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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