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HomeMy WebLinkAboutWendy Drive BOND 'ANTICIPAT~ ~\FOR _,WENDY DRIVE-1990 " .c.'X, -"' " The ~o~m of Southold, L~ the~t~o£ Suf~oXk, a munia±pal corpo~at±on of the ' : " ' ' ' ' ' if it be regiatered, totbo re~iztered holder, means ox --T o T ou d H dred .............................. (, 2,400-: .... .. on the 4th day. of ,Oct°bet , le 91, together w~th lnter~t therco~ fr~n the d~.c hel~f at the =---~ '~ thirty-five htu~redtt~ ............ per tenths ( 6.35 %) per a~onm, 9w~bin a~ n~tari~y. .Both prindl~al of and tnteres~ on ~ Note wffi he ~ in lawful money of the United Singes of America, at THE R~)FffH FORE BANK & TRUST COMPS, Southold, Blew Yo~k. At the request et the bOlder, the Toum Cie~k ~all c°nvert this NOte into a reg~tered N'ote by re~$terin$ it In the name of ~he bOlder in the hooks of the Town k~t in the office , of s~ch TOWII Clerk and codorsing o certificate of such re~.strutio~ hereom, after which both principal of and interest on ~his I~otc shall bo Imya~le only to the registered holder, his lel~l representatives, successors tra~s~erces. ~his ~ot'e s[mll then be trausferah[e only upon presentation ~o such To,fl Clerk with a wrttte~ transfer of tlt~e ~ such Town Clerk sh~ thereupon register this . l~ote In the n~me o~ the tremsferco In hi~ books arld shall e~lerse a certificate of sach me~trution hereon. ~uch ~rumsfer be dated, and s~e~ by the registered bolder, or his legal representatives, ~nd it shell be duly acknowledged or proved, or in thc alternative ~ne si~ture thereto shah be Certified as to its genuineness by an officer of a ]~nk or trust company incated and autboriced ~;o do business in this State. This Note is the only Note of an authorized renewal issue, th~ principal amount of which is $2,400. , , TMs Note is fms~c~ pursuant tO the provisions of the Local Fhumce Law, cons'dt-ating ~tee ~ of the, Conso}idated Lmws of the State of New~ffo~k. the bond resolution adopted by the Town Board on D~cen~er 16, 1986, authorizinq the issuance of $6,000 serial bo~ds for the i~provrasnt of Wendy Drive, in, said T~n, and the Certificate of Determination executed by the Supervisor on October 5, 1990. This Note has been desiunated by the Town as a qualified t~x-exe~pt obligation pursuant to the provisions of Section 265 of the Internal Revenue Code of 1986, as amsnded. The faith end credit of such TOY,TI of Southold are hereby i~bly ~led~,,ed to.~. the pnnctual pa~nant of the principal of and interest on this Note according to its terms. It is nerany certifl.e.d, a~d recited that all conditions, acts and thin~s ~tred by the Constitution and statutes of the Ste~e of New York to ernst, to have happened and to have been performed precedent th and in the issuance of this Note, exist. have' happaned and have bee~ performed, and that this No~e, together with ~11 ~tl~do~tedness of such i0~ Southold. m ~th~ erer~ &~ and other lhni~ ~'y .t~ Can~'l~tto. and h.s IN' WF~NESS WHEREOF, Town of Soutbold · ' ~%,_ has caused this Note to he signed by its Town Clerk · and ite corporate seal W he l affi~d and attest~i by its and tiffs Note to bo dated as of the 5th dsyof October, TOWN OF SOUTHOLD 19 90. ,, COUNTY,OF,SUFFOLK, ,~OND ANTICIPATION ~ FOR WENDY DRIVE-1989 i¸ : I The Town o~ Soutbold, in the' County of Suffolk, a municipal corporation of the , , , i , , , ' ,Siat~ of ,NeW Yo~k. hereby acknowledges ttsel~ ~deh~a ~d fo~ value ~iv~ p~m~ to pay ~ ~e ~r of t~s Not~ or ~ it be re~s~ to ~e ~te~ ~lder, ~ s~' of .v.Li .... -.~ee, ~ousa~ Six II~dr~-- ............... - .... Do~a~'g~,600--~- ....... ) , 0n t~ 5 th', '~r ~f ' October' ,1990 , ~g~her ~th inter~ ~e~ ~om the date ~f at' ~ rate ~f: -v--SiX and :lt~ea,,,~edthsr- .... v-~--v ..... ~p~ ~nt~ { 6.03 ~) p~,~um, pa~able at ~M~,, ~o~ pr~elp,~ of;'~ ~re~ ~' ~is Ho~e wl~ ~ p~d ~ ]aw(~ ~ne~ of the Unlt~ S~{~ of Am~I~ at ~ '~ ~ ~K ~ ~ST ~.~, Southold, New York. A~ the ~qu~ ~t ~ ~1~, ~e T~ Clerk shall ~nvert th~ Note imto a ~lstev~ ~ote' by '~e~g R ~ ~e ~ of ~ ~ld~ in the b~ks of the T~ kept ~ tM off~e 0f s~ch ' T~m Clerk ~d ~dors~g a certificate of su~ ~ation herons after which ~ ,pr~clpal of ~d ~te~st ~ th~ N~e ~ ~ payable only to tM registered holder, ~s le~ r~rg~ve~ succ~sors or t~er~, ~is N~e ~ th~ ~ tr~sfe~le o~y u~a pres~tation to such TO~ ~lerk wi~' ~ ~ittm tr~f~ of ~ ~d such T~ Cle~k sh~ t~reu~n ~ster ~s ~e ~ ~ ~ of ~e ~fer~ ~ ~ ~ ~d sh~ endor~ a certificate of ~ reglstra~ hewn. Su~ tryster sh~l ~ ~t~, and ~ed by ~M r~er~ ~lder, o~ ~s lggel ~tativcs, ~d it shah ~ d~ ~owled~ or proved, or ~, the ~rna~ ~e si~atu~ ~e~o ~ ~ c~ed ~ ~ its genuinene~ by ~ officer of ~ h~k or trust ~mpany l~at~ and,author z~ ~ do b~ines~ In t~ Side. ~ls ~ote ls tho only Note of an authorized renewal issue, the principal ~t of ~ich is $3,600. Tli~$ lffote,ts issued pursu~it to the pmvimon$ of ~e ~l F~ Law, const~tutm~ ~ter ~-a of the ~hdated ~w of the ~cof , ~ ~ .~ ~ ~ the bond resolution adopted ~ the To~m Board on ~c~r'~6, 1~86, apthoriZin8 ,the issuance of $6 000 serial bonds for the ~rov~nt of Wandy ~zve, .m said To~, and the Certificate of ~.tamination exeCuted '~ th~ Su~isor onOc. to~r'6, 19:89. ~is Note has been' designated b~ the To~m as a qualified t~-e~pt oblisation pursuant to the provisions of Section 265 of t~ Internal Revenue Code of 1986, as ~nded. has ~su~ed ~[s Note to be si~aed by its Toga Clerk The faith and credit of such Town of Southold are hereby lrrevseably l)leO~l for thc punciual payment of the principal of and interest on ~ Note according to its terms. It is nereoy certified and recited that all conditious, acts and things required by the Constitution amd statutes of the State of New York to exist, to have happened and to have be~en~Jl~rmed precedemt to sad in the issuance of this Note, exist, Imve h~ppened aad have hsen performed, and that ~ Note, together with all other !~_debtedness of such Town of IN 1NITNE$$ WHEREOF, the Town of Southold Supervisor ~.~ ~ ~ and its corporat~ seal m h~[~i-nto affixed and attested and rids No~e ~o be dated as of che 6 th dayof TOWN OF SOLrtI-~LD by i~s nc tober, ~9 89 sot "No. R-1 UNITED STAT~S OF A~IERIC~. STATE OF NEW YORK COUNTY OF SUFFOLK TCI~N OF SOI/IHOLD BOND ANTICIPATION NOTE FOR WENDY DRIVE-!988 , : ~ ,Th~'TOwn Of South°ld, in, the Co%hqty,, of Suffolk,, a rmmicipal corporation of , the State o! New Y0~k, hereby arkn0wleclges itself lndeht.ed and for value reealved promisas to :pay to the beaa. er of this Note, Or' if it. be re~isten~ to the registered holder, th~ aum or '----Four Thousand Eight Hundred ......................... Do~ars ($ 4,800 ............ ) on ~ 6th 4ay of October ,1989 , to&ether ~th iater~t thereon from the date hereof at the rate of --a-five and ninety-five hund/~dths- ........ per ee.t~m (5.95 ~) per anaur~ payable at Both prh~elpal of and Intert~t onthh Note wffi be p~d i~ lawfu! money of the Um]ted S~tes of Amae~ic~ at THE BANK OF NEW ORK, Greenport,' New York. A~ tb~ r~t.est o~ the hal4er, the , , , , Town Clerk sim~ ~on,ert th~ Not~ , a re~e~d Note by re~sS~h~/~ In the narae of the holder ia the books of the TowI% kept In the of such Tc~n Clerk and end~rs~§ a o~rtl~eate ot s~eb re~istrat~ ~ren.. aRer w~ch '~ ~pal ot anal iateres~' on this N ' , , .e !~for~t~ ~y .pon pr~n~a~ to ~ch Town Clerk wi~a wr~tea trap. steT of Ut~ aa4 ~dl Town Clerk ~,.. , , , ,, , shall thereupon re~i~ter , .~ ia the aame of the transferee in h~ books ond sim" --a ............ ' - the. alte.rna.tive ~;'si~nature thereto shall be certified as to its ..n,~..~- - shall b~ d?y .aeknowied&ed or proved, or ,aha aut~omzed iD do ,business In thla State. --- o-- ....... ~ oy an omcer oI a annk or trust Company located: ~ Note is the only Note of an authorized renewal issue, the principal ,of,, which is $4;800. ' La This Nate is hsued pursua~ to the provisions of the Loenl FInance Law, constituting Chapter 88-a of the Coasolidat~d. ' Wsofthe'S~atuOflNewY°rlq the bond resolution adopted by the Town Board on December 1,1986,, authorizing the issuance of $6,000 serial bonds for the improvement of Wendy Dri_ve~ in: said Town, and the Certificate of Determination executed by the :' on Oct°beri7;, !988~ This Note has been designated by the Town as a qualified ' ', 'tax-eX~-~Pt, obli~ati~ pursuant to the provisions of Section 265 of the Internal Revenue,, Code ,of i986, a~ e~nanded. '". Tbefaitha=dcredi~°f~ueh Town of Southold are Imreb ~itre,~oe~?ly pIed~e~t for the punctual payment 'of the principal of and Interest on ttfis Note ~cc0rding to its terms. ' it ia ~et~y eertifled mtd recited that all conditinas t · ~State ofl l~ew YOrk to exl~ tu ~ ..... .~ ~-~ ,~- . .~ acl s and thinss required by the Constitut/on and statutes , , -., have ._~y~ ~u ~u nave veen perlormed nrecede~t to and ' : ........ · .. ..... h~?e happened alld have been performed, and ,that this Note, to&ether with all other Indebtedness of such Towrl ,Of,, SQtlthOld is wttlfln every debt and othe~ l/mit prescribed bi' the Constitution and taws of mmh ;~{' W;TNESS Wm~REOF, the T°wn of Southold bas, caused tt~t$ l~o~g to be slEned by its Supervisor , and it~ corpc~te ~a] to be he~un~o affixed and att~s~ by it~ and this Note to he dated as Oct~3r EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York December 16 , A regular meeting of the Town 1986 Board of the Town Southold, in the County of Suffolk, New York, was held at the Town Hall, $outhold, New York, on December 16 , 198~ at 7:30 o'clock P.M. (Prevailing Time). Honorable Francis J. Murphy, Supervisor, and There were present: Councilpersons: Paul Stoutenburgh James A. Schondebare Jean W. Cochran George W. Penny IV Raymond W. Edwards There were absent: None Also present: Councilman Stoutenburgh moved its adoption: Judith T. Terry, Town Clerk Robert W. Tasker, Town Attorney offered the following resolution and BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED DECEMBER 16 , 198~, AUTHORIZING THE IMPROVEMENT OF WENDY DRIVE, IN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $6,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $6,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. Recital WHEREAS, following a public hearing duly called and held to consider the improvement of Wendy Drive, in the Town of Southold (herein called "Town"), in the County of Suffolk, New York, at an estimated maximum co~t of $6,000, the Town Board of the Town (herein called "Town Board"), determined pursuant to resolution duly adopted on May 6, 1986, that the notice of such hearing was published and posted as required by law, and that it is in the public interest to make the improvement pursuant to the definite plans, specifications and estimate of cost to be prepared by the Town Engineer; now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, (by the favorable vote of not of all the members of said Town Board) AS less than two-thirds FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called "Town"), is hereby authorized to construct road improvements using flexible pavement with penetration macadam or plant mix bottom course and heavy duty bituminous concrete wearing surface treatment on and along Wendy Drive, in said Town, including curbs, gutters, catch basins, drainage facilities and other necessary improvements in connection therewith. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental'thereto and the financing thereof, is $6,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $6,000 'serial bonds of the Town to finance said appropriation, and the assessment, levy and collection upon the several lots and parcels of land within the District which the Town Board shall determine and specify to be especially benefited by said construction, so much upon and from each as shall be in just proportion to the amount of benefit which the improvement shall confer upon the same, 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 $6,000, 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 $6,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 20(c) of the Law, is' fifteen (15) years; however, the bonds or bond anticipation notes authorized pursuant to this resolution shall mature no later than five (5) years from the original date of issue of such bonds or notes, whichever date is earlier. (b) Current funds are not required by the Law to be provided as a down payment prior to the issuance ~f the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof in accordance with Section,107.00 d. 3(i) 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 paymegt 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 ~xpend 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 of the Town, is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in the "LONG ISLAND TRAVELER- WATCMMAN," a newspaper published in Southold, New York, and the "SUFFOLK TIMES," a newspsper published in Greenport, New York, two newspapers having a general circulation in the Town and hereby designated the official newspapers of said Town for such publication. The adoption of the foregoing resolution was seconded by Councilman Schondebare and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Murphy, Councilman Stoutenburgh, Councilman Schondebare, Councilwoman Cochran, Councilman Penny, Justice Edwards. NOES: None. The resolution was declared adopted. General - No Veto 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 December 16 , 198~, 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 16th day of December, 1986. (SEAL) Town Clerk The resolution published herewith has been adopted on the.16th day of D~cember, 198~, and the validity of the oblxgations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the ToWN OF soUTHOLD, in the county of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the not substantially date of publ~catzo of this Notice were 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 SOUTHOLD 'TOWN. CLERK penetration macadam or plant mix bottom course and heavy duty bituminous concrete wearing surface treatment on and along Wendy Drive, in said Town, including curbs, gutters, catch basins, drainage facilities and other necessary improvements in connection therewith. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental'thereto and the financing thereof, is $6,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $6,000 'serial bonds of the Town to finance said appropriation, and the assessment, levy and collection upon the several lots and parcels of land within the District which the Town Board shall determine and specify to be especially benefited by said construction, so much upon and from each as shall be in just proportion to the amount of benefit which the improvement shall confer upon the same, 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 $6,000, 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 Section 3. The determined and declared: said appropriation. following additional matters are hereby (a) The period of probable usefulness of said specific object or purpose for which said $6,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 20(c) of the Law, is' fifteen (15) years; however, the bonds or bond anticipation notes authorized pursuant to this resolution shall mature no later than five (5) years from the original date of issue of such bonds or notes, whichever date is earlier. (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 Sectional07.00 d. 3(i) 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) such obligations are authorized for an object or purpose for which the Town is not authorized to ~xpend money, or (b) 'the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk of the Town, is hereby authorized and directed to publish the foregoing resolution, in full, together with a Notice attached in substantially the form prescribed by ~81.00 of the Law in the "LONG ISLAND TRAVELER- WATCHMAN," a newspaper published in $outhold, New York, and the "SUFFOLK TIMES,~ a newspsper published in Greenport, New York, two newspapers having a general circulation in the Town and hereby designated the official publication. newspapers of said Town for such STATE OF NEW YORK: SS: COUNTY OF SUFFOLK: JUDITH T. TERRY, York, being duly sworn, years; that on the 17th Town Clerk of the Town of Southold, New says that she is over the age of twenty-one day of December 1986 she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suffolk County, New York, to wit: Town Clerk Bulletin Board, Southold Town Hall, Main Road, Southold, New York 11971. , Bond Resolution of the Southold Town Board, adopted December 16, 1986, authorizing the improvement of Wendy Drive, appropriating $6,000 therefor, and authorizing the issuance of $6,000 serial bonds of the Town to finance said appropriation. Judith T. Terry Southold Town Clerk Sworn to before me this 17th ~ day of December 19 86.. ~ Notar~ Public ~m E~i~ ~r 31, 1 Legal Notices NOTICE The resolution published ~ herewith has been adopted on the 16th day of December, 1986, ~ and the validity of the obliga- tions authorized by such resolu- tion may be hereaRer contested onty if such obligations were au- tborized for an object or purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is not au- thorized 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 substan- tinily complied with, and an ac- tion, suit or proceeding contest- ing such validity s commenced' within twenty days after theI publication of this Notice, or such obligations were au-I thorized in violation of the provi. siena of the constitution. JUDITH T. TERRY' SOUTHOLD TOWN CLERK BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED DE- CEMBER 16, 1986, AU-~, THORIZING THE IMPROVE- MENT OF WENDY DRIVE, IN SAID TOWN, STATING THE ESTIMATED. MAXIMUM COST THEREOF' IS $6,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $6,000 SE- RIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. Recital WHEREAS, following a public hearing duly called and held to consider the improvement of Wendy Drive, in the Town of Seutbold (herein called in the County of Suffotk, New York, at an estimated maximum cast of $6,000, the Town Board of the Town iherein called "Town Board"), determined pur- suant to resolution duly adopted on May 6, 1986, that the notice of such hearing was published and posted as required by law, and that it is in the public in- terest to make the improvement pursuant to the definite plans, specifications and estimate of cost to be prepared by the Town Engineer; now, there£ore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTNOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, (by the favorable vote of not less than two-thirds of all the mem- bers of said Town Board) AS FOLLOWS: Section 1. The Town of South- old, in the County of Suffolk, New York (herein called ''Town']i ~ ~r~by authorized to constr,:a ,ad improvements using/l~'xtble pavement with penetration macadam or plant mix bottom course and heavy duty bituminous concrete wear- lng surface treatment on and along Wendy Drive, in said Town including curbs, gutters,~ catch basins, drainage facilities ! and other necessary improve- monte in connection therewith. The estimated maximum cost of said specific object or purpase, including preliminary costs and costs incidsnta] thereto and the financing thereof, is $6,000 and said amount is hereby approp- riated therefor. The plan of financing includes the issuance of $6,000 serial bends of the Town to finance said appropria- tion, and the assessment, le~, and collection upon the several lots and parcels of land within the District which the Town Board shall determine and specify to be especially benefited by said construction, so much upon and from each as shall be in just proportion to the amount of benefit which the improve- ment shall confer upon the same, 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 $6,000, are hereby authorized to be issued pursuant to the provi- siena of the Local Finance Law, constituting Chapter 33-a of the Cormolidated Laws of the State of New York (herein called "Law") to finance said appropri- ation. Section 3. The following addi- tiona{ matters are hereby deter-. mined and declared: ia) The paried of probable use- fulness of said specific object or purpose for which said $6,000 se- rial bonds authorized pursuant to this resolution are to be is- sued, within the limitations of Section 11.00 a. 20(c) of the Law,, is fifteen (15) years; however, the bonds or bend anticipation notes authorized pursuant to this resolution shall mature no later than five (5) years from the original date of issue of such bonds or notes, whichever date is earlier. (b) Current funds are not re- quired by the haw 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 anti- cipation thereof in accordance with Section 107.00 d. 3(i) of the (c) The proposed maturity of the bonds authorized by this re- solution 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 co, , the recital of validity as [~ .ribed by Section 52~0-'of the L/~w~nd 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 with- out 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 ~bends 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 ia) the amortization and rede- ' mption 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. STATE OF NEW YORK ) ) ~8: COUNTY OF SUFFOLK ) Carol Sgarlata of Greonport, In said County, being duly sworn, says that he/she Is Principal Clerk of THE SUFFOLK TIMES, e Weekly Newspaper, published et Groonport, in tho Town of Southold, County of Suffolk and State of Now York, end that tho Notice of which the annexed · printed copy, has been regularly published In said Newspaper once each week for weeks successively, commencing on tho 2 4 day of Dec 198 6 Section 5. Subject to the provi- sions of this resolution and of the Law and pursuant to the provi- sions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the l~Owers and duties of the Town Board re- lative to authorizing bend anti- Sworn to bofor~Cme this ~ '~ P, ~ 0~ New YO~ cipation notes and prescribing the terms, form and contents and as to the sale and issuancet of the bonds herein authorized and of any bend 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 Towl~. Section 6. The validity of the bends authorized by this resolu- tion and of any notes issued in anticipation of the sale of said bends, may be contested only if: ia) such obligations are au- thorized for an object or purpose for which the Town is not authorized to expend money, or (bi 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 com- menced within twenty days after the date of such publication, or (c) such obligations are au- thorized in violation of the provisions of the constitu- tion. Section 7. This bend resolu- tion shall take effect ia- mediately, and the Town Clerk of the Town, is hereby au- thorized and directed to publish the foregoing resolution, in full, together with a Notice attached in 8ubetantially the form pre- scribed by §81.00 of the Law in "I'HE LONG ISLAND TRAVELER-WATCHMAN," a newspaper published in South- old, New York, and in '~HE SUFFOLK TIMES," a news- paper published in-~eenpert, New York, two newspapers hay- ing a general circulation in the Town and hereby designated the official newspapers of said Town for such publication. 1TD25-5456 NOTICE The .resolution published herewith has been adopted on th.e !6th day of De~.~, 1986, and the valise obligations authorized by such resolution may be hereafter con- tested only if such obligations were authorized for an object or purpose for which the TOWN OF SOUTHOLD, in the Coun- ty of Suffolk, New York, is not authorized to expend money or if the provisions of lawwhich should have been complied with as of the date of publication of this Notice were not substantial. ly 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 anthoriz- ed in violation of the provisions 9f the Constitution. JUDITH T. TERRY SOUTHOLD TOWN CLERK BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED DECEMBER 16, 1986, AUTHORIZING THE IM- PROVEMENT OF WENDY DRIVE, IN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $6,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE · ISSUANCE OF $6,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID AtPP~OPRIATION. Recital ~WHEREAS following a ilbl c hearing duly called and I~ld to consider the improve- Lg~nt of Wendy Drive, in the ' Town of Southold, (herein call- S "Town"), in the County of ~folk, New York, at an I~mated maximum cost of ~00, the Town Board of the vn (herein called "Town trd"), determined pursuant I:resolution duly adopted on ~ 6, 1986, that the notice of [~[h hearing was published and II~ted as required by law, and i~.is, in the public interest to e~ the improvement pur- illl~t I[O the definite plans, ~..ifi~.ations and estimate of to be prepared by the Town gnseer; now,therefore, be it OLVED BY THE ~VN B. OARD OF THE ~N 01~ SOUTHOLD, IN '. COUNTY OF SUF- K, NEW YORK, (by the · able vote of not less than '~thffds of all the members of ~l~ Town Board) AS I:~[LOWS: -'8~ction 1. The Town of Southold, in the County of Suf- folk, New York (herein called "Town"), is hereby authorized to ~onstruct road improvements ~ flexible pavement with I~tration macadam or plant mix bottom course and heavy duty bituminous concrete wear- ins surface treatment on and ailing Wendy Drive, in said TO'~I, including curbs, gutters, call:ti basins, drainage facilities and other necessary im- proYments in connection !li~lmith. The estimated max- tmum cost of said specific ob- ject or purpose, including Pr~lirninary costs and costs in- cid~lltal thereto and the financ- li~ thereof, is $6,000 and said amount is hereby appropriated therefor. The plan of financing lileJudes the issuance of $6,000 ~rial bonds of the Town to finance said appropriation, and thaamessment, levy and coliec- ties upon the several lots and parcels of land within the Diatr~ which the Town Board shall determine and specify to be ~l~cially benefitted by said constrslction, so much upon and from each as shall be in just progortion to .the amount of ben~ which the improvement shall COnfer upon the same, to pay tli~ principal of said bonds and th~ interest thereon as the sam{ ahall become due and payable. Section 2. Serial bonds of the Towl~ in the principal amount of ~.000, are hereby authoriz- ~ tob~ issued pursuant to the P~S of the Lncal !eina,o~ COUNTY 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 c::--Lc/~ ..................... da,,, of ......... 47 Notary Public BARBARA FORBES ~otary Public, State of New York No. 4806846 Qualified in SuffolJr County Commi6mon Expires ~7 benefit which the improvement shall confer upon the same, 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 $6,000, are hereby authoriz- ed 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 call- ed "Law") to finance said appropriation. Section 3. The following ad- ditional matters are hereby determined and declared:. {a) The period of probable usefulness of said specific object or purpose for which said $6,000 serial bonds authorized pursuant to this resolution are to be issued, within the limita- tions of Section 11.00 a. 20(c) of the Law, is fifteen (15) years; however, the bonds or bond an- _ ticipation notes authorized put- - suant to this resolution shall mature no later than five (5) years from the original date of issue of such bonds or notes, whichever date is earlier. (b) Current funds are not re- · quired by the l~w to be provid-; the issuance of the bonds authorized by this resolution or issued in anticipation thereof in accordance with Section 107.00 d. 3(i) of the Law. (c} The proposed maturity of the bonds authorized by this {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 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 withntlt The faith and credit of the Town are hereby irrevocably pledged to the punctual pay-. ment of the principal of and in-. retest on said bonds and an~ notes issued in antieipntion of the sale of said bonds and pror vision shall be made annually fil the budget of the Town by propriation for (a) the amortizlt- lion and redemption of the bonds and any notes in anticill~' year and (b) the payment of in. terest to be due and payabl~ such year. Section 5. Subject to the 1~'~' visions of this resolution and~ provisions of Section 3~ relative to the anthorizatio~ the issuance of bond anti,~- the Law, Board relat~:' of the Town authorizing bond anticip~ notes and prescribing the t~ form and contents and as t~ herein authorized and bond anticipation notes~. in anticipation of said ~ and the renewals of said ~ are hereby delegated t~ Supervisor, the chief fisc~ ricer of the Town. Section 6. The validity ~.~ bonds anthor~zed by this ~ lion and of any notes iss~l anticipation of the sale bonds, may be contested o~]~ (a) such obligaton~-~l~ authorized for an object ~ pose for which the Town~ authorized to expend m~ 0a) the provisions '~ which should be compli~l~[~l~ at the date of the publica~]l[~ tinily complied with, ~ lion, suit or proceedi .~.- testing such validity, il ~ menced within twenty daY~ the date of such publicatiolit or (c) such obligatiol~ authorized in violation..~tl~e~. Section 7. This bond tlan ahail take effect ~ ~ ,mdmnln~on of the ~b~dn~rt, N~f york, 'two t'~ cir- ~i~mtted the' ' Official newslmpers of ~ Tow~ 'for sucJl publication. · AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK COUNTY OF SUFFOLK :SS: Judith T. Terry, being duly sworn upon her oath deposes and says: (1) ! 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 fifth day of October, 1990, to the financial institution indicated in such Certificate, I have made a careful inquiry of each officer and employee of the Town having the power or duty to (a) negotiate, prepare, authorize or approve the contract or authorize or approve payment thereunder, (b) audit bills or claims under the contract, or (c) appoint an officer or employee who has any of the powers or duties set forth above, as to whether or not such officer or employee has an interest (as defined pursuant to Article 18 of the General Municipal Law) in such contract; (3) That upon information and belief, as a result of such inquiry, no such officer or employee has any such interest in said contract unless otherwise noted in Schedule A annexed hereto and by this reference made a part hereof. Town Clerk Subscribed and sworn to before me this fifth day of October, 1990. tary Public, State of New York CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAI~NT 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 October 5, 1990, we officially signed and properly executed by manual signatures a $2,400 Bond Anticipation Note for Wendy Drive-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 October 5, 1990, I delivered said Note to The North Fork Bank & Trust Company, Southold, New York, the purchaser thereof, and that at the time of such delivery of said Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: Price ....... $2,400 date of such delivery ............. -0- Amount Received ..................... $2,400 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this fifth day of October, 1990. Term of Office Sigg~ature Expires Title ~--~ December 31, 1991 Supervisor ' 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. NORTH FO~ BA~ & TRUST COMPANY vv.(~. 6~-'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, fifth day of October, 1990. have hereunto set my hand this / / Attorney SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $2,400 Bond Anticipation Note for Wendy Drive-1990 October 5, 1990 October 4, 1991 Number 3R-l, at $2,400 6.35% CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $2,400 BOND ANTICIPATION NOTE FOR WENDY DRIVE-1990 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Scott L. Harris, Supervisor of the Town of Southold, New York (herein called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A bond anticipation note (the "Note") of the Town in the principal amount of $2,400 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 December 16, 1986, authorizing the improvement of Wendy Drive, in said Town, stating the estimated maximum cost thereof is $6,000, appropriating said amount therefor, and authorizing the issuance of $6,000 serial bonds of said Town to finance said appropriation," duly adopted by the Town Board on the date therein referred to. 2. The terms, form and details of said Note shall be as follows: Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $2,400 Bond Anticipation Note Wendy Drive-1990 October 5, 1990 October 4, 1991 Number 3R-l, at $2,400 6.35% for 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 $3,600 maturing on October 5, 1990, the redemption thereof having been provided to the extent of $1,200 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 $6,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $2,400. 5. The serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is assessable. 6. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to The North Fork Bank & Trust Company, Southold, New York, for the purchase price of $2,400, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank & Trust Company, Southold, New York, and shall bear interest at the rate of six and thirty-five hundredths per centum (6.35%) 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, fifth day of October, 1990. I have hereun~set my .hand this - - ~dperviso~- 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 fifth day of October, 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 fifth day of October, 1990. (SEAL) Town Clerk ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Scott L. Harris, Supervisor of the Town of Southold (the "Town"), in the County of Suffolk, New York, HEREBY CERTIFY and reasonably expect with respect to the issuance of a $2,400 Bond Anticipation Note for Wendy Drive-1990 (the "Note") of the Town, dated October 5, 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 f~om 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 $1,200 to redeem a prior issue of bond anticipation notes (the "Prior Issue") in the aggregate amount of $3,600 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 December 16, 1986, authorizing the improvement of Wendy Drive, in said Town, stating the estimated maximum cost thereof is $6,000, appropriating said amount therefor, and authorizing the issuance of $6,000 serial bonds of said Town to finance said appropriation," adopted by the Town Board of the Town on the date therein referred to. 3. Ail 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 underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Town, in respect of property or borrowed money used or to be used for a Private Use. 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 is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. 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 ~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 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 fifth day of October, 1990./~. Supervis6r '