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HomeMy WebLinkAboutFishers Island FD-Terminal IncrNo. 2R-2 $ I,IXX),O00 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD BOND ANTICIPATION NOTE FOR FISHERS ISLAND FERRY DISTRICT-2003 [lie Town of Southold, ill the Count5 ot'Sutlblk, a tnumclpal coq×}rahon ot'the State or'New York. hcreb}. a,:knov, ledges itself' h~debted and tbr ;aluc received pl omises to pa5 to Hare & Co, the registered owner I',ereol~ 0lc skull Of ON~ MILLION DOLLARS ($1,000,000) on thc 10th day of September, 2004. together v,~th interest thereon l?om the date hereof at thc rate of one and twenty-t~.,,o hundredths per centum {1.22%) per annum, payable at maturlt} Both principal o~'m:d utterest on Ous Note ,.v01 be paid mlav, ful monex or'thc I huted States ot'Adnct ica, at the office of the To',~,n Clerk, Sou(hold, Ne'a York qlfis Note is one of an authorized issue, tl',¢ aggregate print:pal amount of which is $3.0111131t}0. the Notes of ','tisch arc or' hke tenor except as to number dee o ~_la mi ~ulest J~e D;,"vee a,l~d p I~le o 'lm'~ ~:{nt. 'i~is I~te may be called for rcdempt on, after thc, gtxlng of' at lea,t~&',e(~} da.~ ~t t~tcil~ t ~e~of t~c d ti f r~demptmn b.', mail ng of ',,, r tten n *t ce to the original purchaser, or if thi~ Note bc registered to tile registered holder, and interest nhall cease to he paid hereon aller such date of redemption. This Note ~s issued pUlSU;mt to thc prmismns ol'thc Local Finance l_att, coustltutnlg Chapter 33-a of the Con>olidatcd [.at,.s ot tile State of Net,. York. die bond re:-olution adopte0 b', thc Town Board on .Iulv 3 I. 2t)l)l. ,ntthorlzntg tile iSSLlancc of $4.gl)().()0(i serial bonds tbr the utcrease mid nnpro'.~n'~em or'the lhcilities of the F~shels [slmtd Fen? Ihs(nc(. m :,aid To',x~l. tn(crest on tins Note accortinlg to its terms. It is hereb', certific~l m~d recited that all conditions, acts and things r~qmred hy the issuance or'this Note. exist, have happened and have been pcrfi)nncd, and that this Note. together v,,,th all other indebtedness IN WIINESS WHEREOF. the To',', n of Sou(hold ha4 ~_atts~tl tin~, Note to bc executed ltl ~ts name bt its Supervisor. and its corporate seal (or a hcsinulc thereof) to hc affixed, m0mntcd or othetx,dsc reproduced hcretm ami atlcstcd hv ~t~- To,.,,n Clerk and Otis Note to be da(cd a:, of the 12th tiny or September, 21)113 TOWN OF SOUTHOLD (SEAL) ATTEST: -- ~- Tov, n £'l~r~ { .AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK ) COUNTY OF SUFFOLK ) Elizabeth A. Neville., being duly sworn upon 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 Supe~,isor on the 10t~ day of June, 2004, 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 poxvers 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 hereo£ Subscribed and sworn to before me this 10th day of June, 2004. Notary Public, State of New York -- -~/ ' Tc~wn Cl~rk [INF. LINDA J. COOPER Notary Public, Stme of New Ye~k No. 4~22563, Suffolk County_ ~.~,~ .c T~ ~re~ D~nd~r 31, 1~--~-~ 452479.1 019513 CERT SCHEDULE A I , 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. 4524791019513CERT CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELI'vERY 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 "To(vn", HEREBY CERTIFY that on or before June 10, 2004, we officially signed and properly executed by manual signatures the $1,000,000 Bond Anticipation Note for Fishers Island Ferrv District- 2004, payable to bearer (the "Note") 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 Town authorized to execute the Note and holding the respective offices indicated by the titles set opposite our signatures hereto for term 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 the Note or the levy or collection of any taxes to pay the interest on or principal of the Note, or in any manner questioning the authority or proceedings for the issuance of the Note or for the levy or collection of said taxes, or relating to the 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 the Note 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 the Note 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 June 10, 2004, I delivered or caused the delivery of the Note 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 for said Note, computed as follows: Price ................................................................................. $1,000,000.00 Interest on said Note accrued to the date of such delivery ........................................................... 0- Amount Received ............................................................. $1,000,000.00 (SEAL) 452479.1 019513 CERT IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this l0th dab' of June, 2004. nature Term of Office Expires -- December 31, 2005 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 respective o~m~.s~et opposite their signatures ,q,. ~ (S~re, ' ' (~t'e, ~ (Na~ of Bank, 452479. I 019513 CERT ATTORNEY'S CERTIFICATE I, Patricia A Finnegan, HEREBY CERTIFY that I am a licensed attorney at law of the State of New York, haying 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. 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 the Note, or in any manner questioning the authority'or proceedings for the issuance of the Note or for the levy or collection of said taxes, or relating to the 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 the Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, I have hereunto set my hand this 10m day of June, 2004t~f.~ ~fi~/~ · T~,~ Atto~.~ 452479.1 019513 CERT Amount and Title: Dated: Mature: Numbers (_inclusive) 3 SCHEDULE A $1,000,000 Bond Pmticipation Note for Fishers Island Ferry District-2004 June 10, 2004 June 10, 2005, subject to prior redemption Denominations Interest Rates (per annum) $1,000,000 1.17°./o 452479.1019513CERT 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 CERTIFY and reasonably expect with respect to the issuance of the Issuer's $1,000,000 Bond Anticipation Note for Fishers Island Ferry District- 2004, authorized in anticipation of the sale of serial bonds pursuant to the bond resolution referred to iii paragraph 2.1 of this Certificate (hereinafter referred to as the "Note"), dated June 10, 2004, and maturing on June 10, 2005, 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 Note 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 Note 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 Note. The provisions of this certificate constitute a contractual obligation of the Issuer in consideration for the purchase of and payment for the Note by the purchaser(s) thereo£ 1.3. Reasonable Expectations. This certificate sets forth the facts, estimates and circumstances now 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 Note 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. 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 Note. 452479.1 019513 CERT 1.5 No Federal Guarantee. The Issuer represents and covenants that, except for the gross proceeds of the Note which are: (a) invested during the temporary period referred to in .~ticle III, (b) held in any refunding escrow or (c) invested in obligations of the United States Treasury or in obligations issued pursuant to Section 2lB(d)(3) of the Federal Home Loan Bank Act, as amended by Section 5Il(a) of the Financial Institutions Reform, Recoverv and Enforcement Act of 1989, or any successor provision to Section 2lB(d)(3) of the Federal ~Iome Loan Bank Act, as amended: (i) No portion of the payment of principal or interest with respect to the Note 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 Note 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 Note shah be excluded from gross income of the owners 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 Note is 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, as amended on October 21, 2003 (the "Resolution"), as referred to in the Certificate of Determination executed by the Supervisor on June 10, 2004. 452479. I 019513 CERT (b) For purposes of this Article II tbe term "proceeds" means the net amount (after payment of all costs and expenses associated with issuing the Note) received by the Issuer from the sale of the Note, excluding accrued interest. 2.2. Purpose of Issue. The Note is 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 Note will be used to provide additional funds for the 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 Note. 2.5. Private Loans. Not more than the lesser of 5 percent or $5,000,000 of the proceeds of the Note 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 Note 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 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 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 will 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 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, 452479.1 019513 CERT 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 renewal 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 t~vo 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 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 452479.1 019513 CERT 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 unde~,riting costs associated with issuance will be paid ~vithin 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 ora nongovernmental output facility. ARTICLE III Arbitrage/Rebate Exemption 3.1. Temporary Period. The proceeds of sale of the Note may be invested without restriction as to yield during the three-year temporary period commencing on the date hereof, because: (a) The Issuer has entered into or will enter into within six months from the date of this certificate, binding commitment(s) for the acquisition, construction or accomplishment of the Project, and the amount of such commitment(s) with respect to such Project will or do exceed the amount equal to 5% of $l,000,000, 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 the Note will be expended within three years from the date of this Certificate. No more than 50 percent of the proceeds of the bonds will be invested in nonpurpose investments with a term of four years or more. 3.2 Rebate. The Note is not subject to the rebate requirement imposed by Section 148 of the Code because: (i) the Issuer is a governmental unit with general taxing powers; (ii) the Note does not constitute a "private activity 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 Note is to be used for local governmental activities of the Issuer; and 452479 I 019513 CERT (iv) the Issuer (including alt agencies, instrumentalities and political subdivisions of the Issuer) reasonably expects that the aggregate face amount of all tax-exempt bonds issued by the Issuer during the current calendar year will not exceed $5,000,000. For purposes of such determination, no tax-exempt obligation shall be taken into account if it is a current refunding obligation issued in the calendar year in which the Note is being issued which does not exceed the outstanding principal amount of the obligation to be refunded. 3 3 No Excess Proceeds. The total proceeds of sale of all bond anticipation note issued to date for the Project do not exceed the total cost of the Project. 3.4 Source of Repayment Funds. The Note will be paid from taxes and the proceeds of other obligations of the Issuer issued to fund the Note. 3.5 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 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 xvhich 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 for the immediately preceding year. 3.6 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 Note. ARTICLE [I Bank Qualification 4.1 Designation. The Note is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. In making such designation it has been determined that: 452479.1 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 .,,'ear 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 l0th day of June, 2004 (SEAL) Supervisor 452479.1 019513 CERT CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM .~M'XlD CONTENTS OF THE $1,000,000 BOND ANTICIPATION NOTE FOR F1SHERS ISLAND FERRY DISTRICT-2004 OF THE TOWN OF SOUTHOLD, NEW YORK. I, Joshua Y. Horton, Supe~,isor of the To~vn 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 paragraph I 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 $1,000,000 shall be issued 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 31,2001, and amended October 21, 2003 appropriating the amount of $10, 500,000, 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 which such grants are not available," 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: $1,000,000 Bond Anticipation Note for Fishers Island Ferry District-2004 Dated: June 10, 2004 Mature: June 10, 2005, subject to prior redemption Interest Rate (per annum) 1.17% Form of Note: Number Denomination (inclusive) 3 $1,000,000 Substantially in accordance with form prescribed by Schedule B, 2 of the Local Finance Law of the State of New York. 452479 I 019513 CERT 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 paragraph 1, 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 Note, including the Note, will be $4,000,000. 6 The serial bonds authorized pursuant to the resolution referred to in paragraph 1, hereof, are for improvements which are assessable. 7. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to Bridgehampton National Bank, Southold, New York, for the purchase price of $1,000,000, 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 8. The Note shall be executed in the name of the Town by the manual signature of its Supervisor and the corporate seal of the Town will be affixed, imprinted, impressed or otherwise reproduced thereon and attested by its Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties de[egated 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 IOth day of June, 2004~ __ ~ Supervisor 452479.1 019513 CERT C ERK 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 10th day of June, 2004, 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 WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 10th day of June, 2004 (SEAL) T~w~ Clerk 452479. I 019513 CERT EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York October 21, 2003 A regular meeting of the Town Board of the Toxvn of Southold, in the County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, in said Toxvn, on October 21, 2003. There were present: Board Members: There were absent: Also present: Hon. Joshua Y. Horton, Supervisor; and Louisa P. Evans, Justice Thomas H. Wickham, Councilperson Craig A. Richter, Councilperson William D. Moore, Councilperson John M Romanelli, Councilperson None Elizabeth A. Neville, Town Clerk Gregory Yakaboski, Town Attorney Councilman William D. Moore offered the following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JULY 31, 2001 AND AMENDED OCTOBER 21, 2003, APPROPRIATING THE AMOUNT OF $10,500,000, 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 SAg) 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 WHICH SUCH GRANTS ARE NOT AVAILABLE. 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 21st Century) of the United States, in addition to the amount heretofore approved; up to $5,500,000 expected to be received from the United States Department of Transportation; up to $3,000,000 expected to be received from the Federal Highway Administration ("FHWA"), the United States Department of Homeland Security, and/or HUD for urban renexval 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, pursuant to the applicable provisions of the Local Finance Law, the aggregate principal amount xvhich 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 continued, the Town Board has determined, pursuant to the Resolution and Order After Public Hearing duly adopted on July 31, 2001, 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 Attomey 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, the estimated maximum cost of the Project was originally determined by the Board of Conunissioners to be $8,000,000, but as a result of increased costs of labor and materials and other related costs, the Board of Commissioners has determined that the estimated maximum cost of the Project is now $10,500,000, and it is in the best interests of the District to increase the total amount authorized to be expended for the Project by $2,500,000, from the original estimated maximum cost of $8,000,000 to the revised estimated maximum cost of $10,500,000; and WHEREAS, the proposed increase in the estimated maximum cost of the Project is to be funded from additional grant proceeds received or to be received from the FHWA and the United States Department of Homeland Security; and WHEREAS, pursuant to a Petition of the Board of Commissioners and an Order adopted by the Town Board on September 23, 2003, a public hearing was held by the Town Board on October 7, 2003 to consider the proposed increase in the estimated maximum cost from $8,000,000 to $10,500,000; and WHEREAS, following such public hearing, the Town Board adopted a Resolution and Order After Public Hearing dated October 7, 2003, which authorized the increase in the estimated maximum cost of the Project; and WHEREAS, it is noxv necessary to amend the bond resolution heretofore adopted on July 31, 2001 to reflect the increase in the estimated maximum cost of the Project; 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, 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 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 san~e with the Town Clerk; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N 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 Toxvn hereby appropriates and authorizes the expenditure of $10,500,000, including the amount of $1,090,000 from the TEA-2I Progam (Transportation Equity Act for the 21st Century) of the United States, in addition to the amount heretofore approved; up to $5,500,000 expected to be received fi-om the United States Department of Transportation; up to $3,000,000 expected to be received from the FHWA, the United States Department of Homeland Security, and/or HUD for urban renewal purposes; and up to $2,000,000 expected to be received fi-om 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 Toxvn 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 31, 200l, by Docko, Inc., licensed engineers, as amended, on file in the office of the District and the office of the Clerk of the Town, as well as original furnishings, equipment, machinery and apparatus required for the purposes for which said building and temfinal 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 $10,500,000 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 folloxving additional matters are hereby detemfined 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. (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 confornfity 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 Laxv 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 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 anticipation 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 ~vhich 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 and the Town Clerk is hereby directed to publish a summary of the foregoing bond resolution, in full, in "THE TRAVELER WATCHMAN," a newspaper published in the Town of Southold, New York, and having a general cimulation in said Town, which newspaper is hereby designated as the official newspaper of the Toxvn 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. The adoption of the foregoing resolution xvas seconded by Justice Louisa P. Evans and duly put to a vote on roll call, which resulted as follows: AYES: Hon. Joshua Y. Horton, Supervisor; and Louisa P. Evans, Justice Thomas H. Wickham, Councilperson Craig A. Richter, Councilperson William D. Moore, Councilperson John M Romanelli, Councilperson NOES: The resolution was declared adopted. CERT~ICATE I, ELIZABETH A. NEVILLE, Tosvn Clerk of the Town of Southold, in the County of Suffolk, New York, HEREBY CERTI]FY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town, duly called and held on October 21, 2003, 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 WITNESSWHEREOF, I have hereunto set my hand and affixed the corporate seal of said Tmvn thise~t~lay of October, 2003. (SEAL) To~vn Clerk TOWN CLERK COPY EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, itl the County of Suffolk, New York October 7, 2003 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at tile Town Hall, 53095 Main Road, Southold, New York, in said Town, on October 7, 2003. There were present: Board Members: There were absent: Also present: Hon. Joshua Y. Horton, Supen'isor; and Louisa P. Evans, Justice Thomas H. Wickham, Councilpersou Craig A. Richter, Councilperson William D. Moore, Councilperson John M Romanelli, Councilperson Nolle Elizabeth A. Neville, Town Clerk Gregory Yakaboski, Town Attorney The Supervisor stated that a public hearing had been called for this meeting at the Town Hall, 53095 Main Road, Southold, New York, at 8:05 o'clock P.M. (Prevailiug Time) for the purpose of considering ttle increase and improvement of facilities of the Fishers Island Ferry District, in the Town of Soutbold, described as the construction ora new and expanded fenB, r terminal, on tile land heretofore acquired and now owned by the Town of Southold for FerO' District purposes, being tile site of the existing ten3, terminal, in the City of New London, Connecticut, including bulkheading, placement of fill, construction ora new ticketing and administration building, installation of utilities, concrete vaults for two underground storage tmtks for Fuel and waste oil, a perimeter drainage system, parking areas for vehicles, a wider easement for ingress and %q'ess and tile necessmy facilities and appurtenances thereto, the resulting terminal area, including said building, to be approxinlately double the size of the existing terminal, and to bear all persons interested in the subject thereof concerning the same and t~or such other action on the pat~ of the Town Board '`'` itt relation thereto as may be required bylaw. The Supervisor stated that the hearing in the matter ,,','as now open and asked if there '`'`ere any interested persons present who desired to be heard. The ~blloaing persons appeared in favor of said increase and improvement of facilities of the Fishcrs Island Fen'v District: A Public Information hearing was held on Fishers Island on September 27, 2003 at which 50 residence were present ~vith questions. Minutes of same attached. The following persons appeared in opposition to said increase and improvement of facilities of the Fishers Island FerO, District: NONE The Town Clerk reported that the tbllowing pertinent conununications bad been received: NONE The Town Clerk then read such conununications, 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 Justice Louisa P. Evans, duly seconded by John M. Romanelli, the following Resolution and Order After Public Heating was duly declared adopted on the following roll call vote: AYES: Hon. Joshua Y. Horton, Supervisor; and Louisa P. Evans, Justice Thomas H. Wickhmn, Councilperson · - Craig A. Richter, Councilperson William D. Moore, Councilperson John M Romanelli, Councilperson NOES: None CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the To~xn of Southold, m tile County of Suflblk, State of Nex~ 'Fork, HEREBY CERILFY that the foregoing annexed extract from tile ~ninutes of a meeting of the Town Board of said Toxx n o f Soutbold duly called and held on October 7, 2003, has been compared by me with the original minutes as officially recorded in my office in tile 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, (SEAL) I have hereunto set my hand and affixed the corporate seal of,~ Town this 7th day of October. 2003. ' }o,vn CTk PRESENF: A regular meeting of thc ~i o~x n Board of the Town of Southold, in the CounLv of Suftblk, New York, was held at the Town Hall. 53095 Maio Road. Southold. Nc,.,.' York, on the 7th da.',' of October. 2003. Joshua Y. Ho~ton, SupetMsor Louisa P. Evans, Justice Thomas H. Wickham, Councilperson Craig A. Richter, Councilperson William D. Moore, Couocilperson Jolm M Romanelli, Councilperson In tile Matter of the Tile proposed increase in the estimated maximum cost of the construction ora new and expanded felT3.' terminal for the Fishers Island Fen3' District RESOLUTION AND ORDER AFTER PUBLIC HEARING WHEREAS, the Board of Commissioners of the Fishers Island Ferry District (the "Board" and the "District", respectively), in the Town of Southold (the "Town"), Suffolk County, New York, pursuant to the resolution adopted and subscribed by each of the members of the Board present at the meeting of the Board held on September 16, 2003, together with the petition m due form, duly submitted to the Town Board (the "Town Board") of the Town, has requested that the Town Board call a public hearing to hear all persons interested in the subject thereof, being the proposed increase in the estimated maximum cost of the construction of a new and expanded fen3' terminal on the land heretofore acquired and now owned by the District, being the site of the existing ferry terminal in the City of New London, Connecticut, including bulkheadmg, placement of till. construction of a new ticketing and administration building, installation of utilities, concrete vaults tbr two underground storage tanks 1'or Ihel and waste oil, a perimeter drainage system, parking areas t'or vehicles, a wider easement for ingress and egress and the necessary, t'acilities and appurtenances thereto, the resulting terminal area, including said building to be approxi~nately double the size of the existing terminal all as more fully described in the "Preliminary Engineering Report", dated May 31, 2001, prepared by Docko, Inc., licensed engineers, and the addendum thereto dated September 19, 2003 prepared by the District, showing the revised costs, 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 [br the purposes for which snch building and terminal are to be used (herein called the "Project"); and WHEREAS, the estimated maximum cost of the Project was originally determined by the Board of Commissioners to be $8,000,000, including the amount of $1,250,000 from the Transportation Equity .Act for the 21~t Century of the United States of America (the "TEA-21 Program"), $3,000,000 expected to be received from the United States Department of Transportation, $3,000,000 expected to be received from the Federal Highway Administration (the "FHWA") and the aggregate amount of $2,000,000 expected to be received from the State of New York; and WHEREAS, as a result of increased costs of labor and lnaterials and other related costs, the Board of Comtnissioners has determiued that the estimated maximum cost of the Project is now $10,500,000, and it is in the best interests of the District to increase the total amount authorized to be expended for the Project by $2,500,000, from the original estimated maximum cost of $8,000,000 to the revised estimated maximum cost of $10,500,000; and 433497.1 019513 RES ~FFlEREAS, the proposed increase m the estimated maximmn cost of tile Project is to be funded from additional grant proceeds received or to be recei~'ed fi'om the FHWA and tile United States Department of Homeland Security, and WHEREAS, the principal amount ol:'Town obligations originally attthorized to be issued to finance a part of the Project is limited to an amount not to exceed $4,800,000 at any one time, and such amount is not to be changed as a result of the proposed increase in the estimated maximum cost of the Project; and WHEREAS, the Town Board has proceeded with all procedures requisite to ensuring that the Project will have no significant adverse impact upon the environment and permits for construction of the Project have been applied for and obtained from all known necessary agencies, including the Connecticut Department of Environmental Protection, the U.S. Army Corps. of Engineers and said City of New London and copies of such permits are available for inspection in the office of the Secretary of said Board of Commissioners, and in the office of the Toxvn Clerk of Southold; and WHEREAS, the Town Board in the role of Lead Agency, has undertaken the requisite proceedings pursuant to the New York State Environmental Quality Review Act ("SEQ}L,~") and has determined that the Project is an Unlisted Action thereunder having no significant adverse impact upon the environment and, further, has determined to issue a Negative Declaration and filed same with the Town Clerk; and YVHEKEAS, pursuant to the Order Calling Public Hearing adopted September 23, 2003, a public hearing to consider the proposed increase in the estimated maximum cost of the Project was duly held by the Town Board on this 7th day of October, 2003 and considerable 433497.1 019513RE8 discussion on tile matter }las been had and all persons desiring to be heard haxe been heard concerning the subject matter thereot: including those in favor of and those in opposition to the Project and the financing thereoh NOW, THEREFORE, itl consideration oftbe information given at such hearing, it is hereby DETERMINED, that it is in the public interest to increase the estimated maximum cost of the Project, as bereinabove described and referred to, from $8,000,000 to $10,500,000, with such increased cost to be paid fi-om additional grant proceeds received or to be received from the FHWA and the United States Department of Homeland Security: and it is hereby ORDERED, that the estimated maximum cost of the Project shall be so increased from $8,000,000 to $10,500,000 and the facilities of the District shall be so increased and improved at the estimated maximum cost of $10,500,000 and financed by the issuance of not to exceed $4,800.000 obligations of the Town and the expenditure of grant proceeds as described herein and, further, that the Engineer heretofore retained by the Board of Commissioners shall prepare revised 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 increased 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 the obligations authorized to be issued, 433497 I 019513 RES shall be assessed, levied and collected bv the 'Fown Board from the several lots and parcels of land within the District itt tile sante manner and at tile sante time as other '['ox~n cbarges, but if not paid from such source, all the taxable property within 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 hereo£ DATED; October 7, 2003 (SEAL) TOWN BOARD OF THE TOWN OF SOUTHOLD of the m'n Board of the of Southold, Nexv York 433497 I 010513 RES CERTIFICATE I, ELIZABETH A NEVILLE, Town Clerk of the Town of Southold, in the County of Sutlblk, New York, DO HEREBY CERTIFY that [ have compared the preceding Resolution and Order After Public Healing with the original thereof filed in my office on the 7th day of October, 2003 and the same is a true and correct copy of said original and of the whole thereof 1N WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 7th day of October 2003. -- ~,,r-- lr~wn Clerk - 433407 I 019513 RE.S ELIZABETH A. NEVILLE TOWN CLERK REGISTiC&R OF VITAL STATISTICS NLMqR L~GE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORSL4.TION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax t63D 765-6145 Telephone (631) 765-1800 sout holdtown.nort hforknet OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD October 9, 2003 Honorable Edward P. Romaine Suftblk County Clerk 310 Center Drive Riverhead, New York 11901 Dear Mr. Romaine: Enclosed please find the Extract of Minutes of the Public Hearing and Resolution and Order on the Fishers Island Ferry District Increase of the Bond Anticipation for the Improvement of the fen3' terminal at New London, Connecticut, held on October 7, 2003 suitable for filing in your office. Thank you. Enclosures cc: Town Attorney Fishers Island Ferry District Hawkins, Delafield & Wood Sincerely, Elizabeth A. Neville Southold Town Clerk