HomeMy WebLinkAboutFishers Island Ferry Dist~ 2R I
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STATE OF NEW YORK
COUNTY OF S~FOLK
BOND ANTICIPATION NOTE FOR FISHERS ISLAND FERRY DISTRICT-2003
Tile Town of Southold, ill thc CoLmty or' Stlflblk. a mmucipal corporation of the State of Ne~x York. hereb)
acknowledges itself indebted and Ibr value received promises to pay to the ~ ot't~s Note. or il'~t be rcgmtered, to the
~emstered hol&r, the suxn of TWO ~LLION DOLL.S ($2,0~,0~D on ~c 10th day of ~ptember. 20IM. together with
m~crest th~eon from the ~te hereof at the rate of one and ten hundredth~ per centum (1.10%) per annum, payable at
mac.try. Both pfinci~d of and interest on this Note x~([l be ~dd th lax~Tul monex of the I hdt~ States of .~nenca, at
Bfidgehampton National Bank, Southold. New YorL
At the request of &e ho[der, the l'ox~n Clerk shall convefl fins Note into a registered Note bs registering It in the
name of ~e holder m thc books of the To~n kept m fl~e otlice of snch Tox~ Clerk and endorsing a cemficate of such
~emstration hereon, aRer xxluch both prmcqml ofnnd interest on fins Note shall ~ payable ocr5 to the registered holder, Ns
legal repre~ntalives, successors or u'mlsferees. Tills Note shall then be transl~rable only upon preselttatlo~l to stlch To~ii
Clerk xx~OI a x~xittcn ~anslkr of title and such q ox~lt Clerk shall thereupon register tins Note nl thc llalne of the tmnstkw~ m
his books m~d shall endor~ a ce~ficate of snob regls~ation hereon Such trm~st~r shall be &lied. mid Slglted b; the
registered holder, or his legal representative,, mid it shall be duly acMtox~ledged or proved, or m the altcnmtive the s~gnat~e
thereto shall be cc~ified as to its genttinencss by an otiicer ol a/m~ or trust COlllpall} located and authorized to do bttsmcss
m ins State
This Note ~> olle or'an attthor~zed issue, thc aggregate principal illnOUlll of kV~lCh IS $3.Ot~t L{~{~(L the Notes ofx~hich
m c of [~c tenor except as to numar, det/Omlllallon, interest l~llc. [~lyeg add place ot pavilletll This Note may he called for
redemption, after the givin~ of at least fi*e {5} days' ~ ritten nogice or the date of redemption b? mailing of ~ fitten
notice to the original purchaser, or if this Note he regi*lered to the ~istercd holder, and interest shall cease to be
paid hereon alter *uch date or redemption.
l'llis Note is issued pursttmlt to thc provisions of tile Local Finance [.a~t. consritutnlg Chaplet 33-0 of thc
Consohdated Laws of the State ot'Nc~ York. lhe bond rcsohmvn adopted b) the To~ta~ Board on Jul5 3 I. 20t~l, attthonzmg
the is>mince of $4.80(},u(}u serial bond~ For the increase and ixnproxcment of the t~tciht~es of the Fishers [sland Fe~' Dis=ici,
ltl suid TO~IL alld thc Certificate of [)etenlullaHon exccttlcd bx thc Sttperv~>or on Neptemher 12.2~11~3
~Dus Note hus been designated b3 tile To~t as a qtudilicd tax-exempt oNigation imrsuam to thc provisions of
Sectmn 205 of the Inlemal Revenue Code o( 1996. as amended
The thith and credit of such Toxin mc hcreb5 tgcxocubl5 pledged lbr thc pttnctt~l ix,~ment of thc pnncipal of and
u/Icrest Oil this Note according to its terms, it is hcrcbx cetlified und ~ecited tlmt all condmolla, acls and thhlgs retlnired b5
and tn the isstumce of flus Note, ex,st, have happened a~ld have ~etl perlhnned, alld Ihat ~l~s Note. togethel xxith all other
uldebtedness of such ['okklL is ~ alun even' debt itlld oilier lilllil prescribed b~ the ('Ollqllltltlon and laths of 5tlch Statd
~ WITNESS X~EREOF, the To*~ n of Southold has caused dus Note to be executed m tis name bv ~ts
b> ~ts [o~xn Clerk nnd flus Note to ~ &/led as of the 12th day of ~ptcmher, 2003.
(SEAL)
ATTEST:
TOWN OF SOUTHOLD
No. 2R-2 $1,000,000
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
BOND ANTICIPATION NOTE FOR FISHERS ISLAND FERRY DISTRICT-2003
The Town of Southold, iii the County of Suffolk, a mmdcipal corporation of the State of New York. hereby
acknowledges i~elf italebted and for value received promises to pay to Hare & Co, the registered ovmer hereof, the
I~HLLION DOLLARS ($1,000.000) on the 10th day of September, 2004, together vAth interest thereon from
the rate of one and twenty-two hundredths per centum (1.22%) per annum, payable at maturity. Both principal of and
interest on this Note will be paid th lax~'ul money of the IJhited States of America, at the office of the Town Clerk, Southold.
New York
This Note is one of an authorized issue, the aggregate principal amouut of which is $3,000.000. the Notes of which are
of like tenor except as to number, denomination, hiterest rate, payee and place of pa~,~ent. This Note may be called for
redemption, after the giving of at least five (5) days' ~ ritten notice of the date of redemption by mailing of written notice
to the original purchaser, or if this Note be registered to the registered holder, and interest shall cease to be paid hereon
after such date of redemption.
This Note is issued pursumlt to tile 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 To~n Board on July 3 I, 200 I, authorizing the ~ssumtce of
$4,8003)00 serial bonds tbr the increase mid improvement of the Ihcilities of the Fishers Island Fen? District, Ill smd Tox~al, mid
the Ceratlcate of Detenninatmn executed by the Supervisor on September 12, 2003.
Th~s Note has been des~gllated by tile 'Yox~l~ as a qtmbtied t~x-exempt obligation pursuant to the provisions ot'Section
265 o£the hltemal Revenue Code of 1986, as amendod.
The faith and credit of such To~n~ are hereby ~rfevocably pledged for the punctual pa3anent of the prhicipal of and
interest on this Note accordthg to its terms It is hereby, certified and recited that all conditions, acts and things reqtdrod by the
Constitution aud statutes of the State of New York to exist, to have happumed and to have been perlbnned presedent to m~d ill the
issuance of this Note, exist, have happened mid have been performed, and that this Note. together with all other indebtedness of
such Town, is x~thhi every debt and other limit prescribed b5 the Constitutmn and laws of such State
IN WITNESS WHEREOF. the Town of Southold has caused tths Note to be executed hi its aame by its Supervisor,
and its corporate seal (or a lhcsimile thereof) to be affixed, imprinted or other~se reproduced hereon and attested b~, its Town
Clerk and this Note to be dated as of the 12th da.'.' of September. 2003.
(SEAL)
ATTEST:
Clerk'
TOWN OF SOUTHOLD
~uper[,isor
CERTIFICATE OF DETERMINATION BY TI-EE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF THE $3,000,000 BOND ANTICIPATION
NOTES FOR FISHERS ISLAND FERRY DISTRICT-2003 OF
THE TOWN OF SOUTHOLD, NEW YORK.
I, Joshua Y. Horton, 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 bond
resolution duly adopted and as referred to in paragraphs I and 2 hereof, and subject to the
limitations prescribed in said bond resolution, I have made the following determinations:
1. A bond anticipation note of the Town in the principal amount of $525,000
shall be issued to renew, in part, the $550,000 bond anticipation note dated September 13, 2002,
maturing September 12, 2003, and heretofore issued in anticipation of the sale of the serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
July 31,200 l, appropriating the amount of $8,000,000, including
the amounts of any grants that may be received from the United
States and the State of New York for the increase and
improvement of the facilities of the Fishers Island Ferry District, in
said Town and authorizing tbe issuance of serial bonds of said
Town in the principal amount of not to exceed $4,800,000 to
finance that portion of said approphation for which such grants are
not available,"
duly adopted by the Town Board on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 13, 2002, the redemption of said
$550,000 bond anticipation note having been heretofore provided to the extent of $25,000 from a
source other than the proceeds of serial bonds.
2. A bond anticipation note of the To~vn in the principal amount of
$2,475,000 shall be issued in anticipation of the sale of the serial bonds authorized pursuant to
the resolution hereinabove cited.
3. Said $525,000 note and said $2,475,000 note shall be combined for the
purpose of sale into a single issue in the aggregate principal amount of $3,000,000 (hereinafter
referred to as the "Notes").
4. The terms, form and details of said Notes shall be as follows:
432959.1 019513 CERT
Amount and Title:
Dated:
Mature:
Numbers
(inclusive)
2R-1
2R-2
Form of Notes:
$3,000,000 Bond Anticipation Notes for Fishers Island Ferry
District-2003
September 12, 2003
September 10, 2004, subject to prior redemption
Denominations Interest Rates
(each) (per annum)
$2,000,000 l. 10%
1,000,000 1.22
Substantially in accordance with form prescribed by Schedule B,
2 of the Local Finance Law of the State of New York.
5. The respective amounts of bond anticipation notes originally issued in
anticipation of the issuance of the serial bonds authorized pursuant to the resolution referred to in
paragraphs I and 2, hereof, including the Note, are (1) $575,000 and (2) $2,475,000, and the
amount of bond anticipation notes which will be outstanding after the issuance of the Notes,
including said Notes, will be (1) $525,000 and (2) $2,475,000
6. The serial bonds authorized pursuant to the resolution referred to in
paragraphs I and 2, hereof, are for improvements which are assessable
7. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Notes as follows:
Note numbered I to Bridgehampton National Bank, Southold,
New York, for the purchase price of $2,000,000, 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 Bridgehampton
National Bank, Southold, New York, and
Note numbered 2 to Fleet Bank, Southold, New York, tbr the
purchase price orS1,000,000, plus accrued interest, if any, from
the date of said Note to the date of delivery thereof, payable to
Hare & Co. as registered owner, and I FURTHER DETERMINE
that said Note shall be payable as to both principal and interest at
the office of the Town Clerk, Town of Southold, 53095 Main
Road, Southold, New York.
432959.1 ~1[9513 CERT
8. Said Notes shall be executed in the name of the Town by the manual
signature of its Supervisor and the corporate seal of the Town ~vill be affixed, imprinted,
impressed 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 Notes hereinabove referred to are in full force and effect and have not been
modified, amended or revoked.
IN WITNESS WHEREOF,
September, 2003.
I have hereunto set my hand this 12th day of
Supervisor
432959.1 019513 CERT
CLERK'S CERTIFICATE
I, Elizabeth A Neville, 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 or before the 12th
day of September, 2003; 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 and exercised by the Supervisor has been adopted by said Town Board.
IN WITNESSWHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this 12th day of
September, 2003
432959.1 019513 CERT
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Joshua Y. Horton, Supervisor of the Town of Southold, in the County of
Suffolk, New York (the "Issuer"), HEREBY CERIIFY and reasonably expect with respect to
the issuance of the Issuer's $3,000,000 Bond Anticipation Notes for Fishers Island Ferry
District-2003, being a combined issue of bond anticipation notes authorized in anticipation of the
sale of serial bonds pursuant to various bond resolutions (hereinafter referred to as the "Note" or
"Notes"), dated September 12, 2003, and maturing on September 12, 2003, as follows:
Unless the context clearly requires otherwise, all capitalized terms used but not
otherwise defined herein shall have the meanings set forth herein or in the Resolutions, the Code
or the Regulations (each as defined below).
ARTICLE I
General
1.1. Authority of Signatory. I am an officer of the Issuer, charged with the
responsibility for the execution, delivery, and issuance of the Notes and am acting for and on
behalf of the Issuer in signing this certificate.
1.2. Purpose of Certificate This certificate is made for the purpose of
establishing evidence of the expectations of the Issuer as of the date hereof as to future events
regarding the amount and use of proceeds of the Notes. It is intended and may be relied upon for
purposes of Sections 103 and 148 of the Internal Revenue Code of 1986, as amended (the
"Code"), and as a certification described in Section 1.148-2(b)(2) of the Treasury Regulations
(the "Regulations"). This certificate is executed and delivered as part of the record of
proceedings in connection with the issuance of the Notes. The provisions of this certificate
constitute a contractual obligation of the Issuer in consideration for the purchase of and payment
for the Notes by the purchaser(s) thereof
1.3. Reasonable Expectations. This certificate sets forth the facts, estimates
and circumstances noxv in existence which form the basis for the Issuer's expectation that the
proceeds of the Note will not be used in a manner that would cause the Notes to be an arbitrage
bond under Section 148 of the Code or a private activity bond under Sections 103 and 141 of the
Code. To the best of my knowledge and belief, such expectation is reasonable and there are no
other facts, estimates or circumstances that would materially change that expectation.
1.4. No Composite Issue. Except for the $2,096,000 Bond Anticipation Note
for Various Purposes, dated September 12, 2003, no other governmental obligations have been
sold fewer than 15 days prior to, or will be sold fewer than 15 days after, the sale date of the
Note, pursuant to a common plan of financing which are expected to be paid from substantially
the same source of funds as the Notes.
432959 I 019513 CERT
1.5 No Federal Guarantee. The Issuer represents and covenants that, except
for the gross proceeds of the Notes which are: (a) invested during the temporary period referred
to in Article III, (b) held in any refunding escrow or (c) invested in obligations of the United
States Treasury or in obligations issued pursuant to Section 2 lB(d)(3) of the Federal Home Loan
Bank Act, as amended by Section 51 l(a) of the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, or any successor provision to Section 2 lB(d)(3) of the Federal Home
Loan Bank Act, as amended:
6)
No portion of the payment of principal or interest with respect to the Notes
is or will be guaranteed directly or indirectly by the United States or any
agency or instrumentality thereof (herein "federally guaranteed"); and
(ii)
No portion of the gross proceeds of the Notes in excess of five percent of
such gross proceeds is or will be (A) used in making loans the payment of
principal or interest with respect to which is to be federally guaranteed, or
(B) invested directly or indirectly in federally insured deposits or
accounts.
1.6. Tax Representation. The Issuer expects to be able to and will comply with
all the procedures and provisions set forth herein, and will do and perform all acts and things
necessary and desirable within its reasonable control in order to assure that interest paid on the
Notes shall be excluded from gross income of the o;vners thereof for the purpose of federal
income taxation.
1.7. Additional Information The Issuer will provide such other information as
may be required to assure the exclusion from gross income of interest on the Note for federal
income taxation purposes.
1.8. Non-Purpose Investments. Not more than 50% of the proceeds of the
Note are being invested in investments not acquired to carry out the governmental purposes of
the issue at a guaranteed yield and having a term of 4 years or more.
1.9 IRS Information Reporting. The Issuer will make a timely filing of the
appropriate IRS Form 8038-G or 8038-GC
ARTICLE II
Use of Project and Proceeds
2.1. Authorization. (a) The Notes are authorized to be issued pursuant to
applicable provisions of the laws of the State of New York and the bond resolution adopted by
the Town Board on July 31, 2001 (the "Resolution"), as referred to in the Certificate of
Determination executed by the Supervisor on September 12, 2003.
432959.1 019513 CERT
(b) For purposes of this Article II the term "proceeds" means the net amount
(after payment of all costs and expenses associated with issuing the Notes) received by the Issuer
from the sale of the Notes, excluding accrued interest~
2.2. Purpose of Issue. The Notes aree being issued to provide funds for the
increase and improvement of the facilities of the Fishers Island Ferry District, in said Town ("the
Project"), as further described in the Resolution.
2.3. Use of Proceeds. The proceeds of sale of the Notes in the amount of
$525,000 (the "Current Refunding Note") will be used, together with other available Village
funds in the amount of $339,000, and $l,006,000 of the proceeds of the $2,096,000 Bond
Anticipation Notes for Various Purposes-2003, to redeem a prior issue of bond anticipation notes
which mature on September 12, 2003, in the principal amount of $1,870,000 (the "Prior Issue"),
heretofore issued to finance the Project. The balance of the proceeds of sale of the Notes in the
aggregate principal amount of $2,475,000 (the "New Money Note") will be used to provide
original financing for the Project.
2.4. Ownership/Lease/Sale. The Project will be owned by the Issuer 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, except for incidental sales of surplus
items the proceeds of which will not constitute net operating profits or net capital profits to the
Issuer, prior to the maturity date of the Notes.
2.5. Private Loans. Not more than the lesser of 5 percent or $5,000,000 of the
proceeds of the Notes will be used directly or indirectly to make loans to persons other than a
governmental unit.
2.6. Private Use. The aggregate amount of proceeds of the Notes used directly or
indirectly in a trade or business carried on by a person other than a state or local governmental
unit ("Private Use"), 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 Notes 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 Issuer, in respect
of property or borrowed money used or to be used for a Private Use.
2.7. Unrelated/Related Disproportionate Use. No more than 5% of the proceeds
of the Note ~vill be used directly or indirectly in the trade or business of a person other than a
governmental unit that is unrelated or related and disproportionate to the governmental use of the
property being financed, including any private loan financing described in Section 2.5 which
meets this test. For purposes of this Arbitrage and Use of Proceeds Certificate, proceeds of the
Note are allocable to an unrelated Private Use if such use is neither directly nor operationally
related to a governmental use and proceeds of the Note are allocable to a disproportionate related
432959.1 019513 CERI'
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 Section 2.6 above, exceeds the proceeds of the Note which are
to be used for the governmental use to which such Private Use relates.
2.8. Other Private Uses Defined. For purposes of Section 2.6 and 2.7, 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 Projects 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 nongovernmental use will provide for reasonable compensation
which is in no part based on net profits and will satisfy the provisions of(a), (b) or (c) below:
(a) for contracts which provide compensation for each annual period based on a
periodic fixed fee, a capitation fee or combination thereof, (i) the contract has a term
(including renewal options) not exceeding five years; (ii) the issuer may terminate the
contract, without penalty, at the end of any three year period, and (iii) at least 50% of the
compensation paid is on a periodic, fixed fee basis;
(b) for contracts entered into or materially modified (other than pursuant to a
renewal option) after March 15, 1993, which provide compensation based on a per unit
fee or a combination per unit and periodic fixed fee, (i) the contract has a term (including
renewal options) not exceeding three years; (ii) the issuer may terminate such contract
(without penalty) at the end of the second year of the term, and (iii) the amount of the per
unit fee is specified in the contract or otherwise limited by the qualified user or a third
party;
(c) for contracts entered into or materially modified (other than pursuant to a
renexval option) after March 15, 1993, which provide compensation based on a
percentage of fees charged, (i) the contract has a term (including renewal options) not
exceeding two years, (ii) the issuer may terminate the contract (without penalty) at the
end of the first year, and (iii) the service provider primarily provides services to third
parties or the contract involves a facility during an initial start-up period;
(d) For purposes of this Section 2.8:
(i)
"capitation fee" means a fixed periodic amount paid under a management
contract or agreement for each person for whom the service provider
assumes the responsibility to provide all needed services for a specified
period, provided the quantity and type of services actually provided vary
substantially;
(ii)
"periodic fixed fee" means a stated dollar amount for services rendered
during a specified period of time (i.e. SXX per month) which amount may
432959.1 019513 CERT
automatically increase according to a specified, objective, external
standard; and
(iii)
"per unit fee" means a stated dollar amount for each unit of service
provided (i.e. SXX per medical procedure).
2.9. Pooled Loan Financings. To the extent the amount of proceeds of the Note
to be used to make loans to any borrowers (including loans referred to in Section 2.5 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
2.10. Output Facilities. 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.
ARTICLE III
Arbitrage/Rebate Exemption
3. l. Temporary Period-Refunding With respect to the proceeds of the sale of the
Current Refunding Note representing proceeds allocable to the Prior Issue:
(a) All of the proceeds of the Prior Issue have been expended, or any such
proceeds which have not been expended as of the date hereof, shall become transferred
proceeds of this issue. Such transferred proceeds may be invested without restriction as
to yield until three years after the date of original issuance of the Prior Issue. If any
transferred proceeds remain unexpended after three years after the date of original
issuance of the Prior Issue, such proceeds will be invested at a yield not in excess of the
yield on the Notes.
(b) The proceeds of the Notes will be used to refund the Prior Issue within 90
days of the date hereof, and may be invested during such time without restriction as to
yield
3.2. Temporary Period-New Money. With respect to the New Money Note:
(a) The Issuer has entered into or xvill enter into within six months from the
date of this certificate, binding commitment(s) for the acquisition, construction or
accomplishment of the Project cited in Section 2.2 hereof, and the amount of such
432959.1 019513 CERT
commitment(s) xvith respect to such Project will or do exceed the amount equal to 5% of
$475,000, being the aggregate amount of obligations currently issued for such Project.
(b) Such Project has been completed, or, if such Project has not been
completed, work on the acquisition, construction or accomplishment of such Project will
proceed or is proceeding with due diligence to completion.
(c) It is reasonably expected that at least 85 percent of the net sale proceeds of
such New Money Note will be expended within three years from the date of this
Certificate. No more than 50 percent of the proceeds of the Note will be invested in
nonpurpose investments with a term of four years or more.
3.3. Rebate. (a) Neither the Prior Issue nor the New Money Note was or is
subject to the rebate requirement imposed by Section 148 of the Code because, with respect to
each:
(i) the Issuer was or is a governmental unit with general taxing powers;
(ii)
the Prior Issue/New Money Note did not or does not constitute a "private
actMty bond" as that term is defined in Section 141 of the Code;
(iii)
ninety-five percent or more of the net proceeds of the sale of the Prior
Issue/New Money Note was or is to be used for local governmental
actMties of the Issuer; and
(iv)
the Issuer (including all agencies, instrumentalities and political
subdivisions of the Issuer) reasonably expected or expects that the
aggregate face amount of all tax-exempt bonds issued by the Issuer during
the calendar year in which the Prior Issue was issued and the current
calendar year would not or will not exceed $5,000,000. For purposes of
such determination, no tax-exempt obligation was or shall be taken into
account if it xvas or is a current refunding obligation issued in the calendar
year in which the Prior Issue/New Money Note (as applicable) was or is
being issued which does not exceed the outstanding (redeemed) principal
amount of the obligation to be refunded.
(b) The Current Refunding Note is not subject to the rebate requirement imposed
by Section 148 of the Code because all of the Gross Proceeds of such Current Refunding Note
will be expended to pay the Prior Issue within 90 days of the date hereof and will, theretbre,
qualify for the six-month expenditure exception to rebate.
3.4. No Excess Proceeds. 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.
432959.1 019513 CERT
3.5. Source of Repayment Funds The Notes will be paid from taxes and the
proceeds of other obligations of the Issuer issued to fund the Note.
3.6. Debt Service Fund. 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
Notes. 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 which will not exceed the greater of the earnings on such fund for
the immediately preceding year or one-twelfth of the debt service on the Note.
3.7. Sinking Funds. Except for the debt service fund described herein the Issuer
has not created or established, and does not expect to create or establish, any sinking fund or
other similar fund which the Issuer reasonably expects to use to pay principal or interest on the
Notes.
ARTICLE IV
Bank Qualification
4.1. Desi~;nation. The Notes are hereby designated as a "qualified tax-exempt
obligation" pursuant to the provisions of Section 265 of the Code.
(a) In making such designation it has been determined with respect to the
Current Refunding Notes that:
(i) the Notes currently refunds the Prior Issue;
(ii) the Prior Issue was designated as a "qualified tax-exempt obligation";
(iii) the aggregate face amount of the Notes 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 Notes, as measured from the original date of
issuance of the notes issued pursuant to the Resolutions, in renewal of
which such Note is being issued, does not exceed 30 years; and
(vi)
not more than $10,000,000 of obligations issued by the Issuer during the
calendar year in which the Prior Issue was issued were designated by the
Issuer as "qualified tax-exempt obligations."
(b) In making such designation it has been determined xvith respect to the
New Money Note that:
432959 I 019513 CERT
(i)
the Issuer does not reasonably anticipate that the amount of"qualified tax-
exempt obligations" to be issued by the Issuer during the current calendar
year will exceed $10,000,000; and
(ii)
the amount of"qualified tax-exempt obligations" issued by the Issuer
during the current calendar year does not as of this date, and including this
issue, exceed $10,000,000
IN WITNESS WHEREOF,
I have hereunto set my hand and affixed the
corporate seal of the Town of Southold this 12th
day of September, 2003.
~ Supervisor
432959.1 019513 CERT
CERTIFICATES AS TO SIGNATURES, LITIGATION,
AND DELIVERY AND PAYI¥[ENT
WE, the undersigned officers of the Town of Southold, in the County of Suffolk,
a municipal corporation of the State of Nexv York and herein referred to as the "Town",
HEREBY CERTIFY that on or before September 12, 2003, we officially signed and properly
executed by manual signatures the $2,000,000 Bond Anticipation Note for Fishers Island Ferry
District-2003 payable to bearer and the $1,000,000 Bond Anticipation Note for Fishers Island
Ferry District-2003, payable to Hare & Co. (the "Notes") of the Town, 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 To~vn authorized to execute said Notes and holding the respective offices indicated by the
titles set opposite our signatures hereto for term expiring on the respective dates set opposite
soch titles.
WE FURTHER CERTIFY that no litigation of any nature is now pending or
threatened restraining or enjoining the issuance or delivery of said Notes or the levy or collection
of any taxes to pay the interest on or principal of said Notes, or in any manner questioning the
authority or proceedings for the issuance of said Notes or for the levy or collection of said taxes,
or relating to said Notes 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 Notes has or have been repealed, revoked or rescinded
WE FURTHER CERTIFY that the seal which is impressed upon this certificate
(or a facsimile thereof) has been affixed, impressed, imprinted or otherwise reproduced upon
said Notes and is the legally adopted, proper and only official corporate seal of the Town.
And, I, Joshua Y. Horton, Supervisor, HEREBY FURTHER CERTIFY that on
September 12, 2003, I delivered or caused the delivery of said Notes to:
Note I to Bridgehampton National Bank, Southold, New York, the purchaser
thereof, and that at the time of such delivery of said Note, the Town received from said purchaser
the amount hereinbelow stated, in full payment fur said Note, computed as follows:
Price ........................................................ $2,000,000.00
Interest on said Note accrued to the
date of such delivery .................................. -0-
Amount Received ..................................... $2,000,000 00
Note numbered 2 to Fleet Bank, Southold, New York, the purchaser thereof, and
that at the time of such delivery of said Note, the Town received from said purchaser the amount
hereinbelow stated, in full payment tbr said Note, computed as t'ollows:
432959.1 [119513 CERT
Price .......................................................................... $1,000.000.00
Interest on said Note accrued to the
date of such delivery ................................................... -O-
Amount Received ....................................................... $1,000,000.00
(SEAL)
IN WITNESS WHEREOF. we have hereunto set our hands and said corporate
seal has hereunto been affixed this 12th day of September, 2003.
Signature Term of Office Expires
.//~_ ~....---~ _December 31, 2003
December 31, 2005
Title
Supervisor
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 [;Ospective offices set,oppos te t ~eir signatures.
(Signature) (Title~) (Name of Bank)
432959.1 019513 CERT
ATTORNEY'S CERT~ICATE
I, Gregory F. Yakaboski, 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 ot' 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 Notes of the Town, described as set forth in Schedule A annexed hereto and by
tNs reference made a part hereof, or the levy or collection of any taxes to pay the interest on or
principal of said Notes, or in any manner questioning the authority or proceedings for the
issuance of said Notes or for the levy or collection of said taxes, or relating to said Notes 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.
1N WITNESS WHEREOF,
I have hereunto set my hand this 12th day of
September, 2003.
432959. I 019513 CERT
Amount and Title:
Dated:
Mature:
Numbers
(inclusive)
2R-I
2R-2
SCHEDULE A
$3,000,000 Bond Anticipation Notes for Fishers Island Ferry
District-2003
September 12, 2003
September 10, 2004, subject to prior redemption
Denominations
(each)
Interest Rates
(per annum)
$2,000,000 l. 10%
1,000,000 1.22
432959.1 019513 CERT
ELIZABETH A, NEVILLE
TOWN CLERK
REGISTIC~.R OF VITAL STATISTICS
i~LA.R RIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFOP&IATION OFFICER
Town Hall, 53095 Mmn Road
P.O. Box 1179
Southold, New York 11971
Fax (6311, 765-6145
Telephone 163D 765-1800
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS
ADOPTED AT A REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
HELD ON AUGUST 15. 2000:
WHEREAS, 'll~e cost of acquisition, construction and equipment of the t~rry, including
lands and rights or easements in lands, shall be paid from taxes levied for the fiscal year
in which such expenditure is made; form surplus funds, or from the proceeds of town
obligations to he issued and sold in the manner provided by the local finance law; and
WHEREAS upon the adoption of a resolution by the Town Board, subject to permiasive
referendum by the owners of taxable real property situate within the ferry district as
shown by the latest completed assessment roll of said town, such aggregate principal
a~aoant which the town beard may borrow and for which obligations maybe issued may
be increased to any amount up to but not exceeding the sum of five million dollars; be it
RESOLVED that the Town Board of the Town of Southold, pursuant to section 4 of the
Fishers Island Ferry District Act, hereby authorizes and increases the aggregate principal
amount which the town board may borrow and for which obligations maybe issued l~om
$500,000.00 (five hundred thousand dollars) to $5,000,000.00 (five million dollars).
THIS RESOLUTION SHALL BE SUBJECT TO A PERMISSIVE REFERENDUM
BY THE. OWNERS OF TAXABLE REAL PROPERTY SITUATE WIT}tIN THE
FISHERS ISLAND FERRY DISTRICT AS SHOWN BY THE LATEST
COMPLETED ASSESSMENT ROLL O THE TOWN OF $OIJTi~OLD; and
BE IT FURTHER RESOLVED that the Town Clerk is hereby directed to publish this in
the Suffolk Times and the New London Day and to for~a'd a copy ofthi.q resolution to
the F~shers Island Ferry District Commissioners and the Town Attorney's Department.
Eligabeth A.' Neville
Southold Town Clerk
August 15. 2000
LEGAL NOTICE OF
~DOPTION OF BOND
RgSOLUTION
'The resolution, a summary of
which is published herewith, has
been adopted on the 31st day of Jnly,
2001 and the validity of the obliga-
tions authorized by such resolutmn
may be hereafter contested only if
such obligations were authorized for
an object or purpose for which the
TOWN OF SOUTHOLD, in the
County of Suffolk, New York, is not
authorized to expend money or if the
provisions of law which should have
been complied with as of the date of
publication of this Notice were not
~St~ti~JJy complied with, and an
ton, su{t'~t-procceding conte~ti~g
such validity Is commenced w~tinn
twenty days after the publication of
this Notice, or such obligations were
authorized in violation of the provi-
sions of the Constitution,
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE
TOWN OF SOUTHOLD, NEW
YORK, ADOPTED JULY 31,
2001, APPROPRIATING THE
AMOUNT OF S8,000,000, INCLU-
DING THE AMOUNTS OF ANY
GRANTS THAT MAY BE RE-
CEIVED FROM THE UNITED
STATES AND THE STATE OF
NEW YORK, FOR THE IN-
CREASE AND IMPROVEMENT
OF THE FACILITIES OF THE
FISHERS ISLAND FERRY DIS-
TRICt, IN SAID TOWN AND
AUTHORIZING THE ISSU-
ANCE OF SERIAL BONDS OF
SAID TOWN IN THE PRINCI-
PAL AMOUNT OF NOT TO EX-
CEED $4,800,000 TO FINANCE
THAT PORTION OF SAID
APPROPRIATION FOR WHICH
SUCH GRANTS ARE NOT
AVAILABLE.
Object or pu~ose: thc construc-
tion of a new and expanded ferry ter-
minal on tho land heretofore
acquired and now owned by. the
Fe~r-~ District, being the site of tho
existing ferry tenuinal in the City of
New London, Connecticut, including
bnllthending; placement of fill, con-
struction of a new ticketing and
administration building, installation
of uttiitice, concrete vaults for two
underground storage tanks for f~el
and waste oil, a perimeter d.r~n, age
system, parkiog areas for vehicles, a
wider casoment f~r ingress and
egress and the necessa~ facilities
and appurtenances thereto. ~
resulting termioal area, includln~
~ building, to be apprfnirnam~
dibble the ~ze of the ex~stmg te. re~
:~. including original fu~
~ment, machinery and appar .mm_
· ~i~sired for the purposes for wMgk
~Ydl~ building and terminals, are t~,~
-~qite~of' being $8.000.000. to b~
Ii, riced to the extent received, b~
~ fi.om the United States and ~
~ of New York and by ~m
. tsS~ince of Town obligations.
F~riod of probable usefulnmn:
~s~(20) yearn . .
ount o! obhgatlons to
not to exceed $4,800,000
eomldete coPY of the bond ~
summarized ,above ~hal[ be
~. ~ie for public inspection ~
bmin~s hours at the o~
~n Oerk, Tov~ Hall.
oed, Southold, New ~
~ July 31, 2001
Southold, New York
STATE OF NEVV YORK)
)SS:
COUNTY OF SUFFOLK)
_ ~f~q ~,~.~,[('~ of Mattituck, in said
county, bei~g'duly s~vor~, says that he/she is Principal
clerk of THE SUFFOLK TIMES, a weekly newspaper, pub-
lished at Mattituck, in the Town of Southold, County of
Suffolk and State of New York, and that the Notice of which
the annexed is a printed copy, has been regularly pub-
lished in said Newspaper once each week
for I weeks successively, commencing
on the g:~ ,day
Ot~l
Sworn to before me this
day of_
LF~AL NOTICE OF
'ADOI=flON OF BOND
RESOLUTION
The resotution, a summa~ of
which is published herewith, has
been adopted on the 31st day of Jnly,
2001, and the val/dity of the obliga-
tions authorized by ~-h rnsohiUo,n.
may be bereafter coat.ted,only d
such obli/ations wer~ author,zed for
an obje4:t or put. cee f~r which the
Town OF SOUTHOLD, in the
County of Suffolk, New York, i~ not
autho/ized to expund money or d the
provisions of law which should have
~.en complied with as o.f the date of
publication of this Nonce were not
substantially compbed with, and .an
action, st~i~ or proceeding
such vahdity ~$ commeuceu within
twuntv days after the publication of
this Notice, or such' obligetions were
attthotiz~ in violation of the provi-
sions of the Constitution.
ELIZABETH A, NEVILLE
Town Clerk
BOND RESOLUTION OF ~IE
TOWN OF SOUTHOLD, NEW
YORK, ADOPTED JULY 31,
2001, APPROPRIATING THE
AMOUNT OF $8.000,000, INCLU-
DING THE A~IOUNTS OF ANY
GRANTS THAT MAY BE
CEIVED FROM THE UNITED
STATES AND THE STATE OF
NEW YORK, FOR THE IN-
CREASE AND IMPROVEMENT
OF THE FACILITIES OF THE
FISHERS ISLAND FERRY DIS-
TRICT, IN SAID TOWN AND
AUTHORIZING THE ISSU-
ANC~ OF SERIAL BONDS OF
SAID TOWN IN THE PRINCI-
PAL AMOUNT OF NOT TO EX-
CEED $4,800,000 TO FINANCE
THAT PORTION OF SAID
APPROPRIATION FOR
SUCH GRANTS ARE NOT
AVAILABLE,
Object or puxpore: the cottstruc-
tion o7 a new and expanded ferry ter-
minal on the' land heretofore
ncqnlred ~nd ~v owne,d by.
FEW./ Di~dct. being ~ s~te _o.t me
existing ferry terminal.m th.e .C/t~. of
New London, Connecacut, mcmmng
bnlkhneding, pincement of fill, con-
struction of e new fichetin[{ and
administration building, installation
o{ ut~isle~ conc-~t¢ vaults for two
underground storage tanks for fuel
and waste oi~ n perimeter .d~a. inage
sys~m, parking ~-eas fo.r vehicles, n.
wider easement for regress
e~, and the -_~ fucilmes
and appurtenuncns thereto, the
reciting terminal ~an, includj~/,
aS/II blu'ldln~, to be appr.oximn~
~red for the pn - .q~s. ~. for w.l~_
a~l building .and tem~ axe to ~
un~l, the nsumeted mns~muca o~
~lI~of being $8,000000, to
~n~nced to the extent received, ~.~
Ii~S frem the United States and
~ of New York and by ~
I~eriod o! probab]e~ unefulne~:
I~mty (20) years
ount of obligations to be
Itd: not to exceed ~4,800,000
-A cemplete cepy of the bond reso-
~ summefizi~d above shall be
ns~labln for public inspeclion dufint
~ bnsfunss ~ours at the office
und, Suuthold, New
July 31,2001
Suuthnld, New York
1 ~4-1TAnC~
STATE OF NEW YORK)
)SS:
COUNTY OF SUFF~OLK) .
[~, _~J~_~ ~ __Of Ua.tt,!uc~; in said
~----'-~n~n being duly sworn, says that be/see Principal
clerk of THE SUFFOLKTIMES, a weekly newspaper, pub-
Iished at Mattituck, in the Town of Southold, County of
Suffolk and State of New York, and that the Notice of which
the annexed is a printed copy, has been regularly pub-
lished in said Newspaper once each week
for_____~-~ weeks successiv..elY, commencing
- the~ ~ _day
Sworn to be|or.e [ne this
.a,o,_
PUBLISHER'S CERTIFICATE
State of Connecticut )
County of New London, ) ss. New London
On uhis 28~h day of AugusE, 2000,
personally appeared before the undersigned, a
Notary Public within and for said County and
State, J. L. ZIELINSKI, LEGAL ADVERTISING
CLERK of THE DAY, a daily newspaper published
at New London, County of New London, State of
Connecuicut, who being duly sworn, states on
oath, that the Order of Notice in ~he case of
LEGAL 134-FERRY REFERENDUM,
a true copy of which is hereunto annexed, was
published in said newspaper in its issue(si of
08/26/2000
~ubscribed and~rf>--~ before me
this 28th day of August, 2000.
M7 commission expires ('~-J~"'j,~>6"
Town of Southold
~/~..R w YORK.
ELIZABETH A. NEVILLE
TOWN CLERK
REGIST[L~I~ OF VITAL STA i'ISTICS
I~L&RR[AGE OFFICER
RECORDS M.-kNAGEMENT OFFICER
FREEDOM OF INFOR~MAT[ON OFFICEI~.
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax ~.631, 765-6145
Telephone (63D 765-1800
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS
ADOPTED AT A REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
HELD ON AUGUST 15. 2000:
WHEREAS, The cost of acquisition, construction and equipment of the t~rry, including
lands and rights or easements in lands, shall be paid fi:om taxes levied for the fiscal year
in which such expenditure is made; form surplus funds, or from the proceeds of town
obligations to he issued and sold in the manner provided by the local finance law; and
WHEREAS upon the adoption of a resolution by the Town Board, subject to permissive
referendum by the owners of taxable real property situate within the ferry district as
shown by the latest completed assessment roll of said town, such aggregate principal
a~nount which the town board may borrow and for which obligations maybe issued may
be increased to any amount up to but not exceeding the sum of five million dollars; be it
RESOLVED that the Town Board of the Town of Southold, pursuant to section 4 of the
Fishers Island Ferry District Act, hereby authorizes and increases the aggregate principal
amount which the town board may borrow and for which obligations maybe issued bom
$500,000.00 (five hundred thousand dollars) to $5,000,000.00 (five million dollars).
THIS RESOLUTION SHALL BE SUBJECT TO A PERMISSIVE REFERENDUM
BY THE OWNERS OF TAXABLE REAL PROPERTY SITUATE WITHIN THE
FISHERS ISLAND FERRY DISTRICT AS SHOWN BY THE LATEST
COMPLETED ASSESSMENT ROLL O THE TOWN OF $OUTHOLD; and
BE IT FURTHER RESOLVED that the Town Clerk is hereby directed to publish this in
the Suffolk Times and the New London Day and to forward a copy of this resolution to
the Fishers Island Ferry Distri~ Commissioners and the Town Attorney's Department.
Southold Town Clerk August 15. 2000
EXTRACT OF MINUTES
Meeting of the Town Board of the
Town of Southold, in the
County of Suffolk, New York
July 31, 2001
A regular meeting of the Town Board of the Town of Southold, in the County of
Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, in said
Town, on July 31, 2001, at 7:00 o'clock P.M. (Prevailing Time).
There were present: Hon. Jean W. Cochran, Supervisor; and
Justice Louisa P. Evans
Councilpersons: Councilman John M. Romanelli
Councilman Brian G. Murphy
Councilman Craig A. Richter
There were absent: Councilman William D. Moore
Also present:
Elizabeth A. Neville, Town Clerk
Gregory F. Yakaboski, Town Attorney
Representing the Fishers Island Ferry District:
372413.1 019513 CEI{T
At 7 : 06o'clock P.M. (Prevailing Time), the Town Clerk stated that the public
hearing held at 1:00 o'clock PM on July 9, 2001 at the Fishers Island School, Fishers Island, New
York, in the Town of Southold, and continued at this Town Hall commencing at 4:30 o'clock
P.M. on July 17, 2001, had been continued to this meeting, to further consider the increase and
improvemem of facilities of the Fishers Island Ferry District, in the Town of Southold, described
as the construction of a new and expanded ferry terminal, on the land heretofore acquired and now
owned by the Town of Southold for Ferry District purposes, being the site of the existing ferry
terminal, in the City of New London, Connecticut, including bulkbeading, placement of fill,
construction of a new ticketing and administration building, installation of utilities, concrete vaults
for two underground storage tanks for fuel and waste oil, a perimeter drainage system, parking
areas for vehicles, a wider easement for ingress and egress and the necessary facilities and
appurtenances thereto, the resulting terminal area, including said building, to be approximately
double the size of the existing terminal, and to hear all persons interested in the subject thereof
concerning the same and for such other action on the part of the Town Board with relation thereto
as may be required by law.
The Supervisor stated that the hearing in the matter was now once again open and
asked if there were any interested persons present who desired to be heard. The following persons
appeared in favor of said increase and improvement of facilities of the Fishers Island Ferry
District:
None
372413.1 019513 C'~RT
The following persons appeared in opposition to said increase and improvement of
facilities of the Fishers Island Ferry District:
None
received:
The Town Clerk reported that the following pertinent communications had been
None
The Town Clerk then read such communications, if any, to the meeting.
The Supervisor inquired as to whether there were any other persons present who
wished to be heard. No one appeared, whereupon the Supervisor declared the public heating
closed.
On motion of
· duly seconded by
, the
following Resolution and Order After Public Hearing was duly declared adopted on the following
roll call vote:
AYES:
NOES:
3'/2413.1 019513 CERT
A regular meeting of the Town Board of the Town
of Southold, in the County of Suffolk, New York,
was held at the Fishers Islam School, Fishers Island,
in said Town, on the 31st day of July, 2001.
PRESENT:
Hon. Jean W. Cochran, Supervisor
Louisa P. Evans, Justice
William D. Moore, Councilperson
John M. Romanelli, Councilperson
Brian G. Murphy, Councilperson
Craig A. Richter, Councilperson
In the Matter
of the
Construction of a new and expanded ferry terminal for the
Fishers Island Ferry District.
RESOLUTION AND
ORDER AFTER PUBLIC
HEARING
WHEREAS, following receipt of certified copy of the Resolution adopted by the
Board of Commissioners of the Fishers Island Ferry District, in the Town of Southold (hereinafter
called "District" and "Town", respectively), in the County of Suffolk, New York, and the
Petition of said Board of Conunissioners, each dated June 18, 2001 and duly subscribed by the
Commissioners of the District, requesting that the Town Board of the Town (herein called "Town
Board"), call a public hearing to consider the increase and improvement of the facilities of the
District, described as the construction of a new and expanded ferry terminal on the land heretofore
372413.1 019~13 CERT
acquired and now owned by the Town for Disuict purposes, being the site of the existing ferry
terminal, in the City of New London, Connecticut, including bulkheading, placement of fill,
construction of a new ticketing and administration building, installation of utilities, concrete vaults
for two underground storage tanks for fuel and waste oil, a perimeter drainage system, parking
areas for vehicles, a wider easement for ingress and egress and the necessary facilities and
appurtenances thereto, the resulting terminal area, including said building, to be approximately
double the size of the existing terminal, ail as more fully described in the "Preliminary
Engineering Report", dated May 31, 2001, prepared by Docko, Inc., licensed engineers, on file in
the office of the District and the office of the Town Clerk of the Town, as well as original
furnishings, equipment, machinery and apparatus required for the purposes for which said building
and terminal are to be used (herein called "Project"), at the estimated maximum cost of
$8,000,000, including the amount of $1,090,000 from the TEA-21 Program (Transportation
Equity Act for the 21s' Century) of the United States, in addition m the amount heretofore
approved; up to $3,000,000 expected to be received from the United States Department of
Transportation; up to $3,000,000 expected to be received from the FHWA and/or HUD for urban
renewal purposes; and up to $2,000,000 expected to be received from the State of New York; and
to finance that portion of such cost for which such grants are not available by the issuance of
Town obligations in the principal amount of not to exceed $4,800,000, pursuam to the applicable
provisions of the Locai Finance Law, and that to pay the principal of and interest on such
obligations as the same shall become due and payable, a sum sufficiem therefor shall be levied and
collected from the severai lots and parcels of land within the District, in the same manner and at
the same time as other Town charges; and
372413.1 019513 CERT
WHEREAS, on August 15, 2000 the Town Board adopted the resolution, subject to
permissive referendum, authorizing and increasing the aggregate principal amount which the Town
Board may borrow and for which obligations may be issued from $500,000 to $5,000,000, as
authorized pursuant to Section 4 of Chapter 699 of the New York Laws of 1947, as amended, and
no valid petition requesting that a referendum be held thereon was submitted; and
WHEREAS, all necessary procedures requisite to reviewing the impact that the
Project may have on the environment having been complied with and construction permits having
been obtained from the Federal, State and local governmental entities having jurisdiction in this
matter, including the Connecticut Department of Environmental Protection, the U.S. Army Corps
Of Engineers and said City of New London (copies of which are available for inspection in the
office of the Secretary of said Board of Commissioners, and in the office of the Town Clerk of the
Town) the Town Board, in the role of Lead Agency, has determined and found that pursuant to
the applicable provisions of the State Environmental Quality Review Act CSEQRA"), the Project
is an Unlisted Action thereunder and, following preparation of an Environmental Assessment
Form, it has been determined that the Project will have no significant adverse impact upon the
environment and, further, the Town Board has issued a Negative Declaration and filed same with
the Town Clerk; and
WHEREAS, pursuant to the Order Calling Public Hearing, adopted June 19, 2001,
a public hearing to consider the Project was duly held by the Town Board on the 19th day of July,
2001, at 1:00 o'clock P.M. (Prevailing Time), at the Fishers Island School, Fishers Island, New
York, in the Town, and continued on July 17, 2001 at 4:30 o'clock P.M. at the Town Hall, 53095
Main Road, Southold, and on July 31, 2001 at 7 o'clock P.M., at said Town Hall, to further
372413.1 019513 C~RT
consider the Project and considerable discussion on the matter has been had and all persons
desiring to be heard have been heard concerning the subject matter of the above referenced public
heating, as so continued, including those in favor of and those in opposition to the Project and the
financing thereof;
NOW, THEREFORE, in consideration of the information given at such hearing, it
is hereby
DETERMINED, that it is in the public interest to increase and improve the
facilities of the District as hereinabove described and referred to as the Project, at the estimated
maximum cost of $8,000,000 and to finance such cost as hereinabove described, including the
issuance of Town obligations in the amount of not to exceed $4,800,000 pursuant to the Local
Finance Law; and it is hereby
ORDERED, that the facilities of the District shall be so increased and improved and
financed as hereinabove described and, further, that the Engineer heretofore retained by the Board
of Commissioners shall prepare specifications and make careful estimates of the expense of said
increase and improvement of the facilities and with the assistance of the Attorney for the District,
prepare a proposed contract or contracts therefor, which specifications, estimate and proposed
contract(s) shall be presented to said Board of Commissioners as soon as possible; and it is hereby
FURTHER ORDERED, that the expense of so increasing and improving such
facilities shall be financed as hereinabove set forth, and the costs thereof, including payment of the
principal of and interest on said obligations, shall be assessed, levied and collected by the Town
Board from the several lots and pamels of land within the District in the same manner and at the
same time as other Town charges, but if not paid from such source, all the taxable property within
372413.1 019513 CERT
said Town shall be subject to the levy of ad valorem taxes, without limitation as to rate or amount,
sufficient to pay the principal of and interest on said obligations; and it is hereby
FURTHER ORDERED, that the Town Clerk record a certified copy of this
Resolution and Order After Public Hearing in the office of the Clerk of Suffolk County within ten
(10) days after adoption hereof.
DATED: July 31, 2001
TOWN BOARD OF THE TOWN OF SOUTHOLD
(SEAL)
Jean W. Cochran
Supervisor
Louisa P. Evans
Justice
William D. Moore
Coucilperson
John M. Romanelli
Councilperson
Brian G. Murphy
Councilperson
Craig A. Richter
Councilperson
Members of the Town Board of the Town of Southold, New
York
372413.1 019513 CE~T
CERTIFICATE
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, New York, DO HEREBY CERTIFY that I have compared the preceding
Resolution and Order After Public Hearing with the original thereof filed in my office on the
day of ,2001 and the same is a true and correct copy of said original and of the whole
thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this __ day of
,2001.
(SEAL)
Town Clerk
3T2413.1 019513 CERT
offered the following resolution and moved its adoption:
37Y3413. I 019513 CERT
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK,
ADOPTED JULY 31, 2001, APPROPRIATING THE AMOUNT OF
$8,000,000, INCLUDING THE AMOUNTS OF ANY GRANTS THAT
MAY BE RECEIVED FROM THE UNITED STATES AND THE STATE
OF NEW YORK, FOR THE INCREASE AND IMPROVEMENT OF
THE FACILITIES OF THE FISHERS ISLAND FERRY DISTRICT, IN
SAID TOWN AND AUTHORIZING THE ISSUANCE OF SERIAL
BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF NOT TO
EXCEED $4,800,000 TO FINANCE THAT PORTION OF SAID
APPROPRIATION FOR
AVAILABLE.
WHICH SUCH GRANTS ARE NOT
Recitals
WHEREAS, following the receipt of a certified copy of the Resolution adopted by
the Board of Commissioners of the Fishers Island Ferry District, in the Town of Southold
(hereinafter called "District" and "Town," respectively), in the County of Suffolk, New York and
the Petition of said Board of Commissioners, each dated June 18,2001 and duly subscribed by the
Commissioners of the District, requesting that the Town Board of the Town (herein called the
"Town Board"), call a public hearing to consider the increase and improvement of the facilities of
the District as hereinafter described and defined as the Project, at the estimated maximum cost of
$8,000,000, including the amount of $1,090,000 from the TEA-21 Program (Transportation
Equity Act for the 2P' Century) of the United States, in addition to the amount heretofore
approved; up to $3,000,000 expected to be received from the United States Department of
372413.1 019513 CERT
Transportation; up to $3,000,000 expected to be received from the FHWA and/or HUD for urban
renewal purposes; and up to $2,000,000 expected to be received from the State of New York; and
to finance that portion of such cost for which such grams are not available by the issuance of
Town obligations in the principal amoum of not to exceed $4,800,000, pursuant to the applicable
provisions of the Local Finance Law, the aggregate principal amount which the Town Board may
borrow and so issue obligations having been heretofore authorized and increased from $500,000 to
$5,000,000 pursuant to the resolution adopted by the Town Board on August 15, 2000, subject to
permissive referendum; and
WHEREAS, such public hearing has been duly called and held on July 17, 2001
and further continued on July 31, 2001, and all persons interested in the subject matter thereof
have been heard and following the close of such public hearing, as so cominued, the Town Board
has determined, pursuam to the Resolution and Order After Public Hearing duly adopted on this
date, that it is in the public interest to so increase and improve the facilities of the District and has
ordered that the facilities be so increased and improved, at the estimated maximum cost of
$8,000,000 and that Docko, Inc., licensed engineers, prepare specifications and an estimate of the
cost and, with the assistance of the Attorney for the District, prepare a proposed contract or
contracts therefor to be presented to the said Board of Commissioners as soon as possible; and
WHEREAS, alt necessary procedures requisite to reviewing the impact that the
Project may have on the environment having been complied with and construction permits having
been obtained from the Federal, State and local governmental entities having jurisdiction in this
matter, the Town Board, in the role of Lead Agency, has determined and found that pursuant to
the applicable provisions of the State Environmental Quality Review Act ("SEQRA"), the Project
37~13.1 019513 CE~T
is an Unlisted Action thereunder and, following preparation of an Environmental Assessment
Form, it has been determined that the Project will have no significant adverse impact upon the
environment and, further, the Town Board has issued a Negative Declaration and filed same with
the Town Clerk;
Now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of
all the members of said Board) AS FOLLOWS:
Section 1. The Town hereby appropriates and authorizes the expenditure of
$8,000,000, including the amount of $1,090,000 from the TEA-21 Program (Transportation
Equity Act for the 212' Century) of the United States, in addition to the amount heretofore
approved; up to $3,000,000 expected to be received from the United States Depactment of
Transportation; up to $3,000,000 expected to be received from the FHWA and/or HUD for urban
renewal purposes; and up to $2,000,000 expected to be received from the State of New York; for
the construction of a new and expanded ferry terminal on the land heretofore acquired and now
owned by the Town for District purposes, being the site of the existing ferry terminal, in the City
of New London, Connecticut, including bulkheading, placement of fill, construction of a new
ticketing and administration building, installation of utilities, concrete vaults for two underground
storage tanks for fuel and waste oil, a perimeter drainage system, parking areas for vehicles, a
wider easement for ingress and egress and the necessary facilities and appurtenances thereto, the
resulting terminal areas, including said building, to be approximately double the size of the
existing terminal, all as more fully described in the "Preliminary Engineering Report", dated May
3T2413.1 019513 CERT
31, 2001, by Docko, Inc., licensed engineers, on file in the office of the District and the office of
the Clerk of the Town, as well as original furnishings, equipmem, machinery and apparatus
required for the purposes for which said building and terminal are to be used (herein called the
~Project'). The estimated maximum cost of said specific object or purpose, including preliminary
costs and costs incidental thereto and to the financing thereof, is $8,000,000 and the plan of
financing includes the expenditure of the grants as hereinabove referred to in the Recitals hereof
and the issuance of obligations, including serial bonds and bond anticipation notes, in the principal
amount of not to exceed $4,800,000 to finance that portion of said appropriation for which such
grants are not available. The principal and interest on such obligations, shall be assessed, levied
and collected from the several lots and parcels of land within the District by the Town Board in
the manner provided by law, but if not paid from such source, all the taxable real property within
the Town shall be subject to the levy of ad valorem taxes, without limitation as to rate or amount,
sufficient to pay the principal of and interest on said obligations as the same shall become due and
payable.
Section 2. Serial bonds of the Town are hereby authorized to be issued in the
principal amount of not to exceed $4,800,000 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 that portion of said appropriation for which grants are not available.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness of the Project, being the specific object or
purpose for which said serial bonds are authorized to be issued, within the limitations of Section
11.00 a. 46 of the Law, is twenty (20) years.
3'/2413.1 019513 CERT
(b) The proceeds of the bonds herein authorized and any bond anticipation notes
issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made
after the effective date of this resolution for the purpose for which said bonds are authorized. The
foregoing statement of intent with respect to reimbursement is made in conformity with Treasury
Regulation Section 1.150-2 of the United States Treasury Department.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of said bonds shall contain the recital of validity prescribed
by Section 52.00 of the Law and said bonds, and any notes issued in anticipation said bonds, shall
be general obligations of the Town, payable as to both principal and interest by a general tax upon
all the taxable real property within the Town without limitation as to 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 issued 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 21.00 relative to the authorization of the issuance of bonds having
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes, and 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 their terms, form and contents and as to the sale and issuance of the bonds herein
authorized, and any other bonds heretofore or hereafter authorized, and of any bond anticipation
372413.1 019~13 CERT
notes issued in anticipation of said bonds, and the renewals of said bond anticipation 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 amicipation 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, or a summary thereof, 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 resolution shall take effect immediately.
The adoption of the foregoing resolution was seconded by and
duly put to a vote on roll call, which resulted as follows:
AYES:
NOES:
The resolution was declared adopted.
372413 I 019513 CERT
adoption:
offered the following resolution and moved its
372413.1 019513 CERT
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS:
Section l. The Town Clerk is hereby directed to publish a summary of the
foregoing bond resolution, in full, in the "SUFFOLK TIMES," a newspaper published in the
Town of Southold, New York, and having a general circulation in said Town, which newspaper is
hereby designated as the official newspaper of the Town for such publication, together with the
Town Clerk's statutory notice in the form prescribed by Section 81.00 of the Local Finance Law
of the State of New York.
Section 2. This resolution shall take effect immediately.
The adoption of the foregoing resolution was seconded by
and duly put to a vote on roll call, which resulted as follows:
AYES:
NOES:
The resolution was declared adopted.
CERTIFICATE
I, ELIZABETH A. NEVILLE, Town Clerk of me Town of Southold, in the
County of Suffolk, New York, HEREBY CERTIFY that the foregoing annexed extract from the
minutes of a meeting of the Town Board of said Town, duly called and held on July 31,2001,
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
corporate seal of said Town this
,2001.
my hand and affixed the
__ day of
(SEAL)
Town Clerk
372413.1 019513 CERT
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