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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 'ur~a ~ot ~ ~ of u~ e~ ~ a~ --"~ere _' ~ SUc~ ~nvol.. act a- 'rigs 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-