HomeMy WebLinkAboutCommunicatons Console-PDUNITED STATES OF AMERICA
STATE OF NEW YORK
~O.3R-1 S 30,000 COUNTY OF SUFFOI~
BOND ANTICIPATION NOTE R Pp.~. CONSOLE-1990
.;iu kCounty N.,MfOj I i tL
RIVE,/IH~,AD, NEW T~RR
The ?own of $outhold, in the County of Su£~olk, a--~-J~ici~:~ml_ cor/x)rat, ion o~
State of New York, hereby acknowledges itself indeb/ed and for value received, promise~ to pay to the bce. for of this Note, or
If it be registered, to the registered holder, the sum of
---Thi_~y Thousand ........................................ Dollars ($ 30,000 .......... -)
On the 8th day of Nove~f/~2r , 1991 , together with interest thereon from the date hereof at the rate of
---$J~ 5nd twenty hundredths .................. per couture (6.20 %) per annmn, payable at n~turity.
Both principal of and interest on this Note will be paid in lawful money of the Unit~l Stuto~ of America, at
SUF~0LK COUNTY NATIONAL BANK, Cutchogue, New York.
At the request o! the bolder, the Town Clerk ~ ~ ~ shal~ convert this Note into
a re $t red Note by
p~clpal of and ~ter~ on th~ No~ shmH ~ payable o~e~, ~s lcg~ ~p~ntafiv~ supers or
tr~sfe~s. T~ Note sh~ then be tr~sfer~ble o~y u~n'~t~ofl"~ ~SU~T~ Clerk
with ~ ~it~ tr~sfer of fl~e
Note in the n~e of ~e tr~sfer~ ~ his b~ ~d sh~i~ ~f ~ch ~tr~tI~ ~. Su~ ~sfer sh~l
~ ~t~, and si~ by t~
the ~ternaflve ~e sl~ature t~to sh~ be c~fled ~ ~ i~ genuinene~ by an. officer of a b~k or t~st c~pany locat~
and au~oriz~ to do b~iness in this State.
This Note is the only Note of an authorized renewal issue, the principal
amount of which is $30,000.
This N'ote is issued pursuant to tbe provisions of the Local Finance Law, constituting Chapter SS-a of the Consolidated
Laws of the Stute of NewYork, the bond resolution adopted by the Town Board on February 24,
1987, authorizing the issuance of $75,000 serial bonds for the acquisition ar~
installation of a new radio cc~raunications console, and the Certificate of
Determination executed by the Supervisor on November 9, 1990. This Note has been
designated by the Town as a qualified tax-exempt obligation pursuant to the
provisions of Section 265 of the Internal Revenue Code of 1986, as amended.
The faith and credit of such Town of Southold are hereby
irrevocably pledged for the punctual payment of the principal of.~d i~eest,on {~'ot~.~cording to its terms.
It is hereby certified and recited that all conditions, act~ t~lee~i~r~lJ~ t~e'~t~titutlon and stututes of the
State of New York to exist, to have happened and to have bee~ ~~d i~ tl~ i~uance of this Note, exist.
have happened and have heel1 l~erfoi'med, and that ~ Note, ~er with all of~er indeb~ of such TOWI~
,,~. , ~ , ~
of Southold is within every debt and o~er lh~it,~eslr'~e~ (~[~f~tlon and laws of such State.
IN WITNESS ~VHEREOF, Town of Sout holed ':," ::~'-",: ~q-ji[.%'
has caused this Note to be aJgned by its
Town Clerk
Supervisor
· and i~ corporate seal to be hereunto affiand and attested by its
and this Note to be dated as of the 9th dayof November,
TOWN OF SOUTHOLD
Supervi'~or
]/90.
UNITED STATES OF AMERICA
i~O. 2R-1 STATE OF NEW YORK S 45,000
COUNt' OP SUFFOLK
TO~'~N OF SOUTHOLI)
BOND ANTICIPATION FOR PURC}t~,SE OF POLICE CONSOLE-1989
The Town of Southold, in the County of Suffolk, a municipal corporation of
the
State of New York, hereby acknowledge~ itself indchted a~d for value received promises to pay to the bearer of this Note, or
if it be registered, to the registered holder, the sum of
............. Forty Five Thousand ......................... Dollars ($ 45,000 .......... )
on the 9 th day of Noveraber ,19 90, together with interest thereon from the date hereof at the rate of
......... six and six hundredths ............. per centum ( 6.06 %) per annum, payable at maturity.
Both principal of and interest o~ this Hots will be paid in lawful money of the United Stutes of America, at
NORSTAR RANI<, N.A., Southold, New York.
At the request of the holder, the To}irn Clerk shall convert this Note into
a registered Note by registering it In the name of the holder in the books of the To,vd kept in the office
of such Town Clerk a~d endorsing a certificate of such reg~tration hereon, after which both
principal of and tntere~st on this Note shall be payable only to the registered holder, ht~ legal representatives, successors or
transferees. This Note shall then be transferable only upon presentation to such Town Clerk
with a writte~ trarmfer of title sad such To~,~fl Clerk shall thereupon register this
Note In the name of the transferee In his hook~ and shall endorse a certificate of such registration hereon. Such transfer shall
be dated, and signed by the ~egi~tered holder, or his legal representatives, and it shall be duly acknowledged or proved, or in
the alternative the signature thereto shall be certified as to its genuineness by an officer of a honk or trust company located
and authorized to do business in this State.
This Nots is the only Note of an authorized renewal issue, the principal
amount of which is $45,000.
This N~e is i~ued pursuantto the provisinns of thoLe cai Finance Law, ~nstituUng Chapter ~-a oftbeCon~lidated
LawsoftbeStateof NewYo~, the bond resolution adopted by the To~m Board on February 24,
1987, authorizing the issuance of $75,000 serial bonds for the acquisition and
installation of a new radio coranunications console, and the Certificate of
Determination executed by the Supervisor on November 9, 1989. This Note has been
designated by the Town as a qualified tax-exempt obligation pursuant to the
provisions of Section 265 of the Internal Revenue Code of 1986, as arasnded.
The faith and credit of Such Town o f Sou tho Id are hereby
irrevocably pled~"d for the p~netual payme~lt of the principal of and Interest on this Note according to its terms.
It is nereoy certified and recited that all conditions, acts and thugs required by the Constitution and statule~ of the
State of NeW York to exist, to have happened and to have been performed precedent 'to and in the imsuance of this Note, exist,
have happ~ed sad have bee~ performed, and that this Note, together with ull other indebtedness of such TOwn of
Southold is within every debt and other limit pre.scribed by tho Constitution and laws of such State.
IN WITNESS WHEREOF, the Town of Southold
Deputy
has caused this Note to be stgned by its Supervisor
, and its corporate seal to be hereunto affixed ami attested by its
TOV~TI Clerk and this Note to be dated a~ of the 9thday of November 19 89.
TO~'~N SOUTHOLD
!
ATrEST:
BY
Deputy SuPer~'isor
i~TO. R-1
I~NITED STATES OF AMERICA
STATE OF NEW YORK
COU~CY OF SUF~LK
TOWN OF °~g3THOLD
~60,000
BOND Ab~iCIPfv~ZON II'/~ FOIl PU.~L~G~ OF POLICE CONSOLE-1988
the The Town of Southold, in the County of Suffolk, a municipal corporation of
State of New York, hereby acknowledges itself indchted end for value received promises to pay to the hearer of this Note, or
if it be registered, to the registered bolder, the sum of
.... Sixty Thousand ....................................... Dollars ($60,000 ........... 9
on the 9th day of November , 19 89, together wiUi inter,st thereon from the date hereof at the r&tu of
.... five and seventy-four hundredths ........ -per centum ( 5.74 %) per annum, payable at maturity.
Both principal of and interest on this Note will be paid in lawful money of the United States of America, at
NORSTAR BANK, N.A., Southold, New York.
A~ 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
of such Town Clerk kept in the office
, . .. , and endorsing a certificate of such registration hereon, after which both
' ~ pon pressu:auon ~o such
With a written transfer of title ~d such TOwI3 Clerk Tovzfl C]e!~lI thereupon register this
ot[ ?.the a.s~.e o[ .the ~.ransfe.rce m his books and shall endorse a certificate · -
ua,?o, ann mgnea ny tue registered holder or his gal ve.~ ...... ?f s, uc, h, .regnstratlon hereon Such transfer shall
e. atre,rnative the signature thereto shall he 'certifiedlea~ga~-i~'~-'~a-uves' a~a ~t sn~.l oe daly acknowledged or proved, or in
aaa authorized to do business in this State 8~-umencss oy an o~ncer of a bank or trust company located
This Note is the only Note of an authorized renewal issue, tb~a principal
of which is $60,000.
h % ttLN2V::".en th. psuvislo= of in ce aw, ecu,itu,., =a of the Co=olid
~ u~no re$omutmn adopted by the Town Boa~:d on Februa~z 24
1987, authorizln9 the issuance o£ $75,000 serlal bonds £or the acquisition and
installation of a ~ew ~adio ¢or~nunicatlons console, and the Certifficate o~
Detenadmation executed by the Supez~isor on Novembe~ 10, 1988. This Note has been
designated by the Town as a quali£ied tax-exempt obligation pursuant to the
provisions o~ Section 265 o£ the Internal Revenue Code of 1986, as a~ended.
The faith and credit of such To%rTl of $outhold~ are hereby
irrevocably n}ed~d for the punctual payment of the principal of and interest en this Not
It is ~emoy c~rtifled and recited that all c-~m,.: ............ e according to its terms.
...... -~, ~¢t~ enu rnmgs 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 Not ' '
nave happened end have been perfogtned, end that this Note, together with all other indebtedness of such e, exist,
Town
o~ Sotltho]_d is within every debt and other limit prescribed by the Constitution and laws of such S'ta~
IN WITNESS WHEREOF, the To, tn o[ Southold
has caused this Note to be stg~ed by its
Tovm Clerk
Suparvisor
, aud its corporate seal to bo hereunto affixed aud attested by its
and t~ds Note to be dated as of the 10t Noveraber
TOW3{ OF
IATTEST: By
llerk
19 2~.
UNITED STATES OF AMERICA
STATE OF NEW YORK ~ 75,000
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
m NOV 1 0 1988
The Town of Sou~0~k~n~0~y of Suffolk, a municipal
corporation of the RI%~RHEA0 N~3NYORK
S~te o~ N~ Yor~ ~reby a~owl~ i~f ~eb~d for value re~iv~ pro~ %o pay to ~e ~r of this NOt~ o~
if it ~ ~t~ to ~e ~s~r~ holder, the sm of
............. Seventy-Five Thousand ............. Dollars (8 75,000 ........ )
on the 10 th day of Noverabe r ~ 19 88, together with interest thereon from the date hereof at the rate of
Four and 95/100thc .................. percentum(4.95 .%) perannum, payable at maturity.
Both principal of and interest on this Note will be paid in lawful money of the United States of America, at
Suffolk County National Bank, Riverhead, New York 11901
At the request of the holder, the Town Clerk shall convert this Note into
a registered Note by registerhag it in the name of the holder in the books of the Town kept In the office
of such Town Clerk and endorsing a 9ertiflcate of such registration hereon, after which both
~r~inclpal of and Interest on this Note shall be payable o~ly to the registered holder, his legal representatives, successors or
ansferees. This Note shall then be transferable only upon presentation to such - Town Cle rk
with ~ written transfer of titie and such Town Clet~ ~m~ja -- shall thereupon ~egister this
Note In the name of the transferee In his bookst~al]t~~ l~r~tc~d~such registration hereon. Such transfer shall
ha dated, and signed by the registered helde~ o]~l~sm~a~l~~ al]c~hall be duly acknowledged or proved, or in
the alternative the signature thereto shall be ce~as to its genuIneness ~officer of a bank or trust company located
and authorized ~o do business in this State.
This Note is tl~. o~VloQ~98~'~e'1uthorized issue,
the principal amount ofw..,~-- ~,- .,.~h~'~"~n?~"'~i0,~}S&,~'c ' 75, 0.
RIVF, iRHF. AO, NEW YORK
~Notehi~ed~rsu~ttothepmv~io~oftheLoenlF~ce ~ constituting ~ter~-aof ~ ~lidate4
L~wsoftheS~o£N~Yo~ the bond resolution adopted by the Town Board on
February 24, 1987, authorizing the issuance of $75,000serial bonds for
acquisition and installation of a new radio communications console,
and the Certificate of Determination executed by the Supervisor on
November 13,, 1987.
This Note has been designated by the Town as a qualified
tax-exempt obligation pursuant to the provisions of Section 265 of the
Internal Revenue Code of 1986, as amended.
The faith and credit of such Town o~__~U t~_9~ld --
are
hereby
irrevoc..ably' pledged for the punciual paymenj~j~q~ I)~]~fJ~rl~In~on~ ~ this Note according to its terms.
it ia nereoy certified and recited that~l~'/~[c~ll/~/;r~ms~ i~]~in[s~//~uired by the Constitution and statutes of the
Stale of New York to ex~t, tO have happene~o ~ been perfomaed~d~nt tO and In the issuance of this Note~ exist,
hsve h,ppeoed and have been performed. ~nd~t ! _hi~}e~to~e~i~ther Indebtedness of such Town
of $outhold is within every dal~t~ 5'th~l~r~'~rescrihed by the Constitution and laws ol s~ch State.
iN W TNESS W ER O , Sg/0 0
alWR,E O,
has caused this Note to he signed by its
Town Clerk
Supervisor
,audits eo~orate~altobeh~euntoaff~edand~test~ ~its
~dthisNotetobedatedasof~e 13th
TOWN
1987 .
ATTESTI
B
Town Clerk
$£CURIT~.COLUMBIAN ~ANKNOTE COMPANy
EXTRACT OF MINUTES
Meeting of the Town Board of the Town of $outhold,
in the County of Suffolk, New York
February 24, 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 February 24, 1987 at 7:30
o'clock ~.M. (Prevailing Time).
There were present: Hon. Francis J. Murphy, Supervisor;
and
Councilpersons:
Raymond W. Edwards
Paul Stoutenburgh
James A. Schondebare
Jean W. Cochran
George L. Penny IV
There were absent: None
Also present:
Councilman Penny
Judith T.
Robert W.
.
offered the
Terry, Town Clerk
Tasker, Town Attorney
following resolution
and moved its adoption:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED FEBRUARY 24, 1987, AUTHORIZING
THE ACQUISITION AND INSTALLATION OF A NEW
RADIO COMMUNICATIONS CONSOLE, STATING THE
ESTIMATED MAXIMUM COST THEREOF IS $75,000,
APPROPRIATING SAID AMOUNT THEREFOR, AND
AUTHORIZING THE ISSUANCE OF $75,000 SERIAL
BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not
less than two-thirds of all the members of said Town Board) AS
FOLLOWS:
Section 1. The Town of Southold, in the County of
Suffolk, New York (herein called "Town"), is hereby authorized to
to acquire and install a new radio communications console in the
radio room of the Police Headquarters in said Town. The
estimated maximum cost of said specific object or purpose,
including preliminary costs and costs incidental thereto and the
financing thereof, is $75,000 and said amount is hereby
appropriated therefor. The plan of financing includes the
issuance of $75,000 serial bonds of the Town to finance said
appropriation, and the levy and collection of taxes on all the
taxable real property in the Town to pay the principal of said
bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal
amount of $75,000, are hereby authorized to be issued pursuant to
the provisions of the Local Finance Law, constituting Chapter 33-
a of the Consolidated Laws of the State of New York (herein
called "Law") to finance said appropriation.
Section 3. The following additional matters are hereby
determined and declared:
(a) The period of probable usefulness of said specific
object or purpose for which said $75,000 serial bonds authorized
pursuant to this resolution are to be issued, within the'
limitations of Section 11.00 a. 25 of the Law, is ten (10) years;
however, the bonds authorized pursuant to this resolution or bond
anticipation notes issued in anticipation of the sale of such
bonds shall mature no later than five (5) years from the date of
original issuance of bonds or notes herein authorized for such
purpose.
(b)
provided as a
authorized by
Current funds are not required by the Law to be
down payment prior to the issuance of the bonds
this resolution or any bond anticipation notes
issued in anticipation thereof in accordance with Section 107.00
d. 4 of the Law.
(c) The proposed maturity of the bonds authorized by
this resolution will not exceed five (5) years.
Section 4. Each of the bonds authorized by this
resolution and any bond anticipation notes issued in anticipation
of the sale of said bonds shall contain the recital of validity
as prescribed by Section 52.00 of the Law and said bonds and any
notes issued in anticipation of said bonds, shall be general
obligations of the Town, payable as to both principal and
interest by general tax upon all the taxable real property within
the Town without limitation Of rate or amount. The faith and
credit of the Town are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any
notes issued in anticipation of the sale of said bonds and
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and any notes in anticipation thereof to mature in such
year and (b) the payment of interest to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
notes, are hereby delegated to the Supervisor, the chief fiscal
officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of the sale of
said bonds, may be contested only if:
(a)
(b)
such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
the provisions of law which should be complied with
at the date of the publication of such resolution
are not substantially complied with,
and an action, suit or proceeding contesting such validity, is
commenced within twenty days after the date of such publication,
or
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section 7. This bond resolution shall take effect
immediately, and the Town Clerk is hereby authorized and directed
to publish the foregoing resolution, in full, together with a
Notice attached in substantially the form prescribed by S81.00 of
the Law in "LONG ISLAND TRAVELER WATCHMAN," a newspaper published
in Southold, New York. and in "SUFFOLK TIMES," a newspaper
published in Greenport, New
circulation in the Town and
newspapers of said To~{n for
York, each having a general
hereby designated the official
such publication.
The adoption of the foregoing resolution was seconded by
Councilman 5chondebare and dul]~ 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.
CERTIFICATE
I, JUDITH T. TERRY, Town Clerk of the Town of Southold,
in the County of Suffolk, State of New York, HEREBY CERTIFY that
the foregoing annexed extract from the minutes of a meeting of
the Town Board of said Town of Southold duly called and held on
February 24, 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 24th day of
February, 1987.
(SEAL)
Town Clerk
JUDITH T. TERRY
TOW~ (t FRK
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
Town Hall, 53095 Main Road
P.O. Box 728
Southold, New York 11971
TELEPHONE
(516) 765-1801
PLEASE PUBLISH THE ATTACHED NOTICE & BOND RESOLUTION IN ITS ENTIRETY
ON MARCH 5, 1987, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TC,
JUDITI- T. TERRY, TOWN CLERI<, 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
Chief Winters
NOTICE
The resolution published herewith has been adopted on
the 24th day of February, 1987, and the validity of the
obligations authorized by such resolution may be hereafter
contested only if such obligations were authorized for an object
or purpose for which the TOWN OF $OUTHOLD, in the County of
Suffolk, New York, is not authorized to expend money or if the
provisions of law which should have been complied with as of the
date of publication of this Notice were not substantially
complied with, and an action, suit or proceeding contesting such
validity is commenced within twenty days after the publication of
this Notice, or such obligations were authorized in violation of
the provisions of the constitution.
JUDITH T. TERRY
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED FEBRUARY 24, 1987, AUTHORIZING
THE ACQUISITION AND INSTALLATION OF A NEW
RADIO COMMUNICATIONS CONSOLE, STATING TME
ESTIMATED MAXIMUM COST THEREOF IS $75,000,
APPROPRIATING SAID AMOUNT THEREFOR, AND
AUTHORIZING THE ISSUANCE OF $75,000 SERIAL
BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not
less than two-thirds of all the members of said Town Board) AS
FOLLOWS:
Section 1. The Town of Southold, in the County of
Suffolk, New York (herein called "Town"), is hereby authorized to
to acquire and install a new radio communications console in the
radio room of the Police Headquarters in said Town. The
estimated maximum cost of said specific object or purpose,
including preliminary costs and costs incidental thereto and the
financing thereof, is $75,000 and said amount is hereby
appropriated therefor. The plan of financing includes the
issuance of $75,000 serial bonds of the Town to finance said
appropriation, and the levy and collection of taxes on all the
taxable real property in the Town to pay the principal of said
bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal
amount of $75,000, are hereby authorized to be issued pursuant to
the provisions of the Local Finance Law, constituting Chapter 33-
a of the Consolidated Laws of the State of New York (herein
called "Law") to finance said appropriation.
Section 3. The following additional matters are hereby
determined and declared:
(a) The period of probable usefulness of said specific
object or purpose for which said $75,000 serial bonds authorized
pursuant to this resolution are to be issued, within the'
limitations of Section 11.00 a. 25 of the Law, is ten (10) years;
however, the bonds authorized pursuant to this resolution or bond
anticipation notes issued in anticipation of the sale of such
bonds shall mature no later than five (5) years from the date of
original issuance of bonds or notes herein authorized for such
purpose.
(b) Current funds are not required by the Law to be
provided as a down payment prior to the issuance of the bonds
authorized by this resolution or any bond anticipation notes
issued in anticipation thereof in accordance with Section 107.00
d. 4 of the Law.
(c) The proposed maturity of the bonds authorized by
this resolution will not exceed five (5) years.
Section 4. Each of the bonds authorized by this
resolution and any bond anticipation notes issued in anticipation
of the sale of said bonds shall contain the recital of validity
as prescribed by Section 52.00 of the Law and said bonds and any
notes issued in anticipation of said bonds, shall be general
obligations of the Town, payable as to both principal and
interest by general tax upon all the taxable real property within
the Town without limitation of rate or amount. The faith and
credit of the Town are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any
notes issued in anticipation of the sale of said bonds and
provision shall be made annually in the budget of the Town by
appropriation for (a) the amortization and redemption of the
bonds and any notes in anticipation thereof to mature in such
year and (b) the payment of interest to be due and payable in
such year.
Section 5. Subject to the provisions of this resolution
and of the Law and pursuant to the provisions of Section 30.00
relative to the authorization of the issuance of bond
anticipation notes and of Section 50.00 and Sections 56.00 to
60.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing
the terms, form and contents and as to the sale and issuance of
the bonds herein authorized and of any bond anticipation notes
issued in anticipation of said bonds, and the renewals of said
notes, are hereby delegated to the Supervisor, the chief fiscal
officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of the sale of
said bonds, may be contested only if:
(a)
(b)
such obligations are authorized for an object or
purpose for which the Town is not authorized to
expend money, or
the provisions of law which should be complied with
at the date of the publication of such resolution
are not substantially complied with,
and an action, suit or proceeding contesting such validity, is
commenced within twenty days after the date of such publication,
or
(c) such obligations are authorized in violation of the
provisions of the constitution.
Section 7. This bond resolution shall take effect
immediately, and the Town Clerk is hereby authorized and directed
to publish the foregoing resolution, in full, together with a
Notice attached in substantially the form prescribed by ~81.00 of
the Law in "LONG ISLAND TRAVELER WATCHMAN," a newspaper published
in Southold, New York, and in "SUFFOLK TIMES," a newspaper
published in Greenport, New
circulation in the Town and
newspapers of said Town for
York, each having a general
hereby designated the official
such publication.
O~
aOd S~ys: Jud~th ~.
~. ~erry, b-'
~4erk (2)
(here~f the ~I am ~
"aOd i ff°wn o~ dUl., "uD°n
ezeeuJ~.the ~_~h~t w~_ 'mezed
~'ade ~ncial Y ~Upe~.~°ed ~d~ to .~ *~ed ,~olk, ~2~ ~'own
approZ One ~' ~nqu~on ~.'~ t~e ~y~t~fj~-act o~
Off~ ult ~.. ~tr~- ~t~ ~ c~ Of~. 1~ S" ~ Of ~ eter~= the
~ Law/ ~ned -' not
her.~~ Co-f' Do s,~FoD i~=
~ made ~aed in"fs an~ a resu~
"Part ~_~Ched,j~Suc~ i~c of
"=reof. ~ze A ani'~erest
"exed
' ~ 990.
~-~ s~i ~?~.~?,~ o~°.. S~oc
' Per~~t do ~esul~ u~ su~,~a~ a.~ an i~. ~aid .~e of
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of t~e %~f a~d°f
~UTH^J~ ~OR ~Y~ DET~-
ANTI ~.UN~ TENTs"-' SALE ~'_0 N By THE
POLi~WATioN .~F A ~
S~,--~ Co~-- ~OTE J~u, O00
~UT~OLD. "~LE- ~_ ~OR ~- BOND O~
YORK. ~ THE T~o~ OF
f' SCo OF
her- eSolg~, e Tow- les ~ . Town,,, ~sor
~Of alO ~, ~e2 Y
u~, I =U=Ct t-- ~Ced ~__u Boa,_,-,e, th~ ~rIFF ~ Soutk_.
~a~e ~ the ~'g as _*u of t
in t~ 1. -ue th~'}~tat{*eferre~,~e Town
th~ ~Pat~n 'pal a_~ aDt~. 'g det-~Crlbe~ ~ragr~ j~ to
= resol,./~ of ~"~Ount ~=Patio, =rminat~_~n Sa'-Pn 1
~CloD ~e sa3~ $30 ~' note
-atitl -~ of s ,uoO sh - ~the
"BOp-, ed. er/al boall be .NOte,,) _
ado~ Resol_~. nds aut~SSUed
of Sour
~on, said ~ n to Sua~g Said
~ the
aS f°llow~ The terms, the date
for~ there~n
A~ou~t and details referred
add T~tle: of ss~d to.
$30,000 ~ Note Shall
' 1990 -1990
NUmber
D- and
~n°mination:
Interest
Per Rate
annum:
November 8,
Number 3R,1'
6.20%
2991
at $30,000
Form of Note:
Substantially in accordance with form
prescribed by Schedule B, 2 of
the Local Finance Law of the
State of New York.
3. Said Note is issued to renew, in part, a note or
notes in the amount of $45,000 maturing on November 9, 1990, the
redemption thereof having been provided to the extent of $15,000
from a source other than the proceeds of serial bonds.
4. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
pursuant to the resolution referred to in paragraph 1 hereof,
including the Note, is $75,000, and the amount of bond
anticipation notes which will be outstanding after the issuance
of the Note, including said Note will be $30,000.
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 to Suffolk County National
Bank, Cutchogue, New York, for the purchase price of $30,000,
plus accrued interest, if any, from the date of said Note to the
date of delivery thereof, and I FURTHER DETERMINE that said Note
shall be payable as to both principal and interest at Suffolk
County National Bank, Cutchogue, New York, and shall bear
interest at the rate of six and twenty hundredths per centum
(6.20%) per annum, payable at maturity.
7. Said Note shall be executed in the name of the Town
by its Supervisor and the corporate seal of the Town (or a
facsimile thereof) shall be affixed, imprinted, engraved or
otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to me to issue and sell the Note hereinabove referred
to are in full force and effect and have not been modified,
amended or revoked.
IN WITNESS WHEREOF,
ninth day of November, 1990.
have hereunto set my hand this
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.
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate seal of said
Town this ninth day of November,
1990.
(SEAL)
Town Clerk
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Scott L. Marris, Supervisor of the Town of Southold
(the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY
and reasonably expect with respect to the issuance of a $30,000
Bond Anticipation Note for Purchase of Police Console-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
together with other funds of the Town in the amount of $15,000 to
redeem a prior issue of bond anticipation notes (the "Prior
Issue") in the aggregate amount of $45,000 heretolore issued to
provide funds for the purpose described (the "Project") in the
resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance said
appropriation,"
adopted by the Town Board of the Town on the date therein
referred to.
3. All of the proceeds of the Prior Issue have been
expended on the Project within 3 years from the date of issue of
the notes originally issued for the Project, or, any proceeds of
the Prior Issue which were not expended on the Project within the
above-mentioned period were not invested at a yield which is
higher than the yield on the Prior Issue. Proceeds of the Prior
Issue which shall become "transferred proceeds" of the Note shall
not be invested at a yield which is higher than the yield on the
Note.
4. 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.
5. 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.
6. The Note will be paid from taxes and the proceeds
of other obligations of the Town issued to fund the Note.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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 underlyin~ 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.
12. 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.
13. 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 11, above, exceeds the proceeds
of the Note which are to be used for the governmental use to
which such Private Use relates.
14. For purposes of paragraphs 11, 12 and 13, 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.
15. 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.
16. 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 15 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.
17. 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.
18. The Note
tax-exempt obligation"
of the Code.
is hereby designated as a "qualified
pursuant to the provisions of Section 265
In making such designation it has been determined that:
(i) the Note currently refunds the Prior Issue;
(ii) the Prior Issue was designated as a "qualified
tax-exempt obligation";
(iii) the aggregate face amount of the Note does not
exceed $10,000,000;
(iv) the Prior Issue had a weighted average maturity of
3 years or less;
(v)
fhe maturity date of the Note, as measured from the
original date of issuance of the notes issued
~ursuant to the resolution hereinabove referred to
in paragraph 2 hereof in renewal of which the Note
is being issued, does not exceed 30 years; and
(vi)
not more than $10,000,000 of obligations issued by
the Town during the calendar year in which the
Prior Issue was issued were designated by the Town
as "qualified tax-exempt obligations".
19. 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 $outhold 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.
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.
(SEAL)
'Supervlsdr -'
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 $30,000 Bond
Anticipation Note for Purchase of Police Console-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
Suffolk County National Bank, Cutchogue, New York, the purchaser
thereof, and that at the time of such delivery of said Note, I
received from said purchaser the amount hereinbelow stated, in
full payment for said Note, computed as follows:
Price...
Interest'~'~'~'~'~'~ $30,000
date of such delivery. -0-
Amount Received ......... ~]~i~]~
$30,000
(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
Expires
Signature Title
/~ .~...~ December 31, 1991 Supervisor
3'j~-~-~.~'7'~~December 31, 1993 Town Clerk
I HEREBY CERTIFY that the signatures of the officers of
the above-named Town, which appear above, are true and genuine
and that I know said officers and know them to hold the
respective offices set opposite their signatures.
/ (Sig~fa'tu~re) (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:
$30,000 Bond Anticipation Note for
Purchase of Police Console-1990
November 9, 1990
November 8, 1991
Number 3R-l, at $30,000
6.20%
CERTIFICATE OF DETERMINATION BY THE
DEPUTY SUPERVISOR RELATIVE
AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $45,000 BOND
ANTICIPATION NOTE FOR PURCHASE OF
POLICE CONSOLE-1989 OF THE TOWN OF
SOUTHOLD, NEW YORK.
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 $45,000 shall be issued in
anticipation of the sale of serial bonds authorized pursuant to
the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board on the date therein referred to.
2. The terms, form and details of said Note shall be
as follows:
Amount and Title:
$45,000 Bond Anticipation Note for
Purchase of Police Console-1989
Dated: November 9, 1989
Matures: November 9, 1990
Number and
Denomination:
Number 2R-l, at $45,000
Interest Rate
per annum: 6.06%
Form of Note:
Substantially in accordance with
prescribed by Schedule B, 2 of
the Local Finance Law of the
State of New York.
form
3. Said Note is issued to renew, in part, a note or
notes in the amount of $60,000 maturing on November 9, 1989, the
redemption thereof having been provided to the extent of $15,000
from a source other than the proceeds of serial bonds.
4. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
pursuant to the resolution referred to in paragraph 1 hereof,
including the Note, is $75,000, and the amount of bond
anticipation notes which will be outstanding after the issuance
of the Note, including said Note will be $45,000.
5. The serial bonds authorized pursuant to the
resolution referred to in paragraph 1 hereof are for an
improvement which is non-assessable.
6. Pursuant to said powers and duties delegated to me,
I DO HEREBY AWARD AND SELL said Note as follows:
to Norstar Bank, N.A., Southold, New York, for the
purchase price of $45,000, plus accrued interest, if
any, from the date of said Note to the date of delivery
thereof, and I FURTHER DETERMINE that said Note shall be
payable as to both principal and interest at Norstar
Bank, N.A., Southold, New York, and shall bear interest
at the rate of six and six hundredths per centum (6.06%)
per annum, payable at maturity.
7. Said Note shall be executed in the name of the Town
by its Supervisor and the corporate seal of the Town (or a
facsimile thereof) shall be affixed, imprinted, engraved or
otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to the Supervisor to issue and sell the Note
hereinabove referred to are in full force and effect and have not
been modified, amended or revoked.
IN WITNESS WHEREOF,
ninth day of November, 1989.
have hereunto set my hand this
eputy S upe~ v ilo 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 fi'led with said Town in my office as Town
Clerk on the ninth day of November, 1989; and
I FURTHER CERTIFY that no resolution electing to
reassume any of the powers or duties mentioned in said
Certificate and delegated to the Supervisor by the resolution
cited in said Certificate has been adopted by said Town Board.
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate seal of said
Town this ninth day of November,
1989.
(SEAL)
~ " Tow~- Clerk
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK
COUNTY OF SUFFOLK
:ss:
Judith T. Terry, being duly sworn upon his/her oath
deposes and says:
(1) I am the duly appointed, qualified and acting Town
Clerk of the Town of Southold, in the County of Suffolk, New York
(herein and in Schedule A annexed hereto called "Town");
(2) That with respect to the contract of sale of the
Note of the Town described in the Certificate of Determination
executed by the Supervisor on the ninth day of November, 1989, to
the financial institution indicated in such Certificate, I have
made a careful inquiry of each officer and employee of the Town
having the power or duty to (a) negotiate, prepare, authorize or
approve the contract or authorize or approve payment thereunder,
(b) audit bills or claims under the contract, or (c) appoint an
officer or employee who has any of the powers or duties set forth
above, as to whether or not such officer or employee has an
interest as defined pursuant to Article 18 of the General
Municipal Law) in such contract;
3) That upon information and belief, as a result of
such inquiry, no such officer or employee has any such interest
in said contract unless otherwise noted in Schedule A annexed
hereto and by this reference made a part hereof.
Town Clerk
Subscribed and sworn to before me
this ninth day of November, 1989.
Nota~ Public, State o~ New York
ELEABETH ANN NE'VtLLE
.. - ~_~-u3z~B_50, Suffolk Coumv
mrm ~plre~ october 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.
, has publicly disclosed the nature
and ~xtent 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.
ATTORNEY'S CERTIFICATE
I, James A. Schondebare, HEREBY CERTIFY that I am a
licensed attorney at law of the State of New York having offices
at 53095 Main Road, Southold, New York, and am the duly chosen,
qualified and acting Town Attorney of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town", that no litigation
of any nature is now pending or threatened restraining or
enjoining the issuance or delivery of the Note of the Town,
payable to bearer and otherwise described as set forth in
Schedule A annexed hereto and by this reference made a part
hereof or the levy or collection of any taxes to pay the interest
on or principal of said Note, or in any manner questioning the
authority or proceedings for the issuance of said Note or for the
levy or collection of said taxes, or relating to said Note or
affecting the validity thereof or the levy or collection of said
taxes, that neither the corporate existence or boundaries of the
Town nor the title of any of the present officers thereof to
their respective offices is being contested, and that no
authority or proceedings for the issuance of said Note has or
have been repealed, revoked or rescinded.
IN WITNESS WHEREOF, I
ninth day of November, 1989.
have hereunto set my hand this
'Attorney -
SCHEDULE A
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$45,000 Bond Anticipation Note for
Purchase of Police Console-1989
November 9, 1989
November 9, 1990
Number 2R-l, at $45,000
6.06%
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I. Frank A. Kujawski. Jr., Deputy Supervisor of the Town of Southold
(the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY
and reasonably expect with respect to the issuance of the $45,000
Bond Anticipation Note for Purchase of Police Console-1989 (the
"Note") of the Town, dated November 9, 1989, as follows:
1. The Town will comply with all the procedures and
provisions set forth below. The Town will perform all acts and
things necessary and desirable to assure that interest paid on
the Note, shall for the purposes of federal income taxation, be
excludable from the gross income of the recipients thereof under
Section 103 of the Internal Revenue Code of 1986, as amended (the
"Code").
2. The proceeds of sale of the Note will be used
together with other funds of the Town in the amount of $15,000 to
redeem a prior issue (the "Prior Issue") in the amount of $60,000
heretofore issued to provide funds for the purpose described (the
"Project") in the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board of the Town on the date therein
referred to.
3. The Project has been completed, and all proceeds of
the Prior Issue, including investment earnings, have been
expended on the Project, or, if the Project has not been
completed, it is reasonably expected that all of the proceeds of
sale of the Prior Issue will be expended within three years from
the original date of issuance of the notes issued pursuant to the
resolution hereinabove cited in paragraph 2 hereof in renewal of
which the Note is being issued. If the Project has not been
completed, work on the acquisition, construction or
accomplishment of the Project is proceeding with due diligence to
completion.
4. The Note constitutes a current refunding bond and
pursuant to the provisions of Section 148 of the Code is not
subject to the rebate requirement imposed by the Code because:
(i) the Prior Issue qualified for, and was taken into
account under the rebate exception when issued;
(ii) the aggregate face amount of the Note does not
exceed $5,000,000;
(iii) the Prior Issue had a weighted average maturity of
3 years or less; and
(iv)
the maturity date of the Note, as measured from the
original date of issuance of the notes issued
pursuant to the resolution hereinabove cited in
paragraph 2 hereof in renewal of which the Note is
being issued, does not exceed 30 years.
5. The total proceeds of sale of all bond anticipation
notes issued to date for the Project do not exceed the total cost
of the Project.
6. The Project will not be sold or otherwise disposed
of in whole or in part except for incidental sales of surplus
items the proceeds of which will not constitute net operating
profits or net capital profits to the Town.
7. The Note will be paid from taxes and the proceeds
of other obligations of the Town issued to fund the Note.
8. The taxes used to pay principal and interest on the
Note, whether or not deposited in a debt service fund, will be
expended within 13 months of the date of deposit in such fund, or
the date of their accumulation, in the payment of debt service on
the Note. Any amounts received from the investment of such
deposit or accumulation will be expended within one year of
receipt. The debt service fund, if any, will be used to achieve
a proper matching of revenues and debt service and will be
depleted at least annually except for a reasonable carryover
amount not to exceed one years earnings on the fund or 1/12 of
annual debt service.
9. Except for the debt service fund described herein
the Town has not created or established, and does not expect to
create or establish, any sinking fund or other similar fund which
the Town reasonably expects to use to pay principal or interest
on the Note.
10. No portion of the proceeds of the Note will be
invested, directly or indirectly, in federally insured deposits
or accounts other than investments of a debt service fund or
investments for an initial temporary period.
11. The Project will be owned by the Town or another
state or local governmental, unit and will not be leased to any
person who is not a state or local governmental unit. It will
not (except to the extent that any of the projects financed
involve grants) be sold or otherwise disposed of, in whole or in
part, prior to the maturity date of the Note.
12. The aggregate amount of proceeds of the Note used
directly or indirectly in a trade or business carried on by a
natural person, or in any activity carried on by a person other
than a natural person ("Private Use"), excluding use by a state
or local government unit and use as a member of the general
public, will not exceed 10% of such proceeds in the event that
more than 10% of the principal or 10% of the interest due on the
Note during the term thereof is, under the terms of the Note or
any ~nderlyin~ arrangement, directly or indirectly, secured by
any interest in property used or to be used for a Private Use or
in payments in respect of property used or to be used for a
Private Use or is to be derived from payments, whether or not to
the Town, in respect of property or borrowed money used or to be
used for a Private Use.
13. No more than 5% of the proceeds of the Note will be
used to finance property used by a nongovernmental person in a
Private Use which is unrelated to the governmental use of the
property being financed.
14. No more than 5% of the proceeds of the Note is
allocable to any disproportionate related Private Use. For
purposes of this Arbitrage and Use of Proceeds Certificate, Note
proceeds are allocable to a disproportionate related Private Use
to the extent that the proceeds of the Note which are to be used
to finance property used by a nongovernmental person in a trade
or business which is related to the governmental use of the
property referred to in paragraph 12, above, exceeds the proceeds
of the Note which are to be used for the governmental use to
which such Private Use relates.
15. For purposes of paragraphs 12, 13 and 14, a Private
Use consists of any contract or other arrangement including,
without limitation, leases, management contracts, guarantee
contracts, take or pay contracts, or put or pay contracts, which
provides for a use of the Project by a person or persons who are
not State or local governments on a basis different than the
general public. Any management, or operations contract or
agreement which provides for (1) a term (including renewal
options) not in excess of five years, (2) payments no portion of
which are based on a share of net profits and at least 50 percent
of which are made on a periodic, fixed-fee basis, and (3)
termination by either party, without penalty, at the end of any
three-year period is not considered a Private Use.
16. The amount of proceeds of the Note that will be
used directly or indirectly to make loans to persons other than a
governmental unit is not more in the aggregate than the lesser of
$5,000,000 or 5% of such proceeds.
17. To the extent the amount of proceeds of the Note to
be used to make loans to any borrowers (including loans referred
to in paragraph 16 above and loans to state or local governmental
units) exceeds $5,000,000, at least 95% of the net proceeds of
th9 issue (as defined in Section 150 of the Code but without
including proceeds used to finance costs of issuance or
capitalized interest) that are to be used to make loans, will
have been used within 3 years of the date hereof to make such
loans. The payment of legal and underwriting costs is not
contingent and at least 95% of the reasonably expected legal and
underwriting costs associated with issuance will be paid within
180 days of the date hereof. For purposes of this paragraph the
term loan does not include any use of proceeds by an agency of
the Town unless such agency is a political subdivision or an
instrumentality of the Town.
18. No more than 5% of the proceeds of the Note are to
be used with respect to any output facility (other than a
facility for the furnishing of water). No more than the lesser
of $5,000,000 or 5% of the proceeds of the Note are to be used
(directly or indirectly) for the acquisition of a nongovernmental
output facility.
19. The Note is hereby designated as a "qualified
tax-exempt obligation" pursuant to the provisions of Section
of the Code.
265
In making such designation it has been determined that:
(i) the Note currently refunds the Prior Issue;
(ii the Prior Issue was designated as a "qualified
tax-exempt obligation";
(iii the aggregate face amount of the Note does not
exceed $10,000,000;
(iv the Prior Issue had a weighted average maturity of
3 years or less;
(v)
the maturity date of the Note, as measured from the
original date of issuance of the notes issued
pursuant to the resolution hereinabove referred to
in paragraph 2 hereof in renewal of which the Note
is being issued, does not exceed 30 years; and
(vi
not more than $10,000,000 of obligations issued by
the Town during the calendar year in which the
Prior Issue was issued, were designated by the Town
as "qualified tax-exempt obligations".
20. The Town has not received notice that it has been
listed by the Commissioner o~ 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 "arbitraQe bond" under Section 148
of the Code and the Income Tax Regulations prescribed thereunder.
To the best of my knowledge and belief, there are no other facts,
estimates or circumstances that would materially change the
foregoing conclusion.
I am one of the officers of the Town of Southold charged
by the resolution of the Town Board of said Town hereinabove
cited in paragraph 2 hereof with the responsibility for issuing
the Note and, as such, am an official whose certification may be
relied upon as the certification of the Town as referred to in
Section 148 of the Code, and Sections 1.103-13, 1.103-14 and
1.103-15 of the Income Tax Regulations thereunder. Neither I nor
the Town has been notified or advised by the Internal Revenue
Service of any contemplated publication of a notice in the
Internal Revenue Bulletin that the certification of the Town as
to arbitrage status may no longer be relied upon by purchasers of
its bonds or notes. This certification has been delivered as
part of the record of proceedings and accompanying certificates
with respect to the issuance of the Note and the provisions of
this certificate constitute a contractual obligation of the Town
in consideration for the purchase of and payment for the Note by
the purchaser(s) thereof.
(SEAL)
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate-seal of the
Town of Southold, this ninth day of
November, 1989.
Deputy Supervisor
CERTIFICATES AS TO SIGNATURES, LITIGATION,
AND DELIVERY AND PAYMENT
WE, the undersigned officers of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town", HEREBY CERTIFY,
that on or before November 9, 1989, we officially signed and
properly executed by manual signatures a $45,000 Bond
Anticipation Note for Purchase of Police Console-1989 (the
"Note") of the Town, payable to bearer and otherwise described in
Schedule A annexed hereto and by this reference made a part
hereof, and that at the time of such signing and execution and on
the date hereof we were and are the duly chosen, qualified and
acting officers of the Town authorized to execute said Note and
holding the respective offices indicated by the titles set
opposite our signatures hereto for terms expiring on the
respective dates set opposite such titles.
WE FURTHER CERTIFY that no litigation of any nature is
now pending or threatened restraining or enjoining the issuance
or delivery of said Note or the levy or collection of any taxes
to pay the interest on or principal of said Note, or in any
manner questioning the authority or proceedings for the issuance
of said Note or for the levy or collection of said taxes, or
relating to said Note or affecting the validity thereof or the
levy or collection of said taxes, that neither the corporate
existence or boundaries of the Town nor the title of any of the
present officers thereof to their respective offices is being
contested, and that no authority or proceedings for the issuance
of said Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon
this certificate has been affixed, impressed, imprinted or
otherwise reproduced upon said Note and is the legally adopted,
proper and only official corporate seal of the Town.
And, I, Frank A. Kujawski, Jr., Deputy Supervisor, HEREBY FURTHER
CERTIFY that on November 9, 1989, I delivered said Note to
Norstar Bank, N.A., Southold, New York, the purchaser thereof,
and that at the time of such delivery of said Note, I received
from said purchaser the amount hereinbelow stated, in full
payment for said Note, computed as follows:
Price .... . $45,000
Interest ~'~i~'~[~'~'~ ~
date of such delivery ............. -0-
Amount Received .....................
$45,000
(SEAL)
IN WITNESS WHEREOF, we have hereunto set our hands and
said corporate seal has hereunto been affixed this ninth day of
November, 1989.
Term of Office
Signature Expires Title
~~ ~.~..~. '~ecember 31, 1989 Deputy Supe~vi$o~
l~¢ember 31, 1989 Town Clerk
I HEREBY CER?IF¥ that the signatures of the officers of
the above-named ?own, which appear above, are true and genuine
and that I know said officers and know them to hold the
respectSve offices set opposite their signatures.
(Sig~ure) (Title]~ oI Bank)
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK
COUNTY OF SUFFOLK
:ss:
Judith T. Terry, being duly sworn upon his/her oath
deposes and says:
(1) I am the duly appointed, qualified and acting Town
Clerk of the Town of Southold, in the County of Suffolk, New York
(herein and in Schedule A annexed hereto called "Town");
(2) That with respect to the contract of sale of the
Note of the Town described in the Certificate of Determination
executed by the Supervisor on the ninth day of November, 1989, to
the financial institution indicated in such Certificate, I have
made a careful inquiry of each officer and employee of the Town
having the power or duty to (a) negotiate, prepare, authorize or
approve the contract or authorize or approve payment thereunder,
(b) audit bills or claims under the contract, or (c) appoint an
officer or employee who has any of the powers or duties set forth
above, as to whether or not such officer or employee has an
interest as defined pursuant to Article 18 of the General
Municipal Law) in such contract;
3) That upon information and belief, as a result of
such inquiry, no such officer or employee has any such interest
in said contract unless otherwise noted in Schedule A annexed
hereto and by this reference made a part hereof.
~ · Towh Clerk
Subscribed and sworn to before me
this ninth day of November, 1989.
Notary~Public, State oyNew York
EIJZABE~I ANN NEVH. LE
Notary Public, State of New York
No. 52-8125850, Suffolk Cou. R%,
Term Expires Octob-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 employmen~ 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.
CERTIFICATE OF DETERMINATION BY THE
DEPUTY SUPERVISOR RELATIVE
AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $45,000 BOND
ANTICIPATION NOTE FOR PURCHASE OF
POLICE CONSOLE-1989 OF THE TOWN OF
SOUTHOLD, NEW YORK.
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 $45,000 shall be issued in
anticipation of the sale of serial bonds authorized pursuant to
the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance 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:
$45,000 Bond Anticipation Note for
Purchase of Police Console-1989
Dated:
November 9, 1989
Matures:
November 9, 1990
Number and
Denomination:
Number 2R-l, at $45,000
Interest Rate
per annum: 6.06%
Form of Note:
Substantially in accordance with
prescribed by Schedule B, 2 of
the Local Finance Law of the
State of New York.
form
3. Said Note is issued to renew, in part, a note or
notes in the amount of $60,000 maturing on November 9, 1989, the
redemption thereof having been provided to the extent of $15,000
from a source other than the proceeds of serial bonds.
4. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
pursuant to the resolution referred to in paragraph 1 hereof,
including the Note, is $75,000, and the amount of bond
anticipation notes which will be outstanding after the issuance
of the Note, including said Note will be $45,000.
5. The serial bonds authorized pursuant to the
resolution referred to in paragraph 1 hereof are for an
improvement which is non-assessable.
6. Pursuant to said powers and duties delegated to me,
I DO HEREBY AWARD AND SELL said Note as follows:
to Norstar Bank, N.A., Southold, New York, for the
purchase price of $45,000, plus accrued interest, if
any, from the date of said Note to the date of delivery
thereof, and I FURTHER DETERMINE that said Note shall be
payable as to both principal and interest at Norstar
Bank, N.A., Southold, New York, and shall bear interest
at the rate of six and six hundredths per centum (6.06%)
per annum, payable at maturity.
7. Said Note shall be executed in the name of the Town
by its Supervisor and the corporate seal of the Town (or a
facsimile thereof) shall be affixed, imprinted, engraved or
otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to the Supervisor to issue and sell the Note
hereinabove referred to are in full force and effect and have
been modified, amended or revoked.
not
IN WITNESS WHEREOF, I
ninth day of November, 1989.
have hereunto set my hand this
Deputy Superfvi~6r
CLERK'S CERTIFICATE
I, Judith T. Terry, Town Clerk of the Town of Southold,
in the County of Suffolk, New York, HEREBY CERTIFY that I have
compared the foregoing copy of the Certificate of Determination
executed by the Supervisor and the same is a true and complete
copy of the Certificate filed with said Town in my office as Town
Clerk on the ninth day of November, 1989; and
I FURTHER CERTIFY that no resolution electing to
reassume any of the powers or duties mentioned in said
Certificate and delegated to the Supervisor by the resolution
cited in said Certificate has been adopted by said Town Board.
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate seal of said
Town this ninth day of November,
1989.
(SEAL
Town Clerk
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Frank A. Kujawski, Jr., Deputy Supervisor of the Town of Southold
(the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY
and reasonably expect with respect to the issuance of the $45,000
Bond Anticipation Note for Purchase of Police Console-1989 (the
"Note" of the Town, dated November 9, 1989, as follows:
1. The Town will comply with all the procedures and
provisions set forth below. The Town will perform all acts and
things necessary and desirable to assure that interest paid on
the Note, shall for the purposes of federal income taxation, be
excludable from the gross income of the recipients thereof under
Section 103 of the Internal Revenue Code of 1986, as amended (the
"Code").
2. The proceeds of sale of the Note will be used
together with other funds of the Town in the amount of $15,000 to
redeem a prior issue (the "Prior Issue") in the amount of $60,000
heretofore issued to provide funds for the purpose described (the
"Project") in the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance said
appropriation,"
duly adopted by the Town Board of the Town on the date therein
referred to.
3. The Project has been completed, and all proceeds of
the Prior Issue, including investment earnings, have been
expended on the Project, or, if the Project has not been
completed, it is reasonably expected that all of the proceeds of
sale of the Prior Issue will be expended within three years from
the original date of issuance of the notes issued pursuant to the
resolution hereinabove cited in paragraph 2 hereof in renewal of
which the Note is being issued. If the Project has not been
completed, work on the acquisition, construction or
accomplishment of the Project is proceeding with due diligence to
completion.
4. The Note constitutes a current refunding bond and
pursuant to the provisions of Section 148 of the Code is not
subject to the rebate requirement imposed by the Code because:
(i) the Prior Issue qualified for, and was taken into
account under the rebate exception when issued;
(ii) the aggregate face amount of the Note does not
exceed $5,000,000;
iii) the Prior Issue had a weighted average maturity of
3 years or less; and
(iv)
the maturity date of the Note, as measured from the
original date of issuance of the notes issued
pursuant to the resolution hereinabove cited in
paragraph 2 hereof in renewal of which the Note is
being issued, does not exceed 30 years.
5. The total proceeds of sale of all bond anticipation
notes issued to date for the Project do not exceed the total cost
of the Project.
6. The Project will not be sold or otherwise disposed
of in whole or in part except for incidental sales of surplus
items the proceeds of which will not constitute net operating
profits or net capital profits to the Town.
7. The Note will be paid from taxes and the proceeds
of other obligations of the Town issued to fund the Note.
8. The taxes used to pay principal and interest on the
Note, whether or not deposited in a debt service fund, will be
expended within 13 months of the date of deposit in such fund, or
the date of their accumulation, in the payment of debt service on
the Note. Any amounts received from the investment of such
deposit or accumulation will be expended within one year of
receipt. The debt service fund, if any, will be used to achieve
a proper matching of revenues and debt service and will be
depleted at least annually except for a reasonable carryover
amount not to exceed one years earnings on the fund or 1/12 of
annual debt service.
9. Except for the debt service fund described herein
the Town has not created or established, and does not expect to
create or establish, any sinking fund or other similar fund which
the Town reasonably expects to use to pay principal or interest
on the Note.
10. No portion of the proceeds of the Note will be
invested, directly or indirectly, in federally insured deposits
or accounts other than investments of a debt service fund or
investments for an initial temporary period.
11. The Project will be owned by the Town or another
state or local governmental unit and will not be leased to any
person who is not a state or local governmental unit. It will
not (except to the extent that any of the projects financed
involve grants) be sold or otherwise disposed of, in whole or
part, prior to the maturity date of the Note.
in
12. The aggregate amount of proceeds of the Note used
directly or indirectly in a trade or business carried on by a
natural person, or in any activity carried on by a person other
than a natural person ("Private Use"), excluding use by a state
or local government unit and use as a member of the general
public, will not exceed 10% of such proceeds in the event that
more than 10% of the principal or 10% of the interest due on the
Note during the term thereof is, under the terms of the Note or
any underlyin~ arrangement, directly or indirectly, secured by
any interest in property used or to be used for a Private Use or
in payments in respect of property used or to be used for a
Private Use or is to be derived from payments, whether or not to
the Town, in respect of property or borrowed money used or to be
used for a Private Use.
13. No more than 5% of the proceeds of the Note will be
used to finance property used by a nongovernmental person in a
Private Use which is unrelated to the governmental use of the
property being financed.
14. No more than 5% of the proceeds of the Note is
allocable to any disproportionate related Private Use. For
purposes of this Arbitrage and Use of Proceeds Certificate, Note
proceeds are allocable to a disproportionate related Private Use
to the extent that the proceeds of the Note which are to be used
to finance property used by a nongovernmental person in a trade
or business which is related to the governmental use of the
property referred to in paragraph 12, above, exceeds the proceeds
of the Note which are to be used for the governmental use to
which such Private Use relates.
15. For purposes of paragraphs 12, 13 and 14, a Private
Use consists of any contract or other arrangement including,
without limitation, leases, management contracts, guarantee
contracts, take or pay contracts, or put or pay contracts, which
provides for a use of the Project by a person or persons who are
not State or local governments on a basis different than the
general public. Any management, or operations contract or
agreement which provides for (1) a term (including renewal
options) not in excess of five years, (2) payments no portion of
which are based on a share of net profits and at least 50 percent
of which are made on a periodic, fixed-fee basis, and (3)
termination by either party, without penalty, at the end of any
three-year period is not considered a Private Use.
16. The amount of proceeds of the Note that will be
used directly or indirectly to make loans to persons other than a
governmental unit is not more in the aggregate than the lesser of
$5,000,000 or 5% of such proceeds.
17. To the extent the amount of proceeds of the Note to
be used to make loans to any borrowers (including loans referred
to in paragraph 16 above and loans to state or local governmental
units) exceeds $5,000,000, at least 95% of the net proceeds of
the issue (as defined in Section 150 of the Code but without
including proceeds used to finance costs of issuance or
capitalized interest) that are to be used to make loans, will
have been used within 3 years of the date hereof to make such
loans. The payment of legal and underwriting costs is not
contingent and at least 95% of the reasonably expected legal and
underwriting costs associated with issuance will be paid within
180 days of the date hereof. For purposes of this paragraph the
term loan does not include any use of proceeds by an agency of
the Town unless such agency is a political subdivision or an
instrumentality of the Town.
18. No more than 5% of the proceeds of the Note are to
be used with respect to any output facility (other than a
facility for the furnishing of water). No more than the lesser
of $5,000,000 or 5% of the proceeds of the Note are to be used
(directly or indirectly) for the acquisition of a nongovernmental
output facility.
19. The Note is hereby designated as a
tax-exempt obligation" pursuant to the provisions
of the Code.
"qualified
of Section 265
In making such designation it has been determined that:
(i) the Note currently refunds the Prior Issue;
(ii the Prior Issue was designated as a "qualified
tax-exempt obligation";
(iii the aggregate face amount of the Note does not
exceed $10,000,000;
(iv the Prior Issue had a weighted average maturity of
3 years or less;
(v)
the maturity date of the Note, as measured from the
original date of issuance of the notes issued
pursuant to the resolution hereinabove referred to
in paragraph 2 hereof in renewal of which the Note
is being issued, does not exceed 30 years; and
(vi
not more than $10,000,000 of obligations issued by
the Town during the calendar year in which the
Prior Issue was issued, were designated by the Town
as "qualified tax-exempt obligations".
20. The Town has not received notice that it has been
listed by the Commissioner of Internal Revenue as an issuer that
may not certify its obligations, nor has it been advised that the
Commissioner is contemplating listing the Town as a governmental
unit that may not certify its obligations.
On the basis of the foregoing, it is not expected that
the proceeds of sale of the Note will be used in a manner that
would cause the Note to be an "arbitrage bond" under Section 148
of the Code and the Income Tax Regulations prescribed thereunder.
To the best of my knowledge and belief, there are no other facts,
estimates or circumstances that would materially change the
foregoing conclusion.
I am one of the officers of the Town of Southold charged
by the resolution of the Town Board of said Town hereinabove
cited in paragraph 2 hereof with the responsibility for issuing
the Note and, as such, am an official whose certification may be
relied upon as the certification of the Town as referred to in
Section 148 of the Code, and Sections 1.103-13, 1.103-14 and
1.103-15 of the Income Tax Regulations thereunder. Neither I nor
the Town has been notified or advised by the Internal Revenue
Service of any contemplated publication of a notice in the
Internal Revenue Bulletin that the certification of the Town as
to arbitrage status may no longer be relied upon by purchasers of
its bonds or notes. This certification has been delivered as
part of the record of proceedings and accompanying certificates
with respect to the issuance of the Note and the provisions of
this certificate constitute a contractual obligation of the Town
in consideration for the purchase of and payment for the Note by
the purchaser(s) thereof.
(SEAL)
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate seal of the
Town of Southold, this ninth day of
November, 1989.
CERTIFICATES AS TO SIGNATURES, LITIGATION,
AND DELIVERY AND PAYMENT
WE, the undersigned officers of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town", HEREBY CERTIFY,
that on or before November 9, 1989, we officially signed and
properly executed by manual signatures a $45,000 Bond
Anticipation Note for Purchase of Police Console-1989 (the
"Note") of the Town, payable to bearer and otherwise described in
Schedule A annexed hereto and by this reference made a part
hereof, and that at the time of such signing and execution and on
the date hereof we were and are the duly chosen, qualified and
acting officers of the Town authorized to execute said Note and
holding the respective offices indicated by the titles set
opposite our signatures hereto for terms expiring on the
respective dates set opposite such titles.
WE FURTHER CERTIFY that no litigation of any nature is
now pending or threatened restraining or enjoining the issuance
or delivery of said Note or the levy or collection of any taxes
to pay the interest on or principal of said Note, or in any
manner questioning the authority or proceedings for the issuance
of said Note or for the levy or collection of said taxes, or
relating to said Note or affecting the validity thereof or the
levy or collection of said taxes, that neither the corporate
existence or boundaries of the Town nor the title of any of the
present officers thereof to their respective offices is being
contested, and that no authority or proceedings for the issuance
of said Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon
this certificate has been affixed, impressed, imprinted or
otherwise reproduced upon said Note and is the legally adopted,
proper and only official corporate seal of the Town.
And, I, Frank A. Kujawski, Jr., Deputy Supervisor, HEREBY FURTHER
CERTIFY that on November 9, 1989, I delivered said Note to
Norstar Bank, N.A., Southold, New York, the purchaser thereof,
and that at the time of such delivery of said Note, I received
from said purchaser the amount hereinbelow stated, in full
payment for said Note, computed as follows:
Price .... . $45 000
Interest ~'~'~'~'~ ~ '
date of such delivery ............. -0-
Amount Received .....................
$45,000
(SEAL)
IN WITNESS WHEREOF, we have hereunto set our hands and
said corporate seal has hereunto been affixed this ninth day of
November, 1989.
Term of Office
>>.,~. ~L~/_~/~..~.~Signature Expires Title
dember 31, 1989 Deputy Supervisor
~4~4~-~'.~'%~'~-~December 31, 1989 Town Clerk
I HEREBY CERTIFY that the signatures of the officers of
the above-named Town, which appear above, are true and genuine
and that I know said officers and know them to hold the
respective offices set opposite their signatures.
_.
(Name of Bank)
ATTORNEY'S CERTIFICATE
I, James A. Schondebare, HEREBY CERTIFY that I am a
licensed attorney at law of the State of New York having offices
at 53095 Main Road, Southold, New York, and am the duly chosen,
qualified and acting Town Attorney of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town", that no litigation
of any nature is now pending or threatened restraining or
enjoining the issuance or delivery of the Note of the Town,
payable to bearer and otherwise described as set forth in
Schedule A annexed hereto and by this reference made a part
hereof or the levy or collection of any taxes to pay the interest
on or principal of said Note, or in any manner questioning the
authority or proceedings for the issuance of said Note or for the
levy or collection of said taxes, or relating to said Note or
affecting the validity thereof or the levy or collection of said
taxes, that neither the corporate existence or boundaries of the
Town nor the title of any of the present officers thereof to
their respective offices is being contested, and that no
authority or proceedings for the issuance of said Note has or
have been repealed, revoked or rescinded.
IN WITNESS WMEREOF,
ninth day of November, 1989.
have hereunto set my hand this
/~ - AttorfSe~f -
SCHEDULE A
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$45,000 Bond Anticipation Note for
Purchase of Police Console-1989
November 9, 1989
November 9, 1990
Number 2R-l, at $45,000
6.06%
,o..8038-GC
(May 19871
Ik.'"~; I Reportin
Consolidated Information Return for Small
Tax-Exempt Governmental Bond Issues
~' Under Section 149(e)
· For calendar year ending 19.8. ?...
(Use Form 8038-G If issue price of the Issue is $100.000 or more.)
OMB NO 1545 0720
;Authority Check box d Amended Return · []
TOWN OF SOU?HOLD 11-6001939
Town Hall, 53095 Ma±n Road.
Southold, New York 11971
I;~T;]II Description of Bonds
5 Total issue price of all bonds issued as part of an issue, the issue price of which is less than S I00.0OO 5
....; ,. ,.., :, ,.. ,..: · ./
6 Check box that most nearly approximates the weighted average maturity of the bonds: ~7,;:" . ......... ,...,,,..- ~ '. :~,~,,
7 Check box that most nearly a pprox~mates the weighted average ~nterest rate on the bonds'
'"'
c [] More than 10% :":"'., ,.' ,;"' :~ .v;;;',v.,, ' ':~'"
,, t ': '.; .' -,,'.,, ' :: ~ ~/:1
.':.'. · ...... ' ..... ::::. F.'.'..'.."~2',
8 Total~ssuepnceofthebondsreportedonhneSthatare: '' ' ''. ""/, .....
a Bonds~ssued in the form of a lease or installment sale ............... 8a
b Bonds des,gnated by the issuer under section 265(bXa)(B)(i0 ............. 8b
~ · ~ 11/09/89 ~ Deputy Supervisor
Here rs,~.a,~'¢o.,¢e, Frank A. ,~ujawski, .Jr.
General Instructions
(Sechon references are to the Internal
Revenue Code unless otherwise noted )
Changes You Should Note
All issuers of tax-exempt bonds must report
certam informabon about bonds they ~ssue.
Issuers should use Form 8038-GC only ~f
the issue price of the rssue is under
$]00,000. If the issue price ~s $1 O0.000 or
more. ~ssuers should use Form 8038-G,
Information Return for Tax-Exempt
Governmental Bond Issues. For prwate
aChvlty bonds, issuers should use Form
8038, Informabon Return for Tax-Exempt
Private ACtlwty Bond Issues.
Paperwork Reduction Act Notice
We ask for th)s reformation to carry out the
Internal Revenue laws of the United States.
We need ~t to ensure that you are comp~ymg
with these laws You are required to give us
' )urpose of Form
Form 8038-GC is to be used by issuers of
tax-exempt governmental bonds to provide
IRS with the information required by secbon
149(e) and to momtor the requirements of
sections 141 through ).50.
Who Must File
Each issuer must file a smg)e Form 8038-GC
for all tax-exempt governmental bond issues
issued after December 31, [986, w~th rssue
prices of less than $100,000. Form 8038-G
is hied to report each issue of governmental
bonds w~t h issue prices of $ ! O0.000 or
more.
When To File
F,le Form 8038-GC on or before February
15th after the close of the calendar year m
which the issue is ~ssued. Form 8038-GC
must be completed based on the facts as of
the close of the calendar year.
Where To File
F,le Form 8038.GC w~th the Internal
Revenue Serwce Center. Philadelphia. PA
19255.
Definitions
· A tag-exempt bond is an obhgat,on
issued as part of an issue the ,merest on
wmch ~s exempt from tax under the Internal
Revenue Code.
· A tax-exempt governmental bond ts a
tax-exempt bond that is not a private acbwty
bond.
· A private activity bond ~s generally a
bond issued as part of an ~ssue of which:
(1) more than ]0% of the proceeds are to
(2) more than 10% of the payment of the
busmess use (or payments in respect of
Fo.,, 8038-GC
CERTIFICATE OF DETERMINATION BY THE
SUPERVISOR RELATIVE TO
AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $60,000 BOND
ANTICIPATION NOTE FOR PURCHASE OF
POLICE CONSOLE-1988 OF THE TOWN OF
SOUTHOLD, NEW YORK.
I, Francis J. Murphy, Supervisor of the Town of
Southold, New York (herein called the "Town"), HEREBY CERTIFY
that pursuant to the powers and duties delegated to me, the chief
fiscal officer of the Town, by the Town Board of the Town,
pursuant to the resolution duly adopted and as referred to in
paragraph 1 hereof, and subject to the limitations prescribed in
said resolution, I have made the following determinations:
1. A bond anticipation note (the "Note") of the Town
in the principal amount of $60,000 shall be issued in
anticipation of the sale of serial bonds authorized pursuant to
the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance 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:
$60,000 Bond Anticipation Note for
Purchase of Police Console-1988
Dated:
November 10, 1988
Matures:
November 9, 1989
Number and
Denomination:
Number R-l, at $60,000
Interest Rate
per annum:
5.74%
Form of Note:
Substantially in accordance with form
prescribed by Schedule B, 2 of
the Local Finance Law of the
State of New York.
3. Said Note is issued to renew, in part, a note or
notes in the amount of $75,000 maturing on November 10, 1988, the
redemption thereof having been provided to the extent of $15,000
from a source other than the proceeds of serial bonds.
4. The amount of bond anticipation notes originally
issued in anticipation of the issuance of serial bonds authorized
pursuant to the resolution referred to in paragraph 1 hereof,
including the Note, is $75,000, and the amount of bond
anticipation notes which will be outstanding after the issuance
of the Note, including said Note will be $60,000.
5. The serial bonds authorized pursuant to the
resolution referred to in paragraph 1 hereof are for an
improvement which is non-assessable.
6. Said Note is hereby designated a "qualified tax-
exempt obligation" pursuant to the provisions of the Internal
Revenue Code of 1986, as amended (the "Code").
In making such designation ! have determined that:
(a) the Town does not reasonably anticipate that the
amount of "qualified tax-exempt obligations" to be issued by
the Town during the current calendar year will exceed
$10,000,000; and
(b) the amount of "qualified tax-exempt obligations"
issued by the Town during the current calendar year does not
as of this date, and including this issue, exceed
$10,000,000.
7. Pursuant to said powers and duties delegated to me,
I DO HEREBY AWARD AND SELL said Note as follows:
to Norstar Bank, N.A., Southold, New York, for the
purchase price of $60,000, plus accrued interest, if
any, from the date of said Note to the date of delivery
thereof, and I FURTHER DETERMINE that said Note shall be
payable as to both principal and interest at Norstar
Bank, N.A., Southold, New York, and shall bear interest
at the rate of five and seventy-four hundredths per
centum (5.74%) per annum, payable at maturity.
8. Said Note shall be executed in the name of the Town
by its Supervisor and the corporate seal of the Town shall be
affixed thereto and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties
delegated to me to issue and sell the Note hereinabove referred
to are in full force and effect and have not been modified,
amended or revoked.
IN WITNESS WHEREOF, I have hereunto set my
tenth day of November, 1988. ~_~, ~ / ~
hand this
CLERK'S CERTIFICATE
I, Judith T. Terry, Town Clerk of the Town of Southold,
in the County of Suffolk, New York, HEREBY CERTIFY that I have
compared the foregoing copy of the Certificate of Determination
executed by the Supervisor and the same is a true and complete
copy of the Certificate filed with said Town in my office as Town
Clerk on the tenth day of November, 1988; and
I FURTHER CERTIFY that no resolution electing to
reassume any of the powers or duties mentioned in said
Certificate and delegated to the Supervisor by the resolution
cited in said Certificate has been adopted by said Town Board.
IN WITNESS WHEREOF,
I have hereunto set my hand and
affixed the corporate seal of said
Town this tenth day of November,
1988.
(SEAL)
Town Clerk
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK
COUNTY OF SUFFOLK
:SS:
Judith T. Terry, being duly sworn upon his/her oath
deposes and says:
(1) I am the duly appointed, qualified and acting Town
Clerk of the Town of Southold, in the County of Suffolk, New York
(herein and in Schedule A annexed hereto called "Town");
(2) That with respect to the contract of sale of the
Note of the Town described in the Certificate of Determination
executed by the Supervisor on the tenth day of November, 1988, to
the financial institution indicated in such Certificate, I have
made a careful inquiry of each officer and employee of the Town
having the power or duty to (a) negotiate, prepare, authorize or
approve the contract or authorize or approve payment thereunder,
(b) audit bills or claims under the contract, or (c) appoint an
officer or employee who has any of the powers or duties set forth
above, as to whether or not such officer or employee has an
interest (as defined pursuant to Article 18 of the General
Municipal Law) in such contract;
(3) That upon information and belief, as a result of
such inquiry, no such officer or employee has any such interest
in said contract unless otherwise noted in Schedule A annexed
hereto and by this reference made a part hereof.
Town Clerk
Subscribed and sworn to before me
this tenth day of November, 1988.
Notary Public, Stat~ of New York
UNDA J. COOPER
Notary Public, State of New York
No. 4822563, Suflotk CounH
Term Expires December 31, 19
SCNEDULE 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, Francis J. Murphy, Supervisor of the Town of Southold
(the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY
and reasonably expect with respect to the issuance of the $60,000
Bond Anticipation Note for Purchase of Police Console-1988 (the
"Note") of the Town, dated November 10, 1988, as follows:
1. The Town is a governmental unit with general taxing
powers.
2.. The Note does not constitute a "private activity
bond" as that term is defined in Section 141 of the Internal
Revenue Code of 1986, as amended (the "Code").
3. Ninety-five percent or more of the net proceeds of
the sale of the Note are to be used for local governmental
activities of the Town.
4. The Town reasonably expects that the aggregate face
amount of all tax-exempt bonds issued by the Town during the
current calendar year will not exceed $5,000,000.
5. The proceeds of sale of the Note will be used
together with other funds of the Town in the amount of $15,000 to
redeem a prior issue (the "Prior Issue") in the amount of $75,000
heretofore issued to provide funds for the purpose described (the
"Project") in the resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted February 24, 1987, authorizing the
acquisition and installation of a new radio
communications console, stating the estimated
maximum cost thereof is $75,000, appropriating said
amount therefor, and authorizing the issuance of
$75,000 serial bonds of said Town to finance said
appropriation,"
adopted by the Town Board of the Town on the date therein
referred to.
6. Bond anticipation notes in the aggregate amount of
$75,000 have been originally issued in anticipation of the sale
of serial bonds authorized to be issued for the Project pursuant
to the bond resolution hereinabove cited in paragraph 5 hereof.
7. The Project has been completed, and all proceeds of
the Prior Issue, including investment earnings, have been
expended on the Project, or, if the Project has not been
completed, it is reasonably expected that all of the proceeds of
sale of the Prior Issue will be expended within three years from
the date of issuance of the original notes issued pursuant to the
resolution hereinabove cited in paragraph 5 hereof in renewal of
which the Note is being issued. If the Project has not been
completed, work on the acquisition, construction or
accomplishment of the Project is preceeding with due diligence to
completion.
8. The total proceeds of sale of all bond anticipation
notes issued to date for the Project do not exceed the total cost
of the Project.
9. The Project will not be sold or otherwise disposed
of in whole or in part except for incidental sales of surplus
items the proceeds of which will not constitute net operating
profits or net capital profits to the Town.
10. The Note will be paid from taxes and the proceeds
of other obligations of the Town issued to fund the Note.
11. The taxes used to pay principal and interest on the
Note, whether or not deposited in a debt service fund, will be
expended within 13 months of the date of deposit in such fund, or
the date of their accumulation, in the payment of debt service on
the Note. Any amounts received from the investment of such
deposit or accumulation will be expended within one year of
receipt. The debt service fund, if any, will be used to achieve
a proper matching of revenues and debt service and will be
depleted at least annually except for a reasonable carryover
amount not to exceed one years earnings on the fund or 1/12 of
annual debt service.
12. Except for the debt service fund described herein
the Town has not created or established, and does not expect to
create or establish, any sinking fund or other similar fund which
the Town reasonably expects to use to pay principal or interest
on the Note.
13. NO portion of the proceeds of the Note will be
invested, directly or indirectly, in federally insured deposits
or accounts other than investments of a debt service fund or
investments for an initial temporary period.
14. At least 90 percent of the proceeds of the Note
will be used to finance property which is:
(a) available for use by the general public on an equal
basis;
(b) used by qualified governmental units or by the
employees of such units; or
(c) used by nongovernmental persons pursuant to
contracts or agreements which provide that (i) at least 50
percent of the compensation paid to the service provider
(other than a governmental unit) is on a periodic, fixed-fee
basis; (ii) no amount of compensation is based on a share of
net profits; (iii) the Town may terminate the contract
(without penalty) at the end of any 3 year period; and (iv)
the term, including renewal options, does not exceed 5 years.
15. No more than 5 percent of the proceeds of the Note
will be used to finance'property used by a nongovernmental person
in a trade or business which is unrelated to the governmental use
of the property referred to in paragraph 14 above.
16. No more than 5 percent of the proceeds of the Note
is allocable to any disproportionate related private business
use. For purposes of this Arbitrage and Use of Proceeds
Certificate, Note proceeds are allocable to a disproportionate
related private business use to the extent that the proceeds of
the Note which are to be used to finance property used by a
nongovernmental person in a trade or business which is related to
the governmental use of the property referred to in paragraph 14,
above, exceeds the proceeds of the Note which are to be used for
the governmental use to which such private trade or business use
relates.
17. The Town has not received notice that it has been
listed by the Commissioner of Internal Revenue as an issuer that
may not certify its obligations, nor has it been advised that the
Commissioner is contemplating listing the Town as a governmental
unit that may not certify its obligations.
On the basis of the foregoing, it is not expected that
the proceeds of sale of the Note will be used in a manner that
would cause the Note to be an "arbitrage bond" under Section 148
of the Code and the Income Tax Regulations prescribed thereunder.
To the best of my knowledge and belief, there are no other facts,
estimates or circumstances that would materially change the
foregoing conclusion.
I am one of the officers of the Town of Southold charged
by the resolution of the Town Board of said Town hereinabove
cited in paragraph 5 hereof with the responsibility for issuing
the Note and, as such, am an official whose certification may be
relied upon as the certification of the Town as referred to in
Section 148 of the Code, and Sections 1.103-13, 1.103-14 and
1.103-15 of the Income Tax Regulations thereunder. Neither I nor
the Town has been notified or advised by the Internal Revenue
Service of any contemplated publication of a notice in the
Internal Revenue Bulletin that the certification of the Town as
to arbitrage status may no longer be relied upon by purchasers of
its bonds or notes. This certification has been delivered as
part of the record of proceedings and accompanying certificates
with respect to the issuance of the Note and the provisions of
this certificate constitute a contractual obligation of the Town
in consideration for the purchase of and payment for the Note by
the purchaser(s) thereof.
(SEAL)
IN WITNESS WHEREOF, ! have hereunto set my hand and
affixed the corporate seal of the
Town of Southold, this tenth day of
CERTIFICATES AS TO SIGNATURES, LITIGATION,
AND DELIVERY AND PAYMENT
WE, the undersigned officers of the Town of Southold, in
the County of Suffolk, a municipal corporation of the State of
New York and herein referred to as the "Town", HEREBY CERTIFY,
that on or before November 10, 1988, we officially signed and
properly executed by manual signatures a $60,000 Bond
Anticipation Note for Purchase of Police Console-1988 (the
"Note") of the Town, payable to bearer and otherwise described in
Schedule A annexed hereto and by this reference made a part
hereof, and that at the time of such signing and execution and on
the date hereof we were and are the duly chosen, qualified and
acting officers of the Town authorized to execute said Note and
holding the respective offices indicated by the titles set
opposite our signatures hereto for terms expiring on the
respective dates set opposite such titles.
WE FURTHER CERTIFY that no litigation of any nature is
now pending or threatened restraining or enjoining the issuance
or delivery of said Note or the levy or collection of any taxes
to pay the interest on or principal of said Note, or in any
manner questioning the authority or proceedings for the issuance
of said Note or for the levy or collection of said taxes, or
relating to said Note or affecting the validity thereof or the
levy or collection of said taxes, that neither the corporate
existence or boundaries of the Town nor the title of any of the
present officers thereof to their respective offices is being
contested, and that no authority or proceedings for the issuance
of said Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon
this certificate has been affixed, impressed, imprinted or
otherwise reproduced upon said Note and is the legally adopted,
proper and only official corporate seal of the Town.
And, I, Francis J. Murphy, Supervisor, HEREBY FURTHER
CERTIFY that on November 10, 1988, I delivered said Note to
Norstar Bank, N.A., Southold, New York, the purchaser thereof,
and that at the time of such delivery of said Note, I received
from said purchaser the amount hereinbelow stated, in full
payment for said Note, computed as follows:
Price ............................... $60,000
Interest on said Note accrued to the
date of such delivery ............. -0-
Amount Received .....................
$60,000
(SEAL)
IN WITNESS WHEREOF, we have hereunto set our hands and
said corporate seal has hereunto been affixed this tenth day of
November, 1988.
Term of Office
~~~.:, Expires
.. December 31, 1989
I HEREBY CERTIFY that the
the above-named Town, which appear above, are true and genuine
and that I know said officers and know them to hold the
respective offices set opposite their signatures.
Title
Supervisor
Town Clerk
signatures of the officers of
(Title) (Name of Bank)
ATTORNEY'S CERTIFICATE
I, James Schondebare, HEREBY CERTIFY that I am a
licensed attorney at law of the State of New York having offices
at 53095 Main Road, Southold, New York, and am the duly chosen,
qualified and acting Town Attorney of the Town of $outhold, 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, I have hereunto set my hand this
tenth day of November, 1988.
SCHEDULE A
Amount and Title:
Dated:
Matures:
Number and
Denomination:
Interest Rate
per annum:
$60,000 Bond Anticipation Note for
Purchase of Police Console-1988
November 10, 1988
November 9, 1989
Number R-i, at $60,000
5.74%
NOTICE
The res~lurion published
bercwith ha* been adopted on
the ~4th ~.. _ masy 1987,
and the .v ..~.,~f the obliga.
tionm an~ by such rssolu-
tion'may b0-~eafter contested
only if su~.~ obligations were
authorized f~r an object or pur-
pose for ~hi~e TOWN OF
SOUTHO~LD;'~ the County of
Suffolk,' Nev~ :york, is not
authorized t5 ~9~nd tnoney or
if the provf~on~ of laW which
should have.tiC, complied with
as of the d~tv ~ publication of
ly complied ..w~th~and an action,
suit or pr ~oce~d~..ins contastinli
such validit~ coffunenced
within twenty ~ after the
publi~ttlon of t~'~N~, or
such obligntiol~,a~lre anthoriz.
ed in violation of the ~'ovisions
of the Constitution.
, MJIMTM,T;' TIiRRY
~ Town Clerk
Ttm m~ O~ ~OLD,
NEW YORK, ADOPTED
FEBRUARY .24~ 1987,
AUTHORIZIN~ THE AC-
QUISITION' 'AND '
STALLATION OF 'A NEW
RAI~][O COMMUNICATIONS
CON$OLE, STA~INO THE
ESTI~t~TED~ M~XIMUM
COST THEREOF IS $?~,000,
APPRO~RIATINO SAID
AMOt.~4T THI~.~FOR,-AND
A*L(TI-IORIZI~IO THE IS-
S f~.qN(~. OF ~$,~00 SERIAL
BCkV4DS OF S~D TOWN TO
FINANCE .:. SAID
AI~PROERIAT-ION. '
THE~ T, QW~ BOARD OF
TI~ TOW~'Oi~ SotfmOLD,
IN THE COUNTY OF SUF-
FOLK, NEW ~' YORK,
HEREBY RESOLVES (by the
favorable vote of no~ less.than
twO-thirds of all the members of
said '~Town ~out, d) AS
FOLLOWS:
Section 1. Thj ~o~vn of
Sonthuid, in the County of Suf-
folk, New York (baton called
"Town"), is h~re]~y authorized
to .acquir~ and i~staH a new
ra~ti~) COmmunicafioKs ~console
in the radio room of the Police
Headquarters in said Town.
The estimated cost-' of said
spaci~ o~e~t or p~rpose, in-
cluding prelimimtry costs and
cgsts incidantal thereto and the
financin~ thereof, is $75,000
and sui~t ~.ho'dnt is hereby ap-
pr6pHated the~for. T~e plan of
financing i~udes the issuance
of $75,000~',tial bonds of the
Town to f'mnnee 9aid appropria-
tion, and the ~ and collection
of taxes o~ all the taxable real
property in thc Town to pay the
principal of said bonds and the
interest thereon as the same
shall become due and payable.
Section 2. Serial bonds of the
Town in the principal amount
of $75,000, are hereby anthoriz-
ed to be issued pursuant to the
provisions of the Local Finance
Law, constitutinli~hapter
of the Consolldat~ Laws of the
State of New York (herein call-
ed "Law") to finance said
appropriation.
Section 3. The following ad-
ditional matters are hereby
determined and declared:
(a) The period of probable
usefuiness of said specific object
or purpose for which said
$75,000 serial bonds authorized
pursuant to this resolution arc
to be issued, within the limita-
tions of Section 11.(30 a. 25 of
the Law, is tea (10) yeats;
pursuant to this resolution or
in anth~0mt~m of the sa~ of
such bonds shall mature no later
than five (5).years from the date
of original issue of such bonds
or notes herein authorized for
such purpose.
(b) Current funds are not re-
quired by the Law to be provid-
ed as a down payment prior to
the issuance of the bonds
authorized by this ~sointion or
any bond anticipation notes
issued in anticipation thereof in
accordance with Section' I~7.00
d. 4 of the Law.
(c) The proposed maturity of
L,~UNTY OF SUFFOLK
STATE OF NEW YORK ss:
Patricia Wood, being duly sworn, says that she is the
Editor, of THE LONG ISLAND TRAVELER-WATCHMAN,
a public newspaper printed at Southold, in Suffolk County;
and that the notice of which the annexed is a printed copy,
has been published in said Long Island Traveler-Watchman
once each week for ................... ~. ....... weeks
successively, commencing on the ......................
Sworn to before me this .................. day of
Notary Public
BARBARA FORBES
Nol:ary Public, State of New York
No. 4806846
Qualified in Suffol~ County
Commission Exp/res~ .4/ 19d~.~
/
,~itional matters are hereb:7''-~
determined and declared:
la) The period of probable
usefulness of said specific object
or purpose for which said
$75,000 serial bonds authorized
pursuant to this resolution are
to be issued, within the limita-
tions of Section 11.00 a. 25 of
the Law, is ten (10) years;
however, the bonds authorized
pursuant to this resolution or
bond anticipation notes issued
in antidpation of the sale of
such bonds shall mature no later
than five (5).years from the date
of original issue of such bonds
or notes herein authorized for
such purpose.
lb) Current funds are not re-
quired by the Law to be p~ovid-
ed as a down payment prior to
the issuance of the bonds
authorized by this resolution or
any bond anticipation notes
issued in anticipation thereof in
accordance with Section 107.00
d. 4 of the Law.
lc) The proposed maturity of
the bonds authorized by this
resolution will not exceed five
(5) years.
Section 4. Each of the bonds
authorized by this resolution
and any bond anticipation notes
issued in anticipation of the sale
of said bonds shall contain the
recital of validity as prescribed
by Section 52.00 of the Law and
said bonds and any notes issued
in anticipation of said bonds,
shall be general obligations of
the Town, payable as to both
principal and interest by general
tax upon all the taxable real pro-
perry within the Town without
limitation of rate or amount.
The faith and credit of the
Town are hereby irrevocably
pledged to the punctual pay-
ment of the principal of and in-
terest on said bonds and any
notes issued in anticipation of
the sale of said bonds and pro-
vision shall be made annually in
the budget of the Town by ap-
propriation for la) the amortiza-
tion and redemption of the
bonds and any notes in anticipa- '
tion thereof to mature in such
year and lb) the payment of in-
terest 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 dutie*
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
bonds authorized by this resolu-
tion and of any notes issued ill
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 the publication of
such resolution are not substan-
tially complied with,
and an action, suit or pro-
ceeding contesting such validi-
ty, is commenced within twen-
ty days after the date of such
publication, or
(c) such obligations are
authorized in violation of th~
provisions of the constitution.
Section 7. This bond resolu-
tion shall take effect immediate-
ly, and the Town Clerk is
hereby authorized and directed
to publish the foregoing resolu-
tion, in full, together with a
Notice attached in substantial-
ly the form prescribed by §gl
of the Law in "THE LONG
ISLAND TRAVELER
WATCHMAN," a newspal:~t
published in Southold, New
York, and in "SUFFOLK
TIMES," a newspaper pub[i~h-
ed in Greenport, New York,
each having a general circula-