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HomeMy WebLinkAboutPreservation of Open SpaceI AlO UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOL~ TO~ OF SOUTHOLD 600,000 ~.,~ -~CIPATION NOTE FOR ACQUISITION OF LAND-1990 The Town of Southold, in the County of Suffolk, a rm]nicipal corporation of the State of New York, hereby acknowled~z i~elf indebted a~d for value received promhes to pay to the bexrer of ~ Note, or if it be re~dstored, to the re~i~tereA holder, the sum of ---Six H~ Thousand .................................. D0~re ($ 600,000 ........... ) on thc 8th day of Noveraber , 19 91, to~cther with interest thercon from the date bereo! at the r~te o! ---Six and thirty hundredths ................ per eratum ( 6.30 %) per annum, poy~ble at maturity. Both princlpal of and interest on this Note will be paid in lawful money of the United States of America, at THE NORTH FORK ~ & TRUST CC/~ANY, Southold, New York. At the request of the holder, the Town Clerk shall convert this Note into a registered Note by registering it in the name of the holder in the books of the Town kept in the office of such Tow~ Clerk and endorcing a certificate of such registration hereon, aftor whlch both principal of and interest on this Note shall be payable only to the registered holder, his legal representatives, successors or transfcrees. This Note shall then be transferable only upon presentation to such Town Clerk with p written transfer of title odd such Town Clerk shall thereupon register this Note in ,the name of the troasferce in his books and shall endorse a errt~ficate of such re~tr&tion hereon. Such transfer shall be dated, and signed by the registered holder, or .his legal re~.resenth, tivez, a,nd it sh_a~, be duly.acl?owle, dge~. or proved., the aiternatlve thc signature thereto shall be certified a~ to its genmneness oy an onicer ota tmn~ or trust company locare~ and authorized to do business in th[~ State. This Note is the only Note of an authorized issue, the principal amount of which is ,$600,000. This Note may be called for redemption on any date prior to maturity after the ~ving of at least five ( 5 ) days' notice of the date of redemption by mailing of written notice to the original purchaser, or if this l~ote be registered to the registered holder, and interest sbail cease to be paid hereon after such date of redemption. This A'ote is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 3~-a of the Consolidated Laws of the State of New York, the bond and capital note resolution adopted by the Town Board on Septeraber 22, 1987, authorizing the issuance of $87,500 capital notes and $1,662,500 serial bonds for the acquistion of cez~cain interests or rights in real prepex-ty for the preservation of open spaces and areas in and for said Town, and the Certificate of DetazwaEnation executed by the Supervisor on November 9, 1990. This Note has been designated by the Town aa a qualified tax-exenpt obligation pmrsuant to the provisions of Section 265 of the InternaJ_ Revenue Code of 1986, as ~nded. The faith and credit of such Town 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 eertifie~ and recited that all coalitions, 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 and in the issuance of this Note~ exist, have happened and have been performed, and that this Note, together with all other indebtedne~s of such Town of Southold is within every debt and other lhult prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, T~ of Southold has caused this Note to b s'cm~L ~ ,~ Supervisor d t - -':te'eait behereu toa'ed d'ttestedh lte Town Clerk \~b~ and,~,h~be dated a~ of the 9th day of November , 1~ 90 AT~EST: ~ ' Town Clerk Meeting of in A regular meeting of the Town Board Southold, in the County of Suffolk, New York, Town Hall, Southold, New York, on September 22, o'clock ~.M. (Prevailing Time). EXTRACT OF MINUTES the Town Board of the Town of Southold, the County of Suffolk, New York September 22, 1987 of the Town of was held at the 1987 at 7:30 There were present: Hon Francis J. Murphy, Councilpersons: Justice Paul Stoutenburgh James A. Schondebare Jean W. Cochran George 1_. Penny IV Raymond W. Edwards Supervisor; and There were absent: None. Also present: Judith T. Terry, Town Clerk Supervisor Murphy and moved its adoption: offered the following resolution BOND AND CAPITAL NOTE RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987, AUTHORIZING THE ACQUISITION OF CERTAIN INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE PRESERVATION OF OPEN SPACES AND AREAS IN AND FOR SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $~,750,000 , APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $87,500 CAPITAL NOTES TO PROVIDE THE REQUIRED DOWN PAYMENT, AND AUTHORIZING THE ISSUANCE OF $ 1~662~500 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION. Recitals WHEREAS, Section 247 of the General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open space and area; and WHEREAS, the acquisition of interests or rights in real property located throughout the Town for the preservation of open space and area is found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Law; Now therefor be it resolved Section 247 of the General Municipal by THE TOWN BOARD OF THE TOWN OF SOUTMOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, (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 acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $1,750,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $87~500 capital notes to provide the down payment required by the Law, as hereinafter defined, and the issuance of $ 1.662,500 serial bonds of the Town to finance the balance of 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 payable. Section 2. amount of $.87,500 serial bonds interest thereon as the same shall become due and Capital notes of the Town in the principal to pay the required down payment, and of the Town in the principal amount of $.1,662,500 , are hereby authorized to be issued pursuant the Local Finance Law, constituting Chapter Consolidated Laws of the State of New York to the provisions of 33-a of the (herein called "Law") to finance the balance of said appropriation not provided by said capital notes. 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 $ 1,662,500 serial bonds authorized pursuant to this resolution are to be .issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years. (b) Current funds are required by the Law to be provided prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof and such current funds will be so provided by the issuance of the capital notes herein authorized. The Supervisor is hereby authorized and directed to set aside the proceeds of sale of said capital notes and to apply same solely to said specific object or purpose herein described. (c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the capital notes and each of the serial bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said notes and bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by 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 notes and bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the notes and bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 30.00 relative to 'the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said notes, officer of the Town. Section 6. The validity of authorized by this resolution and of anticipation of the sale (a) are hereby delegated to the Supervisor, the chief fiscal (b) the notes and bonds any notes issued in of said bonds, may be contested only if: 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, commenced within or (c) suit or proceeding contesting such validity, is twenty days after the date of such publication, such obligations are authorized in violation of the provisions of the constitution. Section 7. A Proposition for the approval or disapproval of this resolution shall be submitted'to the qualified voters of the Town at the Biennial Town Election to be held November 3, 1987, and this resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. The adoption of the foregoing resolution was seconded by Councilwoman Cochran and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared adopted. Supervisor Murphy moved its adoption: SUFFOLK, offered the following resolution and THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold (herein called "Town"), in the County of Suffolk, New York, which is to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time) or as much longer as may be necessary to enable the voters then present to cast their votes, the following Proposition contained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used at the General Election to be held on that day. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "The Long Island Traveler Watchman" and the "Suffolk Times" hereby designated the official newspapers of the Town for such publication, and to post on the sign board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law, said publication and posting to be at least ten (10) days before such Biennial Town Election, Notice that the Town Board will submit for the approval or disapproval of the resolution hereinabove referred to, said Notice to be in substantially the following form: TOWN OF SOUTHOLDr NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN that at the Biennial Town Election of the Town of Southold to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time), the following submitted to the qualified voters of the Town wit: Proposition will be of Southold, to PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in. and for said Town, stating the estimated maximum cost thereof is $ 1,750,000 , appropriating said amount therefor, and authorizing the issuance of $ 87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital note resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that Section 247 of the General Municipal Law authorizes the Town of Southold (the "Town") to acquire interestsor rights in real property for the preservation of open space and area; that theacquisition of such interests or rights in real property located throughout the Town for the preservation of open space and area is determined to be necessary and in the PUblic interest and a proper public purpose of the Town pursuant to said Section 247; SECOND: AUTHORIZING said Town to acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General MuniciDal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $ 1,750,000 ; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $ 87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $ 1,662,500 serial bonds of the Town to finance the balance of said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $ 87,500 capital notes to provide the required down payment and $1,662,500 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance the balance of' said appropriation not provided by said capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the specific object or purpose is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said current funds and apply the same solely to said specific object or purpose; and the proposed maturity of said $1,662,500 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said notes shall be general obligations of the Town and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 3, 1987 and that this resolution shall take effect upon such approval. DATED: September 22, 1987 Judith T. Terry Town Clerk Section 3. After said bond and capital note resolution shall take effect, the Town Clerk is hereby directed to cause said bond and capital note resolution to be published, in full, in the newspapers referred to in Section 2 hereof, and hereby designated the official newspapers for said publication, together with a Notice in substantially 81.00 of the Local Finance Law, Consolidated Laws of the State Section immediately. the form as provided by Section constituting Chapter 33-a of the of New York. 4. This resolution shall take effect The adoption Counci Iman Schondebare 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 $chondebare, 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 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 22nd day of September, 1987. (SEAL) Town ~Cler k ~/ 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, 1990, we officially signed and properly executed by manual signatures a $600,000 Bond Anticipation Note for Acquisition of Land-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 November 9, 1990, I delivered said Note to The North Fork Bank & Trust Company, 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 ........ $600,000 Interest on ~'~'~ ~'~ date of such delivery ............. -0- Amount Received ..................... $600,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this ninth day of November, 1990. Term of Office  tu~ Expires Title December 31, 1991 Supervisor /~<.L~',~/.~ 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 of --~ ~ ~,~ (Title) (Name of Bank) ATTORNEY'S CERTIFICATE I, Matthew G. Kiernan, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, Southold, New York, and am the duly chosen, qualified and acting Assistant Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of the Note of the Town, payable to bearer and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, ninth day of November, 1990. I have hereunto set my hand this / / Attorney SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $600,000 Bond Anticipation Note for Acquisition of Land-t990 November 9, 1990 November 8, 1991, subject to prior redemption Number 1, at $600,000 6.30% CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $600,000 BOND ANTICIPATION NOTE FOR ACQUISITION OF LAND-1990 OF TME TOWN OF SOUTMOLD, NEW YORK. I, Scott L. Harris, Supervisor of the Town of Southold, New York (herein called the "Town"), MEREB¥ 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 $600,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of 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: $600,000 Bond Anticipation Note for Acquisition of Land-1990 Dated: November 9, 1990 Matures: November 8, 1991, subject to prior redemption Number and Denomination: Number 1, at $600,000 Interest Rate per annum: 6.30% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. notes. 3. Said Note is not issued in renewal of any note or 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 $600,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $600,000. 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, ! DO HEREBY AWARD AND SELL said Note as follows: to The North Fork Bank & Trust Company, Southold, New York, for the purchase price of $600,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and ! FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank & Trust Company, Southold, New York, and shall bear interest at the rate of six and thirty hundredths per centum (6.30%) per annum, payable at maturity or prior redemption. 7. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS WHEREOF, I have hereunto set my hand this ninth day of November, 1990.~ CLERK'S CERTIFICATE I, Judith T. Terry, Town Clerk of the Town of Southold, in the County of Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing copy of the Certificate of Determination executed by the Supervisor and the same is a true and complete copy of the Certificate filed with said Town in my office as Town Clerk on the ninth day of November, 1990; and I FURTHER CERTIFY that no resolution electing to reassume any of the powers or duties mentioned in said Certificate and delegated to the Supervisor by the resolution cited in said Certificate has been adopted by said Town Board. (SEAL) IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this ninth day of November, 1990. /~ Tdwn Clerk ~/ 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 $600,000 Bond Anticipation Note for Acquisition of Land-1990 (the "Note") of the Town, dated November 9, 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 to provide funds for the purpose described (the "Project") in the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," adopted by the Town Board of the Town on the date therein referred to. 3. The Town has entered into, or will enter into within 6 months of the date hereof, binding commitment(s) for the acquisition, construction or accomplishment of the Project, and the amount of such commitment(s) with respect to the Project exceed the lesser of an amount equal to 2-1/2% of $600,000, being the aggregate amount of obligations currently issued for the Project or $100,000. 4. The Project has been completed, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Note will be expended within three years from the date of this Certificate. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project will proceed or is proceeding with due diligence to completion. 5. The proceeds of the Note are not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Town is a governmental unit with general taxing powers; (ii) the Note does not constitute a "private activity bond" as that term is defined in Section 141 of the Code; (iii) ninety-five percent or more of the net proceeds of the sale of the Note are to be used for local governmental activities of the Town; and (iv) the Town reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Town during the current calendar year will not exceed $5,000,000. For purposes of such determination no tax-exempt obligation shall be taken into account if it is a current refunding obligation which does not exceed the outstanding (redeemed) principal amount of the obligation to be refunded. notes of the 6. The total proceeds of sale of all bond anticipation issued to date for the Project do not exceed the total cost Project. 7. The Note (i) is being issued within 30 days of the Town's $87,500 Capital Note for Acquisition of Land-1990 (the "Capital Note"), (ii) is being issued pursuant to a common plan of fiancing with such Capital Note and (iii) bears a claim to be paid from substantially the same source of funds as the Capital Note. As a result, the Note and the Capital Note will be treated as a single issue for purposes of applying the arbitrage yield restrictions imposed by the Code and implementing Treasurer Regulations. 8. 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. 9. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 10. 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. 11. 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. 12. 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. 13. 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. 14. 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. 15. No more than 5% of the proceeds of the Note will 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. be 16. 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 14, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 17. For purposes of paragraphs 14, 15 and 16, 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. 18. 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. 19. 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 18 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. 20. 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. 21. The Note is hereby designated a "qualified tax-exempt obligation" pursuant to the provisions of Section of the Code. 165 In making such designation it has been determined that: (i) the Town does not reasonably anticipate that the amount of "qualified tax-exempt obligations" to be issued by the Town during the current calendar year will exceed $10,000,000; and (ii) the amount of "qualified tax-exempt obligations" issued by the Town during the current calendar year does not as of this date, and including this issue, exceed $10,000,000. 22. 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 ninth day of November, 1990. ' ~Supervi~o~ - 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, 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 ninth day of November, 1990. Nota~ Public, State ~ New York ELIZABETH ANN NEVILLE Notary Public, State of New No. 52-8125850, Suffolk Cou. plff Term Expires October 31 19 c7'~9 SCHEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, preparation or performance of any such part of such contract. 3. , has publicly disclosed the nature and extent of such interest in writing to the governing board of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. PLEASE PUBLISH THE FOLLOWING "NOTICE" AND ATTACHED BOND AND CAPITAL NOTE RESOLUTION IN ITS ENTIRETY ON NOVEMBER 25, 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 folloiwng: The Suffolk Times The Long Island Traveler-Watchman Town Board Members Town Clerk's Bulletin Board **************************************************************************************************** ~ NOTICE The bond resolution published herewith has been adopted on the 22nd day of September, 1987, and approved by Proposition adopted by the qualified voters on November 3, 1987. The validity of the obligations authorized by such bond resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, 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 publicastion of this notice, or such obligations were authorized in violation of the provisions of the constitution. JUDITH T. TERRY SOUTHOLD TOWN CLERK BOND AND CAPITAL NOTE RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987, AUTHORIZING THE ACQUISITION OF CERTAIN INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE PRESERVATION OF OPEN SPACES AND AREAS IN AND FOR SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $1,750,000 , APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $87,500 CAPITAL NOTES TO PROVIDE THE REQUIRED DOWN PAYMENT, AND AUTHORIZING THE ISSUANCE OF $ 1,662,500 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION. Recitals WHEREAS, Section 247 of the General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open space and area; and WHEREAS, the acquisition of interests or rights in real property located throughout the Town for the preservation of open space and area is found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247 of the General Municipal Law; Now therefor be it resolved by THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN TME COUNTY OF SUFFOLK, NEW YORK, (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 acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $1,750,800 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, and the issuance of $ 1,662,500 serial bonds of the Town to finance the balance of 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. Capital notes of the Town in the principal amount of $ 87.500 to pay the required down payment, and serial bonds of the Town in the principal amount of $ 1,662.500 , 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 to finance the balance of said capital notes. of New York (herein called "Law") appropriation not provided by said 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 $ 1,662,500 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years. (b) Current funds are required by the Law to be provided prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof and such current funds will be so provided by the issuance of the capital notes herein authorized. The Supervisor is hereby authorized and directed to set aside the proceeds of sale of said capital notes and to apply same solely to said specific object or purpose herein described. (c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the capital notes and each of the serial bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said notes and bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by 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 notes and bonds and any notes issued in anticipation of the sale of said bonds and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the notes and bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 30.00 relative to The authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, the bonds issued in form and contents and as to the sale and issuance of herein authorized and of any bond anticipation notes 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 notes and bonds authorized by this resolution and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. A Proposition for the approval or disapproval of this resolution shall be submitted to t~e qualified voters of the Town at the Biennial Town Election to be held November 3, 1987, and this resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) JUDITH T. TERRY, Town Clerk of the Town of Southold, New York, being duly sworn, says that on the 19th day of November 1987 she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, Southold Town Hall, Main Road, Southold, New York 11971. Estoppel Notice relative to $1,750,000.00 Bond Resolution for the acquisition of certain interests or rights in real property for the preservation of open spaces and a~eas in and for the Town of Southold. Approved by the voters on November 3, 1987. Judith T. Terry Southold Town Clerk Sworn to before me this 19th day of November 19 87 Notary Public ELIZABETH ANN NEVILLE Netary Public, State of New York "' No. ~2-8125850, Suffo k Col~l~ Term Expires October 31, 19.,'E2~ STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) JUDITH T. TERRY, Town Clerk of the Town of Southold, New York, being duly sworn, says that on the 25th day of September 1987 she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public' place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, Southold Town Hall, Main Road, Southold, New York 11971. Notice setting forth an extract of the bend and capital note resolution duly adopted by the Southold Town Board on September 22, 1987 (Proposition No. 1 - $1,750,000 authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for the Town.) ~ -~ludith T. Terry ~ Southold Town Clerk Sworn to before me this 25th .day Of September 1987 -- Notary Pu--b~ic - 7 ELIZABETH ANN NEVILLE i~otary Publl;, State of o. 52-8125850 Suffolk Co~ Term Exp res October 31, 1 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, 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. fTown Clerk ~ Subscribed and sworn to before me this ninth day of November, ~990. Notar~Public, State ~ New York ELIZABETH ANN NEVTU.E . o. ~-~125850, Suffolk Co~ mrm r..,xp~ms Omo~r 31, 19.-,,~.~- SCHEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, preparation or performance of any such part of such contract. 3. , has publicly disclosed the nature and extent of such interest in writing to the governing board of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Scott L. 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 $600,000 Bond Anticipation Note for Acquisition of Land-1990 (the "Note" of the Town, dated November 9, 1990, as follows: 1. The Town will comply with all the procedures and provislons 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 to provide funds for the purpose described (the "Project") in the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," adopted by the Town Board of the Town on the date therein referred to. 3. The Town has entered into, or will enter into within 6 months of the date hereof, binding commitment(s) for the acquisition, construction or accomplishment of the Project, and the amount of such commitment(s) with respect to the Project exceed the lesser of an amount equal to 2-1/2% of $600,000, being the aggregate amount of obligations currently issued for the Project or $100,000. 4. The Project has been completed, or, if the Project has not been completed, it is reasonably expected that all of the proceeds of sale of the Note will be expended within three years from the date of this Certificate. If the Project has not been completed, work on the acquisition, construction or accomplishment of the Project will proceed or is proceeding with due diligence to completion. 5. The proceeds of the Note are not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Town is a governmental unit with general taxing powers; (ii) the Note does not constitute a "private activity bond" as that term is defined in Section 141 of the Code; (iii) ninety-five percent or more proceeds of the sale of the Note are to be governmental activities of the Town; and of the net used for local (iv) the Town reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Town during the current calendar year will not exceed $5,000,000. For purposes of such determination no tax-exempt obligation shall be taken into account if it is a current refunding obligation which does not exceed the outstanding (redeemed) principal amount of the obligation to be refunded. 6. The total proceeds of sale of all bond anticipation notes issued to date for the Project do not exceed the total cost of the Project. 7. The Note (i) is being issued within 30 days of the Town's $87,500 Capital Note for Acquisition of Land-1990 (the "Capital Note"), (ii) is being issued pursuant to a common plan of fiancing with such Capital Note and (iii) bears a claim to be paid from substantially the same source of funds as the Capital Note. As a result, the Note and the Capital Note will be treated as a single issue for purposes of applying the arbitrage yield restrictions imposed by the Code and implementing Treasurer Regulations. 8. 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. 9. The Note will be paid from taxes and the proceeds of other obligations of the Town issued to fund the Note. 10. 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. 11. 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. 12. 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. 13. 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. 14. 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. 15. 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. 16. 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 14, above, exceeds the proceeds of the Note which are to be used for the governmental use to which such Private Use relates. 17. For purposes of paragraphs 14, 15 and 16, 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. 18. 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. 19. 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 18 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. 20. 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. 21. The Note is hereby designated a "qualified tax-exempt obligation" pursuant to the provisions of Section 165 of the Code. In making such designation it has been determined that: (i) the Town does not reasonably anticipate that the amount of "qualified tax-exempt obligations" to be issued by the Town during the current calendar year will exceed $10,000,000; and (ii) the amount of "qualified tax-exempt obligations" issued by the Town during the current calendar year does not as of this date, and including this issue, exceed $10,000,000. 22. 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 ninth day of Novembe:,~90. ' ~ Supervisor ~ CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $600,000 BOND ANTICIPATION NOTE FOR ACQUISITION OF LAND-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 $600,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution entitled: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authorizing the issuance of $87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," duly adopted by the Town Board on the date therein referred to. as follows: The terms, form and details of said Note shall be Amount and Title: $600,000 Bond Anticipation Note for Acquisition of Land-1990 Dated: November 9, 1990 Matures: November 8, 1991, subject to prior redemption Number and Denomination: Number 1, at $600,000 Interest Rate per annum: 6.30% Form of Note: Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. 3. Said Note is not issued in renewal of any note or notes. 4. The amount of bond anticipation notes originally issued in anticipation of the issuance of serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof, including the Note, is $600,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $600,000. 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 The North Fork Bank & Trust Company, Southold, New York, for the purchase price of $600,000, 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 & Trust Company, Southold, New York, and shall bear interest at the rate of six and thirty hundredths per centum (6.30%) per annum, payable at maturity or prior redemption. 7. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town shall be affixed thereto and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS WHEREOF, ninth day of November, 1990. have hereunto set my hand this Sup(~rvisor_ 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, 1990; and I FURTHER CERTIFY that no resolution electing to reassume any of the powers or duties mentioned in said Certificate and delegated to the Supervisor by the resolution cited in said Certificate has been adopted by said Town Board. (SEAL) IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this ninth day of November, 1990. ~'Town Clerk ~ CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAYMENT WE, the undersigned officers of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", HEREBY CERTIFY, that on or before November 9, 1990, we officially signed and properly executed by manual signatures a $600,000 Bond Anticipation Note for Acquisition of Land-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 CERTIF~ 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, proDer and only official corporate seal of the Town. And, I, Scott L. Harris, Supervisor, HEREBY FURTHER CERTIFY that on November 9, 1990, I delivered said Note to The North Fork Bank & Trust Company, 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 ............................... $600,000 Interest on said Note accrued to the date of such delivery ............. -0- Amount Received ..................... $600,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this ninth day of November, 1990. Term of Office . $igna)ure Expires Title. ~.~~~ / December 31, 1991 Supsrvisor ~~~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 /r. es~e~i~ offices set opposite their signatures. ~ (Title) (Name of Bank) ATTORNEY'S CERTIFICATE I, Matthew G. Kiernan, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York having offices at 53095 Main Road, Southold, New York, and am the duly chosen, qualified and acting Assistant Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of the Note of the Town, payable to bearer and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS W~EREOF, ninth day of November, 1990. have here~nto~et my hand this ' /- '- Attorn~ SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $600,000 Bond Anticipation Note for Acquisition of Land-1990 November 9, 1990 November 8, 1991, subject to prior redemption Number 1, at $600,000 6.30% 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 PLEASE PUBLISH THE ATTACHED LEGAL NOTICE IN ITS ENTIRETY ON OCTOBER 1, 1987, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO JUDITH To 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 JUDITH T. TERRY TOWN CLERK REGISTRAR OF VITAL STATISTICS OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 TELEPHONE (5161 765-180l PLEASE PUBLISH THE ATTACHED LEGAL NOTICE 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 LEGAL NOTICE EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the 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. Schondebare Jean W. Cochran George L. Penny IV Raymond W. Edwards Supervisor; and There were absent: None. Also present: Judith T. Terry, Town Clerk Supervisor Murphy and moved its adoption: offered the following resolution BOND AND CAPITAL NOTE RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987, AUTHORIZING THE ACQUISITION OF CERTAIN INTERESTS OR RIGHTS IN REAL PROPERTY FOR THE PRESERVATION OF OPEN SPACES AND AREAS IN AND FOR SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $7,750,000 , APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $87,500 CAPITAL NOTES TO PROVIDE THE REQUIRED DOWN PAYMENT, AND AUTHORIZING THE ISSUANCE OF $ 1,662,500 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION. Recitals WHEREAS, Section 247 of the General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real property for the preservation of open space and area; and WHEREAS, the acquisition of interests or rights in real property located throughout the Town for the preservation of open space and area is found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State -2- Legislature as set forth in Section 247 of the General Municipal Law; Now therefor be it resolved by THE TOWN BOARD OF TME TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, (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 acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $1,750,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $87.500 capital notes to Provide the down payment required by the Law, as hereinafter defined, and the issuance of $ 1,662,500 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said -3- bonds and the payable. amount serial interest thereon as the same shall become due and Section 2. Capital notes of the Town in the principal of $ 87,500 to pay the required down payment, and bonds of the Town in the principal amount of $ 1,662,500 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 the balance of said appropriation not provided by said capital notes. 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 $ 1,662,500 serial bonds authorized pursuant to this resolution are to be .issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years. (b) Current funds are required by the Law to be provided prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof and such current funds will be so provided by the issuance of the capital notes herein authorized. The Supervisor is hereby authorized and directed to set aside the proceeds of sale of said capital notes and to apply same solely to said specific object or purpose herein described. (c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the capital notes and each of the serial bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said notes and bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by 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 said notes and bonds sale of said bonds the Town by of the to mature payment of the principal of and interest on and any notes issued in anticipation of the and provision shall be made annually in the budget of appropriation for (a) the amortization and redemption notes and bonds and any notes in anticipation th9~eof 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 -5- notes, are hereby delegated to the Supervisor, officer of the Town. Section 6. The validity of the notes authorized by this resolution and of any notes the chief fiscal and bonds issued in anticipation of the sale of (a) (b) said bonds, may be contested only if: such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the - provisions of the constitution. Section 7. A Proposition for the approval or disapproval of this resolution shall be submitted'to the qualified voters of the Town at the Biennial Town Election to be held November 3, 1987, and this resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. The adoption of the foregoing resolution was seconded by Councilwoman Cochran and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran; Councilman Penny. NOES: None. The resolution was declared adopted. -6- Supervisor Murphy offered the following resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold (herein called "Town"), in the County of Suffolk, New York, which is to be held on November ~,' 1987, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time) or as much longer as may be necessary to enable the voters then present to cast their votes, the following Proposition contained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used at the General Section 2. directed to publish at newspapers sign board Section 30 least ten Election to be held on that day. The Town Clerk is hereby authorized and least once in "The Long Island Traveler Watchman" and the "Suffolk of the Town of the Town of the Town Times" hereby designated the official for such publication, and to post on the maintained pursuant to subdivision 6 of Law, said publication and posting to be at (10) days before such Biennial Town Election, Notice that the Town Board will submit for the approval or.disapproval of the resolution hereinabove referred to, said Notice to be in substantially the following form: -7- TOWN OF SOUTHOLDr NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN that at the Biennial Town Election of the Town of Southold to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. submitted to wit: (Prevailing Time), the following Proposition will be the qualified voters of the Town of $outhold, to PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas i.n. and for said Town, stating the estimated maximum cost thereof is $ 1,750,000 , appropriating said amount therefor, and authorizing the issuance of $ 87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662.500 serial bonds of said Town to finance the balance of said appropriation," BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital note resolution, concisely stating the purpose and effect thereof, i§ as follows: FIRST: RECITING that Section 247 of the General Municipal Law authorizes the Town of Southold (the "Town") to acquire interestsor rights in real property for the preservation -8- of open space and area; that theacquisition of such interests or rights in real property located throughout the Town for the preservation of open space and area is determined to be necessary and in the public interest and a proper public purpose of the Town pursuant to said Section 247; SECOND: AUTHORIZING said Town to acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $ 1,750,000 ; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $ 87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $ 1~662,$00 serial bonds of the Town to finance the balance of said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $ 87,500 capital notes to provide the required down payment and $1,662,500 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance the balance o'f' said appropriation not provided by said capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the specific object or purpose is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said current funds and apply the same solely to said specific object or purpose; and the proposed maturity of said $1,662,500 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said notes shall be general obligations of the Town and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 3, 1987 and that this resolution shall take effect upon such approval. DATED: September 22, 1987 Judith T. Terry Town Clerk Section 3. After said bond and capital note resolution shall take effect, the Town Clerk is hereby directed to cause said bond and capital note resolution to be published, in full, in the newspapers referred to in Section 2 hereof, and hereby designated the official newspapers for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 4. This resolution sh~il take effect immediately. The adoption of the foregoing resolution was seconded by Councilman $chondebare and duly put to a ~ote on roll call, which resulted as follows: AYES: SuDervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared adopted. -10- STATE OF NEW YORK ) : ss.: COUNTY OF SUFFOLK ) JUDITH T. TERRY, being duly sworn, deposes and says: That she is and at all times hereinafter mentioned she was the duly appointed, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, State of New York; That on' September 23 , 1987, she has caused to be conspicuously posted and fastened up a Notice setting forth the Proposition to be submitted to the qualified voters at the Biennial Election to be held on November 3, 1987 and an abstract of the bond and capital note resolution duly adopted by the Town Board on September 22, 1987, a copy of which is annexed hereto and made a part hereof on the sign board of the Town maintained pursuant to the Town Law. Subscribed and sworn to before me this ~ day of g..nt.mb.r , 1987. Nota~ Public, State of/New York Term Exp/re~ October 31, Ig~? Town Clerk TOWN OF SOUTHOLD~ NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN that at the Biennial Town Election of the Town of Southold to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time), the submitted to the qualified voters of wit: following Proposition will be the Town of Southold, to PROPOSITION of the SHALL THE RESOLUTION ENTITLED: "Bond and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $ 1,750,000 , appropriating said amount therefor, and authorizing the issuance of $ 87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation,"' BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each respective election districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital.note resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that Section 247 of the General Municipal Law authorizes the Town of Southold (the "Town") to acquire interestsor rights in real property for the preservation of open space and area; that theacquisition of such interests or rights in real property located throughout the Town for the preservation of open space and area is determined to be necessary and in the public interest and a proper public purpose of the Town pursuant to said Section 247; SECOND: AUTHORIZING said Town to acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $1,750,000 ; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $ 87.500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1 662 500 serial bonds of the Town to finance the balance of said'appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $ 87.500 capital notes to provide the required down payment and $ 1,662,500 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance the balance of said appropriation not provided by said capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the specific object or purpose is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said' current funds and apply the same solely to said specific object or purpose; and the proposed maturity of said $ 1,662,500 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said notes shall be general obligations of the Town and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 3, 1987 and that this resolution shall take effect upon such approval. DATED: September 22, 1987 Judith T. Terry Town Clerk STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, being duly sworn, deposes and says: That she is at all times hereinafter mentioned she was the duly appointed, qualified and acting Deputy Town Clerk of the Town of Southold, in the County of Suffolk, New York; That on October 15, 1987 she caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the bond and capital note resolution duly adopted by the Town Board on September 22, 1987, a copy of which is annexed hereto and made a part hereof, in the following places, and said places constitute at least five (5) of the most conspicuous public places in said Town, including at ]east one place in each election district in said Town: 1. Mattituck Post office, Love Lane, Mattituck, New York. 2. Cutchogue Post Office, Griffing Street, Cutchogue, New York. 3. Southold Post Office, Traveler Street, Southold, New York. 4. Orient Post Office, Village Lane, Orient, New York. 5. Greenport Post Office, Front Street, Greenport, New York. Elizabeth A. Neville, D~p'uty Town CleF-~ Subscribed and sworn to before me this 15th day of October, 1987. Public-, State of New~Tork JUDII~ T. TEI~RY TOWN OF SOUTHOLDr NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN that at the Biennial Town Election of the Town of Southold to be held on November 3, 1987, between the hours-of 6:00 o'clock A.M. (Prevailing Time) and 9:00 o'clock P.M. (Prevailing Time), the following Proposition will be submitted to the qualified voters of the Town of Southold, to wit: PROPOSITION of SMALL THE RESOLUTION ENTITLED: "Bond and -Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $ 1,TS0,000 , appropriating said amount therefor, and authorizing the issuance of $ 87,500 capital notes to provide the required down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation,"' BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each the re~pective, electi0n districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital note resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that Section 247 of the General Municipal Law authorizes the Town of Southold (the "Town") to acquire interestsor rights, in real property for the preservation of open space and area; that theacquisition of such interests or rights in real property located throughout the Town for the preservation of open space and area is determined to be necessary and in the public interest and a proper public purpose of the Town pursuant to said Section 247; SECOND: AUTHORIZING said Town to acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including incidental costs in relation thereto, such acquisition ~eing hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said Section 247; and STATING the estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $ 1,750~000 ; APPROPRIATING said amount therefor; STATING the plan of financing includes the issuance of $ 87.500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,662.50Q serial bonds of the Town to finance the balance of said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $ 87.~0~ capital notes to provide the required down payment and $ ~,662,500 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance the balance of said appropriation not provided by said capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the specific object or purpose is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided from the proceeds of capital notes; and DIRECTING the Supervisor to set aside said current funds and apply the same solet-y to said specific object or purpose; and the proposed maturity of said $ ~,662,500 serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said notes shall be general obligations of the Town and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 3, 1987 and that this resolution shall take effect upon such approval. DATED: September 22, 1987 Judith T. Terry Town Clerk '-egai Notices LEGAL NOTICE EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southo[d, in the County of Suffolk, New York September 22, 1987 A regular meeting of the Town oard of the Town of Southold. ~ the County of Suffolk, New ork, was ~eld at the Town Jail, Southold, New York, on eptember 22. 1987 at 7:30 clock P.M. I Prevailing Time;. There were present: Hon. rancis d. Murphy, Supervisor; ad Councllporsons: Paul toutenburgh, James A. :bondebare, Jean W. Cochran, eorge L. Penny IV; Justice aymond W. Edwards. There were absent: None. Also present: Judith T. Terry, awn Clerk Supervisor Murphy offered ~e following resolution and eyed its adoption: BOND AND CAPITAL NOTE RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED SEPTEMBER 22, 1987. AU- THORIZING THE ACQUISI- TION OF CERTAIN INTER ESTS OR RIGHTS IN REAL PROPERTY FOR THE PRE SERVATION OF OPEN SPACES AND AREAS IN AND FOR SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $L750,000, APPROPRIAT- ING SAID AMOUNT THEREFOR, AND AU~ THORIZ[NG THE IS- SUANCE OF $87,500 CAPI- TAL NOTES TO PROVIDE THE REQUIRED DOWN PAYMENT, AND AU- THORIZING THE IS- SUANCE OF $1,662,500 SE- RIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID AP-, PROPRIATION. Recitals WHEREAS, Section 247 ofthe metal Municipal Law, con- ituting Chapter 24 of the Con- [idated Laws of the State of .~w York. authorizes the Town Southold, Suffolk County, _~w York, to acquire interests rights in real property for the eservation of open space and east and WEHEREAS, the acquisition interests or rights in real operty located throughout the ~wn for the preservation of en space and area is found and termined to be necessary and the public interest and a oper public purpose of the Iwn in accordance with the ~dings and determinations of e State Legislature as set forth Section 247 of the General unicipal Law; ~w therefor be it resolved by THE TOWN BOARD OF THE )WN OF SOUTHOLD, IN ~E COUNTY OF SUFFOLK, EW YORK, (by the favorable ,te of not less than two-thirds all the members of said Town )ard~ AS FOLLOWS: Section I. The Town of South- fi, in the County of Suffolk, sw York I herein called 'own"), is hereby authorized to quire such interests or rights various parcels of real prop- ty in the Town for the preser- ~tion of open space and area as ay be authorized, from time to ne, by the Town Board of the )wu. aRer due notice and a ~blic hearing, pursuant to said ~ction 247 of the General unicipal Law, including inci- ~nta[ costs in relation thereto. ch acquisitmn being hereby and and determined to be necassary and in the public in- terest an'~ - proper public pur- pose of [ own in accordance w~th the .adings and determi- nanons set forth m said Section 247. The estimated maximum cost of said specific object or pur- pose· including preliminary cost~- and costs incidental thereto and the financing thereof, is $1,750,000 and said amount is hereby appropriated therefor· The plan of financing includes the issuance of $87,500 capital notes to provide the down payment required by the Law, as hereinaker defined, and the is- suance of $1,662,500 serial bonds of the Town to finance the balance of 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. Capital notes of the Town in the principal amount of $87,500 to pay the required down payment, and serial bonds el the Town in the principal amount of $1,662.500, 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 therein called "Law"l to finance the balance of said appropriation not provided by said capital Section 3. The following addi- tional matters are hereby deter- mined and declare 1: l a~ The period of probable use- fulness of said specific objeqct or purpose for which said $1,662,500 serial bonds au- thorized pursuant to this resolu- tion are to be issued, within the limitations of Section 1L00 a. 21(al of the Law, is thirty (30} Ibl Current funds are required by the Law to be provided prior to the issuance of the bonds au- thorized by this resolution or any bond anticipation notes is- sued in anticipation thereof and such current funds will be so provided by the issuance of the capital notes herein authorized. The Supervisor is hereby au- thorized and directed to set aside the proceeds of sale of said capi- tal notes and to apply same sol- ely ts said specific object or pur- pose herein described (c) The proposed maturity of the bonds authorized by this re- solution will exceed five (5) Section 4. Each of the capital notes and each o£ the serial bonds authorized by this resolu- tion and any bond anticipation notes issued in anticipation of the sale of scald bonds shall con- tain the recital of validity as pre- st'ribed by Section 52.00 of the Law and said notes and bonds ahd any notes issued in anticipa- tion of said bonds, shall be gen- eral obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property w/thin the Town without limitation of rats or amount. The faith and credit of the Town are hereby ir- revocably pledged to the punctual payment of the princi- pal of and interest on said notes and bonds and any notes issued in anticipation of the sale of said bends and provision shall be made annually in the budget of the Town by appropriation for (al the amortization and rede- mption of the notes and bonds and any notes in anticipation thereof to mature in such year and ib~ the payment of interest to be due and payable in such year. Section 5. SubJect to the provi- sions of this resolution and of the Law and pursuant to the provi- sions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and o£ Section 50.00 an~ Sections 56.00 to 60.00 oc the Law, the powers and duties of the Town Board re- lative to authorizing bond anti- cipation 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 el the Town. Section 6. The validity of the notes and bonds authorized by this resolution and of any notes issued in anticipation of the sale of said bends, may be contested only if- (a)such obligations are au- thorized for an object or purpose for ' which the Town is not authorized to expend money, or I b l the provisions of law which should be complied with at the date of the publication of such resolution are not substantiatly complied with, and an action, suit or proceeding contesting such validity, ts com- menced within twenty days after the date of such publicatmn, or Icl such obhgations are au- thorized in violation of the provisions of the constitu- tion. Section 7. A Proposition for the approval or dmapproval of this resolution shall be submit- ted to the qualified voters of the Town at the Biennial Town Elec- tion to be held November 3, ' 1987, and this r~solution shall take effect upon the approval of the Proposition by said voters o£ the Town at that referendum vote. The adoption of the foregoing resolution was seconded by Councilwoman Cochran and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Sehondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared adopted. Supervisor Murphy offered the following resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK. NEW YORK, HEREBY RE- SOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Soutbeld (herein called "Town"i, in the County of Suffolk, New York. which is to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. IPre- vailing Time) and 9:00 o'clock P.M. IPrevailing Time) or as much longer as may be neces- sary to enable the voters then present to cast their votes, the following Proposition contained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town of Seuthold shall be the same polling places as shall be used at the General Election to be held on that day. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "The Long Island Traveler Watch- man" and the "Suffolk Times" hereby designated the official newspapers of the Town for such publication, and to post on the sign board of the Town main- tained pursuant to subdivision 6 of Section 30 of the Town Law, said publication and posting to be at least ten ~10} days before such Biennial Town Elertion. Notice that the Town Board will submit for the a9proval or disap- proval of the resolution. hereinabove rei~rred to, smd Nottce to be in substantially the following form: TOWN OF SOUTHOLD, NEW YORK NOTICE OF PROPOSITION TO BE SUBMITTED ATTHE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN that at the Biennial Town Elec- tion of the Town of Seuthold to be held on November 3. 1987. be- tween the hours of 6:00 o'clock A.M. IPrevalhng Time~ and 9:00 o'clock P.M. IPrevailing Timei, the following Proposition will be submitted to the qualified voters o£the Town o£Southold, to wit: PROPOSITION SHALL THE EESOLUTION ENTITLED: "Bond and Capi- tal Note Resolution of the Town of Southold, New York. adopted September 22, 1987, authorizing the acquisition of certain interests or rights In real property for the preser- vation of open spaces and areas in and fi,r said Town. stating the e~ttmated maximum cost thereof $1,750,000, appropriating said amount therefor, and authorlztng the issuance of $87.500 capital notes to pro- vide the required down pay- ment. and authorizing the is- suance of $1,662,500 serial bonds &said Town to finance the balance of said appropria- tion,'' BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital note resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING that Sec- tion 247 of the General Munici- pal Law authorizes the Town of seuthold Ithe "Town") to acquire interests or rights in real prop- erty for the preservation of open space and area; that the acquisi- tion of such interests or rights in real property located through- out the Town for the preserva- tion of open space and area is de- termined to be necessary and in the public interest and a proper public purpose of the Town pur- suant to said Section 247; SECOND: AUTHORIZING said Town to acquire such in- terests or rights in various par- cels of real property in the Town for the preservation of open space and area as may be au- thorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Sec- tion 247 of the General Munici- pal Law, including incidental costs in relation thereto, such ac- quisition being hereby found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in said section 247; and STATING the estimated maximum cost of said specific object or purpose, including pre- liminary costs and costs inciden- tal thereto and the financing thereof, is $1,750,000; APPROP- RIATING said amount therefor; STATING the plan of financing includes the issuance of $87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1.662.500 serial bonds of the Town to finance the balance of said appropriation, and the levy ora tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issua~tce of $87,590 capital notes to provide the required doan payment and $1.662,500 serial bends .f the Town pursuant to the Local Finance Law of the State of New York tthe "Law"~ to finance the balance of said ap- proprmtion not prowded by smd capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the spe- cific object or purpose m thirty ~30~ years; current funds are re- quired by the Law to be provided prior to the issuance of the bonds or any notes in anticipation thereof and such current funds will be provided Irom the pro- ceeds of capital notes; and DI- RECTING the Supervisor to set aside smd current funds and apply the same solely to said specific object or purpose; and the proposed maturity of said $1,062,500 serial bonds will ex reed five ~ 51 years; FIFTH: DETERMINING that said bends and an~ bend antici- pation notes issued in anticipa- tion &said bonds and the renew- als of saigl notes shall be genera obligations of the Town and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond ant c pation notes msued in anticipation of said bonds, or the renewals thereof; and SEVENTH: DETERMINING that a Proposition for the ap- proval or disapproval of this~'e- solution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 3, 1987 and that this resolution shall take effect upon such approval. DATED: September 22, 1987 Judith T. Terry Town Clerk Section 3. After said bond and capital note reoslution shall take effect, the Town Clerk is hereby directed to cause said bbond and capital note resolu- tion to be published, in full, in the newspapers referred to in section 2 hereof, and hereby de- signated the official newspapers for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law. constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 4. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by Councilman Sehondebare and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy. dustice Edwards, Councilman Stoutenbttrgh, Councilman sehondebare, Councilwoman Cochran Councilman Penny. NOES: None. The resolution was declared adopted. 1TOI-5725 STATE OF NEW YORi COUNTY OF SUFFOL Chri~t-in~ said County, being d Principel Clerk of TH Newspaper, publisht of Southold, County York, and that tho N a printed copy, has said Newspaper et weeks auccessivoly, dayof 0¢ ~.obo r Sworn to before/J~o d,yof ~r~ :t an'* ' proper public pur- er t own in accordance the h.dings and de[ermi- ~ns set forth in said Section Tbs estimated maximum ff said speo tic object or put- including preliminary and costs incidental to and the financing fi, is $1,750,000 and said nt is hereby appropriated ?or. The plan of financing les the issuance of $87,500 ,I notes to provide the down mt required by the Law. as miler defined, and the is- ~ of $l,g62,500 serial of the Town to finance the :e of said appropriation, · e levy and collection of on all the taxable real ty in the Town to pay the ~al of said bonds and the ~t thereon as the same ecome due and payable. on 2. Capital notes of the n the principal amount of I to pay the required ayment, and serial bends Town in the principal of $1,662,800. are authorized to be issued ~t to the provisions of the manes Law, constituting · 33-a of the Consolidated ~ the State of New York called "Law"l to finance ncc of said approprmtion vided by said capital n 8. The following addi- attars are hereby deter- ~d declare h ~ period of probable use- fsaid specific objeqct or for - Which said )0 serial bonds au- pursuant to this resolu- te be issued, within the as of Section 11.00 a. fie Law, is thirty 130~ rent funds are required tw to be provided prior sauce of the bonds au- by this resolution or anticipation notes ~ticipotion thereof and ant funds will be so )y the issuance of the les herein authorized. rvisor is hereby au- ld directed to set aside ds of sale of said capi- nd to apply same sol- specific object or pur- r described. ~ropesed maturity of mthorized by this re- till exceed five · Each of the capital each of the serial ~rized by this resolu- ~y bend anticipation d in anticipation of enid bonds shall con- iai of validity as pre- Section 62.00 of the rid note~ and bonds .~s issued in anticipa- bonds, shall be ten- ions of the Town. ~ both principal and leneral tax upon all · esl property with n ithout limitation of ont. The faith and rown are hereby ir- pledged to the ment of the princL ;crest on said notes ,d any notes issued n of the sale of said ~rovision shall be ly in the budget of appropriation for Iization and rede- ~ notes and bonds tat in anticipation ore ia such year tyment of interest I payable in such tbject to the provi- ~olution and of the ~ant to the provi. ~ 30.00 relative to on of the issuance ~tlon notes and of Section 50.00 an~ Sedtions 56.00 to 60.00 or the Law. the powers and duties of the Town Board re- lative to authorizing bond anti- cipation notes and prescnbmg 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 o~cer of the Town. Section 6. The validity of the notes and bends authorized by this resolatmn and of any notes issued in anticipation of ibc sale of said bonds, may be contested only if: la~ such obligations are au- thorized for an object or purpose for ' which the Town is not authorized to expend money, or tb~ the provismns 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 vahdity, i~ eom- menced within twenty days after the date of such publicatmn, or Ic}such obligations are au- thorized in violation of the l~rovisions of the constitu- Section 7. A Proposition for the approval or d~sapproval of this resolution shall be submit- ted to the qualified voters of the Town at the Biennial Town Elec- tion to be held November 3. '1987, and this resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. The adoption of the foregoing resolution was seconded by Councilwoman Cochran and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Steutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared adopted. Supervisor Murphy offered the following resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RE- SOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold (herein called "Town"l, in the County of Suffolk, New York, which is to be held on November 3, 1987, between the hours of 6:00 o'clock A.M. IPre- vailing Timei and 9:00 o'clock P.M. IPrevailing Timel or as ' much longer as may be neces- sary to enable the voters then present to cast their votes, the following Proposition contained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used at the General Election to be held on that day. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in '`The Long Island Traveler Watch- man" and the "Suffolk Times" hereby designated the official newspapers of the Town for such pybfication, and to post on the s~gn board of the Town main- tained pursuant to subdivision 6 of Section 30 of the Town Law. said publication and posting to be at least ten il0l days before such Biennial Town Election, Notice that the Town Board will submit for the approval or disap- THIRD: AUTHORIZING the proval of the resolution~ - issuat~ee of$87,500capita/notes hereinabove referred to, said to provide the required down Notice to be in substantially the payment and $1,662,500 serial following form: ' bends of the Town pursuant to TOWNOFSOUTHOLD, the Local Finance Law of the NEW YORK NOTICE OF PROPOSITION State of New York rthe "Law"~ STATE OF ~$:W ¥O~K to finance the balance of sa d ap- TO BE SUBMITTED AT THE · BIENNIAL TOWN ELECTION propnat~on not provided by said } SS: capital notes; COUNTY OF SUFFOLK } TO BE HELD ON FOURTH: DETERMINING NOVEMBER 3, 1987 NOTICE IS HEREBY GIVEN and STATING the period of probable usefulness of the ape- Ch ri s ~-~ n~ c'¢~n~-pnto of Greenport, in that at the Biennial Town Risc- cific object or purpose is thirty lion of the Town of Southold to (301 years; current funds are re- said County, being duly sworn, says that he/she is be held on November 3, 1987, be- quired by the Law to be provided Principal Clerk of THE SUFFOLK TIMES, a Weekly tween the hours of 6:00 o'clock prior to the issuance of the bonds A.M. ~ Prevailing Time~ and 9:00 or any notes in anticipation Nowapapor, pubHshod at Oroonport, in tho Town o'clock P.M. ~Prevailing TimeL thereof and such current funds the following Proposition wi fi be will be provided from the pro- Of Southold, County of Suffolk and State of Now submitted to the qualified voters ceeds of capital notes; and Df- York, and that tho Notice of which tho annexed is of the Town of Southold, to wit: PROPOSITION RECTING the Supervisor to set aside said current funds and e printad copy, hen baan ragularly published in SHALL THE RESOLUTION apply the same solely to said said Newspaper once each week for ENTITLED: "Bond and Capi- specific object or purpose; and iai Note Resolution of the Town of Southold, New York. the proposed maturity of said weeks successively, commancing on the adopted September 22, 1987. $1,fi62,500 serial bonds will ex- authorizing the acquisition of ceed five t5~years; darer Oetobel7 19_8_'/ certain interests or rights in FIFTH: DETERMINING that real property for the preset- said bonds and any bond antici- ration of open spaces and pation notes issued in anticipa- tion &said bends and the renew- areas in and for said Town. als ofsaid notes shall be general stating the estimated obligations of the Town and Principal Clerk maximum cost thereof is PLEDGING to their payment $l,750.000, appropriating the faith and credit of the Town; said amount therefor, and SIXTH: DELEGATING to the Sworn to beforq4no this authorizing the issuance of dSuUtil~rvisor the powers and Clay Of ~---~,~1: $87,500 capital notes to pro- es as to the issuance of said __ vide the required do~vn pay- bonds and any bond anticipation f ment, and authorizing the is. notes issued in antcipation of //~ f~7 , suance of $1,662,500 serial said bonds, or the renewals ]~ bonds of said Town to finance Suffolk COUflt~ t he b,,alance of said appropria thereoF;and ~// .Ter ~ [~,plres FebrOar~ [cJ~d lion, BE APPROVED? SEVENTH: DETERMINING ' NOTICE IS FURTHER that a Proposition for the ap- GIVEN that the polling places proval or disapproval of thisl'e- in each &the respective election solution shall bo submitted to districts of the Town of Southold the qualified voters of the Town shall be the same polling places at the Biennial Town Election to as shall be used for voting at the be held on November 3, 1987 General Election held on that and that this resolution shall day. take effect upon Such approval. An abstract of said bond and DATED: September 22, 1987 capital note resolution, concisely Judith T. Terry stating the purpose and effect TownClerk thereof, is as follows: Section 3. After said bond and FIRST: RECITING that Sec- capital note reoslution shall lion 247 of the General Munici- take effect, the Town Clerk is pal Law authorizes the Town of hereby directed to cause said ~Southold (the "Town")to acquire bbend and capital note resolu- tion to be published, in full, in interests or rights in real prop- the newspapers referred to in arty for the preservation of open space and area; that the acquisi- Section 2 hereof, and hereby de- lion of such interests or rights signal, ed the official newspapers in real property located through- for said publication, together out the Town for the preserva- with a Notice in substantially lion of open space and area is de- the form as provided by Section termined to bo necessary and in 81.00 of the Local Finance Law, constituting Chapter 33-a of the the public interest and a proper Consolidated Laws of the State public purpose of the Town pur- of New York. sunni to said Section 247; SECOND: AUTHORIZING Section 4. This resolution shall take effect immediately. said Town te acquire such in- , , · tereats or rights in various par- The adoption of the foregoing Creels of real property in the Town resolution was seconded by the preservation of open space and area as may be au- Councilman Schondebare and thorized, from time to time, by duly put to a vote on roll call, the Town Board of the Town, which resulted as follows: after due notice and a public AYES: Supervisor Murphy. hearing, pursuant to said Sec- Justice Edwards, Councilman tion 247 of the General Munici- Steutenburgh, Councilman pal Law, including incidental Schondebare, Councilwoman costs in relation thereto, such ac- Cochran, Councilman Penny. quisition being hereby found NOES:None. and determined to be necessary The resolution was declared and in the public interest and a adopted. proper public purpose of the ITO1-5725 Town in accordance with the findings and determinations set forth in said Section 247: and STATING the estimated maximum cost of said specific object or purpose, including pre- liminary costs and costs inciden. iai thereto and the financing thereof, is $l,750,000; APPROP- RIATING said amount therefor; STATING the plan of financing includes the issuance of $87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,662,500 serial bonds of the Town to finance the balance of said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon: Consolidated Laws of the State of New York, authorizes the Town of Southold, Suffolk County, New York, to acquire interests or rights in real proper- ty for the preservation of open space and area; and WHEREAS, the acquisition of interests or rights in real pro- per~y located throughout the Town for the preservation of open space and area is found and determined to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247 of th~ General Municipal Law; Now therefor be it resolved by THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEW YORK, (by the favorable vote of not less than two4hirds of all the members of said Town Board) AS FOLLOWS: Section I. The Town of Southold, in the County of Suf- folk, New York (hereirr called "Town"), is hereby authorized to acquire such interests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law. in- cluding incidental costs in 're- lation thereto, such acqui- sition being hereby .found and determined to be necessary and in the public interest and a proper public pur- pose of the Town in accordance with the findings and deter- minations set forth in said Sec~ tion 2~7. The estimated max- imum cost of said specific ob- ject or purpose, including preliminary costs and costs in- cidental thereto and the financ- ing thereof, is $1,750,000 and said amount is hereby ap- propriated therefor. The plan of financing includes the issuance of $87,500 capital notes to pro- vide the down payment required by the Law, as hereinafter defined, and the issuance of $1,662,500 serial bonds of the Town to finance the balance of 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. Capital notes of the Town in the principal amount of $87,500 to pay the required down payment, and serial bonds of the Town in the principal amount of $1,(~2,500, are hereby authorized to be issued pursuant to the provi- sions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law") to finance the balance of said appropriation not pro- vided by said capital notes. Section J. The following ad- ditional matter~ are hereby determined and.declared: (a) The period of probable usefulness of said specific object or purpose for which said $1,662,500 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section I1.00 a. 21(a) of the Law, is thirty (30) years. (b) Current funds are re- quired by the Law to be provid- ed prior to the issuance of the bonds authorized by this resolu- tion or any bond anticipaton notes issued in anticipation thereof and such current funds will be so provided by the is- suance of the capital notes herein authorized. The Super- visor is hereby authorized and directed to set aside the pro- ceeds of sale of said capital notes and to apply same solely to said specific object or pur- pose herein described. (c) The proposed maturity of the bonds authorized by this re~olmion will exceed five (5) Town by al~propriation for (a) the amr ation find redemp- tion of t. .~otes and bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the pro- visions of this resolution and of the Law and pursuant to the provisions of Section 30.00 .relative to the authorization of the issuance of bond anticipa- tion notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said notes, are hereby delegated to the Supervisor, the chief fiscal of- ricer of the Town. Section 6. The validity of the notes and 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 pur- pose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of publication of such resolution are not substan- tially complied with, and an action, suit or pro- ceeding contesting such validi- ty is commenced within twenty days after the date of such publication, or (c) .such obligations are authorized in violation of the provisions of the Constitution. Section 7. A Proposition for the approval or disapproval of this resolution shall be submit- ted to the qualified voters of the Town at the Biennial Town Election to be held November 3, 1987, and this resolution shall take effec~ upon the approval of the Proposition by said voters of the Town at that referendum vote. The adoption of the forego- ing resolution was seconded by Councilwoman Cochran and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny. NOES: None. The resolution was declared ad~5~f~d:,~,,,' .,,~, , .,, Supervisor Murphy offered :-. the followitig resolution and moved its adoption: THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUF- FOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold, (herein caIled "Town"), in the County of Suf- folk, New York, which is to be held on November 3, 1987, bet- ween the hours of 6:00 o'clock a.m. (prevailing time) and 9:00 o'clock p.m. (prevailing time) or as much longer as may be necessary to enable the voters then present to cast their votes, the following Proposition con- tained in the Notice hereinafter set forth shall be submitted to the qualified voters, as hereinafter referred to. The polling places in each of the respective election districts of the Town of Southold shall be the same polling places as shall be used at the General Election to be held on that day. Section 2. The Town Clerk is hereby authorized and directed to publish at least once in "The Long island Traveler Wat- chman'' and the "Suffolk Times" hereby designated the official newspapers of the Town for such p~bligadon, and to post on the sign board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law, said publication and posting to be at least ten (10) days before such Biennial Town Election, Notice that the PROPOSITION SHALL 'THE Rt LU- TION ENTITLED: "Bo~d and Capital Note Resolution of the Town of Southold, New York, adopted September 22, 1987, authorizing the acquisition of certain interests or rights in real property for the preservation of open spaces and areas in and for said Town, stating the estimated maximum cost thereof is $1,750,000, appropriating said amount therefor, and authoriz- ing the issuance of $87,500 capital notes to provide the re- quired down payment, and authorizing the issuance of $1,662,500 serial bonds of said Town to finance the balance of said appropriation," BE APPROVED? NOTICE IS FURTHER GIVEN that the polling places in each of the respective election districts of the Town of Southold shall be the same poll- ing places as shall be used for voting at the General Election held on that day. An abstract of said bond and capital note resolution, concise- ly stating the purpose and effect thereof, is as follows: FIRST: RECITING that Sec- tion 247 of the General Municipal Law authorizes the Town of Southold (the "Town") to acquire interests or rights in real property for the preservation of open space and area; that the acquisition of such interests or rights in real ' property located throughout the Town for the preservation of open space and area is deter- mined to be necessary and in the public interest and a proper public purpose of the Town pursuant to said Section 247; SECOND: AUTHORIZING said Town to acquire such in- terests or rights in various parcels of real property in the Town for the preservation of open space and area as may be authorized, from time to time, by the Town Board of the Town, after due notice and a public hearing, pursuant to said Section 247 of the General Municipal Law, including in- cidental costs in relation thereto, such acquisition being hereby found and determined to be necessary and in the public interest and a proper public pur- pose of the Town in accordance with the findings and deter- minations ~et forth in said Sec- tion 247; and STATING the estimated maximum cost of said specific object or purpose, in- cluding preliminary costs and costs incidental thereto ,and the financing therof, is $1,750,000; APPROPRIATING said amount therefor; STATING the plan of financing includes the is- suance of $87,500 capital notes to provide the down payment required by the Law, as hereinafter defined, the issuance of $1,662,500 serial bonds of the Town to finance the balance of said appropriation, and the levy of a tax upon all the tax- able real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $87,500 capital notes to provide the required down payment and $1,662,500 serial bonds of.the Town pur- saaht to the Local Finance Law of the State of New York (the "Law") to finance the balance of said appropriation not pro- vided by said capital notes; FOURTH: DETERMINING and STATING the period of probable usefulness of the specific object or purpose is thirty (30) years; current funds are required by the Law to be provided prior to the issuance of the bonds or any notes in an- ticipation thereof and such cur- rent funds will be provided from the proceeds of capital notes; and DIRECTING the Super- visor to set aside said current funds and apJ~y the same ~ae,~ ly to said specific object or pur- pose; and the proposed maturi- ty of said $1,662,500 serial bonds will exceed five {$) years; FIFTH: DETERMINING that said bonds and any bond ~n!icil~ation. n~t.es, issu. ed in~ .a~n- hereby directed to cause said bond and capital notz resolution to be published, in full.in the newspapers referred to in Sec- tion 2 hereof, and hereby designated the official newspapers for said publica- tion, together with a Notice in substantially the form as pro- vided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Con- solidated Laws of the State of New York. Section 4. This resolution shall take effect immediately. The adoption of the forego- ing resolution was seconded by Councilman Sehondebase and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Justice Edwards, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Coehran, Councilman Penny. NOES: None. The resolution was declared adopted. IT-10/1/87(16) ..... da,, of ~ _TIIE IB- ,F ~7~00 CAPI- ~ TO PROVIDE ~;~ of%ns- ~ ~d .d~. p~.~ ! SS: WHEREAS, rhea uisi' ~~.OFSUFFOLK ) ' . ~ ~n of ln~ ~ ~h~ in ~al ~ he.by au~' ~ ~ 1~ ~out ~t ~ ~e ~o~ - ~~w,~t~ ~'~~ of Greenpo~, in ~h~r~-aof~]i~g duly sworn, says that he/she is m ~ ~) ~ ~.~ c oo~rULK TIMES, a Weekly 4 at ~roonport. in tho Town th~ffolk and State of New Town for the prensrvation of °pen apace and area is found and in the puldic inter~t and a ToPper public purple of in accordance w~th the the findings and determinations of the State Le~slaturo as Mt forth in. Section 247 of the General Municipal Law; Now thm. oforo be it resolved by 'n~.~ GOUI~Fy OF SUFFOLIf. ~ YORK, (by tim favorable vote of not 1~ than two-thirds of all the nmmbero of Mid Town Board) AS FOLLOws: Section 1, The Town of South- oM, in the County of Suffolk, New York 0Mroin called "Town"), ia hereby authorized to ~quire such inter~te or rights m various parcels of real pron- m-ty m the Town for th vat~n of opzn s*-~ ~_~e ~ aU~oriz~d, fi'om time to time, bY the Town Board of the Town, after due notice and public hearing, purmmnt to nsid Section Z47 oF the ~ensral Municipal Law, insludin~ inci- dental ~ in relation thereto, such acquiaition being hereby AND AU- raE I8- 81,662,500 SE- caPiteJ not(m te t~ovide t~ down ION. of the Tow~ to finance the ,~Se~'on ~47 of b~lance ~er 24 of the Con. ~-,~-~r~y m the Town to n.. ~e of the State of P~eipal ~ a~i bona- ~-- -. *~apite] note~ of the thru balance of said appropriatien not providml by said capital ._ _.~m~n 3. Tim following addi- mmda m ~ specific obj~ or ~s~oee ~r which said X,663,800 serial bonds au. ~ t~wepeant to th~ reeolu. · Co) Current funds are to the ismMfMe of the bends au. tlMrlzed by *this r~olution or m mmctpat~on thereof and Pr~Wld~d by t~e issnsn~e of the tiv~'Jmdand ' =,=02, au- directed to set aside ri°res end to apply same sol co,to and cesta ~ncidental thereto and the financing thereo~, is $~,750,000 and said- · · Man of ~ ~octi~4. ]~utch of the capit~ each of the ~1.~., i*-' '-'~ m anticipmMon of m~eot said bonds sbal* tbed by Section ~.00 of the any tea ism~ed in anticipa. · oou~ations oF the Town, geberal t~x upon all ~* tasable real property wi,~:- =~_Town without limitatio~f rm~ or amount. The faith and ~of th~ Town are hereby ir- bly pledged to the punt- tt~] paynmnt of the principal of arid Jnter~t on said notes and bonds and proviatons shall im ofbon{ which the annexed Section b, to 60.00 oJl!erly published in and dutiss °f ~ek for lative to authorr cipat~e~ nstns a~the of the bonds herein auth~ Id Imn~, ami the renewals of sa~d notes, are hereby delegated to the Supervisor, the Chief fiscal officer of the Town. notns and bond~ authorl~ ~_ ~r~o. lutism a~l of any note~~' only if: ~ tomy be cmito6ted (a) m~eh obligntions m-e au- thorimd ~or an object or not authorised to (b) tl~ provisions of law which should be ~ with at 'o~e date oft/~ publicat/on · ubetanttel~y Complied with, ' co.t~zi~ tach va~i;~ '~ ,."7'""""""~-- -- (c) ..s~. ~.~atio~ ar~ au. taorimd m violation of the provisions of the constitu. tion. Se~ion 7. A Prop~ition ~or the ap~oval or d~aM0rovaI of this resolution shall be submit- Town at the Bienrdal Town ~-Iee- tion to be held November 3, 1987, ami th/z rmMh~on shah the ProPa~ition by amid vutera of the Town at that ~rondum vote. 5783-1TN26 Ai_'ttstioe..~ Re ~j~ioa for · of