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HomeMy WebLinkAboutComputer System1~O. 1 8225,000 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD NOV 1 0 1988 . The Spffolk C. ounl National BBn.k The Town of.~outho-a, ~0,~1~ or Suffolk, a municipal corporation of the ~tate Bt. New York, hereby acknowledges itself ~ebtcd and for value rctc{vcd.prm-;~ to pay to the ~axtr oF t~a N~ or' if it be registered, to the re~isteretl l~lder, the sum of Two Hundred Twenty-Five Thousand ............... Do,am ($225,000 ....... ) on the 10th day of November ,1988, to,ether v. dth inter~t ~heroom from the dato he~{ at ~e rate of Four ~d 95/100th .................. per ~nt~ ( 4.95%) ~r ~u~ payable at ma~dty. Bo~ p~p~ of ~d ~tcr~ ~ ~ Note ~ ~ ~d ~ ~wf~ m~ey of ~e U~ S~t~ of ~eric~ at Suffolk Co~t.y National Bank, Riverhead, New York ' At' ~' ~U~ 0f ~e hblder, th~ Town Cierk sh~ convert th~ Note ~to , ~his No,re is the o~e~~U~ized issue, the principal amount of which is ,~~y~ This N~ ~ i~u~ ~rsu~t to ~e p~ of the ~l F~ce ~w, consfi~flng ~pter ~a of ~e ~oli~t~ L~wsof~as~ofN~o~ the bond resolution adopted by ~he Town Board on ~ep~ember 22, 1987 au~horizin9 the issuance of $225,000 serial bonds for ,the purchase of a computer system for use by ail Town Qgpartm~nt's, and. the.,Certificate of Determination executed by the S~pervi~r on November 1~,. 1987. This Note has been. designated by k~the Town as a qualified tax-exempt obligation pursuant to the Thc faith ~tnd credit of such ..... ~' l I N ~ ll~...S %THEREOF, NOV 1 0 1988 h~ ~m~d thL~ 5'ore to be sl~ned 6)- it~ 'i'(;Wtl C . 0 r k and this 5'o~e to }~e ~atr4 as of ~tl~..~ ? 3 ~%%' of :b~) ~ Zg~.l ?. '; (>~;~< ~.;()1.;'I' [ / UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD $ 0,000 BOND ANTICIPATION NOTE FOR PURCHASE OF A CCHPUTER SYSTEM-1988 ' The, Town[,of Southold, in the County of Suffolk, a rmaui<~ipal corporatiOn'of " , ~ate of Ne~ Ym, l~ I~re~y aclmowle~ it. ll Indeht~i'l~{~m~ value teedv~l promf~en to Imy to the be~te~ of this Note, or '--One' H~ndr~ Eighty ThousahdX-~--~-~--% .... ; ........ Dollar~ ($180,000 .......... ) Both pdneipal of and interest on thi~ N'o~e"~ °"~'"w~~"~lawf'' ul money of th~ UnReal st~e~ of America, at ' 'THE NORTH FORK ~ hND TRUST 'C{~qPJ~qY, M~ttituck, I~w York. , A~tl~re~est,ott~eholder, th~ TOv~ Clerk , ~haR eonvert this Note,into, ;,,~ r.~ed Note'by ~gistering {tin ~ ~ of ~ ~)ld,r ~ Lhe Ix, ok, o{ the To~,',q3 kel}~ In ~l~ ~' ~Tote in ~ mtmc Of tt~ transferee in his books nn{t slha}l md{orse a ce~c~te of Ibc= _,~,..~ ami sil~edlby the ze~isteroi hold~ or his l~gal ~epz~eutativc~ knd it ~a~I be &dy adm6wlca~ed or proved, or iii Th,s N'ote is ,':x~ only Nch.c o£ of: v~icn JS $180,000. This Note is iss,u,d p.rs.mlt to rite provisions of ti~ t~,a! Pin.ce Law, constituting Chmph'r gq-a of the Conmlidated ~3p2.~;~*' 22, i987, aut')or iz ~n~ <is.} :.ssua:~x} of $225,000 ~z i of .'~t.er~vinat/ch e~cuted by the Sutx~r.w~sor c:n Nov~:t~r' 20, !988. ~hi.s N~)to has provisions of F~cLaoD 265 c>~. tho Znterr~l F~va~nue C(~e of ~986, TI~ failh ~md credit of reich 'I','Y~3'I Of ~'~0111 ~10]¢i a:e heml,y irrevocably pled~'ed for the punctu&} pavm~t of {{~e p?k, eipa[ of and b.ie~st, on tills l~,'oh! .mecor¢{ilmg {o {;~ have hnpl)~ed and have I.!~ performed, aud Omt thh NO[~, together with nil oiher int]ehtedness of much IN WJTNESS ~,VHI',.II~OF ..... o .,Y.,'l..~.[ SOL., .h)ld caused this Nole 1o he si~ed hy ~[1~.~ '{S~ ~. . m.t }~~) ~ h~nU) affixed and atl~ by its A'ITI'iST: C ll~?k ' ~Too 2R-1' UNITED STATES OF AMERIC~ STATE OF NEW¥ORK ' ~ 135',000 ' COUNTY OF SUFFOLK TOWN OF SOUTHOLD BOND ANTICIPATION NOTE FOR PURCtt4SE OF A CCR~LrFER SYST]~-1989 ~e~To~ ~of ~0~t~la. ia th~ C~ty of, S~ff01~,, a ~ig~! ,coronation ~,~ the ' ~ .... ----'--~e H~dred ~ir~y-Fi~sand~ ............. ~,~ (~ 135,000 .... .--Z-) on ~ 9 th ~y 'of ' Nov~r, , , (,, 109~ ~r ~ ~t~t ~ f~ ~ ~ ~f ~ ~ ~te of ,~RST~ ~K,N.A~, S0uthold, New York. At ~e ~ of t~ holder, ~ TO~ Ci~Fk ~t ~ave~ ~ No~ ~to pri~-cipnl of ami I,~er~t on this.Note ~nll ~ payable only. to the rc-lstere3~ homer, his. leg~ r~,~tla[iven, succ~rs or trm~sfe~s. This ~o~ sh~l time be tr~ferahlc o,ly upon pr~eatalion ~o such 'I'owH (;J (}1'~< wilh a wrii~m tryster No~c in t~ name of Ihs tr~sfew~e in his I~ks ~d shall emlorse a certificate of such registration hewn. Such transfer sh~l ~ deled, end si~ed hy the ~gistc~d Imlder, tl~ ~l[ernnlJve thc ~ignalure 1hemto a~:d authoHzvd to dobtmin~s in this State. J:l.!? Nt,I,. i% tilt! ci;J~ )~!~i(~ (j~ ,1:1 iIIJI~I'~;I'JAL~IJ I'i'i~Q';~i!] i~-;k,l!, !hi'.'[,"'..1C''I:,~., This N.~..e Is i~!ed imr,uaat to the provizio.s of t,~e Local Finance Law, con~[itntlng Ch~)ler ~-a of the Consulidat~ ~5i'~, ,a.~:ho;'[/~J'~[t I I~ i~L;~n~ ~ I)J' ~)~.~.OJ',l'1 ~(~l"id~ J);):l(~ J::,l' J'l{~ purol:;;~;~ ,'J[' o 'I']~. faith sad credit of such '/O:U1 i; J' b!:l: ri:ti [ :i sro hereh? irrevue~hly ph~l~e~l fur ~ D~u~ p~t of th~ ~ti~tipll ~[ ~nd i~tete~t ~ t]d~ ~otJ ~c. otdJ~g I.o J[~ terms. 50.11 h~[ d is wi~Jn every ~ebt ~d ot~r l~li[ p~scribed by the ~nstitution alllJ J,~s Of luch Stale, Deputy · a.d its curpomte seal t,o be herounr, o affixed and u~te#Led b.v 'J'ow'I (ilt"lK nndthi~NotatobedatmJa.~ofthe (}Ii; dayof '~NITED' STATES OF :AMERICA ' ~AT~ OF NEV~ Y0~K' :,, TOWN OF S0L~mOLD S 90 ~OND A~iCZPAT' CO.mUiR ' NO¥'-. : " a t~ ' ' ' . . , , , , , _. :~ .... , --- ~ty ~o~d ............................... . ~F~O~ ~ ~TI~...~,. Cutch~e, ~w ~o~k.. ' ,of ~h ~ Cl~k ~d wit~ a wH~ ~f~ of rifle ~ ~is Note is 2~. ~t ,of ~!ch is $90,Q00. ,, .......... 0'~.~' ~: c~ter s~t~: for ~ ~: all T~ ~nts; ~ t~ ~ificate cf execut~ by t~ Su~is~ on ~r 9, 1990. ~ Note ~s ~ dcs i~ the T~ as a ~ifi~ t~-ex~t obligation p~s~t to t~ ~ov~i.o.,~ 265 of t~ Int~al ~n~ C~e of 1986, ~ ~d~.' The frith and credit of such. Town of Southold irrevocably pledl~l ~or the punctual paymeat of the p~tnctpal of and interest on ~ Note acco to --. r~ ~ . .ave ~=~ penormea precede~ ~x) and In the/sauance of Southold m wit~u e,~~- ~ ~~by the IN WiTI~ESS WHEREOF, Tow~ has ca.zed t~Is No(e,to be ~gn~d by 'ltz Town Clerk · and its aad attested by its and this Note to be dated as of the 9th dayof Novef~3~ '~ TOWN OF SO~IHOLD-- Meeting of the in the EXTRACT OF MINUTES Town Board of the Town of Southold, County of Suffolk, New York September 22, 1987 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, Southold, New York, on September 22, 1987 at 7:30 o'clock ~.M. (Prevailing Time). There were present: Councilpersons: Justice Hon Francis J. Murphy, Paul Stoutenburgh James A. $chondebare Jean W. Cochran George L. Penny IV Raymond W. Edwards Supervisor; and There were absent: None. Also present: Judith T. Terry, Town Clerk and moved Supervisor Murphy its adoption: offered the following resolution BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987, AUTHORIZING THE PURCHASE OF A COMPUTER SYSTEM FOR USE BY ALL TOWN DEPARTMENTS, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $225,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $225,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the less than two-thirds of all the members of FOLLOWS: Section 1. The Town of Suffolk, New York (herein called SOUTHOLD, IN THE COUNTY OF favorable vote of not said Town Board) AS Southold, in the County of "Town"), is hereby authorized to to (i) purchase and install a new computer system for use by all the departments of the Town, including computer hardware, at an estimated maximum cost of $140,000; and (ii) purchase the computer software incidental to the acquisition and installation of such a system at an estimated maximum cost of $85,000. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $225,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $225,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property bonds and the interest payable. Section 2. amount of $225,000, in the Town to pay the principal of said thereon as the same shall become due and Serial bonds of the Town in the principal are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $140,000 serial bonds authorized pursuant to Section l(i) of this resolution are to be issued, within the limitations of Section 11.00 a. 81(a) of the Law, is ten (10) years. The period of probable usefulness of said specific object or purpose for which said $85,000 serial bonds authorized pursuant to Section l(ii) of this resolution are to be issued, within the limitations of Section 11.00 a.81(b) of the Law, is five (5) years. However, the proposed maturity of the total amount of said $225,000 serial bonds authorized pursuant to this resolution or any notes issued in anticipation thereof shall not exceed five (5) years from the original date of issuance of said bonds or notes. (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 & 5 of the Law. (c) The proposed maturity of the bonds authorized by this resolutfon 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. 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 {n 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 Justice Edwards resulted as follows: of the foregoing resolution was seconded by and duly put to a vote on roll call, which AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared adopted. CERTIFICATE I, JUDITH T. TERRY, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on September 22, 1987, 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 relate to the subject matters referred to in IN WITNESS WHEREOF, I have hereunto affixed the corporate Town of Southold this September, 1987. far as the same said extract. set my hand and seal of said 22nd day of (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 TELEPHONE (5161 765-1801 PLEASE PUBLISH THE ATTACHED NOTICE AND BOND RESOLUTION IN ITS ENTIRETY ON OCTOBER 1, 1987, 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 NOTICE The resolution published herewith has been adopted on the 22nd day of September, 1987, 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. TERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987, AUTHORIZING THE PURCHASE OF A COMPUTER SYSTEM FOR USE BY ALL TOWN DEPARTMENTS, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $225,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $225,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the less than two-thirds of all the members of FOLLOWS: Section 1. The Town of Southold, Suffolk, New York (herein called "Town"), SOUTHOLD, IN THE COUNTY OF favorable vote of not said Town Board) AS in the County of is hereby authorized to to (i) purchase and install a new computer system for use by all the departments of the Town, including computer hardware, at an estimated maximum cost of $140,000; and (ii) purchase the computer software incidental to the acquisition and installation of such a system at an estimated maximum cost of $85,000. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $225,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $225,000 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 $225,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of said specific object or purpose for which said $140,000 serial bonds authorized pursuant to Section l(i) of this resolution are to be issued, within the limitations of Section 11.00 a. 81(a) of the Law, is ten (10) years. The period of specific object or purpose for authorized pursuant to Section issued, within the limitations probable usefulness of said which said $85,000 serial bonds l(ii) of this resolution are to be of Section 11.00 a.81(b) of the Law, is five (5) total amount of this resolution not exceed five years. However, the proposed maturity of the said $225,000 serial bonds authorized pursuant to or any notes issued in anticipation thereof shall (5) years from the original date of issuance of said bonds or notes. (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 & 5 of the Law. (c) The proposed maturity of the bonds authorized by this resolut£on 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. 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, commenced within or twenty days after the date of suit or proceeding contesting such validity, is 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. NOTICE The .resolution published herewith has been adopted on the 22nd day of September,' 1987, and the validity c~f the obligations authorized by such resolution may be hereafter tested only if such ol~ligati0ns were a~horized for an~object or purpose {'or which the TOWN OF $OUTHOLD, in the~oun- ty of Suffolk, New York, is not authol:ized to expen0, money or if the 'provisions of law which should have been compl~M with as of the date of I~u~n of this Notice were not substantial- ly .complied with, and an action, stat or proceeding ~ontesting such v~t[id!ty is commenced within twenty days after the publication of this Notice, or such obligations ~d~ref~i!;lod'z- ed in violation of the ~l~ons of the Constitution." ¢' JUDITH T~ TERRY Town. Clerk 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 once each week for ................... ? ....... weeks successively, commencing on the ........ BOND 'RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTE'MBE R 22, 1987, AUTHORIZING THE PUR- CHASE OF A COMPUTER SYSTEM FOR USE BY ALL TOWN DEPARTMENTS, ST~TIN'~ THE ESTII~PA'F~D~' MAXI N~NI COST THEREOF IS $225,000, AP- PRQPRIATING SAID AMOU'NT THEREFOR, AND AUTHORIZING THE IS- SUANCE OF $2.25,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BqARD 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 o'f Su0- folk, Next York (herein called "Town"), is hereby authorized to (i) purchase and install a new computer system for use by all the departments of the Town, including computer hardware, at an estimated cost of ~ $140,000; and (ii) purchaae the Computer software incidental to the acquisition and installation of such a system at aR estimated maximum cost of $85,000. The estimated maximum cbst of said specific object or purpose, in- cluding preliminary costs and costs incidental thereto and the financing thereof, is $225,000 and si~'~t amount is hereby ap- propriated therefor. The plan of financing includes the issuance of $225,000 serial bonds of the Town to finance said appropria- 'tion, 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 shaft become due and payable. Section 2. Serial bonds of the Town in the principal amount of $225,000, are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Con- solidated Laws of the State of New York (herein galled "Law") to finance said appropriation. Section 3. The following ad- ditional matters are hereby determined and declared: (a) The period of probable usefulness of said slsecific object or purpose' for which said $140,000 serial bonds authoriz- ed pursuant to Section l(i) of ~; this resolution are to be issued, within the limitations of Section 11.00 a. 81(a) of the Law, is ten {.10) years, The period of pro- bable usefulness of said specific object or purpose for which said $85,000 serial bonds authorized pursuant to Section I(ii) of this resolution are to be issued, ~ within the. limitationa of Section ~.~ 11,00 a.81~) of the Law, is five (5) years, However, the.propos- ed maturity of the total amount of said $225,000serial bondi~ authorized pursuant to this]~ resolution or any notes issued in anticination thereof shall not"~ Sworn to before me this ......... ............ day of Notary Public ~ FORIE8 ed pursuant to Section l(i) of this resolution are to be issued, within the limitations of SectiOn 11.00 a. 81(a) of the Law, is ten ~10) years. The period of pro- bable usefulness of said specific object or purpose for which said $85,000 serial bonds authorized pursuant to Section I(ii) of this resolution are to be issued, wi~in the. limitations of Section 11.00 a.81(b) of the Law, is five (5) years. However, the .propos- ed maturity of the total amount of said $225,000serial bonds authorized pursuant to this resolution or any notes issued in anticipation thereof shall not exceed five (5) years from the original date of issuance of said bonds or notes. (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 authorized .by this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section 107.00 d. 4 & 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 pro- perty within theTown without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the l~rincipal bf 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 redemptio~ 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 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 not~ and of Section $0.00 and Sections 56.00 to 60.00 of the Law, the powe'rs and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and co~ntents and as to the sale and issuance o1' 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. The validity of the bonds authorized by this resolu- tion and of any notes issued in anticipation of the sale of said bonds, may I~ contested only if: (a) such-.obligations are authorized for an object or pur- pose for which the Town is not authorized toexpend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substan- tially complied with~ ~nd an aation, suit or pro- ceeding contesting such validi- ty is commenced within twenty days after the date of such publication, or (el such obligations are authorized in violation of the provisions of the Constitution. Sectio~ 7. This bond resolu- tion, shall take effect im- mediately, and the Town Clerk is hereby authorized and directed to publish the forego- ing resolution, in full, together with a Notice attached in substantially the form prescrib- ed 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- ~nd a~y ~, be due )RK ) ) SS: ) 8nport, in , sworn, says that he/she is ' ~ -:~ THE SUFFOLK TIMES, a Weekly at Greenport, in the Town of Suffolk and State of New . Notice of which the annexed is regularly published in each week for 1 commencing on the 1 19_8_7 · mm,~mlmr in So~thold. ~' said Principal Clerk MARY K. OEGNAN NOTARY PUBLIC, State of New Yod{ Suffolk County No. 4849860^ Term Expires 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 November, 1988, 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 November, 1988. Notary Public~, State 6f New York UNDA J. COOPER Notary Public, State of New York No. 4822563, Suffo;k County ,~,~ Term Expires December 31, 19 ~u 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. and extent the Town. set forth , has publicly disclosed the nature of such interest in writing to the governing board of Such written disclosure has been made a part of and in the official record of proceedings of the Town. ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Francis J. Murphy, 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 $180,000 Bond Anticipation Note for Purchase of a Computer System-1988 (the "Note") of the Town, dated November 10, 1988, as follows: 1. The Town is a governmental unit with general taxing powers. 2. The Note does not constitute a "private activity bond" as that term is defined in Section 141 of the Internal Revenue Code of 1986, as amended (the "Code"). 3. 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. 4. 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. 5. The proceeds of sale of the Note will be used together with other funds of the Town in the amount of $45,000 to redeem a prior issue (the "Prior Issue") in the amount of $225,000 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 September 22, 1987, authorizing the purchase of a computer system for use by all Town Departments, stating the estimated maximum cost thereof is $225,000, appropriating said amount therefor, and authorizing the issuance of $225,000 serial bonds of said Town to finance said appropriation," adopted by the Town Board of the Town on the date therein referred to. 6. Bond anticipation notes in the aggregate amount of $225,000 have been originally issued in anticipation of the sale of serial bonds authorized to be issued for the Project pursuant to the bond resolution hereinabove cited in paragraph 5 hereof. 7. 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 5 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 preceeding with due diligence to completion. 8. 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. 9. 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. 10. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 11. 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. 12. 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. 13. 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. 14. At least 90 percent of the proceeds of the Note will be used to finance property which is: (a) available for use by the general public on an equal basis; (b) used by qualified governmental units or by the employees of such units; or (c) used by nongovernmental persons pursuant to contracts or agreements which provide that (i) at least 50 percent of the compensation paid to the service provider (other than a governmental unit) is on a periodic, fixed-fee basis; (ii) no amount of compensation is based on a share of net profits; (iii) the Town may terminate the contract (without penalty) at the end of any 3 year period; and (iv) the term, including renewal options, does not exceed 5 years. 15. No more than 5 percent of the proceeds of the Note will be used to finance property used by a nongovernmental person in a trade or business which is unrelated to the governmental use of the property referred to in paragraph 14 above. 16. No more than 5 percent of the proceeds of the Note is allocable to any disproportionate related private business use. For purposes Of this Arbitrage and Use of Proceeds Certificate, Note proceeds are allocable to a disproportionate related private business 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 14, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such private trade or business use relates. 17. 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 5 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 tenth day of CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $180,000 BOND ANTICIPATION NOTE FOR PURCHASE OF A COMPUTER SYSTEM-1988 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Francis J. Murphy, 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 $180,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the purchase of a computer system for use by all Town Departments, stating the estimated maximum cost thereof is $225,000, appropriating said amount therefor, and authorizing the issuance of $225,000 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: Dated: $180,000 Bond Anticipation Note for Purchase of a Computer System-1988 November 10, 1988 Matures: November 9, 1989 Number and Denomination: Number R-l, at $180,000 Interest Rate per annum: 5.75% Form of Note: Substantially in accordance with prescribed by Schedule B, 2 of the Local Finance Law Of the State of New York. form 3. Said Note is issued to renew, in part, a note or notes in the amount of $225,000 maturing on November 10, 1988, the redemption thereof having been provided to the extent of $45,000 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 $225,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $180,000. 5. The serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is non-assessable. 6. Said Note is hereby designated a "qualified tax- exempt obligation" pursuant to the provisions of the Internal Revenue Code of 1986, as amended (the "Code"). In making such designation I have determined that: (a) 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 (b) 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. 7. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note as follows: to The North Fork Bank and Trust Company, Mattituck, New York, for the purchase price of $180,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank and Trust Companyr Mattituck, New York, and shall bear interest at the rate of five and seventy-five hundredths per centum (5.75%) per annum, payable at maturity. 8. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS WHEREOF, I have hereuntg set my hand this tenth day of November, 1988.~~ rvi$or ~ 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 November, 1988; 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 tenth day of November, 1988. (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 November 10, 1988, we officially signed and properly executed by manual signatures a $180,000 Bond Anticipation Note for Purchase of a Computer System-1988 (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, Francis J. Murphy, Supervisor, HEREBY FURTHER CERTIFY that on November 10, 1988, I delivered said Note to The North Fork Bank and Trust Company, Mattituck, 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 .... $180,000 date of such delivery. -0- $180,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this tenth day of November, 1988. Term of Office Expires December 31, 1989 ~~.~cember 31, 1989 I HEREBY CERTIFY that the Title Supervisor Town Clerk signatures of the officers of the above-named Town, which appear above, are true and genuine ~nd tha~ I know said officers and know them to hold the r$spectlve o~fices set opposite their signatures.  (Signature) (Ti~e) / (Name of Bank) ATTORNEY'S CERTIFICATE I, James Schondebare, 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 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, tenth day of November, 1988. I have hereunto set my hand this SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $180,000 Bond Anticipation Note for Purchase of a Computer System-1988 November 10, 1988 November 9, 1989 Number R-I, at $180,000 5.75% CERTIFICATE OF DETERMINATION BY THE DEPUTY SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $135,000 BOND ANTICIPATION NOTE FOR PURCHASE OF A COMPUTER SYSTEM-1989 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Frank A. Ku~wski, Jr., Deputy Supervisor of the Town of Southold, New ~ork (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 $135,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the purchase of a computer system for use by all Town Departments, stating the estimated maximum cost thereof is $225,000, appropriating said amount therefor, and authorizing the issuance of $225,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board on 2. The terms, form and as follows: the date therein referred to. details of said Note shall be Amount and Title: Dated: $135,000 Bond Anticipation Note for Purchase of a Computer System-1989 November 9, 1989 Matures: November 9, 1990 Number and Denomination: Interest Rate per annum: Number 2R-l, 6.01% at $135,000 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 $180,000 maturing on November 9, 1989, the redemption thereof having been provided to the extent of $45,000 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 $225,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $135,000. 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 $135,000, 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 one hundredth per centum (6.01%) 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 the Supervisor 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, ninth day of November, 1989. have hereunto set my hand this Deputy SuperOl s~r 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 ninth day of November, 1989; 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 ninth day of November, 1989. (SEAL) ARBITRAGE AND USE OF PROCEEDS CERTIFICATR I, Frank A.,Kuj~wskj, Jr., Deputy 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 $135,000 Bond Anticipation Note for Purchase of a Computer System-1989 (the "Note") of the Town, dated November 9, 1989, 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 $45,000 redeem a prior issue (the "Prior Issue") in the amount of $180,000 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 September 22, 1987, authorizing the purchase of a computer system for use by all Town Departments, stating the estimated maximum cost thereof is $225,000, appropriating said amount therefor, and authorizing the issuance of $225,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board of the. Town on the date therein referred to. 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 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. 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) (iii) (iv) notes issued of the the aggregate face amount of the Note does not exceed $5,000,000; the Prior Issue had a weighted average maturity of 3 years or less; and 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. The total proceeds of sale of to date for the Project do not Project. all bond anticipation exceed the total cost 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. 11. The Project will be owned by the Town or another state o~ 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 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. 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 is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section of the Code. 265 (i) (ii) (iii) (iv) (v) In making such designation it has been determined that: the Note currently refunds the Prior Issue; the Prior Issue was designated as a "qualified tax-exempt obligation"; (vi) the aggregate face amount of the Note does not exceed $10,000,000; the Prior Issue had a weighted average maturity of 3 years or less; 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 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 wculd 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 ninth day of November, 1989. Deputy ~upervl~r 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 ninth day of November, 1989, 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 ninth day of November, t989. Nota~ Public, State~f New York SCMEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, preparation or performance of any such part of such contract. 3. , has publicly disclosed the nature and extent of such interest in writing to the governing board of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAYMENT WE, the undersigned officers of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", HEREBY CERTIFY, that on or before November 9, 1989, we officially signed and properly executed by manual signatures a $135,000 Bond Anticipation Note for Purchase of a Computer System-1989 (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, Frank A. Kujawski, Jr., Deputy Supervisor, HEREBY FURTHER CERTIFY that on November 9, 1989, ! 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... Interest'~'~'~'~'~'~ $135,000 date of such delivery. -0- Amount Received ......... [[[[~[[[[~[ $135,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this ninth day of November, 1989. ..S.~..ignature Expires %~.~" ~- ember 31, Term of Office 1989 1989 Title Deputy Supervisor 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. (Titl~ (Name of Bank) ATTORNEY'S CERTIFICATE I, James A. Schondebare, 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 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, ninth day of November, 1989. I have hereunto set my hand this SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $135,000 Bond Anticipation Note for Purchase of a Computer System-1989 November 9, 1989 November 9, 1990 Number 2R-l, at $135,000 6.01% ',- 8038-G I Information Return for Tax.Exempt TOWN OF SOUTNOLD 11-600~939