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HomeMy WebLinkAboutTB-03/12/1968 MEETING OF MARCH 12, 1968 45 The Southold Town Board met at the office of Superv~or Lester M. Albertson, 16 South Street,'G~eenport) New York, with the f~llowing present: Supervisor Albertson; Councilmen-De~a'reSt .and ~aleb~ihe; Justices~Clark and Suter; Town Attorney T&ske~; Supt. of Highways Dean and Town Cle~k'Ri~hmond-; Moved'by Justic~ Clark; seconded by-CoUnCilman Valentine; RESOLVED~ That the next meeting of the Town Board will he"held'at the office of SuperVisO~ Lester'M. Albertson, 16 'SOuth Street, Greenport, N.Y. on Tuesday, March 26, 1968, at 3:00 P.M. Vote of Town Board: Ayes-Supervigo~ Albertson; Co~no~imen Demarest and Valent~ne; Justices Clark and Suter. 'Moved'by Jgstice Sute~; seconded by JuStice Clark; RESOLVED: That the minutes of the meeting Of February 3~27, 1968, be and they hereby are ~pproved. Vote 'of Town Board:'Ayes-Supervisor AlbertSon;~ Councilmen Demarest and Valentine; Justices Clark and Suter. Moved by. Councilman Valentine; seconded by Justice Suter'; RESOLVED~ That the reports of Supervisor Albertson, Building Inspector Howard~Terry, Police and Town Clerk Richmond ~or the month of February, 196~, be accepted by the Town Board and placed on file. Vote ~f~Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and Valentine; Justices Clark and Suter. Moved by Councilman Valentine; seconded by Councilman Demarest; RESOLVED: That $200.00 be allowed for uniforms for the'detectives on the S~uthold Poli~e Force. Vote Of'Town Board: Ayes-Supervisor Albertson; ~ounczlmen Demarest and Valen~ine;~Ju~tiCes Clark and Suter. ~ MARY-'S ROAD, Mattituck, N.Y. is hereby orderd a Town Highway by User. The sai~ O~der establishing said Highway has been filed in the office of the Town Clerk, Southold, New York.- At 3:30 P.MI in accordance with the notice published accordingZto law, bids were opened for proposals for furnishing the Town of Southold Suffolk County, New York, electriCal energy and the installation'and maintenance of lighting units and auxiliary equipment Tor lighting of' public p~zee~s, parking lots and other public places'in the Town of S0uthold. Only two~ (2) bids were submitted as follows: 1.) Welsback CorpOration ............ $52,163.15 2.) Broadway Maintenance ............ 43,395.17 Complete bids are filed with the Supervisor to be studied by the Town Board. Moved by Justice ~uter; seconded by Councilman Valentine; RESOLVED: That the Superintendent of Highways of the Town of Southotd be huthorizsd ~o advertise for bids and to purchase from the lowest res- ponsiblg.bidder one (1) new Galion Pneumatic Tire Roller, or equal. Vote of-Town Board: Ayes-Supervzsor AlbertsOn; CounciSmen Demarest and Valentine; Justices Clark and SUter. Moved by Councilman-ValentinS; seconded by Justice Clarki RESOLVED: That Supervisor Lester M. Albertson be and he hereby is author- ized to sign the necessary papers for An ACT $S105 Assembly Bill $A162 to amend the highway law in relation to limitation of expenditures for highWay machinery in certain towns. Vote of Town Board: Ayes-Sdpervisor Atbertson; Councilmen Demarest and Valen'~ine; Justices-~a~ and Suter. Moved by Councilman'Valentine; seconded by Justice Suter; WHEREAS, Fred Adler has applied to the- Town Board for a singl~ tra~ler permit dated M~rch 9, 1968, NOW, THEREFORE, BE IT RESOLVED: That the applica%iCn of Fred Adler to locate a single trailer in Cedar'Beach Park be and the same is hereby DENIED. Vote of Town Board:' Ayes-Supervisor Albertson;-Councilmen Dema~est and Valentine; Justices Clark and Su'ter. Moved by Justice Suter; seconded by Councilman Valentine; BOND RESOLUTION OF THE TOWN DF SOUTHOLD, NEW YORK, ADOPTED MARCH 12, 1968,,AUTHORIZING THE ACQUISITION OF CERTAIN LAND ON THE NORTHERLY SIDE OF MAIN ROAD, IN PECONiC~ IN SAID TOWN, FOR TOWN.PURPOgES, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $17,500, APPROP- RIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANC~ OF $17,500 SERIAL BONDS TO FINANCE SAID APPROPRIATION~ THE TOWN BOARD OF THE TOWN OF Sou~HOLD, iN THE COUNTY OF SUFFOLK~ NEW YORK, HERE~Y RESOLVEDS'(b~ ~he favorable vote of not less than two-thirds of all the members of said Board) AS FOLLOWS: Section 1 The Town of Southold (herein called ~ v in the County of Suffolk, New York, is hereby authcr ized to acqGire by purchase, condemnation'or otherwise~-the'certain piece Or parcel~of land on the northerly side of Main Road, bounded on the north by land of iDobek, on the ea~ by land of'the Tow~ of S°uthOld~&nd~land 'of S~e~nemahn the west by land of Gadomski, in Peconic, in the Town, for Town purposes, said piece or parcel of land containing 5.851 acres, more or less, and being more particularly described by metes and bounds as follows: BEGINNING at a concrete m~numen% se~'0n the nSrtherl~ side of Main Road at the southeasterly corner-of land now or formerly of ~Ga~omski and the southwesterly corner of the premises herein described; running t~ence along said land of Gadomski North 33 degrees 31 minutes 20 seconds West 1020.00 feet to a locust post and land now or formerly of Dobek; thence along land last mentioned North 46 degrees 42 minutes 20 seconds Eas% 267.15 feet to a concrete monument and~[afid'of ~he Town of Southold; t~ence:along'lan~ 1~st mentioned Sou~h 33 ~egre~s 3i '~i~%~§ 20 seconds East 822.85 fe~t to a concrete.monument and land now or former- ly of sternema~n; thence along la~d last men%io~e~'~wo'C0G~ses: ~s follows, to wit: (1) South 48 degrees $0 minutes 00 sec0nd~ Wes~ ~00~00 f~et}.~hence (2) South 36 degrees 53 minutes 00 seconds East 205.00 fe~t to.s$id north- erly side Of Main Road; thence aion~"said ~0r%h&~ly:slde' O~ M~in. Road ~outh 48 degrees 40 minutes 00 seconds We~t 177.84-~feet to a concrete monument and the point or place of beginning. The estimated maximum cost of said specificLobject or purpose, including preliminary costs of surveys, maps, plans, estimates and hearings an~ costs incidentai thereto and the financing thereof, is $17,500 and theLsaid" amount is hereby appropriated therefor. The p&~n of financing includes the issuanc& of~ $17,500 serial bonds %o.~finance said a~propriation,land'the levy and collection of taxes on all the taxable real property in-the Town to pay the principai-of said bonds'a~d the interest ~ereon as t~e sa~ shall become due and payable. Section 2. serial bonds i~ the principal amount Of $17,500 to finance said appropriation are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "LAW").. ' Section 3. The followin9 additional matters a~e hereby determined and declar~: ~ (a) The period of probable usefulmess of acquiring said land, being the specific object or purpose for which said $17,5000serial bonds authorized pursuant to this'resolution are to be issued, withinz~ the limitations of Section 11.00 a. 21 of the Law, is thirty (30) years, but the maturity of said bonds shall not ex~ceed fifteen (15) years. (b}' Current f~nds a~e not ~'eq~ired to be pr0vld~ prior to the issuance of the serial bonds authcr ized by this resolution, or any bond anticipation notes in anticipation of the sale of ~uch bonds, pur- suant~ to the provzs&ons of Section ~107..00 d. 4. of the Law. (c) The ~aturity of the bonds authorized pursuant to this resolution will exceed five (5) years. Section 4. Each of the bonds authorized pursuant to this resolUtion and any bond anticipation nOtes zss~d in anticipation of said bonds, shall-contain the recital of validiy presc~ibed~b~~-~2.~0 of the Law and said bonds and any notes issued~zn anticipation Of said bonds, shall' be' general- ~'~ obligations '~f t~e'Town, payable" as''~o~both~'~prln~lpal~" '~ and interest by a ~eneral tax upon all the taxable r'eal property within 'the Town without fim~bation Of ~ate or amount[ The faith and credit of~ the Town are hmreby irrevocably pledged to the punctual payment of the p~-incipal of and interest on said bonds and provision shall be made annually in the budget of the ~Town by appropriation for ~a)the amortization and re- demption of the bonds 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 S. 30.00 relative to the authorization of the issuance of bond anticiPation notes and of S. 50.00 and SS. 56.00 to 60.00 of the ~N, the powers and duties of the Town Board relative to prescribing the terms, form and contents and as to the sale and issuance of said bonds and ~y notes issued in antici- pa~tion of said bonds, or .the renewals thereof, are hereby delegated to the Supervisor, the chief' fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution end of any notes issued in anticipation of said bonds, may be contested only if: ~_ . (ay 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 publication of such resolution, are not sub- ~taqtially complied with, and an action, suit or pro- ceeding contesting such validity, is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the pro- visions of the constitution. section 7. The bond resolution of the Town, duly adopted December 26~, 1967, entitled: "Bond Resolution of the Town of Southold, New York, adopted December 26, 1967, authorizing (1) (A) acquisition of certain land situ- ate.on the northerly side of Main Road, at Peconic, in said Town, as the site ..... of a police headquarters building, at an estimated maximum cost of $6,000 (B) appropriation of said ~munt therefor, and (C) issuance of $6,000 serial bonds to finance said appropriation, (2) (A) acquisition of the ~xisting building on said site for use as such police headquarters, at an estimated maximum cost of $18,000, (B) appropriating said amount therefor, and (C) issuance of $18,000 serial bonds to finance said approp- riation, and, (3) (A) reconstruction, in part, of said building, at a~ estimated maximum cost of $6,000, (B) appropriation of said mmount there- for, including $300 current funds to provide the down payment and (C) issuance.of $5,700 serial, bonds to finance the balance of said appropri- at±on, and stating the estimated total cost of acquiring said land and .building and reconstructing isaid building is $30,000," is hereby repealed, rescinded and~revoked. ~. Section 8. This resolution shall take effect thirty (3'0) days after its 'adoption, unless within thirty (30) days after its adoption there shall be fiAed with the Town Clerk, in accordance with Article 7 of the Town Law, a petition signed and acknowledged byielectors Of the Town of~ the number required by.law, ~qualified to vote upon a proposition to rais~ and expend money, protesting against this resolution and request- ing that it be submitted to the.electors of the Town for their approval or disapproval, in which case this resolution shall ~ake effect when approved.by the affirmative ~vote of a majority of the qualified electors of the ~own, voting upon a PrOposition for its ~approval ~t a referendum ~held in~-accordance with the Town Law. Vote 'of Town[ ~oard: Ayes-Supervisor Albertson; Councilmen Demarest and Valentine; Justices Clark and Suter. RE~SO~VED BY THE TOWN BOARD'OF ~THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS: Section 1. The ~Town Cl~k of the Town of Southold, in the County of S~folk, New Y6rk,- sh~l~, within-t~n (10) days after,he adoption of the bond resolution ~eferred to in the form of Notice hereinafter s~t forth in Section 3 her.eof, cause to be published at least once in "The L.I. TRKVELER-MA'TTI~TUCK WATCHNL~N'!, a newspaper published in Southold,. New Yor~, ha,ring a general circulation ~ithin said To%rn and hereby desig- nated a~ the o~ficial newspaper of said~To~n, ~and ~o be posted on the sign.board maintained pursuant to subdivision 6 of Section 30 of the Town Law, ~a ~otice Which shall set forth ~he date of adoption of said foregoing resOiution-and-contain an abstrac%'~thereof concisely stating its purpose ~nd effect.~ ~ Section 2. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be pub- lished, in full, in the newspaper~he~einab~ve referred to in Section 1 here- of, and hereby designated the official newspaper for said publication, to- gether with a notice in substantially the form as provided by Section 81.00 of the Local~ E&l~ance Law, constituting'Chapter 33~a of-the Consolidated Laws of the ~State of New York, unless a valid petition shall have been filed in accordance with Article ~V of the Town Law protesting against said bond resolution and requesting it be submitted to the electors for their approval or disapproval. Section 3. The Notice referred to in Section 1 hereof shall be in substantially the following form: TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK PLEASE TAKE NOTICE that on March' 12, 1968, the Town Board-of the-Town of Southold, in the County of Suffolk, New York, adopted a~bond resolution entitled: "Bond Resolution of the Town'of Southold, New York, adopted-MarCh 12, 1968, authorizing the acquisition of certain land on the northerly side of Main Road, in-Peconic, in said Town, for town purposes, stating ~he estimated maximum cost thereof is $17,500, appropriating said amount therefor and authorizing the issuance of $17,500 serial bonds to finance said appropriation," an abstract of which resolution concisely stating the purpose and effect thereof, is as f~llows: FIRST: AUTHORIZING the Town of Southold (~ToWn"), to acquire by purchase, condemnation or otherwise, the certain land on the northerly side of Main Road, bounded on ~the north-by land of~ Debek, on the east by land of-the Town and land of Sternemann a~d on th~.~-west--by~ land of Gadomski, in Peconic, in the Town, for Town purposes:~DESCRIB~N6! ~ said land by met~ and bounds; STATING the estzmated max~mum'c~s~ there~®f is $17,5~0; APPROPRI~TTNG said amount therefor;[.and STATING the plan o~ fi~ancin~ includes the issuance of $!7,500 serial bonds to-finance said appropriation and the levy and collection of taxes on'a!l~-~he-~xable :real Proper~y in the Town to pay the principal of said'bonds'a~d'the~ interest thereon as the same shall become due~and payable. SECOND: 'AUTHORIZING the ~ssuance of $17[;500©seriat bonds~ to finance said appropriation; ~ ' T~IRD: DETERMINING ~hat~(~) ~he period of pr0bab~e usefulness of acquiring said land is 30 years, but the maturity-of~ ~aid bonds shall not exceed fifteen ~15) years? :(b)~current'fUn'ds ~re~n~t're- quire~ to be provided prior to~ the 'issuance~0f'such bonds or any~tes in'a~ticipa~ion thereof; and (c) the maturity-"of~ said serial, bonds will exceed five (5)'years; FOURTH: DETERMINING~that Said bonds and any-notes-- issued in anticipation of said bonds shall be general obligations of the Town and '-PLEDGING to their payment the"faith and Credit'of'the T~wn; FIFTH: DELEGATING'-to~:the Superv~ or the powers and duties as to the issuance of said b0~S and any such notes inanticipation of said bonds or the renewals thereof; SIXTH: STATING the'~'vaiidi~y~-of the bonds authorized by the resolution or any notes in an~i:d~Pa~ion of said bonds, :m~y be con- tested only if (a) such obligations are-aUthorized for an object 'or purpose for which the Town is not authorized'-to 'eXpend 'money,- or (~)'-the pr0vis~ions of law which should be complied with' at the date of publication of-the resolution are not substantially complied with a~d an action, suit er pro- :! ceeding is commence~ Within 20 days 'after such date'of publication; or (c) such obligations are authorized in violation~'0f th~"conStitu~t~on'; SEVENTH: REPEAL~NG~ RESCINDING AND~REV©KING the Bond Resolution adopted by the To~vn Board ~n December 26, 1967' autho~i~ing the issuance of $6,Q00 serial bonds for acquisi[ion 0f~c~r.~ain~tand, $18,'000 serial bOnds'for acquisition of the bu~il~ding'thereon an~-~$~'7-00 serial bonds ~or reconstruction, in pa~t; of'said~bui~din~; 'an~ .... EIGHTH': PROVIDING that-said bond resoIu~on 'sha~["take effect 30 days after its adoption unless within- 30-'days a~%~s~ad6ption petition for its submission to the electors shall be file~, in~¢erdance with law, protesting against-the resolution and requesting~-it:~e', submit%ed to the electors for their approval or disapproval. Dated: .March.12, 1968. BY ORDER OF THE TOWN BOARD OF THE TOWN OF SOUTHOLD, NEW YORK. ' Albert W. Richmond, Town Clerk Moved by Councilman Valentine; seconded by Justice Surer; 4~ WHEREAS, Southold Legion G.T.G. Post ~803, Southold, N.Y. applied to the Town Clerk for a Bingo License, and WHEREAS, the TOWn 'Board ~as~eXamined the aPPlication and after investig- ation duly made findings and determinations as required by law, NOW, THEREFORE~ BE IT RESOLVED: That t~e Superviso~ be and he hereby is authorized and directed ~to execute On behal~ of the Town Board the find- ings and determinations as required by law, and it is f6rther RESOLVED: That the Town ~lerk be and he h~reby is d~redted t6"i~ue'a Bingo l~cense to the Southold ~'~rican Legion G.T.G. Post ~803, Southold. Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and Valentine; Justices Clark and Suter. Moved by Justice Clark; seconded by Councilman Demare~t; WHEREAS, Southold Legion Auxiliary G.T.G. Post ~803, Southold N.Y. applied to the Town Board for a Bingo License, and WHEREAS, th~ Town Board has examined the~appli~ation and after inveStig- ation duly made findings and determinations as required by law, NOW,~THEREFORE, BE IT RESOLVED: That the Superv~or be and he h~reby ~s authorized and directed to execute on behalf of the Town Board the find- ings and determinations as required by law, and it is further ~ESOLVED:%That the Town Clerk be and he hereby is directed t~ issue a Bingo~License to the Southold American Legion Auxiliary G.TiG. Post ~803 Southold, N.Y. Vote of Town BQard: Ayes-Supervisor Albertson; Councilmen Dema~est~ Justices ~lark and ~uter. Movedby~Councilman Dem~rest; seconded by Councilman Valentine; WHEREAS~ A PETITION was received from Russell Tabor & Sons, requesting a chanqe of zone of certain property in Orient, L.~..,N.Y. described in said petition from "A" Residential and Agriculural District to "B" Business District, NOW~ THEREFORE, BE IT RESOL~ED~: Th'at, the Town Clerk of 'the Town of Southold be and he hereby~is directed ~o transmit this application to the Planning ~BODr~ in accordance with Se~tio~ 901, S'ubdivision C of Article IX ~f the .Building Zone 0rd~nance of the Town of Southold. Vote of Town Board: Ayes-Superv~sor Albertson; C~un~ilme~ Demarest and Valentine; Justices Clark and Surer. Moved by Councilman Valentine; seconded-by Councilman Dema-rest; WHEREAS~ A pDtition was received from Anna Zanghett~ and Mario. Zanghetti requesting a change of zone of certain p~p~rty in Fishers Island, N.Y. described in said p~tition fr.om- "A" Residen~ia~ and Agriculural District to "B" ~Business District, NOW, THEREFORE, BE IT RESOLVED: That the Town Clerk of the Town of Sou~hold be and he hereby is directed to transmit this application t0 the Planning Board in accordance with Section 901, Subdivision C of krt~cl~ .IX of the Building Zone Ordinance of the Town of Southold. Vote o~ Town Board: Ayes-Superyisor Albert~qn; Councilmen Demarest and Valenti~ne; Justices Clar~ and Suter. Move d.~y Justice Clark; seconded by Justice Su~er; RESOLVED: That the. Southold Town Board approves the action of the Board of Commissioners of Fishers Island Ferry District in hiring Mr. Irving W. Miller; Accountant, to make qu~rteuly Audits at $1200 per year, appointment effective as of February 14, 1968. Vote of Town Board: Ayes-Supervisor Albertson; ounc~lmen Demarest and Valentine; Justices Clark and Suter. Moved by Justice ClarK; seconded by Justice Suter;. RESOLVED: That General Bills in the amount of $12,12~.65; Fishers Island Ferry District Bills in the amount of $~, 542.65; Lighting District ~Biils in the amount of $3,892.82 and Highwa~ Bills in the amount of $5,25~..,~1 be and the same are hereby ordered paid. Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and Valentine; Justices Clark and Suter. 5O Moved by Councilman Demarest; .seconded b~.Councilman VaLentine~ RESOLUTION OF THE TOWN OF SOUTHOLDI, NEWYO~Rt~ ADOPTED MARCH 12, lg68,~AUTHORtZING THE RE- DEMPTION, IN PART~ OF k $165,000 'BOND-ANTICZ~- PATION NOTE FOR ACQUISITION 'OF ADDITIONAL ~ FERRY BOAT-L967, 'TO THE EXTENT-OF $10~000 AND ..... ~©~x~A~ORP~ATING SATD~AMOUNT THEREFOR ~ecital ~HERE'a~, 'th% Town-0f Southotd .(Aerein called "town'!), in the County of Suffolk, New York, has heretofore duly ~Uthorized, sold and issued its $165,000 Bond Anticipation Note Per Acquis. i%~on of.Add- itional FerryBoat-1967, and it is now desirable to redeem said Not~ to the extent of $1~0,000 from a source~her than~the proceeds~of.th~bon~s in anfidipation of Which' said Note ~as been issued; now, therefore, be it - · RESOLVED BY THE TOWN BOARD OF THE-TOWN-OF SOUTHOLD, IN THE COUN~Y'~F $U~FOLK~ 'NEW YORK AS ~OLLOWS: Section 1. The $165,000 Bond Anticipation Note Eor Acquis- ition_of Additional Ferry Boat~t967-of the Town, ~hereinabove~ referred to in the Recital' of this resolution, is hereby author~ized'to he'.re- .deemed on or before March-&5, 1968 t'O the extent of-$IO,000 fr~m. funds. of the To~n°n6w a~ailable tO said purpose, said.:fu~ds being a. source other than the proceeds of the bonds in anticipation of which sa. id .~ote was issued, and the said amount'~of $t~,O00 is her~by~appropriated ,there- for. ' Section 2. This resol~.tion shall take effect immediately. Vote of Town Board: 'Ayes-Supervis0r ~Albertson;'-~ouncilmen Demar~st and Valentine; Justices ~lark and Suter~" - - - Moved by..Councilman Demarest;~seconded by-Councilman Valentine~ ~ BOND ANTICIPATION NOTE ~SOLUTION OF THE TOWN~ OF SOUTH~LD, NEW'YORK~ ADOPTED MARCH '1~, t9~8, AUTH©RI'ZINGTHE'RENEWAD~ ~IN PART~ OF:THE $1'65,000 BOND ANTICIPATION NOTE~FOR ACQUISITION OF ADDITIO~A~'-0FERRY~'BOAT=196~, BY THE-ISSUANCE OF A i~EW NOTE IN THE ~pRTNCIPAL AMOUNT OF $155,000. Recital WHEREAS~ the Town of Southold (herein called ~ c ;, in the County'of Suffolk, N~w York, has heretof~r~duly authorized,' sold a~d °i~s~ed its $t65,00'0 Bond-Anticipation Note For Acquisition of.Addit- . ional Ferry Boat-T967~and has duly authorized the redemption of .the Note to the extent of $10,000 and it is now necessary and desirable to provide for the renewal', in part, of .sa~d~.~'~~~ ~ ..~.~,~ Note by the issuance of annew note in the principal amount of $155',.000; now, therefore, be it RESOLVED BY THE TOW~ BOARD OF THE TOWN OF SOUTHOLD, IN 'THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS:- Section 1. The $165,000 Bond Anticipation .Note. For Acquis- ition of Additional Ferry Boat-1967 of the Town, dated~March 15, 1967, maturing March 15, 196~subject .to prior redemptio~ numbered R-~i, heretofore dul~ authorized,-sold and is.su-ed pursuant to .the. bond anticipation note resolu'tion du~y adopted, bY,the Town Board ~f said Town on March 7, 1967, is he~reby authorized to be renewed, in part., ~by the issuance of a new Not~ in the principal amount of $i55,000, said Note dated~March 15 1967 having been heretofore duly aut-horized to be redeemed from a source other than the proceeds of.the bonds in ~ntic- ipation of which said Note has been issued, to the extent of $10,000 alt as hereinabove r~ferred to in'the Recital h~reo~, pursuant, to the provisions of~ the Local Finance Law, constituting Chapter 33-a.of.the Consolidated Laws of the Sta%e of New York (herein called .,LAW,) The~maturity of said renewal Note herein authorized shall not be later than one year from its date, and said-Note may be further renewed pursuant to the-provis~ons of the Law. Section 2. The terms, i~form and details of.said renewal Note shall be as follows: Amount and Title: $155,000 Bond Anticipation Note For kc.~uisition of Additional Ferry Boat-1968. Dated: March 15, 1968 Matures:i March 14, 1969,'~ subject to prior redemption No., 2R~l $155,O00 Intemest.Rate: - 3.:65% per annum'~ payable at,maturity Placeof,-payment of principal and inter~st: :Supervisor's Office Greenport, New York Form of Note: Substantially ~n accordance with form prescribed b~ Schedule B, 2 Of ~the Law. :S~e,ction 3.~ Said Note is?hereb~ sold to,the SECURITY. NATIQNAL BANK .OFLONG ISL~ND,~Ri~erhead, New York, at the price of $155,~.00, to bear interest at the rate of three and si~ty-~ve hundredths per .centum (3.:65%) per annum, payable: at maturity, and the Su~rvi:sor is hereby au.thorized to deliver said Note to said pu~cha'ser 'upo~ receipt Of the p~ckase'price, plus accrued interest, if any, from the date Df~. sai~ Note to the dat~ of delivery. Section 4. Said Note shall contain the recital of Validity prescribed by S.52.00 of the Law and shall be a general obligation of the Town, payable as.'to bo~h principal an~ interest ~y a general tax upon all the taxable real :property Within the Town,, withou~ limit~ ation of rate or amount. The faith and credit of .t~e Town are hereby irrevocably pLedged,to ~the pu~ctua"l payment ~f the principal of and interest on said Note and provisions shall be made in the budget of the-Town by appropriation for the redemption of the Note to mature in such year and?for the paymen-t of interest-~o he'due in such year. Section 5. Sa~Note shall be executed in the name of the Town by its S~pervisor and th~-corporate seal of said Town shall be. affixe~theret~ and attes~ed~,by its Town CTerk. Section 6. This resolution shall take effect immediately. Vote of Town Beard: Ayes~Supe'rvisor:Alb~rtson; Councilmen Demarest and~Valentine; Justices:Clark~and S~ter. Adjournment. Albert W. Richmond town Clerk