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HomeMy WebLinkAboutSenior/Youth Center;~ OF SUFFOLK ' ~ ';0F~' S~IHOLD 8,,ooo BOND,I ANTICIPATION 'NC~I~ FOR R~CONSTRUCTION OF BUILD~NC~1990 of Suffolk, a municipal corpc~atim of ,P ,P Y: ' bea~W ...... noll~r~ (~ 8,000 ........... -) ~ ~ ~ ~ & ~ ~, Sout~ld, ~w York. ~{e~. '~ Note s~ ~ be ~sfer~le on~ u~n pr~ to ~ ~ Clerk and au~ ~ ~ ~n~ in tMs S~te. ~t of ~ch ~S $8,000. ~ws o£the ~tate of N~wYork~ the. bond reso±Llt]~on ~opt~ by t~ ~~ on ~il 22, . aut~iz~g~ t~ is~ Of ,$45,000 serial ~ f~, ~ ~ ~or Citla~s B~l~9 ,at ~conic ~e ~ ~d, ~ ~id T~, ~ t~ ~i~te of ~t~ti~ e~t~ ~ t~ Su~isor on ~e ~ ~ desi~at~ by t~ T~ ~ a ~]ifi~ t~-~t ~li~tion p~s~t ~o t~ pr~ions of ~ti~ 265 of t~ Intem~ ~C~e of 1986, ~ ~n~. me fd~ffi c~t of su~ T~ of Southold ~, ~ ~ ~re he.by i~ably pl~ fo~ ~ ~nm~ parrot of ~ p~p~ of and m~ S~ o~ ~ York ~ ~ ~ ha~e hap~ and to have ~ ~o~~ ' ..... '~ ' IN WI~ WI-IERP. OF, Town of Southold ...... . has,caqsed rids Note to be signal by Town Clerk Supervisor · and it~ corpo~e seal ~o b~ her~n~o afli-._~d and attant~d by its and this No~e ~o be datsd as of the 26th da~o~ October, 1990. TOWN OF HDUTHOLD ~ CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $8,000 BOND ANTICIPATION NOTE FOR RECONSTRUCTION OF BUILDING-1990 OF THE TOWN OF SOUTHOLD, NEW YORK. I, SCOtt L. Harris, Supervisor of the Town of Southold, New ¥ork (herein called the "Town"), HEREBY CERTIFY that pursuaDt to the powers and duties delegated to me, t~e 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 $8,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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: Dated: $8,000 Bond Anticipation Note for Reconstruction of Building-1990 October 26, 1990 Matures: October 25, 1991 Number and Denomination: Number 4R-l, at $8,000 Interest Rate per annum: 6.30% 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 $16,000 maturing on October 26, 1990, the redemption thereof having been provided to the extent of $8,000 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 $40,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $8,000. 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 The North Fork Bank & Trust Company, Southold, New York, for the purchase price of $8,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank & Trust Company, Southold, New York, and shall bear interest at the rate of six and thirty hundredths per centum (6.30%) per annum, payable at maturity. 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, ! 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 twenty-sixth 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 twenty-sixth day of October, 1990. (SEAL) 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 $8,000 Bond Anticipation Note for Reconstruction Of Building-1990 (the "Note") of the Town, dated October 26, 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 $8,000 to redeem a prior issue of bond anticipation notes (the "Prior Issue") in the aggregate amount of $16,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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 earniggs 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 ~n 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 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 ~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 twenty-sixth day of Octob~rj~.990, AFFIDAVIT AS TO NO CONFLICT sTATE OF NEW YORK :sS: coUNTY OF suFFOLK Judith T. Terry, being duly sworn upon her oath deposes and sa~S. _ ~...~ointed, qua~. ^~ Suffolk, . ~1~ I a of soutnold, ~ ~---to Calle~ ~herein and ~n (2) That with respect to the c~ntract of sale of · ~ da- of October, the Town described in the certificate of petermfnat~on Note of supervisor on t~e ~wenty-s~x~n z ~ ~..tff~cate, executed b~ t~...cfal ~nstftut~On-indfcated fn such . h offfcer and employee of the the ~ ~'-" · eac . are, 1990 to --~-~ ~n u~rY of , , _.. t~ate, pre~_, a ment . ~.~. ade a car=~' --gAutv to %a; "=~--%~e or aPP~°~® ~Y(~) ~ .... ~-~n- the power ~ ~--~ract or au=qu~*[~, contracu, ~ .... thereun~e~'_~%cer or employe= ~her or not sucu ~- 18 of appoint an Y~5[~ =bore, aS to w.=~ to Article d~ties set zoru,. - (as defined pursuant employee has an interest the General Municipal Law) fn such contract; . fei, aS a result of ~ .. -nformat~on a~_bel any such interest ~3) Tha= upon.~:_., or emplox=~ h~s~_=.,le A annexed } - -o such o~z~u~- .-- -oted ~n such inquiry, -~ ._~.=~ otherW~==" hereto an~ by th~s reference made a part hereof. Subscribed and sworn to before me this twenty-sixth day of October, Notaw public, State m ~ No. 52-81258~, s~olk ~ Te,m Exp~res O~ober 31,19~ 1990. cERTIFICATES AS TO siGNATURES, L.ITIGATION, AND DELIVERY AND pAYMENT he Town of Southold, in .... · ~ned officers of t~:_. of the State of WE the.unP~D~ ' i al corpora~" ~BY cERTIFY, '~ ~ ,~nlk a munlc P ==- ,Town , the county oz_ou'~-r~ferred to as u-= t.. :-11" signed agd york and nere~- we o~zlCA~ z ' 1 New _ October 26,.1990~ -~ $B,000 Bond.An~ that o? or ~=fore b manual s}~r~ % {the -Note") oz ~roO fly executed ~__ ~ Bu~l~,,~---9 ~ot~efo~ Reconstruc:~u" "f ' ibed in schedule A . -~ er and otherwise d~C~ ~rt hereof, and that annexed here=o -,'~ ~ and execution and on .. of signing we Were and are.the du Y E..~. =aid Note ano no~ s the Town authorzzed to execu~ ..... t o~nOsite our .. · :-o-ed by the tztle? ~--~*ive dates set r~spectlve o~ZiceS xndt~'L_ expiring on the sxgnatures hereto for term~ opposite such titles. WE FURTHER CERTIFY that no litigation of any nature is ned restraining or enjoining the issuance now pending or threate ~=- ~-,,- or collection of any taxes or delivery of said Note or =nc · · of said Note, or in ~ny a the igte~est o~ or pr~gCll~o~ proceedings fgr.the issuance " .... ~-,-~ ~ for t~e levy o~. ~= -~itv thereo~ relating to sa~o mou= ~- · . . that neithe~ the corporate or collection 9 t ekwn nor the of exlS~nu~ ~. ~-w-of tO t~elr re~p=u~-_. ~-- ~he 1ssuance rr ~ = --~ that no au~u~-~ o .= ..... ~.~ or resc~nutu. of said Note has or naY= ~- 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· · arris, Supervisor, HEREBY FURTHER And, I,_Sco~t LA=H ~90 I delivered said Not? to The cE ? FY that 'Southold, New York, the North Fork Bank a T~u~t -u-,F-"X[he time of such delivery of said purchaser thereof, and that at Note, I received from said purchaser the amount hereinbelow stated, in full payment for said Note, computed as follows: $8,000 Price ............................... Interest on said Note accrued to the -0- date of such delivery ............. ~ Amount Received ..................... said corporate seal has hereunto been a this twenty-sixth day of October, 1990. Term of Office Expires Title Supervisor 31, 1991 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. (SignafJ6re) ~,~tle) (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 au.thority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, twenty-sixth day of October, / / ' AttorEey SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $8,000 Bond Anticipation Note for Reconstruction of Building-1990 October 26, 1990 October 25, 1991 Number 4R-l, at $8,000 6.30% ~ ANTICIPATION NOTE FOR ,R~ONpTRUCTION OF BUILDING-1989 The,Tcrvm of Southeld, in the County of Suffolk',, a municipol corooratipn of the $tath of NeWI YO~ ]l~re]~z ae~o~]~es Itse]f ted~e~ ~c~ fo~ valde reeeP~ed promises to pay to the he'tree luf this Note, orI[ if it be registered to the' registered holder 'the sum of -:-Sixteen Thousand .... v ............. Z ..... ........... :I' J ~a~ ($ 16,000 .......... --) ion the 26 th i~ay ,of OC [obOr , 1990 , together with interest thereon from the dire l~reol utI the Ir&to Of" --J--SiX and ei,~hl hundredth~ .......... ~ ........ pe~ centtlm (6.08 %): per:almum, payable:at matur/ty. ~ Both, princlpol o£ and interest, on tMs Note will be paht in lawful money of the United States of America, at THE NORTH FORK Jt~N/~ AND'TRUST CO., Main Road, Southold', New'York. At the request of the holder, the Town, C ]erk shall convert this Note into a registered Kote .by reifsterhlg it in the name of the holder in the books of the Town kept in the office of such Town Clerk and endorsing a certificate of such registration hereon, after which both' principal, of /md inteimst on this Note shall be payable only to the registered holder, his legul representatives, successors or transferees. This Note shall then be transferable only upon presentation to such Town Clerk with a written transfer of title ~ such TOWFI Clerk shall thereupo~ ~egister .this Note in the name of the transferee in his books and shall endorse a certificate of such registration hereon. Such transfer shall be ~ated,: anc~ ~igoed by the re44ztered, holder, or his legal repress-datives, 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 b/ink or trust company located ~nd authqrizcd to do business in this State. This Note is the only Note of an authorized renewal issue, the principal amount of which;is $16,000. I I This Note iS issued pursuant to ~be provtstous of the Local Finance Law, eonst/tutlng Chapter ~ls' Of ~ Consolidated, ~'~ofthe ~tat~,0f NeW'Yo~k~ tt~l bortd :resolution ladopted I[[~ th~ To~m Board on April 1986 authorizin'g the i~suance of $45 000 serial bonds for the partial reconSRuction of the Senior Citzzens Buxld~ng at Pecomc Lane in Southold, and the Certificate of Detemination executed by the Supervisor on October 27, 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 amended. The faith and credit of such Town of Southold are hereby irrevocably pledged for the punctual payment of the prfocipal of and interest on fids Note a~cording to its terms. It is hereby certified and recited that all conditions, acts anti things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this Note, exist, have happeneA and h~ve been performed, and that fifi~ No.te~-together with all other indebtedness of such Towrl IN WITNESS WHEREOF, Town of Southold has caused this Note to be signed by its Supervisor~[~ To~m Clerk and this Note to be dated S~bY'i~ 2?thjdayof October, 1989. CteFk ~ , 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) Clerk of the (herein and I am the duly appointed, qualified and acting Town Town of Southold, in the County of Suffolk, New York 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 twenty-seventh day of October, 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 twenty-seventh day of October, Notar~ Public, State of/New York ELIZABETH ANN NEVILLE NoN~.ry Public. State of New York · 52-812E850. Suffo k County Term Expires October 31, 19 ~ 1989. 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. and extent the Town. set forth , has publicly disclosed the nature of such interest in writing to the governing board of Such written disclosure has been made a part of and in the official record of proceedings of the Town. CERTIFICATE OF DETERMINATION BY TME SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $16,000 BOND ANTICIPATION NOTE FOR RECONSTRUCTION OF BUILDING-1989 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Francis J. Murphy, Supervisor of the Town of Southold, New York (herein called the "Town"), MEREB¥ CERTIFY that pursuant to the powers and duties delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the resolution duly adopted and as referred to in paragraph 1 hereof, and subject to the limitations prescribed in said resolution, I have made the following determinations: 1. A bond anticipation note (the "Note") of the Town in the principal amount of $16,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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: $16,000 Bond Anticipation Note for Reconstruction of Building-1989 Dated: October 27, 1989 Matures: October 26, 1990 Number and Denomination: Number 3R-l, at $16,000 Interest Rate per annum: 6.08% 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 $24,000 maturing on October 27, 1989, the redemption thereof having been provided to the extent of $8,000 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 $40,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $16,000. 5. The serial bonds authorized pursuant to the resolution referred to in paragraph 1 hereof are for an improvement which is non-assessable. 6. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note as follows: to The North Fork Bank and Trust Company, Main Road, Southold, New York, for the purchase price of $16,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank and Trust Company, Main Road, Southold, New York, and shall bear interest at the rate of six and eight hundredths per centum (6.08%) 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, I have hereunto set my hand this twenty-seventh day of October, i~F;~ CLERK'S CERTIFICATE I, Judith T. Terry, Town Clerk of the Town of Southold, in the County of Suffolk, New York, MEREBY 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 twenty-seventh day of October, 1989; and I FURTMER 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 twenty-seventh day of October, 1989. (SEAL) Town Clerk CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAYMENT WE, the undersigned officers of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Town", HEREBY CERTIFY, that on or before October 27, 1989, we officially signed and properly executed by manual signatures a $16,000 Bond Anticipation Note for Reconstruction of Building-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 collectiDn 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 October 27, 1989, I delivered said Note to The North Fork Bank and Trust Company, Main Road, 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... $16 000 ' date of such delivery ............. -0- Amount Received ..................... $16,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this twenty-seventh day of October, 1989. Term of Office Signature Expires .~ December 31, 1989 ~~-~D~cember 31, 1989 Title Supervisor Town Clerk I HEREBY CERTIFY that the signatures of the officers of t~e above-named Town, which appear above, are true and genuine a~d that I know said officers and know them to hold the ~spective off,ices set opposite their signatures. /- (Signature) ~(Ti~) (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 WHEREOF, I twenty-seventh day of October, have hereunto set my hand this 1989. SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $16,000 Bond Anticipation Note for Reconstruction of Building-1989 October 27, 1989 October 26, 1990 Number 3R-l, at $16,000 6.08% 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 $16,000 Bond Anticipation Note for Reconstruction of Building-1989 (the "Note") of the Town, dated October 27, 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 $8,000 to redeem a prior issue (the "Prior Issue") in the amount of $24,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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. 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 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 tax-exempt obligations" pursuant of the Code. designated as a "qualified 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) 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" 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 wit'h 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, Town of Southold, this twenty-seventh.day of October, 'upervisor I have hereunto set my hand and affixed the corporate seal of the 1989. No. R-1 UNITED, STATES OF AMER]tCA , STA'~E OF NEW YORK S24,000 COu~ OF ,:SUFFOLK TC/~N OF SOUTHOLD BOND ANTICIPATIC~I NOTE' FOR RECONSTRUCTION OF BUILDING-I988 The Town ,of $outhotd, in the County of Suffo]j~} a municipal .corporatio~ of ~e of'New Y0'rk~ hereby acknowled~e~ /l~l~ indchted and for v.lue received proml~e~ to 'pay th the better of this Note, or ,if itbe re{~tered, to th~ relisterod holder, the sum of '---Tw~nty-F~ur Thousand ............................... Do~ars ($ 24,000 ........... ) on the 27th de)' ot October , 19 89, together with interest thereou from the date hereof at the rate of --k-five and ~event¥-five hundredthS .... =--*~ef crntum (5.75 ~) per ~nnum; paYabld af ra~thrity. Both principal of snot interest on h~is Note will be paid in lawful money of the United States o£ America, at THE NOITiH FORK BANK AND TRUST CC/~ANY, I~ttituck, New York. At the requ~t pf the h~Idcr, tl~ Town Clerk . , , shall convert t~is Note into Of ~ch , ~ , ~ ~do~ ~iflca~ of su~ r~trat~ he.on, after whi~ ~ ' {o the r~ ~r, ~ ~ rep~ntat~ su~ors or, to, such Town Clerk , ' ., shall thereupou :~te~lster 'thi~ Sttch hereon. Such transfer shall issue, the principal trois N'ot~ is issued pursuant th the provisions of ~e ~1 F~a~ ~w, ~n~tuflng ~mp~r ~ of the ~lida~d iLawsof,~eState~Yo~ t~ ~nd ~lution ~opt~ ~ t~ ~ ~d on ~i'l 22, h1986,.,a~h~U t~ ~ of $45,000 ~r~t bo~s f~ ~ ~a] ' ~truction of t~ ~ni~ citiz~s bu~.~g at ~c~ic I~e ~ ~t~ld, ~ ~='~ ~~ bf~'~te~ation ~t~ ~ t~ ~or on ~o~ 28, 1988. ,~ ~te ~ .~n ~si~t~ ~ t~ ~ ~ a ~if~ t~ obli~ti~ ,~t to t~ pr~isio~ of ~ion 29~..~.~e~ ~ C~ of 1986, T~ faith and credit of such Tc~n of Southold ' l~ ~ ~e~ ~ ~d ~ ~t ~1 CORaLLJous, 'S~ ~ ~e~ Y~ ~ ~, td ~ve ~p~ and to have bet~ have happ~ed ~d have ~ ~d~d, ~d ~mt this , ZK W~S WHER~F, , t~ ~*~ of ~u~hold P:KID ~ ~ are herebF' t6 its tern)s. {ndebrCdT:r~,s 6fI,such' : ~ . )l~cribed I~ the Constitution and laws of such State, has esused thl8 ~ote to be d~ed by'its 'ToWn ~lerk ' ' aud this Not~ to I~ dlt~ as ~ d~o~ October CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $24,000 BOND ANTICIPATION NOTE FOR RECONSTRUCTION OF BUILDING-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 $24,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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: $24,000 Bond Anticipation Note for Reconstruction of Building-1988 October 28, 1988 Matures: October 27, 1989 Number and Denomination: Number 2R-l, at $24,000 Interest Rate per annum: 5,75% 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 $32,000 maturing on October 28, 1988, the redemption thereof having been provided to the extent of $8,000 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 $40,000, and the amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note will be $24,000. 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 I 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 The North Fork Bank and Trust Company, Mattituck, New York, for the purchase price of $24,000, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note shall be payable as to both principal and interest at The North Fork Bank and Trust Company, Mattituck, New York, and shall bear interest at the rate of five and seventy-five hundredths per centum (5.75%) 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 ~et my hand this twenty-eighth day of October, 19~.~/~/.~ /~up~rwfsor 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 twenty-eighth day of October, 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 twenty-eighth day of October, 1988. (SEAL) Town- Clerk CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PA~ENT 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 28, 1988, we officially signed and properly executed by manual signatures a $24,000 Bond Anticipation Note for Reconstruction of Building-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 litigat%on ?f 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 October 28, 1988, I delivered said Note to The North Fork Bank and Trust Company, Mattltuck, 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 ............................... $24,000 Interest on said Note accrued to the date of such delivery. -0- Amount Received ......... :::::::::::: $24,000 (SEAL) IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this twenty-eighth day of October, 1988. Term of Office Expires Title ... December 31, 1989 Supervisor 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. (Sign~ of (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 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, twenty-eighth day of October, have hereunto set my hand this 1988. SCHEDULE A Amount and Title: Dated: Matures: Number and Denomination: Interest Rate per annum: $24,000 Bond Anticipation Note for Reconstruction of Building-1988 October 28, 1988 October 27, 1989 Number 2R-l, at $24,000 5.75% 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 twenty-eighth day of October, 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 thfs reference made a part hereof. Town Clerk Subscribed and sworn to before me this twenty-eighth day of October, ta~y Public, State ~f New York 1988. SCHEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, preparation or performance of any such part of such contract. 3. , has publicly disclosed the nature and extent of such interest in writing to the governing board of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, 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 $24,000 Bond Anticipation Note for Reconstruction of Building-1988 (the "Note") of the Town, dated October 28, 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 $8,000 to redeem a prior issue (the "Prior Issue") in the amount of $32,000 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 April 22, 1986, authorizing the partial reconstruction of the Senior Citizens Building at Peconic Lane in Southold, stating the estimated maximum cost thereof is $45,000, appropriating said amount therefor, and authorizing the issuance of $45,000 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 agticipation notes in the aggregate amount of $40,000 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 herelnabove 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, I have hereunto set my hand and affixed the corporate seal of the Town of Southold, this twenty-eighth R-2 $32,000.00 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF~UFFOLK RECO S UCT6 ¥ - 1986 The Town of South~d~,~8~Ol~f Suffolk, a municipal corporation of the Sta~v~D~N~gR~ereby acknowledges itself indebted and for value received promise~o pay to the bearer of this Note, or if it be registered, ~o the~registered holder, the sum of Thirty Two ThouSand 00/100 ............... Dollars ($32,000.00) ........... on the 28th day of October, 1988, together with interest thereon from the date hereof at the rate of four & 9Q~100 per centum ( 4.90 ) per annum payable at maturity. Both principal of and interest of this Note will be paid in lawful money of the United States of ~erica at Suffolk County National Bank, Riverhead, Mew York. At the request of the holder, the Town Clerk shall convert this Note into a registered Note by registering in the hate of the holder in the books of the Town kept in the office of such Town Clerk and endorsing a certificate of such registration hereon, after which both principal of_an~, interest on this Note shall be payable only to th~g~ holder, his legal representatives, succ~r~l~_~_nt~s.~~~~ This Note shall then be transferable only ~ such Town Clerk with a written transfer of t ~ and such llerk shall thereupon register this Note in~e ~d~e~nsferee in his books and shall endorse a certificate of suc~ rcc~tration hereon. Such transfer shall be date~$~~9~e registered holder, or his legal representatives~¥~D~l be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as to its genuineness by an officer of a bank or trust company located and authorized to do business in this State. This Note is the only note of an authorized issue, the principal amount of which is $32,000.00. This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, the bond resolution adopted by the Town Board of the Town of Southold on April 22, 1986, authorizing the issuance of $45,000.00 serial bonds for the re-construction of the Senior Citizen building at Peconic Lane, Southold, in said Town, and the Certificate of Determination executed by the Supervisor on October 27, 1986. The faith and credit of such Town of Southold is hereby irrevocably pledged for the punctual .pa~nt of the principal of and interest on said Note its terms. It is hereby cert~d~gn~ rec~l~at all conditions, acts, and things requi~by the Const~ion and statutes of the State of New York, to ~£st~0~o~8~(~ned and to have been performed precedent to and in the_iss%~kn~e of this Note, exist, have happened and havem~0~__~l.~ this note, together with all other indebtedne~¥~J~*~n of Southold is within every debt and other limit prescribed by the Constitution and Laws of such State. IN WITNESS WHEREOF, the Town of Southold has caused this Note to be signed by its Supervisor, and its corporate seal to be hereunto affixed and attested by its Town Clerk and this Note to be dated as of the 28th day of October, 1987. TOW % SOUTSO ATTEST: ~ Deity Town Clerk ~ COUN~]~O~FOLK BOND ANT l C I PAT I O~F~R ~NS~ .,~T I ON The Town of Sou'thold,~~Ounty of Suffolk, corporation of the .' 840,000 OF BUILDING-1986 a municipal State of Ne~ Yorl~ hereby acknowledges itself .indebted ~nd for value received promises to pay to the benzer of this Note, or if it be re6t~tered, to the resi~tered holder, the sum of Forty Thousand .................................. Do~r~ ($ 40,000 ........ ) on the 27th day o! October ,19 87, to~ether with interest thereon from the date hereof at the rate of F OUr a nd 45 / 100 ...................... per centum (4.45 %) pe~ ~nnum, payable at ~tor~ty. Both pr~dpel of .ad interact on~is Note w~l be paid ;- I~wful money of the United St~te~ of Americ., at Cutchogue, New Y0rk. At the requ~t of the holder, the Town Clerk shal~ ennvert h~s Note into a re/~stered Note by re44stm/ng it in the name of the holder In the book~ of thc Town kept in the oetce of such Town Clerk and endorsing a ~ert/flcate of such registration hereon, after which both with a wrH~en trsu~fer of V~le ~n4 such Town Clerk shall thereupo, re&dster th~ ~o~.,h~?~..~_~n~ e__o~ ~ ~,~f?? in..his..hoolm s~..~ shall ~ldoreo s ce~ifleato of such refflstr,tion hereon. Such transfer ch~ll ~_~_~¢__~_ ~n~_~n~. uy.~ne r..e~¢~.. I?.l?er, or .n.~s~le~al reprcee~tative~ and it ~hall he ~ ae2~owled~l or proved, or In ~,r. ua.uvuute S~jn~ur~ r. nereto suan oe enrtiflea as to ite genuineness by an officer of · bank or trust company located aha authorized to do busine~ in this/Rate. - - This No~e is the only Note of an authorized issue, the principal amount of which is $40,000. ....... ~=-~o..~.o~, ~ne uono~~on aoopted by the Town Boar~ on Apri'l 22, 1986, authoriz~t~suance of $45,000 serial bonds for the partial r~uc%~of the senior citizens Building at Peconic Lane in Sou~ an~he~rtificate of Determination executed by the Supe~r on~~7, 1986. ,c x% :.,- .' .,.- The~th ~ er~ of su~ Town off Southo ld are her~y l~v~b]~ ~l~ fo~.~ pun~ parrot of ~dp~ of and ~ter~t ~ ~ Note ~g to t~ terns. ~.. ~ ~ ne~ ~ ~d r~ ~t ~ ~, ~s ~d things ~uir~ by t~ ~n ~d s~tut~ ~ ~ ~ xor~ ~ ~ ~ have hepp~ and to have b~ perfo~ p~t te~d ~ the ~u~ce of ~is ~ot~ ~ve happ~ ~d ~ve ~ ~e~o~ ~d ~at ~ ~, ~er ~ ~ o~ ~dcht~n~s of such TOWH ~o~ho[d ~ ~ eve~ ~bt ~d o~er l~It pm~ribed by t~ ~n~tion ~d laws of such S~te. IN WIT~E~ W~EREOF, the Town o[ Southold has caused this Note to be signed by its S up e rvi s o r , ~nd its corporate seal to be hereunto afl:xed and attested by its Town Clerk and tMs Note to be dated as of J~-~Z7th day of~C~tOber, ~x / Town Clerk ~ ~-~( /~ -~u~e: vmsor 19 86. EXTRACT OF MINUTES Meeting of the Town Board of the Town New York April 22, 1986 of Southold, A regular meeting of the Town Board of the Town of Southold, New York, was held at the Town Hall, Southold, New York, on April 22, 1986 at 7:30 o'clock ~.M. (Prevailing Time). There were present: Deputy Supervisor Frank A. Kuiawski, Jr., Councilpersons: Justice : Paul Stoutenbur§h James A. Schondebare Jean W. Cochran George L. Penny IV Raymond W. Edwards and There were absent: Francis J. Murphy, Supervisor Also present: Councilman Schondebare Judith T. Terry, Town Clerk Robert W. Tasker, Town Attorney offered the following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED APRIL 22, 1986, AUTHORIZING THE PARTIAL RECONSTRUCTION OF THE SENIOR CITIZENS BUILDING AT PECONIC LANE IN SOUTHOLD, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $45,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $45,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. RESOLVES (by all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, New York called "Town"), is hereby authorized to reconstruct, THE TOWN BOARD OF THE TOWN OF SOUTHOLD, NEW YORK, HEREBY the favorable vote of not less than two-thirds of (herein in part, the Senior Citizens building at Peconic Lane in Southold, and to purchase the original furnishings, equipment, machinery and apparatus required in connection with the purpose for which said building is to be used. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $45,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $45,000 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 $45,000, 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 existing building is of Class "A" construction as defined by Section 11.00 a. 11. a of the Law, and the period of probable usefulness of said specific object or purpose for which said $45,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 1 of the Law, is thirty (30) years, however the bonds authorized pursuant to this resolution or the bond anticipation notes issued in anticipation of the sale of said bonds shall five (5) years.from the date of the original notes heretofore or herein authorized for mature no later than issuance of bonds or such purpose. (b) provided as a Current funds are not required by the Law to be 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. 5 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 ~eal 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 payment of interest to be due and payable in year and (b) the such year. Section 5. Subject and of the Law and pursuant to the provisions of this resolution 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 expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication,' or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. 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 "THE LONG ISLAND TRAVELER-MATTITUCK WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES," a newspaper published in Greenport, New York, each 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 Penny resulted as follows: AYES: NOES: The resolution and duly put to a vote on roll call, which Justice Edwards, Councilman Stoutenbur§h, Councilman Schondebare, Councilwoman Cochran, Councilman Penny None. was declared adopted. CERTIFICATE I, JUDITH T. TERRY, Town Clerk of State of New York, MEREBY CERTIFY that the the Town of Southold, foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on April 22, 1986, 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 $outhold this 22nd day of April, 1986. Town Clerk (SEAL) NOTICE 'U~e resolution published herewith has been adopted on the 22nd day of April, 1986, and the validity of the obliga- ;-ions authorized by such resolu- tion may be hereafter contested only if such obligations were authorized for an object or pur- pose for which the TOWN OF SOUTHOLD. New York, is not authorized to expend money or if the provisiol~s of law which 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 authoriz- ed in violation of the provisions of the constitution. JUDITH T. 'FERRY Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED APRIL 22, 1986, AUTHORIZ- ING THE PARTIAL RECONSTRUCTION OF THE SENIOR CITIZENS BUILDING AT PECONIC LANE IN SOUTHOLD, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $45,000, AP- PROPRIATING SAID PuMOUNT THEREFOR, AND AUTHORIZING THE IS- SUANCE OF $45,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. THE TOWN BOARD OF THE TOWN OF SOUTHOLD, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of ail the members of said Town Board) AS FOLLOWS: Section 1. The Town of $outhold, New York (herein ealied "Town"). is hereby authorized to reconstruct, in part, the Senior Citizen~ ~ii~ at Peconic Lane in thokl, ~md to purch-.se the ~ furnishings, equipment, .";lm~chinery and apparatus re- ~luired in connection with the ~urpose for which said building t~ to be used. The estimated .may, imum cost of said specific object or purpose, including ~reiiminary costs and costs in- ~idental thereto and the financ- · 4 thereof, is $45,000 and said 'amount is hereby appropriated · 4~herefor. The plan of financing includes the issuance of $45,000 serial bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real proper~y in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Seaion 2. Serial bonds of the Tow~ in the principal amount of $45,000, are hereby authoriz- ed to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of theConsolidated 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 existing building is of Class "A" construction as defined by Section 11.00 a. 11. a of the Law, and the period of probable usefulness of said specific object or purpose for which said $45,000 serial bonds authorized pursuant to this resolution are to be issued, within thelimitationsofqecfion I1.00 a. 1 of the Law, is thirty {~10) years, however the bonds authorized pursuant to this r~olution or the bond anticipa- tion notes issued in anticipation of the sale of said bonds shall m~ture no later than five (5) y~rs from the date of the original issuance of bonds or notes heretofore or herein aiithorized for such purpose. (b) Current funds are not re- quired by the Law to be provid- ed ~s a down payment prior to the issuance of the bonds authorized by this resolution or .any .bgnd anticipation notes COUNTY OF SUFFOLK STATE OF NEW YORK 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 Notm~y Public, State of Ne;v York No. 4806846 Qualified in Suffol~ County Commission Expires ~7 '~/ 19 °°~? ~ defined bySection ll.00a. a of the Law, and the period of Il probable usefulness of said t specific object or purpose for ~ which said $45,000 serial bonds ~d authorized pursuant to this ,hi resolution are to be issued, oa within the limitat OhS o f ~,ect ion (.!. 11.00 a. I of the Law, is thirty (30) years, however the bonds u~, authorized pursuant to this '.L resolution or the bond anticipa- )I~] tion notes issued in anticipation I '~ of the sale of said bonds shall mature no later than five (5) years from the date of the original issuance of bonds or notes heretofore or herein authorized for such purpose. (b) Current funds are not re- quired by the Law to be pr. 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 if accordance with Section 107.00 d.5 of the Law. (c) The proposed maturity of the bonds authorized by this resoindon will not exceed five (5) years. Section 4. Each of the bonds authorized by this resolution and any bond andcipadnn 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 aR 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- · merit 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-. p~:opriation for (a) the amortiza- tion and redemption of the bonds and any notes in anticipa- tion thereof to mature in such year and (b) 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 duties of the Town Board relative to authorizing bond anticipation notes and prescribing the ter m.~, form and contents and as to tl~ sale and issuance of the bond* herein authorized and of any bond anticipation notes issued in anticipation of said bonda, and the renewals of said notes, are hereby delegated to tl~ 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 in anticipation of the sale of said bonds, may be contested only if: (a) such obligations ar~ authorized for an object or put- 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 publicat ion of such resolution are not substan- tially complied with, and an action, suit, or pro- ceeding contesting such validi- ty, is commenced within twell- ty days after the date of such publication, or (c) such obligations al'e authorized in violation of the provisions of the constitutioll. Section 7. This bond resolu- tion shall take effect immediate- ly, and the Town Clerk is hereby authorized and directed to publish the foregoing resohi* tion, in full, together wit~ Notice attached in substanlll~.' /y the form prescribed bYL§~:. of the Law in "THE ISLAND TRAVELleR WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES,' a newspaper publish- ed in Greenport, New York, each having a general circula- NOTICE The resolution published herewith has been adop~d on the 22nd day of April 1986. and the validity of the obligauons au- thorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the TOWN OF SOUTHOLD, New York. is not authorized to expend money or if the provisions therefor. The plan of financing. includes the issuance of $45,000 serial bonds of the Town to fi. nance said appropriat on, and the levy ~nd collection of taxes on all the taxable rea property n 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 of law which should have been .$45,000, are hereby authorized complied with as of the date of · ta be issued pursuant to the pro~ publication of this Notice wer~ ~dsionsoftheLocal FinanceLaw, ann°~ ~UnbaS~ot~,alsluYi~rmplied w. ith,' "~'~nsti.t~.ting Chapter 33-a of the proceeding t.,onsmi~ated Laws of the State contesting such validity is com- menced within twenty days al~r the publication of th~s Notice, or ~uch obligations were authorized m violation of the provisions of the constitution. JUDITH T. TERRy Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD. NEW YORK. ADOPTED APRIL 22, 1986. AUTHORIZ- ING THE PARTIAL RECON- STRUCTION OF THE SENIOR CITIZENS BUILI~ ING AT PECONIC LANE [N SOUTHOLD. STATING THE ESTIMATED MAXIMUM COST THEREOF IS $45,000, APPROPRIATING SAID AMOUNT THEREFOR. AND AUTHORIZING THE IS- of New York (herein called tion. ~ to zmance sa~d appropria. Section 3. The following addi. tional matters are hereby deter- mined and declared: (a) The existing building is of Class "A" construction as defined by Section 11.00 a. 11. a of the Law, and the period of probable u~sefulaess of said specific object or purpose for which said $45,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section lI.00 a. 1 of the Law, is thirty (30~ years, however the bonds au- thorized pursuant to this resolu- tion or the bond anticipation notes issued in anticipation of the sale of said bonds shul] ma- ture no later than five 15) years "Town"~. is hereby authorized tb reconstruct, in part, the Senior Citizens building at Peconic Lane in Southold, and to put- chase the original furnishings, equipment, machinery and ap- paratus required in connection with the purpose for which said building is to be used. The esti- mated maximum cost of said spe- cific object or purpose, including preliminary costs and costs inci- dental thereto and the financing thereof, is $45,000 and said ~m?u~t is l~e~e~y ?ppropr~ted SUANCE OF$45,000 SERIAL from the date of the original is- BONDS OF SAID TOWN TO suance of bonds or notes here ATION. purpose. THE TOWN BOARD OF THE (b) Current funds are not re- TOWN OF SOUTHOLD, NEW qu/red by the Law to be provided '~ YORK, HEREBY RESOLVES as a down payment prior to the I by the favorable vote of not less issuance of the bends authorized than two-thirds of all the mem- by this resolution or any bond bars of said Town Beard~ AS anticipatioanotesissuedinanti. FOLLOWS: · Section 1. The Town of Soutl~ with Section 107.00 d. 5 of the old, New York Iherein calledl · (c~The proposed maturity of ~ bonds authorized by this Solution will not exceed five (5~ Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes is- sued 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 shall be general obligati~n~u~ the Town, payable as to both principal and interest by general tax upon al/ the taxable real property within the Town with- out limitation of rate or amount. The faith and credit of the Town are hereby irrevocably P/edged to the punctual payment of the principal of and interest on said bonds and any notes iSsued in anticipation of the sa]e of said bonds and Provision shall be made annually in the budget of the Town by appropriation for la) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in ~uch year and Ih) the payment of interest to be due and payable in such year. Section 5. Subject to the provi- sions of this resolution and of the ~aw 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 Section 56.00 to 60.00 of the Law, the powers and duties of the Town Board re- lative to aut horizi~g bend antici- pation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein author/zed and of any bond anticipation notes is- sued 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 vahdity of the bonds authorized by this resolu. tion and of any notes issued in anticipation of the sale of said bonds, may be contested only i£- ~ (a,~such obligations are au- t~ ~l for ~m object or ~ ~ for which the Town (bi the provisions of law which should be complied with at the dat~ of the publication of such r~olution ar~ not substantially complied with, · and an a~ion, suit or contesting such validity, is com- meneed within twenty d~ys alter the date of such publication or ~c) such obligai ohs are au- thorized in violation of the provi~ions of the cormtitu- tlon. · TATE OF NEW YORK ) ) SS: COUNTY OF SUFFOLK ) '==ehe ~ C~_~ ack of Greenport, In said County, being duly sworn, gays that he/she ia Principal Clerk of THE SUFFOLK TIMES, a Weekly Newspaper, published at Graanport, in the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed Is s printed copy, has been regularly published In said Newspaper once each week for weeks successively, Commencing on the. ]. dayof ~y 19A~_ Section 7. This beret reeulution ~ -tak. ~ imamdietaly, and the Town Clerk igheroby au. thorized and directed to publish the foregoing reao~athm, in Full, together with a Notre attucb~ in substantially tkm form Pro~ scribed by §81.00 of the Law in TRAVELE~-MAI*I'ITUCK WATCHMAN,- a newspaper ~b York, and in ~ SUFFOLK T~(ES," a mwqmper published in Gre~nport. New York, each Princlpa/Clerk thhaeviTan~ · general c~colation in town and hereby des~-----~ / T e ot~?al newspapers of said Sworn to be~ra ma thl~~t~ ? , o.~_wn_ ~ ~ pub"cation, day of ~///~ 19,~/~ . zTMyl 5228 /,///~ z/~/'~] . NO~U~ ~ K. DEGNAN ./ / / ~/ . nty NO. 4849860 / ~erm Expkes Februa~go~J NOTICE the authorized by such resolution may be such obligations were authorized for which the TOWN OF SOUTHOLD, New York, The resolution published herewith has been adopted on 22nd day of April, 1986, and the validity of the obligations hereafter contested only if an object or purpose for 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 APRIL 22, 1986, AUTHORIZING THE PARTIAL RECONSTRUCTION OF THE SENIOR CITIZENS BUILDING AT PECONIC LANE IN SOUTHOLD, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $45,000, APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $45,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION. RESOLVES all the members of Section 1. called "Town"), is THE TOWN BOARD OF THE TOWN OF SOUTHOLD, NEW YORK, HEREBY (by the favorable vote of not less than two-thirds of said Town Board) AS FOLLOWS: The Town of Southold, New York (herein hereby authorized to reconstruct, in part, the Senior Citizens building at Peconic Lane in Southold, and to purchase the original furnishings, equipment, machinery and apparatus required in connection with the purpose for which said building is to be used. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $45,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $45,000 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 $45,000, 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 existing building is of Class "A" construction as defined by Section 11.00 a. 11. a of the Law, and the period of probable usefulness of said specific object or purpose for which said $45,000 serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 a. 1 of the Law, is thirty (30) years, however the bonds authorized pursuant to this resolution or the bond anticipation notes issued in anticipation of the sale of said bonds shall mature no later than issuance of bonds or 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 d. 5 of this resolution and any bond anticipation five (5) years-from the date of the original notes heretofore or herein authorized for in anticipation thereof in accordance with Section 107.00 the Law. (c) The proposed maturity of the bonds authorized by resolution will not exceed five (5) years. Section 4. Each of the bonds authorized by this 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 ~eal 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 resolution and of any notes issued in anticipation of the said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) by this sale of 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 provisions of the constitution. Section 7. This bond resolution shall take effect the 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 "THE LONG ISLAND TRAVELER-MATTITUCK WATCHMAN," a newspaper published in Southold, New York, and in "THE SUFFOLK TIMES," a newspaper published in Greenport, New York, each having a general circulation in the Town and hereby designated the official newspapers of said Town for such publication.