recipients thereof under Section 103 of the Internal Revenue Code of 1986 as amended (the "Code"). ' 2. The proceeds of sale of the Note will be used together with other funds of the Town in the amount of $34,000 to redeem a prior issue (the "Prior Issue") in the amount of $170,000 heretofore issued to provide funds for the purpose described (the "Project") in the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted February 28, 1989, authorizing the purchase of a sweeper and a payloader for use by the Town Highway Department, stating the estimated maximum cost thereof is $170,000, appropriating said amount therefor, and authorizing the issuance of $170,000 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 Project has been completed, and all proceeds of the Prior Issue, including investment earnings, have been expended on the Project, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Prior Issue will be expended within three years from the date of issuance of the original notes issued pursuant to the resolution hereinabove cited in paragraph 2 hereof in renewal of which the Note is being issued. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project is proceeding with due diligence to completion. 4. The Note constitutes a current refunding bond and pursuant to the provisions of Section 148 of the Code is not subject to the rebate requirement imposed by the Code because: (i) the Prior Issue qualified for, and was taken into account under the rebate exception when issued; (ii) the aggregate face amount of the Note does not exceed $5,000,000; (iii) the Prior Issue had a weighted average maturity of 3 years or less; and (iv) the maturity date of the Note, as measured from the original date of issuance of the notes issued pursuant to the resolution hereinabove cited in paragraph 2 hereof in renewal of which the Note is being issued, does not exceed 30 years. 5. 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. 6. 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. 7. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 8. The taxes used to pay principal and interest on the Note, whether or not deposited in a debt service fund, will be expended within 13 months of the date of deposit in such fund, or the date of their accumulation, in the payment of debt service on the Note. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt. The debt service fund, if any, will be used to achieve a proper matching of revenues and debt service and will be depleted at least annually except for a reasonable carryover amount not to exceed one years earnings on the fund or 1/12 of annual debt service. 9. Except for the debt service fund described herein the Town has not created or established, and does not expect to create or establish, any sinking fund or other similar fund which the Town reasonably expects to use to pay principal or interest on the Note. 10. No portion of the proceeds of the Note will be invested, directly or indirectly, in federally insured deposits or accounts other than investments of a debt service fund or investments for an initial temporary period. 1t. 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 in part, prior to the maturity date of the Note. 12. The aggregate amount of proceeds of the Note used directly or indirectly in a trade or business carried on by a natural person, or in any activity carried on by a person other than a natural person ("Private Use"), excluding use by a state or local government unit and use as a member of the general public, will not exceed 10% of such proceeds in the event that more than 10% of the principal or 10% of the interest due on the Note during the term thereof is, under the terms of the Note or any underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Town, in respect of property or borrowed money used or to be used for a Private Use. 13. No more than 5% of the proceeds of the Note will 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. 14. No more than 5% of the proceeds of the Note is allocable to any disproportionate related Private Use. For purposes of this Arbitrage and Use of Proceeds Certificate, Note proceeds are allocable to a disproportionate related Private Use to the extent that the proceeds of the Note which are to be used to finance property used by a nongovernmental person in a trade or business which is related to the governmental use of the property referred to in paragraph 12, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 15. For purposes of paragraphs 12, 13 and 14, a Private Use consists of any contract or other arrangement including, without limitation, leases, management contracts, guarantee contracts, take or pay contracts, or put or pay contracts, which provides for a use of the 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. 16. The amount of proceeds of the Note that will be used directly or indirectly to make loans to persons other than a governmental unit is not more in the aggregate than the lesser of $5,000,000 or 5% of such proceeds. 17. To the extent the amount of proceeds of the Note to be used to make loans to any borrowers (including loans referred to in paragraph 16 above and loans to state or local governmental units) exceeds $5,000,000, at least 95% of the net proceeds of the issue (as defined in Section 150 of the Code but ~ithout including proceeds used to finance costs of issuance or capitalized interest) that are to be used to make loans, will have been used within 3 years of the date hereof to make such loans. The payment of legal and underwriting costs is not contingent and at least 95% of the reasonably expected legal and underwriting costs associated with issuance will be paid within 180 days of the date hereof. For purposes of this paragraph the term loan does not include any use of proceeds by an agency of the Town unless such agency is a political subdivision or an instrumentality of the Town. 18. No more than 5% of the proceeds of the Note are to be used with respect to any output facility (other than a facility for the furnishing of water). No more than the lesser of $5,000,000 or 5% of the proceeds of the Note are to be used (directly or indirectly) for the acquisition of a nongovernmental output facility. 19. The Note tax-exempt obligation" of the Code. is hereby designated a "qualified pursuant to the provisions of Section 265 In making such designation it has been determined that: (i) the Note currently refunds the Prior Issue; (ii) the Prior Issue was designated as a "qualified tax-exempt obligation"; (iii) the aggregate face amount of the Note does not exceed $10,000,000; (iv) the Prior Issue had a weighted average maturity of 3 years or less; (v) the maturity date of the Note, as measured from the original date of issuance of the notes issued pursuant to the resolution hereinabove referred to in paragraph 2 hereof in renewal of which the Note is being issued, does not exceed 30 years; and (vi) not more than $10,000,000 of obligations issued by the Town during the calendar year in which the Prior Issue was issued, were designated by the Town as "qualified tax-exempt obligations". 20. The Town has not received notice that it has been listed by the Commissioner of Internal Revenue as an issuer that may not certify its obligations, nor has it been advised that the Commissioner is contemplating listing the Town as a governmental unit that may not certify its obligations. On the basis of the foregoing, it is not expected that the proceeds of sale of the Note will be used in a manner that would cause the Note to be 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 Town of Southold, this eighth day of June, 1990. ~ /SuperVisOr CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $136,000 BOND ANTICIPATION NOTE FOR SWEEPER AND PAYLOADER-1990 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Scott L. Harris, Supervisor of the Town of Southold, New York (herein called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the 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 $136,000 shall be issued in anticipation of the sale of the serial bonds authorized pursuant to the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted February 28, 1989, authorizing the purchase of a sweeper and a payloader for use by the Town Highway Department, stating the estimated maximum cost thereof is $170,000, appropriating said amount therefor, and authorizing the issuance of $170,000 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 Dated: and Title: $136,000 Bond Anticipation Sweeper and Payloader-1990 June 8, 1990 Note for Matures: June 7, 1991 Number and Denomination: Interest Rate per annum: Number R-i, 6.25% at $136,000 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 issued to renew, in part, a note or notes in the amount of $170,000 maturing on June 8, 1990, the redemption thereof having been provided to the extent of $34,000 from a source other than the proceeds of serial bonds. 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 $170,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $136,000. 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 Suffolk County National Bank, Cutchogue, New York, for the purchase price of $136,000, 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 Suffolk County National Bank, Cutchogue, New York, and shall bear interest at the rate of six and twenty-five hundredths per centum (6.25%) 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 WHEREOF, I have hereunto set my hand this eighth day of June, 1990. Sup - ' 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 eighth day of June, 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. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this eighth day of June, 1990. (SEAL) 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 June 8, 1990, we officially signed and properly executed by manual signatures a $136,000 Bond Anticipation Note for Sweeper and Payloader-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 June 8, 1990, I delivered said Note to Suffolk County National Bank, Cutchogue, New York, the purchaser thereof, and that at the time of such delivery of said Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: Price ....... . $136,000 date of such delivery ............. -0- Amount Received ..................... $136,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this eighth day of June, 1990. Signa~ture Term of Office Expires Title December 31, 1991 Supervisor December 31, 1993 Town Clerk I HEREBY CERTIFY that the signatures of the officers of the above-named Town, which appear above, are true and genuine and that I know said officers and know them to hold the respective offices set opposite their signatures. (SignatUre) ~ of CUTCHO~UE, N~',VYCR~{lI935 (Name of Bank) ATTORNEY'S CERTIFICATE I, Matthew G. Kiernan, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, Southold, New York, and am the duly chosen, qualified and acting Assistant Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of the Note of the Town, payable to bearer and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, eighth day of June, 1990. I have hereunto set my hand this \ ttorney SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $136,000 Bond Anticipation Note for Sweeper and Payloader-t990 June 8, 1990 June 7, 1991 Number R-i, at $136,000 6.25% PLEASE PUBLISH THE FOLLOWING "NOTICE" AND BOND RESOLUTION IN ITS ENTIRETY ON MARCH 9, 1989, 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 Suffolk Times The Long Island Traveler-Watchman Town Clerk's Bulletin Board Superintendent of Highways Jacobs NOTICE The resolution published herewith has been adopted on the 28th day of February, 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 SOUTHOLD, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied 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. T~erry Southold Town Clerk sO~T~0 19~9, ~T~O~G -TI~ATSD ~' ~AID $110,000, ~ _ ~ iSSg~C~ v __ S~Ig AIs~iA5 ~o~DS O~ S~ID ~ I~ T~E COg~T~ 05 of nOt favorable of said T°~n ,EONS, ~B~ ~0~' ~B~BB~ ~SO~S (b~ the leSS ~heu t~°-th[~d5 of ~ll the ~e~be~S ~0~S: The T°~u o~ Sootho~d' .~u the COUU~ js he~eb~ OL ~on 1. . ~ ,Town )' . .~ cOSt of S~t~ .' a s~eepe -oade~, a nt. The ~sce (~) _~ oa~~ __~a~t~e to purc~ ' ..~) s front e-~ = ~n ~fgh~a~ ~ ~oseS, -~ and ~l ~- the To . _~= O~ pU ~ _ eqO,OUu' ~ use P~ ,-'- Ob~ec~' coat Of ~ ._~m coat Of StS inclden flnanC~ /ted therefOr' 'l/ bonSS of the TOW approprla _170,000 serial d collection of _rovisionS issusnce o[ ~ ~n6 the levy an _ursuant to the ~ 1~Sated $PPr°prlatl°n' _.~ertY in the TOWn ~'-r 25 of the ConSO of the State of New York, 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 $170,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific objects or purposes for which said $170,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 28 of the Law, is fifteen (15) 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 notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. resolution said bonds, The validity of the bonds authorized by this and of any notes issued in anticipation of the sale of may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCMMAN,- 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. Meeting of in Southold, Town Hall, 1989 at EXTRACT OF MINUTES the Town Board of the Town of Southold, the County of Suffolk, New York February 28, 1989 A regular meeting of the Town Board of the Town of in the County of Suffolk, New York, was held at the 53095 Main Road, Southold, New York, on February 28, o'clock _.M. (Prevailing Time). There were present: Councilpersons: Honorable Francis J. Murphy, Supervisor; and Justice Raymond W. Edwards Councilwoman Jean W. Cochran Councilman George L. Penny IV Councilwoman Ruth D. Oliva Councilwoman Ellen M. Larsen There were absent: None Also present: Supervisor Murphy and moved its adoption: Judith T. Terry, Town Clerk James A. Shondebare, Town Attorney offered the following resolution BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED FEBRUARY 28, 1989, AUTHORIZING THE PURCHASE OF A SWEEPER AND A PAYLOADER FOR USE BY THE TOWN HIGHWAY DEPARTMENT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $170,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $170,000 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: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to purchase (i) a sweeper, at the estimated maximum cost of $90,000, and (ii) a front end payloader, at the estimated maximum cost of $80,000, for use by the Town Highway Department. The estimated maximum cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $170,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $170,000 serial bonds of the Town appropriation, and the levy and collection of taxable real property in the Town pursuant to the Highway Law, constituting Chapter to finance said taxes on all the the prov'isions of 25 of the Consolidated Laws of the State of New York, 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 $170,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific objects or purposes for which said $170,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 28 of the Law, is fifteen (15) 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 the chief fiscal notes, are hereby delegated to the Supervisor, 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 or the date of such publication, (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in "THE LONG ISLAND TRAVELER-WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES," a newspaper published in 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 of the foregoing resolution was seconded by Councilwoman Oliva and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Counc woman 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 February 28, 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 28th day of February, 1989. (SEAL) Town Clerk STATE OF NEW YORK) )SS: COUNTY OF SUFFOLK) Ma r; ~,-~-1~ ~n~,.~-~ of Mottituck, In said County, being duly sworn, says that ho/she Is Principal Clerk of THE SUFFOLK TIMES, · Weekly Newspaper, published et Mattltuck, In the Town of Southold, County of Suffolk and State of New York, end that the Notice of which the annexed b e printed copy, has been regularly published in said Newspaper once each week for 1 weeks successively, commencing on the 9 day of Mar~h 19 89 STATE OF NEW YORK) )SS: COUNTY OF SUFFOLK) Maribeth Powers of Mattituck, 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 cop/, has been regularly published In said Newspaper once each week for 1 weeks successively, commencing on the 9 day of March 19 8q ' ' Principal Clerk Sworn to b~l~'e me this ~ COUNTY OF SUFFOLK SS: 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, as been published in said Long Island Traveler-Watchman '~ce each ~eek for. .......................... v, eeks Jccessively, commencing on the .............. ?..~. .... a/)>o~.....'2'.z~.~!~7'~ ........ 19 .~.~. .C' Sgorn to before me this -/~ ..................... da~ of ...... ~'l 19 Notary Public B.r'RBA,rIA A. SCHNEIDER NOTAR',' PUE, I]']:, State of New YOI~I Nc.. ::~'36~6 ?;.-', NOTICE T [~.."~.sol u/lo n published herewith 'h~ been adopted on the 28th.dab-of'February, 1989, and the .valkiity of the obliga- tions authosieed by such resolu- tion'ma!t be hereafter contested only~f~such obligations, were authorized for an object or pm~ pose fgr which the TOWN OF SOUTHOLD, in the County of Suffolk~ New York, is not auth~rizc~t to expend money or if the ~l'ovmons of law which tion, suit ~r.pmeeeding contest- lng such validity is commenced within twenty days after publication of this Notice, ~t .' such oblivions were authoi'~.- - ed in violation of the provisions of thc constitution. Judith T. Southold Town Clerk BOND ItESOLUTION OF THE TOWN OF SOUTHOL'I~;'-'.. NEW YORK, ADOPt aD FEB- RUARY 28, !989, AUTHORIZ- ING THE pURCHASE OF A SWEEPER AND . A PAYLOADER POR USE BY THE TOWN HIGHWAY DE* PARTMENT, STATING THE ESTIMATED MAXIMUM COST THEREOF IS APPROPRIATING SAID AUTHORIZING THE IS-' SUANCE O'l~ $170,000 SERIAL BONDS OF SAID TOWN TO FINANCE. SAID APPRO- PRIATION. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEW YORY,~ HEREBY RESOLYF~S (by. }he, favorable ~'ote of not less than two-thirds of all the 'members of said Town Board) AS FOLLOWS: Section L The Town of Southold, ~n the County of Suf- folk. New York (herein called "Town"), is hereby authorized to purchase (i) a sweeper, at the estimated maximum cost of $90,000, and ('ii) a front end pay- loader, at the estimated max- imum co~t of $80,000, for use by the Town Hi,way Department. The estimated maximum cost of said specif'~ objects or pur- poses, including preliminary costs and cnets incidental there- to and the fittancing thereof, is $170,000 and said mount is hereby appropriated therefor. The plan of flnancin~ includes the issuance of $170000 serial bonds of tha Town to finance said appropriation, and the levy and collection of taxes on all the taxable mai property in the Town pursuant to the provisions of the HiRI,avly law, collstttnt- in~ Chapter 25 of the Cotl~i: dated Laws of the State of New York, to pay the principal of said bonds and the interest thereon as the same shall he- come due and payable, Section.2. Serial bond~of the Town in the~rimll~ mount of $170,000 are hereby ~uthort3~l to he iseued pursuant to tht, jlt~ _ visions of the Local Finance Law, constitotin~ Chapter of the Consolidated Laws of the State of New York (herein call- ed "Law") to finance said appropriation. . . tional matters are hereby de~r- mined and declared: (a) The period of prob~ .b~. Usefulness of said jects or purposes for which said $170,000 serial bonds authoriz,' ed pursuant to this resolp!~op are to be issued, wi~ln, the limitations of Section 11'.00 a, of the Law, is fifteen (1~) however,, the proposed maturity of the serial bonds authorized pursuant to this resolution 0~' any .~ond anticipation issued in anticipation tl~qrq9f. shall not .exceed five from the original date ance of such obligagons..,,3, (b) Cor~ent funds are not required by the Law to be vided as a down pay~ant any bond anticipation ~ issued in anti~l~ulon d. 4 of the Law. .. (c) The proposed ~ of the bonds authorized resolution will not exceed five (5) ycarsl . Section 4. Each of t~ authori~ iss~ in ~tion of of said b~ds ~ital o~ ~it~ ~ ~ion ~2.~ of th~ in antici~ion of ~d sh~l be geae~ obl~ the ~n, p~b~-~ to,~h ~ u~n~l~ ~, ~ny with~ ~e limim~on of ~e f~th ~ ~it of the ~ h~ i~c~ly p~ to the pun~u~ ~ of the bonds ~ antid~ion of bonds and provision sinOl be made annually in the budget of the Town by appropriation,f~r (a) the amortization and re- demption of the bonds and any notes in anticipation thereof to mature in such year and Co) the payment of interest to and payable in such year. Section 5. Subject to the visions of this resolution add of. 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 auth- orizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds here- in authorized and of any bond anticipation notes issued in an- ticipation of said bonds, and the renewals of said notes, are here- by delegated to the Supervisor, the chief fiscal officer of the 'lbwn. Section 6. The validity of the bonds authorized by this resolu- tion and of any no~.s issued in anticipation of th sale of said bonds, may be contested only if: (a)such obligations are authorized for an object or pur- pose for which the Town is not authorized to e~pend money, or (b) the provisions of law which should he complied with at the date of the publication of such resolution are not substan- tially complied with, and an action, suit or proceed- ing contesting such validity, is commenced within twenty days after the date of such publication, or (~) su~:h obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolu- tion shah take effect immediate- ly, and the Town Clerk is hem, .publish the fm~oio~ tmolution, tn full, to~erher with a Notice , attached in substantially the · form prescrihed 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 Green- pon. New York, each havir~ a general circulation in the Town and hereby designated the offi- cial newspapers of said Town for such publication. IX, ~t/9/89 (30)