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Home My WebLink AboutSerial BondsCHASE Ns. JUDITH T. TERRY TO~ OF SGUTHOLD OF NEM YORK TOgg CLERK P.O. BOX 728 SOUTHOLD, NEW YORK 11971 RECEIVED SIP 1 6 1997 Soufftold Town Clerb sefl 8, 1997 Dear Ns. TERRY: PLease be advised that Principal and/or Interest on the FuLLy Registered tssue(s) Listed beLo~ ~Jlt be due and payable on October 1, 1997. Total Remaining Debt: 980,000.00 Issue Name: SOUTBOLD TO~# OF NEW YORK VARIOUS PURPOSE SERIES 198~, DTD 10/1/8/, SOH Principal..: Total Due Principal..: Grand TotaL: S.00 ~,590.00 S~,590.00 To ensure the mailing of Registered Interest checks on schedule, funds must be in our possesion one business day prior to October 1, 1997. Funds should be wired to the address below: The Chase Hanbattan Bank 450 W. 33rd St., 15th FLoor New York, Ne~ York 10001 Attn: Sharon ButLer A/C 900-9-000317 ARA # 021 - 000021 ShouLd there be any questions, please contact the undersigned at (212) GLopaL Trust Ser¥~ces The Chase Manhattan Bank, N.A. 4 Chase MetroTech Center - 3rd Floor Brooklyn, New York 11245 ~. J~ITH T. TERRY TOMJ OF SOUTHOLD OF ~ Y~K TOiWIJ CLERK SOUTNOLD, NEU Y~K 11971 RECEDED SEP 2 5 1995 Soulllold Town Cler~ sap 19, 1995 Dear Ms. TERRY: Pteese be ~dvtsed that Prlncipat and/or Interest on the FuLLy Registered fssueCs) Listed betou wiLL be due and pay&bte on October 1, 1995. Total Rmmlning D~t: 1,200,000.00 Issue Name: S~UTK~LD TM OF RE~ yCXIK VARItXJS PURPOSE SERIES 198~ DTD 10/1/8~ Prir~ibet..: Interest.. ·: 5&,600.00 Total Due PrincipaL.,: Interest...: Grand TotaL: $.00 $54,600.00 S5~., 600.00 To ensure the maiLing of Registered Interest checks on schedule, funds mu~t be in our poese~ion one business day prior to October 1, 1995. Fund8 should be uired to the address betou: The Cha~e Msnhettan Bank, N.A. 4 Chaee NetroTech Center, 3rd FLoor BrookLyn, Nou York 112/r5 Attn: cindy ~hlte A/C ABA # 021 - 000021 should there be any questions, please contact the undersigned at (718) 242-3853. le~icipet lccm~t Ac~tnistration The Chase Manhattan Bank, N.A. 4 MetroTech Center, 3rd Floor Brooklyn, New York 11245 CHASE ,,. J XT. T. TERRY TO~# OF S(~UTHOLD OF REV TM CLERK P.O. ~ ~8 ~THOLO, HE~ Y~K 11971 15, 1995 Dear Ns. TERRY: PLease be advised that Principal and/or Interest on the Fully Registered issue(s) listed beto, uill be due and payable on April 1, 1995. Total R"aaSning Debt: 1,200,000.00 issue Name: SOUTHOLD TM OF NEV YO~K VARZOUS PURPOSE SERIES 19~, DTD 10/1/8~, SO# Principal..: 110,000.00 59,605.00 Total Due Principal..: Interest***: Grand Total: $110,000.00 S59,605.00 $169,605.00 To ensure the .ailing of Registered interest checks on schedule, funds eust be in our possesion one business day prior to April 1, 1995. Fmds should be wired to the address below: The Chase Hanhottan Bank, #.A. 4 chase HetroTech Center, 3rd Floor Brooklyn, #e~ York 112&5 Attn: Clndv t~ite A/C 900-9-000317 ABA # 021 - 000021 Should there be any questions, please contact the mdarsigncd at (718) 242-3853. ~er~y truly yours, .,~ _ /j , #onicipaL Account Administration The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York ~0081 4630/JF CHASE SEP 1 ? September 16, 1985 Judith T. Terry-Town Clerk Town of Southold P.O Box 728 Southold, NY 11971 Dear Ns. Terry: Interest and/or principal will be due and payable on October 1, 1985 on the below issue. To ensure the mailing of Registered Interest checks one business day prior to the payment date, these funds must be in our possession by September 30, 1985. Issue Principal Town of Southold - 0 - Various Purpose Serial Bds Interest 98,848.75 Funds should be wired to: Chase Manhattan Bank, N.A 1 New York Plaza - 14th Floor New York, N.Y 10081 Attn: Proof 53 A/C 900-9-000317 Should any questions arise, please contact me at (212) 676-0511. ~'Anna Centrone ~/Supervisor Municipal Servicing Department CHASE The Chase Manhattan Bank, N.A. 1 New ~rk P~aza New York, New ~rk 10084 4630/DP March 11, 1985 Town of Southold P.O. Box 728 Southold, NY 11971 Attn: Judith T. Terry Town Clerk REC~I~ED Town Clerk Southold Dear Ms. Terry: Interest and/or principal will be due and payable on April 1, 1985 on the below issues. To ensure the mailing of ReGistered Interest checks one business day prior to the payment date, these funds must be in our possession by March 29, 1985. Issue Principal Interest Town of Southold Various Purp. Serial Bonds dtd 10/1/84 $0 $98,848.75 Funds should be wired to: Chase Manhattan Bank, N.A. 1 New York Plaza - 14th floor New York, New York 10081 Attn: Proof 53 A/C 900-9-000317 Should any questions arise, please contact me at (212) 676-0511. Very truly yours, ~.%.~ a t r l~c i a L~.~/H i~l 1 Supervisor Municipal Servicing Department The Chase Manhattan Bank, N.A. 4 Chase MetroTech Center Brooklyn, New York 11245 CHASE 148. JUDITH T. TERRY TM OF SOUTHOLD, NY TM CLERK P.O. BOX 728 S(XJTHOLD, lIT 11971 RECEIVED MAR 1! 8 Southold Town Clerk Her 11, 199~ Dear 148. TE~RY: Please be advised thet Principal and/or Interest on the Fully Registered leslie NM: S~UTHOLD, TM OF NY VAR ~ SERIES DTD 10/1/8&, PrincLpaL. o: Interest ..,: 100,000.00 68,705.00 Total Due Principal..: Interest...: Grand Totot: $100,000.00 S68,705.00 S168,~05.00 To efl~re the .ailing of Registered Interest checks on schedule, furds must be tn evr peaeeatonmebmJneasdayprior to Aprjt 1, 1993. Funds should be sired to the address betoo: The Chase Hardlsttan Bank, NoA. &Cheasl4etroTech C.flter, 3rd FLoor Brooklyn, Bev York 11245 Atto: Sharon Butler MA# 021 - OOOO21 Should there be any questions, please cootect the undersigned et (718) 242-3836. Vgry, truly yours, , /~ pa istrotlon The Chase Manhattan Bank, N.A. 1 New York Plaza New York. New York 10081 4844/S.B. SeDtember 24, 1990 Ms. Judith T. Terry Town Clerk Town of Southold P.O. Box 728 Southold, N.Y. 11971 Dear Ms. Terry~ RECEIVED SEP 2 6 1990 Please be advised that PrinciDal and/or Interest on the Fully Reoistered issue (s) listed below will be due and Dayable on October 1,1990. Issue Principal Interest Town of Southold N.Y. Various PurDose Bds Dtd 10/1/84 -0- 77,805.00 Total Due~$77,805.00 To ensure the mailinO of Reqistered Interest Checks on schedule, funds must be in our Dossesion one business day prior to the payment date. Funds should be wired to the address below on, or before SeDtember 28, 1990. Chase Manhattan Bank N.A. One New York Plaza - 14th Floor New York, N.Y. 10081 Attn= Sharon Butler/Proof 53 A/C 900-9-000317 Should any questions arise, please contact Sharon Butler at (212) 676-2660. Very truly Fours, Sl~aron Butler/ExDed~tor The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York 10081 4844/s.B. March 19, 1990 Ms. Judith T. Terry Town Clerk Town of Southold P.O. Box 728 Southold, N.Y. 11971 RECEIVED MAR 2 6 1990 Dear Ms. Terryt Please be advised that Principal and/or Interest on the Fully Reaistered issue (s) listed below will be due and Davahle on ADril 1, 1990. Town of Southold N.Y. Various PurPose Bds Dtd 10/1/84 Principal 100,000.00 Interest 82,355.00 Total DuetS182,355.00 To ensure the mailina of Reoistered Interest Checks on schedule, funds must he in our ~ossesion one business day Drior to the payment date. Funds should be wired to the address below on, or before March 30, 1990. Chase Manhattan Bank N.A. One New York Plaza - 14th Floor Mew York, N.Y. 10081 Attn: Sharon Butler/Proof 53 A/C 900-9-000317 Should any ouestions arise, please contact Sharon Butler at (212) 676-2660. Very truly yours, Sharon Butler/Expeditor The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York 10081 ½arch 15, 1989 Ms. Judith T. Terry Town Clerk Town of Southold P.O. Box 728 Southold, N,Y. 11971 Bear MS. Terry: Please be advised that Principal and/or Interest on the Fully Registered issue (s) listed below will be due and payable on April 3, 1989. .I...s....s...u..e.. Town of Southold Various Purpose Bds Btd 10/1/84 95,000.00 86,677.50 Total Bue=$181,677.50 To ensure the lailin~ o£ Regis%ered Interest Checks on schedule, funds must be in our possesion one business day pzior to the payment date. Funds should be wired to the address below on, or before March 31, 1989, Chase Manhattan Bank N.A. One New York Plaza 14th Floor New York, N.Y. lO081 Attn= Sharon Butler/Proof 53 A/C 900-9-000317 Should any questions arise, please contact Sharon Butler at (212) 676-2660. The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York 10081 4758/SB September 16, 1987 SEP 3 3 Judith T. Terry Town Clerk Town of Southold P.O. box ?28 Southold, N.Y. 11971 Dear Ms. Terry: Please be advised that Principal and/or Interest on the Full Registered issue(s) listed below will be due and pa2able on October 1, lg87. Issue Principal Interest Town of Southold Various Purp. Serial Bonds Dtd 10/1/84 0 Sq0,772.50 Total Due: $90,772.50 To ensure the mailing of Registered Interest checks on schedule, funds must be in our possesion one business day prior to the payment date. F~ds should be wired to the address below on, or before September 30, 1987. Chase Manhattan Bank, N.A. One New York Plaza - 14th floor New York, New York 10081 Attn: Sharon Butler/Proof 53 A/C 900-9-000317 Should any questions arise, please contact Sharon Butler at (212) 676-3777. O CH_a. BE The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York 10081 4630/JF September 11, 1986 SEP 51986 Judith T. Terry Town Clerk Town of Southhold P.O. Box 728 Southold, NY 11971 Dear Ms. Terry: Please be advised that Principal and/or Interest on the Fully Registered issue(s) listed below will be due and payable on October 1, 1986 Issue Town of Southold Various Purpose Bds. Dated 10/1/84 Principal Interest -0- $94,867.50 To ensure the mailing of Registered Interest checks on schedule, funds must be in our possesion one business day prior to the payment date. Funds should be wired to the address below on, or before, S~pte~ber 30 1986 Chase Manhattan Bank, N.A. One New York Plaza - 14th floor New York, New York 10081 Attn: Jane Fine/Proof 53 A/C 900-9-000317 Should any questions arise, please contact Jane Fine at (212) 676-3777. uir~~ Supervisor CHA E The Chase Manhattan Bank, N.A. 1 New York Plaza New York, New York 10081 4758/JF March 12, 1986 Judith Terry Town Clerk Town of Southold P.O. Box 728 Southold, NY 11971 Dear Ms. Terry: Please be advised that Principal and/or Interest on the Fully Registered issue(s) listed below will b® due and payable on April 1, 1986 Issue Principal Interest Town of Southold Var. Purpose Ser. Bds 10/1/84 87,500.00 98,848.75 Total: 186,348.75 To ensure the mailing of Registered Interest checks on schedule, funds must be in our possesion one business day prior to the payment date. Funds should be wired to the address below on, or before, March 31, 1986 Chase Manhattan Bank, N.A. One New York Plaza - 14th floor New York, New York 10081 Attn: Jane Fine/Proof 53 A/C 900-9-000317 Should any questions arise, please contact Jane Fine at (212) 676-3777. Supervisor October 10, 1984 The Town Board of the Town of Southold in the County of Suffolk New York Dear Sirs: We have examined a record of proceedings relating to the sale and issuance of $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds") of the Town of Southold (the "Town"), in the County of Suffolk, New York. The Bonds are issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, two bond and capital note resolutions duly adopted by the Town Board on their respective dates, authorizing the issuance of serial bonds to finance various Town purposes and a Certificate of Determination executed by the Supervisor on September 7, 1984, determining the terms, form and details of issuance of said $2,172,500 serial bonds and providing for their public sale. The Bonds are dated October 1, 1984, mature in the principal amounts of $87,500 on April l, 1986, $90,000 on April 1 in the years 1987 and 1988, $95,000 on April 1, 1989, $100,000 on April 1 in the years 1990 to 1994, inclusive, $110,000 on April 1 in the years 1995 to 2000, inclusive, $130,000 on April i in the years 2001 to 2005, inclusive, and bear interest at the rate of nine and ten hundredths per centum (9.10%) per annum, payable April 1, 1985 and October 1, 1985, and semiannually thereafter on the first days of April and October in each year to maturity. The Bonds are issued only in fully registered form without interest coupons, in denominations of $5,000 or any integral multiple thereof, not exceeding the aggregate principal amount of Bonds maturing in any year, except that one bond, maturing April 1, 1986, shall be in the denomination of $2,500. The Bonds are lettered R and numbered separately from one consecutively upward. In our opinion, said Bonds are valid and legally binding general obligations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. The enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. Further, in our opinion, the interest on said Bonds is exempt under existing statutes from Federal income taxes, and under existing statutes from New York State and New York City personal income taxes. Other than such record of proceedings, we have not been requested to examine or review and have not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may hereafter be furnished or disclosed to purchasers of said Bonds, and we express no opinion with respect to any such financial or other information or the accuracy or sufficiency thereof. We have examined executed Bond numbered R-1 of said issue and, in our opinion, the form of said Bond and its execution are regular and proper. October 10, 1984 The Town Board of the Town of Southold in the County of Suffolk New York Dear Sirs: We have examined a record of proceedings relating to the sale and issuance of $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds") of the Town of Southold (the "Town"), in the County of Suffolk, New York. The Bonds are issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, two bond and capital note resolutions duly adopted by the Town Board on their respective dates, authorizing the issuance of serial bonds to finance various Town purposes and a Certificate of Determination executed by the Supervisor on September 7, 1984, determining the terms, form and details of issuance of said $2,172,500 serial bonds and providing for their public sale. The Bonds are dated October 1, 1984, mature in the principal amounts of $87,500 on April 1, 1986, $90,000 on April 1 in the years 1987 and 1988, $95,000 on April 1, 1989, $100,000 on April 1 in the years 1990 to 1994, inclusive, $110,000 on April 1 in the years 1995 to 2000, inclusive, $130,000 on April 1 in the years 2001 to 2005, inclusive, and bear inteTest at the rate of nine and ten hundredths per centum (9.10%) per annum, payable April 1, 1985 and October 1, 1985, and semiannually thereafter on the first days of April and October in each year to maturity. The Bonds are issued only in fully registered form without interest coupons, in denominations of $5,000 or any integral multiple thereof, not exceeding the aggregate principal amount of Bonds maturing in any year, except that one bond, maturing April 1, 1986, shall be in the denomination of $2,500. The Bonds are lettered R and numbered separately from one consecutively upward. In our opinion, said Bonds are valid and legally binding general obligations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. The enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. Further, in our opinion, the interest on said Bonds is exempt under existing statutes from Federal income taxes, and under existing statutes from New York State and New York City personal income taxes. Other than such record of proceedings, we have not been requested to examine or review and have not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may hereafter be furnished or disclosed to purchasers of said Bonds, and we express no opinion with respect to any such financial or other information or the accuracy or sufficiency thereof. We have examined executed Bond numbered R-1 of said issue and, in our opinion, the form of said Bond and its execution are regular and proper. Very truly..yours, M NICIPAL BOND GUARANT INSURANCE POLICY Municipal Bond Insurance Association White Plains, New York 10601 2539 Policy No.: ................................................. The insurance companies comprising the Municipal Bond Insurance Association (the "Association"), each of which participates and is liable hereunder severally and nm joindy in the respective percentage set forth opposite its name, in consideration of the paymcm of the premium and subject lo the lerms of this policy, hereby unconditionally and irrevocably guarantee to any bolder as hereinafter defined, other than the Issuer of the following described bonds, the full and conlplele payment required tn he made by or on behalf of the Issuer tn t~e principal corporate trust office of The Chase Manhattan Bank. N.A., New York, NPw Ymrk * or its successor (the "Paying Agent") of an amount equal to the principal of and inlerest on, as such payments shall become due but shall not be so paid (except thai in the event of any acceleration of the due date of such principal, the payments guaranteed hereby shall he made in such amounts and at such times as such payments of principal would have been due had there not been any acceleration), the following bonds (the "Bonds"): $2,172,500 Town of Southold, County of Suffolk, New York Various Purposes Serial Bonds-1984 The insurance companies constituting the members of the Association are as follows: The /Ems Casualty and Surety Company 33% Fireman's Fund Insurance Company 30% The Travelers Indemnity Company 15% /Etna Insurance Company 12% The Continental Insurance Company 10% Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by regislernd or certified mail, or upon r~ceipt of writton notio~ by registered or c~rtifind mail, by the General Manager of the Association or its design~ from the Paying Agent or any holder of a Bond or co~pon the payment for which is then due to the Paying Agent, that such required payn~nt has not been made to the Paying Agent, the Association on behalf of its rr,~mbers on the du~ date of such payment or within one business day after r~ceipt of notice of such nonpayment, whichever is later, will make a deposit of fonds, in an account with Citibank, N.A., in New York, New Yo~k, or its successor, sufficient for the payment to tho holders of any Bonds or coupons which are then due. Upon presentment and surrender of such Bonds or the eonpons, or I~esentment of such other proof of ownership of Bonds registered as to principal or as to principal and inte~st together with any appropriate instruments of assignment as shall reasonably ~atisfy Citibank, N.A., Citibank, N.A. shall disburse to such holders or the Paying Agent paymont of the face mr:ount of such surrendered and uneanunlled Bonds and coupons less any amount held by the Paying Agent for the payment of the principal of or interest on the Bonds and legally available tber~ for. Upon such remittance and transfer of such uncancelled Bonds and uncancelled coupons or appropriate instrumonts of assignment to Citibank, N.A., by the hold,rs or the Payin~ Agent, the members of the A$,~x:iation shall become the owners tberonf in proportion to their percentage of participation under this policy. This policy docs not insure against loss of any prepayment premium which may at any time be payable with respect to any Bond. As used herein, the term "bolder" shall mean the bearer of any Bond not registered as to principal and the registered owner of any Bond registered as Io pr theipal or as to principal and interest as indicated in the books maintained by the Paying Agent for such purpose and, when used with reference tn a coupon, shall mean the bearer of the coupon. Any service of process on the members of the Association may be made to the Association, one of the members of the Association or the General Manager of the Association and such s~rvice of process shall be valid and binding as tn the Association and each of its members. During the term of its appoiotment, Municipal Issuers Service Company will act as the General Manager of the Association and its offices are located at 34 South Broadway, White Plains, New York 10601. This policy is non-eancellabie for any reason. The premium on this policy is not refundable for any reason including the payment prior to maturity of Bonds, IN WITNESS WHEREOF, each of the members of the Association has caused this policy to be executed and attested on its behalf by the general manager and agent of the Association, this ......9.th ................. day of ........ ~.~b.~ ............................... 19 .~.~ .............. Attest: MUNICIPAL BOND INSURANCE ASSOCIATION The/Etna Casualty and Surety Company Fireman's Fund Insurance Company The Travelers Indemnity Company /Etna Insurance Company The Continental Insurance Company CotterS?n, Generat Panner ,~ i.,A? s ,ce Municipal Issuers Service Corporation 34 South Broadway Box 788 White Plains, NY 10602 (914) 946-4242 Mana~in£ General Partner, October 9, 1984 the principal corporate trust office of The Chase Manhattan Bank, N.A., New York, New York $2,172,500 Town of $outhold, County of Suffolk, New york Various Purposes Serial Bonds-1984 Gentlemen: In connection with the above-described issuance of bonds (the "Bonds") of which you are acting as Paying Agent, please be advised that the payment to you of principal of and interest on the Bonds has been guaranteed by a policy of municipal bond guaranty insurance issued by the insurance companies comprising the Municipal Bond Insurance Association (the "Association"), Citibank, N.A., New York, New York, (the "Fiscal Agent") is acting as the fiscal agent for the Association. In the event that the issuer does not make full and complete payment when due of the principal of and interest on the Bonds, please immediately notify, by telephone or telegraph, the Genera] Manager of the Association, Municipal Issuers Service Company, 34 South Broadway, White Plains, New York, (914) 946-4242. On the due date or within one business day after receipt of such notice, whichever is later, the Association Will deposit funds with the Fiscal Agent sufficient to pay the Bonds or coupons appertaining thereto then due. Upon presentment of uncancelled Bonds or coupons by you to the Fiscal Agent, the Fiscal Agent shall disburse payment of the face amount of such surrendered Bonds and coupons. In the event that you shall have prior knowledge of an impending failure by the issuer to make payment on the Bonds when due, please immediately notify the General Manager so that it will be possible for the Association to have funds available for you on the due date to make payments against surrendered Bonds and coupons. Your cooperation in this matter will be most appreciated and will make it possible for the holders of Bonds guaranteed by the Association to be assured of all payments when due. JRB/pf Very trul~ yo~ Jo~ler, P~' Municipal Issuer.~ Serv/&e ~orvoration . M ~ Managing ~eneral Far~ner ~e ~a Casual~ and Su~ Company F~m~'s Fund Insumn~ Compsny ~e Travelers lnd~ty Company ~a Insuran~ Company ARBITRAGE CERTIFICATE I, FRANCIS J. MURPHY, Supervisor of the Town of Southold, in the County of Suffolk, State of New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the issuance of the $2,172,500 Various Purposes Serial Bonds-1984 of the Issuer (the "Bonds"), dated October 1, 1984, and bearing interest at the rate per annum as shown on the Closing Certificates being simultaneously delivered herewith, as follows: 1. The proceeds of the sale of the Bonds will be used to provide financing for various Town purposes (the "Projects") as more particularly referred to in the bond resolutions cited in paragraphs 1 (a) and 1 (b) of the Certificate of Determination executed by the Supervisor on September 7, 1984 (the "Certificate"). With respect to said proceeds: (a) The IsSuer has entered (or will enter within 6 months from this date), into binding commitments for the expenditure thereof, and the amount of such commitment for the Projects exceeds or will exceed the lesser of 2-1/2% of the amount of bonds issued therefor or $100,000. (b) The facilities to be paid from said proceeds have not been completed but work is now and will continue proceeding with due diligence to completion. (c) It is reasonably expected that more than 85~ of said proceeds of the Bonds (including investment earnings thereon) will be expended within 3 years from the date hereof. 2. The Projects will not be sold or otherwise disposed of in whole or in part except for incidental sales of surplus items the proceeds of which will not constitute net operating profits or net capital profits to the Issuer. 3. The proceeds of sale of the Bonds do not exceed the total cost of the Projects. 4. The principal of and interest on the Bonds will be paid when due from taxes levied by the Issuer. 5. The taxes used to pay the principal of and interest on the Bonds, whether or not deposited in a debt service fund, will be expended within 13 months from the date of deposit in such fund, or from the date of their accumulation, in the payment of debt service on the Bonds. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt for such debt service on the Bonds. The debt service fund, if any, shall be used to accumulate sufficient funds in each year so that sufficient funds will be available to pay the principal of and interest due on the Bonds and other obligations of the Issuer coming due in each such year. 6. Except for the debt service fund described in paragraph 7 hereof, the Issuer has not created or established, and does not expect to create or establish, any sinking fund or other similar fund from which the Issuer reasonably expects to pay the principal of or interest on the Bonds. 7. The Issuer has not received notice that it has been listed by the Commissioner of Internal Revenue as an issuer that may not certify its obligations, nor has it been advised that the Commissioner is contemplating listing the Issuer as a governmental unit that may not certify its obligations. I HEREBY FURTHER CERTIFY that I am one of the officers of the Issuer charged by the resolution of the Issuer hereinabove referred to in paragraph 1 hereof with the responsibility for issuing the Bonds. This certification is executed and delivered pursuant to section 103(c) of the Internal Revenue Code of 1954 and sections 1.103-13, 1.103-14 and 1.103-15 of the Income Tax Regulations thereunder and is delivered as part of the transcript of proceedings and accompanying certifications with respect to the issuance of the Bonds. To the best of my knowledge and belief, the Issuer's expections contained herein as to the use of the proceeds of sale of the Bonds are reasonable. (SEAL) IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Issuer this 10th day of Oct~ober~ ~1984. CERTIFICATE AS TO AUTHENTICATION OF BONDS The Chase Manhattan Bank, N.A., New York, New York, as Fiscal Agent for the $2,172,500 Various Purposes Series Bonds- 1984, dated October 1, 1984 (the "Bonds"), all as more particularly described on Schedule X attached hereto and hereby made a part hereof, of the Town of Southold, in the County of Suffolk, New York (the "Issuer"), HEREBY CERTIFIES as follows: 1. It is authorized and qualified under the laws of the State of New York to and does accept the duties and obligations of Fiscal Agent with respect to the Bonds of the Issuer in accordance with the provisions of Section 70.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, and the provisions of any contractual agreements made with the Issuer pursuant thereto. 2, It bas, on instructions from the purchaser of the Bonds, inscribed or caused to be inscribed in the spaces provided therefor on the Bonds the name of each person in whose name each Bond is to be registered; and has otherwise completed or caused to be completed the number, denomination, maturity date and bond date on each such Bond, all in accordance with Schedule X, and has manually executed on each Bond the Certificate of Authetication printed thereon. 3. The Certificate of Authentication was signed by See Del0w , the duly authorized officer of the undersigned holding the office set opposite the true and genuine specimen of his signature set forth below: Name and Title John Buturla Signature 4. Such officer was at the time of authentication of the Bonds and still is authorized to execute such certificate on behalf of the undersigned, to execute such other and further documents and perform such acts as may be necessary or incidental to the performance of the undersigned's duties as Fiscal Agent for the Bonds. 5. The undersigned has delivered or caused to be delivered the Bonds on this date to Roosevelt & Cross, Incorporated, the purchaser of the Bonds, on behalf of the Issuer, upon receipt by the Issuer of the purchase price of the Bonds plus accrued interest from the dated date of the Bonds to the date hereof. 6. It has examined the form of the Bonds as authenticated and delivered by it and found the same to be in the form prescribed by the Issuer. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Fiscal Agent this lOth day of October, 1984. (SEAL) ATTEST:~ ~ust/~f ficer He~r~ W/Derrenbacher Se~6nd ¥ice President THE CHASE MANHATTAN BANK, BY~/~icer Frank J. Soltis Vice President NoA. SCHEDULE X Bonds of the TOWN OF SOUTHOLD, NEW YORK, substantially in form, and offered for sale and sold, as provided by the Certificate executed by the Supervisor on September 7, 1984 and to be delivered thereunder in the aggregate principal amount of $2,172,500. Number of Issues: Amount and Title: Dated: Denominations Numbers and Letters: Interest Rate and Payment Dates : Place of Payment of Principal and Interest: 1 $2,172,500 Various Purposes Serial Bonds-1984 October 1, 1984 In the form of registered bonds without coupons in denominations of $5,000, or any authorized multiple thereof, except that one bond maturing April 1, 1986 shall be in the denomination of $2,500, numbered consecutively from one (1) upward with the letter "R" prefixed thereto. 9.10% per annum, payable April 1, 1985 and October 1, 1985, and semiannually thereafter on the first days of April and September in each year to maturity. The corporate trust office of The Chase Manhattan Bank, N.A., New York New York (the "Fiscal Agent"). Interest payable by check mailed from said office of the Fiscal Agent to the person in whose name the bond is r~gistered at the address shown on the registration book maintained by the Fiscal Agent as of the fifteenth day of the month preceding each interest payment date. Maturities: On April 1 in each of the following years: 1986 - $87,500 1987 and 1988 - $90,000 1989 - $95,000 1990 to 1994, inclusive - $100,000 1995 to 2000, inclusive - $110,000 2001 to 2005, inclusive - $130,000 CERTIFICATE OF DELIVERY AND PAYMENT I, FRANCIS J. MURPHY, the duly chosen, qualified and acting Supervisor of the Issuer hereinafter named, HEREBY CERTIFY that, on the 10th day of October, 1984, I delivered or caused to be delivered to Roosevelt & Cross, Incorporated, New York, New York, the purchaser thereof, $2,172,500 principal amount of bonds 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 "Issuer", eac~ duly and completely executed by or on behalf of the Issuer and all as described and set forth in Schedule X annexed hereto and by this reference made a part hereof, and that at or before the time of such delivery of said bonds, I received from said purchaser the following amounts: Received prior to such delivery ............ Received at time of such delivery .......... Total amount received 43,450.00 $2,139,193.44 2,182,643.44 being full payment for said bonds in accordance with the contract of sale thereof, computed as follows: Contract Price ............................. Interest on said bonds accrued to the date of delivery ........................... Total $2,177,701.00 $ 4,942.44 2,182,643.44 I FURTHER CERTIFY that at the time of such delivery of said bonds, a written opinion was rendered by the law firm of Hawkins, Delafield & Wood, dated as of the day of such delivery, as to the validity of said bonds, said opinion (except as to omission of the date of such delivery) having been printed on the reverse correct, Issuer. side of each of said bonds and certified as true and by the facsimile signature of the Town Clerk of the IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of October, 1984. SCHEDULE X Bonds of the TOWN OF SOUTHOLD, NEW YORK, substantially in form, and offered for sale and sold, as provided by the Certificate executed by the Supervisor on September 7, 1984 and to be delivered thereunder in the aggregate principal amount of $2,172,500. Number of Issues: Amount and Title: Dated: Denominations Numbers and Letters: Interest Rate and Payment Dates : Place of Payment of Principal and Interest: 1 $2,172,500 Various Purposes Serial Bonds-1984 October 1, 1984 In the form of registered bonds without coupons in denominations of $5,000, or any authorized multiple thereof, except that one bond maturing April 1, 1986 shall be in the denomination of $2,500, numbered consecutively from one (1) upward with the letter "R" prefixed thereto. 9.10% per annum, payable April 1, 1985 and October 1, 1985, and semiannually thereafter on the first days of April and September in each year to maturity. The corporate trust office of The Chase Manhattan Bank, N.A., New York New York (the "Fiscal Agent"). Interest payable by check mailed from said office of the Fiscal Agent to the person in whose name the bond is registered at the address shown on the registration book maintained by the Fiscal Agent as of the fifteenth day of the month preceding each interest payment date. Maturities: On April 1 in each of the following years: 1986 - $87,500 1987 and 1988 - $90,000 1989 - $95,000 1990 to 1994, inclusive - $100,000 1995 to 2000, inclusive - $110,000 2001 to 2005, inclusive - $130,000 OFFICERS' CLOSING CERTIFICATES RELATING TO THE BONDS OF THE TOWN OF SOUTHOLD, NEW YORK, IN THE COUNTY OF SUFFOLK, NEW YORK CERTIFICATE AS TO SIGNATURES AND LITIGATION WE, the u~dersigned officers of the Town of Southold, New York, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Issuer", HEREBY CERTIFY that on or before the date hereof, each of the Issuer's $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds"), dated October 1, 1984, and more fully described in Schedule X attached hereto and hereby made a part hereof, were duly and completely executed in the name and on behalf of the Issuer by the imprinting thereon of the facsimile signature of the undersigned officers of the Issuer, each of whom did and does hereby adopt such respective signatures, and the imprinting thereon of the official seal of the Issuer, and that on the date hereof, we are the duly chosen, qualified and acting officers of the Issuer holding the respective offices indicated by the official titles set opposite our several signatures hereto, for terms expiring on the respective dates set opposite such titles. WE FURTHER CERTIFY that the facsimile of the seal which is impressed upon this certificate has been imprinted upon each of the Bonds and is the legally adopted, proper and only official corporate seal of the Issuer. WE FURTHER CERTIFY that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said Bonds or the levy or collection of any taxes to pay the interest on or principal of said Bonds, or in any manner questioning the authority or proceedings for the issuance of said Bonds or the l~vy or collection of said taxes, or relating to said Bonds or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence nor boundaries of the Issuer or the title of any of the present officers thereof to their respective offices is being contested, that no authority or proceedings for the issuance of said Bonds has or have been repealed, revoked or rescinded, and that no Bonds of the Issuer have been heretofore issued under or pursuant to such proceedings. IN WITNESS WHEREOF, ( SEAL ) we have hereunto set our hands and said corporate seal has hereunto been affixed as of the 10th day of October, 1984. OFFICIAL TITLE Supervisor Town Clerk TERM OF OFFICE EXPIRES December 31, 1985 December 31, 1985 I HEREBY FURTHER CERTIFY that the signatures of the officers of the above named Issuer which appear above, are true and genuine and that I know said officers and know them to hold the respective ~ffices set opposite thei.r several signatures. ATTORNEY'S CERTIFICATE I, ROBERT W. TASKER, HEREBY CERTIFY that I am a licensed Attorney at Law of the State of New York, have offices at 425 Main Street, Greenport, New York, and am the duly chosen, qualified and acting Attorney of the Issuer hereinafter named, that I am familiar with the acts and proceedings heretofore had and or taken by said Issuer or by its officers relative to the authorization, sale and issuance of $2,172,500 Various Purposes Serial Bonds-1984 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 "Issuer", all as described as set forth in Schedule X annexed hereto and by this reference made a part hereof, that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said bonds or the levy or collection of any taxes to pay the interest on or principal of said bonds, or in any manner questioning the authority or proceedings for the issuance of said bonds or for the levy or collection of said taxes, or relating to said bonds or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Issuer or 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 bonds has or have been repealed, revoked or rescinded. I HEREBY FURTHER CERTIFY that there is no controversy or litigation of any nature now pending or threatened by or against the Issuer, wherein an adverse judgment or ruling could have a material adverse impact on the financial condition of the Issuer or adversely affect the power of the Issuer to levy, collect or enforce the collection of taxes or other revenues for the payment of the bonds, which has not been disclosed in the attached Official Statement. IN WITNESS WHEREOF, I have hereunto set my hand this 10th~~.~day of October,/~//~119~~ Attorney SUPERVISOR'S CERTIFICATE AS TO OFFICIAL STATEMENT I, FRANCIS J. MURPHY, Supervisor of the Town of Southold, in the County of Suffolk, New York (the "Issuer"), HEREBY CERTIFY that at the time of the sale of the $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds"), dated October 1, 1984, and at all times subsequent thereto, up to and including the date of the delivery of the Bonds on October 10, 1984, the attached Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. I HEREBY FURTHER CERTIFY that there has been no adverse material change in the financial condition of the Issuer since the time of the sale to the time of the delivery of the Bonds on October 10, 1984. ~ IN WITNESS WHEREOF, (SEAL) I have hereunto set my hand and affixed the corporate seal of the Issuer this 10th day of October, ,~984. ~ TSS~K SERTlc- In the opinion of ~ond Counsel, interest on the Bonds is exempt, under existing statutes, [rns Federal income taxes and, trader existing statutes, interest on the Bonds ia exempt [rom Hew York State end New York City personal income taxes. $2,172,500 TOWN OF SOUTHOI,r~, SUFFOLK COUNTY, NEW YORK (the "Town") VARIOUS PURPOSES SERIAL BONDS - 1984 Dated: October 1, 1984 Principal Due: April 1, ae shasta belo~ The Bonds are general obligations of the To~n. All of the taxable real p~operty vlthln the yo~ra is subject to the levy of ad valorem taxes to pay the Bonds and interest thereon, vlthout limitation aS tO rate or 8~ount. The Bonds are issued in fully registered form in denominations of $5,000 or any integral multiple thereof for any single amturlty except one bond ~alch may be in the denemlnatlou of $2,500. Principal vhen due viii be payable at The Chase Hanhattau Bank, N.A., Wew York, New York, the Fiscal Asent for the Bonds. Interest on the Bonds rill be payable April l, 1985, and semi-anreaaily thereafter on October 1 and April 1 in each year to maturity. Such interest ~ill be paid by check mailed to the registered holder thereof on each such interest payment date at his address as 8ho~m on the registration books of the District kept for that purpose at the office of the Fiscal Agent, as of the fifteenth day of the month preceding each such interest payment date. The Bonds mature on April I in each year, ~ithout option of ~ior redemption, as set forth belov. NtI~RITY SOiF-,DUI2 87,500 1~'~'~'6 90,000 1987 90,000 1988 95,000 1989 100.000 1990 100,000 1991 100,000 1992 100,000 1993 100,000 1994 110,000 1995 Amount sYi~ ooo 110 0OO 110 000 110 O00 ll0 000 130 000 130 000 130 000 130 000 130 000 Due 1997 1998 1999 20OO 2001 2002 2003 200~ 2005 As discussed in this Official Statement, certain events ~ay occur ~hlch could have an edverse effect upon the financial condition of the District and the marketability of the Bonds. See '~IAR~ET FACTORS AFFECTING FINANCINGS O~ THE STATE AND ~UNICIPALITIES OF THE STATE" herein. The Bonds are offered subject to the final approving opinion of Ha~klns, Delafleld & Wood, Ney York, New York, Bond Counsel, and certain other conditions. It is expected that delivery of the Bonds in definitive form vill be made on or about October 9, 1984. DATE OF TRI8 OFFICIAL 8TATEll~IT~ IS SEPTKI~KR 10, 1984. OFFXCXAL STAT~BT Tram of Southold, Suffolk County, Ne~ York lelatin~ to $2,172,500 Various Purposes Serial Bonds - 198~ This Official State. cut including the cover page and appendix thereto has been prepared by the Town and presents certain info~natlon relatln~ to the Town's $2,172,500 Various Purposes Serial Bonds - 1984 (the "Bonds"). All quotations fcc~n and s,~M-rles and explanations of provisions of the Constitution and laws of the State of New York (the "State") and acts and ~roceedings of the Town contained herein do not purport to be complete and are quallfied in their entirety by reference to the official compilations thereof end all references to the Bonds and the proceedlr~s of the Town relating thereto are quallfled in their entirety by reference to the definitive form of the Bonds and such proceedings. The Bonds consist of an issue in the principal ~ount of $2,172,500, are dated October 1, 1984, and mature in annual installments on April 1 in the ~nounts and years as set forth below: $ 87,500 .......... 90,000 .......... 90,000 .......... 95,000 .......... 100,000 .......... 100,000 .......... 100,000 .......... 100,000 .......... 100,000 .......... 110,000 .......... · 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 $ 110,000 ............ 1996 110,000 ............ 1997 110,000 ............ 1998 110,000 ............ 1999 110,000 ............ 2000 130,000 ............ 2001 130,000 ............ 2002 130,000 ............ 2003 130,000 ............ 2004 130,000 ............ 2005 The Bonds are issued in fully registered form in denaminations of $5,000 or any integral multiple thereof for any single maturity except one bond which may be in the denamiuation of $2,500. l~incipa] when due will be Payable at The Chase Manhattan Bank, N.A., New York, New York, the Fiscal Agent for the Bonds (the "Fiscal Agent"). Interest on the Bonds will be Payable April 1, 1985, and annually thereafter on each October l and April l to maturity. Such interest will be Paid by check mailed to the registered holder thereof on each such interest payment date at his address as shown on the registration hooks of the Town kept for that purpose at the office of the Fiscal Agent as of the fifteenth day of the month preceding each such interest payment date· The Bonds may be transferred or exchanged in the manner described on the Bonds and as referenced in certain proceedings of the District referred to therein. 4 Authority for and Purpose of Issue The Bonds are issued pursuant to the Constitution and laws of the State including the Town Law and the Local Finance Law and bond resolutions adopted by the Town Board to Pay the cost of the acqulsition of certain developmental rights in prime agricultural lands in the Tows ($1,662,500); and for the acquisition of a new ferryboat for the Fishers Island Ferry District ($510,000). The total cost of the ferryboat is $1,400,000 which will be offset by the $300,000 trade-in value of the existing ~rryboat "Olinda" and by the application of $590,000 current available funds of the Ferry District. For a description of prior issues for capital purposes of the Town, see "Bond Anticipation Notes". Nature of Obligation Bach Bond when duly issued holder thereof. and pa id for will constitute a contract between the Town and the The Bonds will be general obligations of the Town and will contain a pledge of the faith and credit of the Town for the payment of the principal thereof and the interest thereon. For the payment of such principal and interest the Town has power and statutory authorization to levy ad valor~n taxes on all taxable real property in the Town without limitation as to rate of ~ount. Under the Constitution of the State, the Town is required to pledse its faith and credit for the payment of the principal of and interest on the Bonds, and the State is specifically precluded from restricting the power of the Town to levy taxes on real estate therefor. D~S~IFfIO! ~ ~ TOWI~ There follows in this Official Statement a brief description of the Town, tosether with certain information concerning its economy aped soverraaental organization, its indebtedness, current major revenue sources and Seneral and specific funds. General Information The Town, with a land area of 54.5 square miles, is located in eastern Suffolk County on the north fork of Long Island. Settlement took place in 1840. The Village of Greenport is located wholly within the Town. The Town also includes the area of Fishers Island ahich is located approxi- mately twelve miles east of the mainland. Fishers Island is accessible only by ~ter or air with ferry service operating between the Island and New London, Connecticut. The Town is primarily a rural resort area with substantial shopping facilities available at Greenport, at various shopping centers within the To,m, and at Riverhead just to the assr, Some commercial services are available within the Town in the hamlets of S~thold, Cutchogue Mattituck. Population Characteristics In the past five years the Town's population has shown the following treads as ccmpared to the County of Suffolk. As of January 1, 1980 .......... 19,172(a) 1,284,231(a) 1981 .......... 19,253 1,287,541 1982 .......... 19,492 1,290,106 1983 .......... 19,602 1,296,539 1984 .......... 19,947 1,306,559 Source: Long Island Lighting Company. (a) U.S. Census. Economy Agriculture has been a major industry in the Town since its origins. In recent years, farm crops are gradually evolving from basic produce production to production of nursery crops including shrubs, sod, potted plants and other ornamentals. A substantial portion of these Products are shipped by ferry across Long Island Sound for distribution throughout New g~gland. A number of vineyards have been established and wine-making is an important industry. Fishing and fish processing are now grow- ins industries due to improved transportion facilities. The To~n is also a major summer resort area, utilizing bays, inlets and Long Island and Block Island Sounds. Nljor ~mployera in the Torn M~me ~f ~mplo~er Crystaline Manufacturtng Company Long Island Traveler/Watchman Telstar Instruments Corp. K.G. Brown Manufacturing Co,, Inc, Robert T. Cooper Inc, Willlmu J, Hills & Company Shelter Island Oyster Co., Inc. The Suffolk Times Long Island Oyster Farms Inc. Goldsmith's Boat Shop Inc. Sterling Harbor Shipyard & Marina Inc. Watch crystals Publishing of newspapers Electronics Ice & Food vending machines Fish products Canvas boat tops amd accessories Fresh, canned & frozen seafood Newspaper publishing Fresh oysters Boat repair yard Shipyard & marina Source: Suffolk County Office of Econamic Development. ~.-plo~s~ut 10 45 15 30 5O 35 56 18 8O 20 20 Transportation The main highways in the Town are New York State Route 25 and North Road. Rail transportation is provided by t.he Long Island Rail Road with stations at Mattituck, Cutchogue, Peconic, Southold and Greenport. Ferry services is also available between Orient Point, east of Greenport, and New London, Connecticut as well as from Greenport to Shelter Island. Utilities and Services Electric and gas are provided by the Long Island Lighting Company. Fire protection is the responsibility of volunteer fire and fire protect ion districts. The Town provides its own police protection. In the Village of Greenport, electric service, fire protection and police protection are provided by the Village. Goverr~ent O~ganlz&tlon Subject to the provisions of the State Constitution, the Town operates pursuant to the Education Law, the Local Finance Law, other laws generally applicable to the Town, and any special laws applicable to the Town. Under such laws, there is no authority for the Town to have a charter but pursuant to the Town Law, and other laws generally applicable to home rule, the Town may from time to time adopt local laws. The legislative power of the Town is vested in the Town Board which consists of six members, including the Supervisor, who is chief executive officer of the Town, elected for a term of two years. The five other members of the Town Board are elected to four-year term which are staggered. There is no limitation to the number of terms which may be served by members of the Town Board. The present Town officials are: Francis J. Murphy Supervisor Joseph L. Townsend, Jr. Raymond W. Edwards Paul Stoutenburgh Councilmembers James A. Schondebare Jean Cochran Town Clerk Judith T. Terry Superintendent of Highways Raymond C. Dean Receiver of Taxes George Hellas The Town Clerk, Highway Superintendent and Receiver of Taxes are elected to two-year terms; and three Assessors for four-year terms. F[nanclal Organization Pursuant to the Local Finance Law, the Supervisor is the chief fiscal officer of the Town ~ose duties include the ~dmlnlstration, direction and control of the following: Accounting, Accounts Payable, Accounts Receivable, Audit and Control, Budgeting and Payroll. Financial Audits The Town retains independent public accountants to conduct anrmal audits of the Town's financial affairs and such audits are available for public inspection at the office of the Town Clerk. Periodic audits are performed by the State C~nptroller as required by the State Law. Building Permits Additions Additions New to Multiple New to Year Residential Residential Residence Comercial Coumercial Misc. Total 1979 99 157 16 3 14 155 444 1980 85 205 2 -0- 17 154 463 1981 111 183 -0- 2 18 199 513 1982 122 201 -0- 8 13 202 546 1983 191 219 -0- 8 10 236 664 Employees The Town provides services through approximately 166 full-time employees. The Civil Service Employees Association represents 55 employees and the Police Benevolent Association represents 34 employees. Both contracts expire December 31, 1984. Unemployment Rate Statistics Unemployment statistics are not available for the Town as such, The smallest area for ~hich current statistics are available (which includes the Town) is the County of Suffolk. The information set forth below with respect to the County is included for information purposes only. It should not be implied from the inclusion of such data in this Official Statement that the County is necessarily representative of the Town, or vice versa. 1979 1980 1981 1982 1983 Average AvereSe Averale Av Averale County of Suffolk 6.21 6.21 6. 1 6.81 State of New York 7.1I 7.51 7.61 8.61 8.6I FIGURES Jan Feb Mar Apr May Jun County of Suffolk 1984 6.8% 6.3% 5.9% 4.7% 4.7% 5,0% State of New York 1984 8.11 8.11 7.7% 6.5% 6.4% 7,2% Source: State of New York, Department of Labor. (Note: Figures not seasonally adjusted). TGWlq ~TanNRSS Nature of To~n Indebtedness and Procedure for Authorization COHSTITUTIONAL The New York State Constitution and Local Finance Law limit the power of the Town (and other municipalities and school districts of the State) to issue obligations and to contract indebtedness. Such constitutional and statutory limitations include the following, in summary form, and are general- ly applicable to the Town and the Bonds: 6 Purpose and Pledge. The Town shall not give or loan any money or property to or in aid of any individual, or private corporation or private undertakln~ or give or loan its credit to or in aid of any of the foregoing or any publlc corporation. The Town may contract indebtedness only for a Town purpose and shall pledge its faith and credit for the payment of principal of and interest thereon. Ps,neat and ~aturlty. Except for certain short-term indebtedness contracted in anticipation of taxes, ~ndebtedness shall be paid in annual installments ¢c~menclng no later than two years after the date such indebtedness shall have been contracted and ending no later than the period of probable usefulness of the object or purpose determined by statute; no installment may be m~re than fifty per centum in excess of the smallest prior installment. The Town is required to provide an annual appropriation for the payment of interest due during the year on its indebtedness and for the amounts required in such year for smortlzatlon and redemption of its serial bonds. Debt Limit. The Town has the power to contract indebtedness for any purpose so loag as the prlnclpal ~ount thereof shall not exceed seven per centum of average full valuatlon of taxable real estate of the Town and subject to certain enumerated exclusions and deductions such as water producing facilities and cash or appropriations for principal of debt. The constitutional method for determining average full valuation is by taking the assessed valuation of taxable real estate for the last five completed assessment rolls and applying thereto the ratio ~ich s~ch assessed valuation bears to the full valuation; the ratio resulting in such full valuation is determined by the State Board of Equalization and Assessment. The Legislature also is required to prescribe the manner by which such ratio shall be determined by such authority. The following table sets forth the debt limit of the Town and its debt contracting margin ~nder such constitutional standard: COMPIITATION OF DgBT LI~IT AND D~BT CORTRACTING MAF~IN As of August 31, 1984 Five year average full valuation of taxable real property ....... $725,253,089 Debt limit (7% of average full valuation) ....................... 50,767~716 Outstanding Indebtedness (Principal only): Bonds ................................................ $ 440,000 Bond anticipation notes .............................. 2,108,400 Gross indebtedness .......................................... $ 2,548,400 Appropriations ....................................... Total Exclusions ....................................... 141,000 $ 141,000 Total net indebtedness ........................................... $ 2,407,400 Net Debt Contracting Margin ...................................... $ 48,360,316 Percentage of Debt Contracting Power Exhausted .................. 4.7 % The issuance of the Bonds will increase the net indebtedness by $2,172,500. General. The Town is further subject to constitutional limitation by the general constitution constlly iaposed duty on the State Legislature to restrict the power of taxation and contracting indebtedness to prevent abuses in the exercise of such power; however, as has been noted ~der "Nature of Obligation," the State Legislature is prohibited by a specific constitutional provision from res- trictlng the power of the Town to levy taxes on real estate for the payment of interest on or principal of indebtedness theretofore contracted. In general, the State Legislature has, by the enactment of the Local Finance Law, authorized the powers and procedure for the Town to borrow and incur indebtedness subject, of c~rse, to the constitutional provisions set forth above. The power to spend money, however, generally derives from other law, including the Town Law and the General Municipal Law of New York State. Pursuant to the Local Finance Law, the Town authorizes the incurrence of indebtedness, including bonds and bond anticipation notes issued in anticipation of such bonds, by the adoption of a resolu- lion approved by at least tvo-thirds of the members of the Town Board, the finance board of the Town. Certain of such resolutions may be subject to permissive referendum, or may be submitted to the town voters at the discretion of the Town Board. In certain instances there is a requirement of down payment in current funds prior to the issuance of the bonds, which down payment has been provided by The Local Finance Law also provides a twenty-day statute of limitations after publication of a bond resolution, which, in effect, estops thereafter legal challenges to the validity of obligations, authorized by such bond resolution except 'for alleged constitutlonal violations. The Town has complied with this procedure. Each bond resolution usually authorizes the construction, acquisition or installation of the object or purpose to be financed, sets forth the plan of financing and specifies the maximum maturity of the bonds subject to the legal (Constitutional, Local Finance Law and ease law) restrictions relating to the period of probable usefulness with respect thereto. Bach bond resolution also authorizes the issuance of bond anticipation notes prior to the issuance of serial bonds. Statutory law in New York permits notes to be renewed each year provided necessary principal reductions are made and provided generally that such renewals do not extend five years beyond the original date of borrowing. (See "PAYMENT AND MATURITY" under "CONSTITUTIONAL REQUIREMENTS".) In addition, under each bond resolution, such finance board may delegate, and has delegated with respect to the Bonds, the power to award the Bonds, to the Town Supervisor, the chief fiscal officer of the Town. In general, the Local Finance Law contains similar provisions providing the Towa with power to issue general obligation revenue and tax anticipation notes and general obligation budget and capital notes. Remedies Upon Default Under current law, provision is made for contract creditors (including the Bondholders) of the Town to enforce payments upon such contracts, if necessary, through court action, although the present statute limits interest on the amount adjudged due to creditors to nine per centum per annum from the date due to the date of payment. As a general rule, property and funds of a municipal corporation serving the public welfare and interest have not been judicially subjected to execution or attachment to satisfy a judgment, although judicial mandates have been issued to officials to appropriate and pay judgments out of current funds or the proceeds of a lex levy. Remedies for enforcement of payment are not expressly included in the Town's contract with holders of its bonds and notes, although any permanent repeal by statute or constitutional amendment of a Bondholder's remedial right to judicial enforcement of the contract should, in the opinion of Bond Counsel, be held tmconstltutional. The State has consented that any municipality in the State may file a petition with any United States district court or court of bankruptcy under any provision of the laws of the United States, now or hereafter in affect for the composition or adjustment of municipal indebtedness. Subject to such State consent, under the United States Constitution, Congress has jurisdiction over such matters and has enacted amendments to the existing federal bankruptcy statute, generally to the effect and with the purpose of affording municipal corporations, under certain circumstances, with easier access to judicially approved adjustment of debts including judicial control over identifiable and unidentifi- able creditors. In recent times, certain events and legislation affecting remedies on default have resulted in litigation. While courts of final jurisdiction have upheld and sustained the rights of bondholders, such courts might hold that future events and legislation and litigation arising therefrom would or would not be held by a court of final jurisdiction to be subject to the emergency and police powers of the State to deal with various financial crises as they may occur in the State and in municipalities of the State and to assure the continuation of essential services. No principal or interest payment on Town indebtedness is past due. The Town has never defaulted in the payment of the principal of and interest on any indebtedness. 8 Debt OutsCemding aC End o£ Fiscal Year December 31: 1979 1980 1981 1982 1983 Bonds 856-5-~,000 $54-~,000 $51~,000 ~490,000 $ 465,000 Bond Anticipation Notes 28,000 88,400 139,800 364,600 1,131,000 Other Debt -0- -0- -0- -0- -0- Totals $593,000 $628,400 $654,800 0854,600 81,596,000 Status of Outstanding Indebtedness Aa of August 31, 1984. Bon,d.8 Maturity 1985-1997 Amount Outstanding $ 440,000 Bond Antic/pat/on Notes Landfill Building and Equipment Landfill Property Boat Launching Remp Landfill Equipment Parking Field Highway Equipment Front End Loader November 1, 1984 December 7, 1984 February 1, 1985 March 3, 1985 March 23, 1985 May 3, 1985 May 31, 1985 June 21, 1983 August 3, 1985 8 600,000(2) 84,000(2)(4) 90,000(2) 12,000(1) 57,000(2)(3) 31,200(2)(6) 34,200(2)(3) 200,000(5) 1,000,000(5) (1) To be paid at maturity. (2) Being paid over a five year period through note renewals and principal reductions. (3) Three payments remaining. (4) Four ~aymenCs remaining. (5) To be paid by appropriation, grants-in-aid, a future bond issue or a combination of the fore- going. (6) Two payments remaining. Bond Principal and Interest Maturity Table Fiscal Excluding the Bonds Principal of Year ~ Interest Total the Bonds 1984 8 25,000 ~ $ 5~,698 $ --~ 1985 30,000 25,075 55,075 --- 1986 30,000 23,305 53,305 87,500 1987 30,000 21,535 51,535 90,000 1988 35,000 19,618 54,618 90,000 1989 35,000 17,553 52,553 95,000 1990 35,000 15,488 50,488 100,000 1991 35,000 13,423 48,423 100,000 1992 35,000 11,358 46,358 100,000 1993 35,000 9,293 44,293 100,000 1994 35,000 7,228 42,228 100,000 1995 35,000 5,163 40,163 110,000 1996 35,000 3,098 38,098 110,000 1997 35,000 1,033 36,033 110,000 1998 ......... 110,000 1999 ......... 110,000 2000 ......... 110,000 2001 130,000 2002 130,000 2003 130,000 2004 130,000 2005 130~000 Totals 8465~000 8199,868 8664,868 82~172,500 Total Principal All Issues 30,000 117,500 120 000 125 000 130 000 135 000 135 000 135 000 135 000 135 000 145 000 145 000 145 000 110 000 110 000 110 000 130 000 130 000 130 000 130 000 130~000 $2,637,500 Capital Project Plans The Town has authorized $2)632,204 bo~s for construction of a pre-treatment plant for the Wastewater Disposal District. Of this a~ount, $1,250,000 in bond anticipation notes has been issued. State and Federal aid of $2,287,211 is expected to be applied ngalnst the total authorization, ~ith a resulting local share of $344,993. No other projects are currently authorized. Overlappin$ and Underlyin~ Indebtedness of Political Subdivisions Within the Tmm In addition to the Town, the follo~in~ political subdivisions have the power to issue bonds and to levy taxes or cause taxes to be levied on taxable real property in the Town. The estimated ~ross outstanding indebtedness as of the end of the last respective fiscal year of such political subdivisions, based on unverified information obtained by the Town, is as follows: Estimated Overlappin~ and Underlyln~ Indebtedness Huulcipal Units County of Suffolk Village of Greenport Oysterponds School Dist. Fishers Island School Dist. Southhold School DisC. Hattituck-Cutchogue School Dist. 1,160,000 Greenport School Dist. 1,485,000 Laurel School Dist. -O- New Suffolk School Dist. -0- Orient Fire Dist. 37,350 East Marion Fire Dist. -0- Fishers Island Fire Dist. -0- Southold Fire Dist. 190,000 Cutchogue Fire Dist. -O- Mattituck Fire Dist. -0- ~Foee Indebtednses (Bonds & Netitmted Bond Perceutqe bt Debt Anticipation Applicable to Applicable Notes) Exclusions(I) Her Debt Town to Tmm $918,567,38S(2) $547,538,490(3) $3~98 3.1 ~6 1,791,100 460,000(4) 1,331,100 100.0 1,331,100 155,000 -0- 155,000 100.0 155,000 860,000 -0- 860,000 100.0 860,000 -0- -0- -0- 100.0 -0- -0- 1,160,000 100.0 1,160,000 181,170(5) 1,303,830 100.0 1,303,830 -0- -0- 80.9 -0- -0- -0- 100.0 -0- -0- 37,350 100.0 37,350 -0- -0- 100.0 -0- -0- -0- 100.0 -0- -0- 190,000 100.0 190,000 -0- -0- 100.0 -0- -0- -0 100.0 -0- (1) Pursuant to applicable constitutional and statutory provisions, this indebtedness is deductible from gross indebtedness for debt limit purposes. (2) Includes indebtedness to Industrial Development Authority for Southwest Sewer District. (3) Sewer debt and State Office Building debt. (4) Water debt and electric debt. (5) Estimated State building aid. FInaNCIAL FACTORS Town finances are operated primarily through its General and Highway Funds. All t~xes and m~st other revenues are paid into these f~ads and all current operating expenditures are made from them. (A statement of such revenues and expenditures for the five year period ending December 31, 1983 is contained in Appendix A). The Town also has Water, Park, Ferry, Garbage, Mosquito, Street Improvement, Lighting and Fire Protection Districts which are managed through individual district funds into ~hich all special tax levies for these purposes are paid and from which all expenditures are made. Capital improvements are financed by the issuance of bonds and bond anticipation notes. The Town's fiscal year begins January 1 and ends December 31. departmental fees and charges. A summary of such revenues for the last five fiscal years is presented . in Appendix A. 10 TLI II~O~liTION Isaeseed ~d Pull Valmttion, Tram Tax Levy end RaGes The follovlnS table sets forth the assessed and full valuatlon of taxable real property, the Town's real property tax levy, and rates of tax per $1,000 assessed valuation for recent years. Valuations, u-Gee end Tax Levy Year Sndlng December 31: 1979 1980 1981 1982 1983 1986 Assessed Valoatlon ...... $ 70,778,963 $ 72,-~,281 $ 73,'~,969 $ 74,'~,512 $ 76~,368 $ 77~,764 SCare Equalization Ra~e. 11.70~ 11.191 10.631 10.11I 10.211 9.58% Full ValuaCion .......... 604,948,402 6~5,3~3,378 690,470,075 73~,930,880 745,~10,069 810,081,04~ Tax Rates Per $1,000 (Assessed) Generel-To~n Wide ....... 9.62 11.39 12.34 12.65 13.17 16.46 General-Outside Village. 17.48 19.50 20.74 20.79 23.47 26.15 Highway ................. 12.14 13.88 13.17 14.22 17.45 18.31 Tsx Levy General-Torn Wide ....... 683,151 814,681 909,856 943,981 1,002,492 1,277,288 General-Outside Village. 1,178,550 1,341,671 1,449,955 1,471,863 1,695,970 1,928,219 Highway 834,194 971,875 935,033 1,024,125 1,285,520 1,371,725 Real gsteGe ProperGy Tax Collection Procedure The Tutu Tax Receiver collects the County Tax, School District as ~ell as the To~n and Special District levies. In accordance ~rith the Suffolk County Tax Act, ~der ~hlch the To~n collects taxes, any mcollected i~ are ~duc~ed fr~ the ~ount return~ to the C~nty and the ~nty ass~8 the res~nslbillty for obtain[~ ~y~nt. Before the t~ rolls are reCurn~ to the C~nCy a~ the end of ~he t~ collection ~riod, ~he To~ T~ Race{var pays in ~all to the Su~isor, the General Fund, TO~ Highway, ~hool Dis~ricC and S~cial DisCrict levies. The To~n e~nploys the two-payment tax system. The first half is due December 1st of the precedin~ fiscal year and payable tmtll January 10th ~ithout penalty, or full tax payment can be made at this time. Second half taxes are due H~y 10th each year and are payable to ~ay 31st ~ithout penalty. After January 10th, 1I per ~onth is added to 1st half taxes. After Hay 31st, ~hen the rolls are turned over Co the County, all taxes are payable to the County Treasurer ~ith an additional penalty to dace of payment. Tax sales are held annually by the County of Suffolk. Tax CollecGion Record Year Ending December 31 1979 1980 19,81 1982 1983 198~4 Total Tax Levy (1) $13,830,971 $14,775,252 $15,779,094 $17,446,782 $20,078,747 Uncollected (2) 457,736 509,473 588,057 535,t23 641,749 805,350 $22,369,381 Uncollected When Due 3.31 3.4I 3.72 3.11 3.2% 3.6I (1) Includes State, County, To~n, School and Special Districts. (2) As discussed above, the Suffolk County Tax Act provides that the To~n deduct the full levy of all To~n Special Districts and School District taxes frem the ~nount returned to the County. All amounts that appear above as uncollected are uncollected County taxes. ¢ 11 Long Island Light--~Compauy Ney York Telephone Company Jack Levin Fishers Island Development Corp. Southold Development Corp. Abrah~ 8ha~es Alan Cardinale Southold Savings Dank North Fork Bank & Trust Company John Hay Whitney Ten Idrseet Taxpayers(a) Tlpe Public Utility Public Utility Motel & Restaurant Residential Developer Residential Developer Nursing Nome Shopping Center Dank Dank Estate 198~ Asoaeo~ Value 1,726,585 265,600 259,250 233,400 227,800 205,600 197,900 160,200 157,400 (a) Includes applicable franchise assessments for utilities. In the 1984 fiscal year, the Long Island Lighting Company ("LILC0") was responsible for and paid approximately 2.7% of the Town's total real property tax levy. The financial condition of LILCO as described in its recent filings with the Securities and Exchange Commission and as evidenced by its suspension of common stock dividends, its work force reductions, its withdrawal ~rom participation in the Nine Mile Point Nuclear Power Project in upstate New York and its inability to obtain regulatory approval for the start up of the Sboreh~ Nuclear Power Plant in Suffolk County, is a matter of serious public concern. The Attorney General of the State of New York and the Town of Brookhaven have commenced separate proceedings in the Supreme Court of the State of New York, seeking to compel LILCO to pay installments due on real property tax obligations in taxing jurisdictions of the Town of Brookhaven, in Suffolk County. LILCO has paid moneys asserted to be sufficient to pay such tax obligations, including interest and penalties, into an escrow account held in a bank pending the final determination of proceedings to reduce the assessed value of the site of the Shoreham Nuclear Power Plant. While future developments in and the ultimate outcome of LILC0's present situation are tmkno~n at this time, and it is not possible to estimate the ultimate effect on the Town's finances, the Town does not believe that there will be any material adverse effect on its ability to pay the Bonds and the interest thereon, when due and payable. STATE AID FOR OPERATING AND OTilER FURPOSES The Town receives certain State aid (per capita, mileage and valuatlon, and mortgage tax) which is received and appropriated in the operating budget each year. There is no assurance that the State appropriation for State aid to Towns will continue, either pursuant to existing formulas or in any form whatsoever and, in any event, if appropriated and apportioned to the Town, payment can be made only if such monies are available therefor. The availability of such monies could be affected by the State's ability to issue notes in anticipation of the collection of State taxes and revenues from time to time which, under presently existing market conditions, cannot be assured. Should such monies be unavailable for payment to the Town, timely payment of its indebtedness would have to be made from the monies available to the Town for such purposes. B~TARy PEOCRDU~S It is the responsibility of the Town Supervisor, as the Town's chief fiscal officer, to prepare the budget and present the budget to the Town Board. Once the Town Board approves the tentative budget, a public hearing is held. Subsequent to the public hearing, revisions (if any) are made and the budget is then adopted by the Town Board as its final budget for the coming fiscal year. The budget is not subject to referendum. FINANCIAL STAT~NTSANDACCOUNTING The financial accounts of the Town are maintained in accordance with the New York State uniform System of Accounting for Towns. Such accounts are audited annually by independent auditors, and are available for public inspection upon request. Appendix A sets forth the Town's operations for the last five fiscal years which are derived from the Annual Reports on file in the Town Supervisor's office. 12 ~fl~LOY~E I~ESION B~I~FITS Ail employees of the Tows eligible for pension or retirement beuefits under the Retirement and Social Security Law off the State of New York are members of the New York State Employees' Retirement Syste~ or the New York State Pollcemen's and Fireman's Retirement System. Based on earnings data for each member of the Retlr~uent System ~hich the Town supplies to the system, the Retirement System bills the Town annually. Bills are sent to the Town under au invoice dated May 15 each year and payable ~ithln thirty days of said invoice data. If not paid ~ithin the designated period, the unpaid balance is subject to an interest penalty c~nputed at the rate of 5% per annum. The System is non-contributory with respect to members hired prior to July 1, 1976. Since January 1, 1977 all members of the New York State Employees' Retirement Syste~ hired after July [, 1976 contribute 3% of sross annual salary toward the cost of retirement programs. F. qR~T FACTORS AFFECTING FINAI~CINCS O~ ~ STATE NUNICIPALITIES AND SC1;OOL DISTRICTS OF T~ STATE The financial condition of the Town as ~ell as the market for the Bonds could be affected by a variety of factors, some of which are beyond the Town's control. There can be no assurance that adverse events in the State, including, for example, the seeking by a municipality of remedies pursuant to the Federal Bankruptcy Act or otherwise, *rill not occur which might affect the market price of and the market for the Bonds. If a significant default or other financial crisis should occur in the affairs of the State or at any of its agencies or political subdivisions thereby further impairinS the acceptability of oblisatlons issued by borrowers within the State, both the ability of the Town to arrange for additional borrowing and the market for and market value of the outstandinS debt obligations, including the Bonds, could be adversely affected. The Town is dependent in part on financial assistance fr~n the State. Ro~ever, if the State should experience difficulty in borrowing funds in anticipation of the receipt of State taxes in order to pay State aid to municipalities and school districts in the State, including the Town, in this year or future years, the Town may be affected by a delay, until sufficient State taxes have been received by the State to make State aid payments to the Town. No delay in payment of 1984 State aid to the Town is presently anticipated althoush no assurance can be $1ven that there will not be a delay in payment thereof. LITIGATION In common with other municipalities and school districts, the Town from time to time receives notices of claim and is party to litigation. In the opinion of the attorney for the Town, unless otherwise set forth herein and apart from matters provided for by applicable insurance coverage, there are no claims or actions pending which, if determined against the Town, would have an adverse metarial effect on the financial condition of the Town. TAX In the opinion of Bond Counsel, interest on the Bonds is exempt from federal income taxes under existing statutes, and is exempt from New York State and New York City personal income taxes under existing statute. DOCUI~NTS ACCOMPA~YIN(; DELIVERY OF THE BOND~ Absence of Litigation Upon delivery of the Bonds, the Town shall furnish a certificate of the Town Attorney, dated the date of delivery of the Bonds, to the effect that there is no controversy or litigation of any nature pending or threatened to restrain or enjoin the issuance, sale, execution or delivery of tile Bonds, or in any way contesting or affecting the validity of the Bonds or any of the proceedings taken with respect to the issuance and sale thereof or the application of moneys to the payment of the Bonds and further stating that there is no controversy or litigation of any nature now pending or threatened by or against the Town wherein an adverse judgment or ~uling could have a material adverse impact on the financial condition of the Town or adversely affect the power of the Town to levy, collect and enforce the collection of taxes or other revenues for the payment of its Bonds, which has not been disclosed in this Official Statement. 13 ~egal Nitter8 Legal matters incident to the authorization, issuance and sale of the Bonds will be subject to the final approvln~ opinion of Uavkins, Delafield & Wood, Bond Counsel. Such opinion will be avail- able at the time of delivery of the Bonds and will be to the effect that the Bonds are valid and 14~ally binding ~eneral obligations of the Town for vhlch the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ed valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or mount. Said opinion shall also contain further statements to the effect that (a) the enforcaability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or other laws affectln~ creditors' rights or remedies heretofore or hereafter enacted, and (b) said law firm has not been requested to examine or review and has not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional pr oceedin~s, reports, correspondence, financial statements or other documents contalnir~ financial or other information relative to the Town which have been or may be furnished or disclosed to purchasers of the Bonds, and expresses no opinion with respect to any such financial and other documents or the accuracy or sufficiency thereof. Clueln~ Certificates Upon the delivery of the Bonds, the Purchasers will be furnished with the follovin~ items: (i) a Certificate of the Town Supervisor to the effect that as of the date of this Official Statement and at all times subsequent thereto, up to and including the time of the delivery of the Bonds, this Official Statement did not and does not contain any untrue statement of a material fact or emit to state a material fact necessary to make the statements herein, in the light of the circumstances under which they were made, not mlsleedinS, and further stating that there has been no adverse material change in the financial condition of the Town since the date of this Off[clal Statement to the date of issuance of the Bonds; and having attached thereto a copy of this Official Statement (ii) a Certificate s~sned by the Town Supervisor evidenclnS payment for the Bonds; and (iii) a Sisnature Certificate evldenci~g the due execution of the Bonds, including statements that (a) no litigation of any nature is ~ending or, to the knowledse of the signers, threatened, restraining or enjoining the issuance and delivery of the Bonds or the levy and collection of taxes to pay the principal of and interest thereon, nor in any manner questioning the proceedings and authority under which the Bonds were authorized or affecting the valldity of the Bonds thereunder, (b) neither the corporate existence or boundaries of the Town nor the title of the signers to their respective offices is being contested, and (c) no authority or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded. ADDITIO~kL I~O~NATION Periodic public reports relating to the financial condition of the Town, its operations and the balances, receipts and disbursements of the various Funds of the Town are prepared by the To~ra. Any statements in this Official Statement involving matters of opinion or estimates, whether or not expressly so stated, are intended as such and not as representations of fact. No representation is made that any of such statements will be realized. This Official Statement is not to be construed as a contract or agreement between the Town and the purchasers or holders of any of the Bo~ds. Additional information may be obtained upon request from the office of the Fiscal Advisors, Inc. 516-433-8555. Dated: September 10, 1984 By: FRAIICTS J. NU~PHY Torn Supervisor ~nd Chief fiscal O££icer 14 C~rie~a Of ~d8et ~ Actual beult$ (Most recently available fiscal year and current budEet) (General Fund-To~awide) Year Ending December 31: RBVEBUES Real Property Taxes Real Property Tax Ytems Use of ~oney and Property Sale of Property and Compensation for Loss Miscellaneous Balance Be$1nnln~ of Year Total 1983 Modlfi~d Budge} Actual $ 1,002,492 $ 1,002,492 13,000 15,556 36,500 18,308 1,000 960 51,360 52,747 34,500 42,454 14,600 18,906 24,100 54,467 -0- 21,649 2,500 -0- 292,500 362,865 ~552 1,590,406 168 276 168.892 1,640.828 $~ ~XPENDITUP~S General Govermaent Support $ 698,697 Public Safety 86,400 Health 3,220 Transportation 213,295 Econ~nlc Assistance & Opportunity 12,500 Culture and Recreation 162,820 Home and Co~munlty Services 203,146 Employee Seneflts 260,750 Interfund Transfers -O- Debt Service -0- Total Expenditures 1,640,828 ~alance End of Year $ -0- 1984 Adopted Sud~et 1,277,288 17,000 53,125 52,100 41,200 18,600 61,150 23,500 2,500 270,500 1,816,963 100.000 691,600 $ 786,028 84,876 92,400 3,219 3,000 212,866 219,102 12,298 26,500 162,051 181,271 202,319 303,662 260,553 302,500 -0- 2,500 -0- -0- ~ 1,916,963 129,514 $ -0- Balance Sheets (General Fund-To~nwlde) ASSETS Cash Due from Other Funds Due from Other Govermaents TOTAL ASSETS December 31, 1982 December 31, 1983 $155,442 $143,203 11,459 4,351 ~ 960 $168,892 $~ LIABILITIES Accounts Payable FUND BALANCE Reserved Unreserved Fund Balance TOTAL LIABILITIES AND FUND BALANCE $ -0- $ 19,000 $ 13,275 $ 6,600 155{617 122~914 $168,892 $129,514 $168,892 $148,514 Revenues, Expenditures aud Fund Balance (General Yund-Tovav~de) Year Ending December 31: ~VE~ES Real Property Taxes Real Property Tax Items Departmental Income Intergovernmental Charges Use of Money and Property Licenses & Permits Fine and Forfeited Ball Sale of Property and Compensation for Loss Miscellaneous Revenues from State Sources Total Revenues Balance Beginning of Year Total 1979 1~0 $ 683,151 $ 814,681 9,061 8,701 10,900 18,350 -0- -0- 40,728 59,744 22,100 23,521 9,669 11,607 AP~ IX A 1981 1982 909,856 $ 943,981 11,230 13,175 28,015 14,767 -0- 2,472 83,534 77,789 26,524 29,728 14.675 13,321 15,377 8.506 74.252 24,424 12,151 3,691 21,347 16,225 268,302 22.1~513 263~386 26~.897 $ 1,071,439 $ 1,170,314 $ 1,432,819 $ 1,400,779 133~516 167.100 128.267 190,182 $ 1,204.955 $~ $1~-1"'[~o~.0'~'~ $ 1,590,961 EXPENDITURES General Government Support $ 474,523 $ 527,853 $ 580,194 Public Safety 59,753 71,619 78,819 Health -0- -0- 3,344 Transportation 134,256 144,326 168,973 Economic Assistance and Opportunity 10,400 11,584 36,414 Culture and Recreation 90,591 130,688 143,521 Home and Community Services 128,001 139,159 155,690 Employee Benefits 136,300 170,838 190,973 Interfund Transfers 11,026 4,467 12,976 Debt Service -0- 14~000 -O- Total Expenditures 1,044,850 1,214,534 ~4 Balance End of Year-Before Adjustments 160,105 122,880 190,182 Adjustments (1) 6,995 5,387 -0~ Balance End of Year $ 167,100 $ 128,267 $ 190,182 (1) Net adjustments and encumbrances closed to Fund Balance. $ 629,608 74,663 3,219 175,566 10,901 159,357 208.850 174,681 (5,789) $ 168,892 ~han~ea in Fund Balances 1979 GENERAL FUND-TOWN OUTSIDE VILLAGE Balance Beginnin~ of Year $ 20,732 Revenues 1,364,674 Expenditures 1,376,980 Balance End of Year 8,426 HI.WAY FUND Balance Beginnln~ of Year Expenditures Balance Bnd of Year API~,~DTg A-2 FEDEP~ ~EVENDE FUND Balance Beginnln~ of Year Expenditures Balance End of Year 1980 1981 1982 1983 $ 8,426 $ 79,551 $ 222,759 $ 129,749 1,536,768 1,767,088 1,753,593 2,035,708 1,465,643 1,623,880 1,846,603 2,055,116 79,551 222,759 129,749 110,341 DEBT SERVICE FUND Balance Beginning of Year Expenditures Balance End of Year 98,772 $ 197,147 $ 277,185 $ 229,062 $ 222,513 924,128 1,095,816 1,139,984 1,302,216 1,522,326 825,753 1,015,778 1,188,107 1,308,765 1,502,321 197,147 277,185 229,062 222,513 242,518 SPECIAL ASSESSMENT FUND Balance Beginning of Year Expenditures Balance End of Year $ 55,232 $ 81,764 $ 64,000 $ 23,483 $ 53,818 142,989 140,420 146,771 143,875 155,178 116,457 158,184 187,288 113,540 135,367 81,764 64,000 23,483 53,818 73,629 FISHERS ISLAND FERRY DISTRICT FUND Balance Beginning of Year $ Expenditures Balance End of Year -0- $ -0- $ 3 11,026 11,053 10,795 11,026 11,050 10,798 -0- 3 -0- SPECIAL GRANT FUND Balance Beginning of Year Revenues Expenditures Balance End of Year $ -0- $ -0- -0- -0- -0- -0- NUTRITION FUND Balance Beginning of Year Revenues Expe~dltures Balance End of Year $ -0- $ -0- $ -0- $ -0- $ -0- -0- 2,028 2,176 3,472 1,872 -0- 2,028 2,176 3,472 1,872 -0- -0- -0- -0- DELINQUENCY DIVERSION Balance Beginnin~ of Year Expenditures Balance End of Year 63,549 $ 106,638 $ 185,949 $ 399,495 $ 559,406 595,476 682,047 775,115 936,564 871,161 552,387 602,736 561,569 776,653 660,412 106,638 185,949 399,495 559,406 770,155 H(~ME AIDE f~OG~AM Balance Beglnnzn~ of Year Expenditures Balance End of Year $ -0- $ 1,989 $ 631 $ 3,339 7,500 9,525 ,194;~37 281,238 5,511 10,883 191,929 217,998 1,989 631 3,339 66,579 6,427 $ 5,049 $ 921 $ 2,378 $ 984 73,929 93,536 96,056 129,268 138,762 75,307 97,664 94,599 130,662 139,920 5,049 921 2,378 984 (174) $ -0- 7,220 7,220 $ -0- 5,465 5,465 -0- 4,789 15 4,804 -0- (15) -0- -0- $ -0- $ -o- $ -0- $ -0- -0- -0- -0- 6,525 12,431 -0- -0- -0- 6,525 12,374 -0- -0- -0- -0- 57 FISCAL ADVISORS, INC. (516) 433-8555 Mr. Francis J. Murphy Supervisor 425 Main Street Greenport, NY 11944 September 27, U TO~VN L~- SOUI~;L~ Re: T.O~gu~U~, Suffolk County, New York ~172~5~0 Various Pu~p~e~eria~ Bonds` - 1984 Dear Mr. Murphy: This is to confirm delivery arrangements which were made by tele- phone. ~.~,~,~~.~e.~i~r~,~ond issue will take place on Wednesday, C~ctober 10th at 11:00 O'clock A.M. at the offices of Hawkins, Delafle~'~'~':~ S~New York City. Hawkins, Delafield & Wood will be ready to render their legal opinion upon receipt of executed bond number one and the closing papers, we under- stand, have been forwarded and should be brought to the closing. For your convenience, we are submitting delivery figures which have been confirmed by the Purchaser, Roosevelt & Cross, Inc.: Principal and Premium Accrued Interest (9 days) Sub-total Less Good Faith Net Amount $2,177,701.00 4,942.44 $2,182,643.44 43,450.00 $2,139,193.44 If you have any questions please do not hesitate to contact me. JJD:ss COS: Vivia Chen, Esq. Dominick Antonelli William McCahill Frank J. Soltis Very truly yours, FISCAL ADVISORS, INC. .. ~. ~. Oz. ~ _ _ o ~ ~: ~ .................... ~. , Prepared by Fisca~l Advisors, Inc. DEBT SERVICE SC~DULE TOWN OF SOUTHOLD, SUFFOLK COIFRTY, NEW YORK VARIOUS PURPOSES SERIAL BONDS - 1984 $2,172,500 @ 9.10% Bonds Dated: FincalA~ent: October 1, 1984 Last Maturity: Date of Sale: The Chase Manhattan Bank N.A., /nNewYork, New York April 1, 2005 September 18, 1984 Fiscal Year Ending Dec. 31st. 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Bonds Outstand- ing BeginninR of Fiscal Year $ -- 2,172,500 2,085,000 1,995,000 1,905,000 1,810,000 1,710,000 1,610,000 1,510,000 1,410,000 1,310,000 1,200,000 1,090,000 980,000 870 000 760 000 650 000 520 000 390 000 260 000 130 000 Principal Due April 1st. $-- 87,500 90,000 90,000 95,000 100,000 100,000 100,000 100,000 100 000 110 000 110 000 110 000 110 000 110 000 110 000 130 000 130 000 130,000 130,000 130,000 1st Interest 2nd Interest Total Payment Due Payment Due Principal April 1st. October let. & Interest $ 98,848.75 $ 98,848.75 $ 197,697.50 98,848.75 94,867.50 281,216.25 94,867.50 90,772.50 275,640.00 90,772.50 86,677.50 267,450.00 86,677.50 82,355.00 264,032.50 82,355.00 77,805.00 260,160.00 77,805.00 73,255.00 251,060.00 73,255.00 68,705.00 241,960.00 68,705.00 6&,155.00 232,860.00 64,155.00 59,605.00 223,760.00 59,605.00 54,600.00 224,205.00 54,600.00 49,595.00 214,195.00 49,595.00 44,590.00 204,185.00 44,590.00 39,585.00 194,175.00 39,585.00 34,580.00 186,165.00 34,580.00 29,575.00 174,155.00 29,575.00 23,660.00 183,235.00 23,660.00 17,745.00 171,405.00 17,745.00 11,830.00 159,575.00 11,830.00 5,915.00 147,745.00 5,915.00 -- 135,915.00 Totala ~$ 2_~171,.500 $1,207,570.00 $1,_1_08,72,1.2_5 $4,688,791.25 Prepared ~y. Fiscal. Advisors, Inc. DEBT SERVICE SCHEDULE TOl~l OF SOUTHOLD, SuyrOLK COUNTY, NE~ YORK ?ISItERS ISLAND ~ERItY DISTRICT $510,000 @ 9.10~ Bonds Dated: October 1, 1984 Last Maturity: April 1, 2005 Date of Sale: September 18, 1984 Fiscal A~ent: The Chase Nanhattan Bank N.A. in Ne~York, N~York Fiscal Year Endiu8 Dec. 31st. 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 200~ 2005 Bonds Outstand- of Fiscal Year $ -- 510 000 490 000 470 000 450 000 425 000 400 000 375 000 350 000 325 000 300 000 275 000 250 000 225,000 200,000 175,000 150,000 120,000 90,000 60,000 30,000 Principal 1st Interest 2nd Interest Total Due Payment Due Payment Due Principal April 1st, April 1st. Oct. 1st. & Interest $ -- $ 23,205.00 $ 23,205.00 $ 46,410.00 20;000 23,205.00 22,295.00 65,500.00 20,000 22,295.00 21,385.00 63,680.00 20,000 21,385.00 20,475.00 61,860.00 25,000 20,475.00 19,337.50 64,812.50 25,000 19,337.50 18,200.00 62,537.50 25,000 18,200.00 17,062.50 60,262.50 25,000 17,062.50 15,925,00 57,987.50 25,000 15,925.00 14,787.50 55,712.50 25,000 14,787.50 13,650,00 53,437.50 25,000 13,650.00 12,512.50 51,162.50 25,000 12,512.50 11,375.00 48,887.50 25,000 11,375.00 10,237.50 46,612.50 15,000 10,237.50 9,100.00 44,337.50 25,000 9,100.00 7,962.50 42,062.50 25,000 7,962,50 6,825.00 39,787.50 30,000 6,825.00 5,460.00 42,285.00 30,000 5,460.00 4,095.00 39,555.00 30,000 4,095.00 2,730.00 36,825.00 30,000 2,730.00 1,365.00 34,095.00 ~0~000 1,365.00 -- 31,365.00 Totals ~ .$281,~,00 $257.985;00 $1,049,175.00 Prepared by Fiscal Ad~isors, Inc. DEBT SERVICE SC~F~ULE TO~N OF SOu'£1tOLD, SUFPOLK COUNTY, NL~ YORK ACRICULu'£KAI. DEVELOPMENT R/~'i'S $1,662,500 @ 9.101~ Bonds Dated: Fiscal A~ent: October 1, 1984 Last Maturity: Date of Sale: The ClmseManhattan Bank N.A., tn NewYork, New York Apr:l/ 1, 2005 September 18, 1984 Fiscal Year Bonds Outstand- Principal 1st Interest 2nd Interest Total ~ndin8 ing Besinntn~ Due Payment Due Payment Due Principal Dec. 31st. of Fiscal Year April 1st. April 1st. October 1st. & Interest 1985 $-- $ -- $ 75,643.75 $ 75,643.75 $ 151,287.50 1986 1,662,500 67,500 75,643.75 72,572.50 215,716.25 1987 1,595,000 70,000 72,572.50 69,387.50 211,960.00 1988 1,525,000 70,000 69,387.50 66,202.50 205,590.00 1989 1,455,000 70,000 66,202.50 63,017.50 199,220.00 1990 1,385,000 75,000 63,017.50 59,605.00 197,622.50 1991 1,310,000 75,000 59,605.00 56,192.50 190,797.50 1992 1,235,000 75,000 56,192.50 52,780.00 183,972.50 1993 1,160,000 75,000 52,780.00 49,367.50 177,147.50 1994 1,085,000 75,000 49,367.50 45,955.00 170,322.50 1995 1,010,000 85,000 45,955.00 42,087.50 173,042.50 1996 925,000 85,000 42,087.50 38,220.00 165,307.50 1997 840,000 85,000 38,220.00 34,352.50 157,572.50 1998 755,000 85,000 34,352.50 30,485.00 149,837.50 1999 670,000 85,000 30,485.00 26,617.50 142,102.50 2000 585,000 85,000 26,617.50 22,750.00 134,367.50 2001 500,000 100,000 22,750.00 18,200.00 140,950.00 2002 400,000 100,000 18,200.00 13,650.00 131,850.00 2003 300,000 100,000 13,650.00 9,100.00 122,750.00 2004 200,000 100,000 9,100.00 4,550.00 113,650.00 2005 100,000 100,000 4,550.00 -- 104,550.00 Totals ~1,6~2,500 ~926&380.00 $850,736.25 $3,439,616.25 Prepared Fiscal Advisors, Inc. DEBT SERVICE SCHEDULE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW YORK VARIOUS PURPOSES SERIAL BONDS - 1984 $2,172,500 @ 9.10% Bonds Dated: Fiscal A~ent: October 1, 1984 Last Haturity: Date of Sale: The Chase Hanhattan Bank N.A., ~n New York, New York April 1, 2005 September 18, 1984 Fiscal Year End inl Dec. 31st. 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Bonds Outstand- ing Beginning of Fiscal Year $ --- 2,172,500 2,085,000 I;995,000 1,905,000 1,810,000 1,710,000 1,610,000 1,510,000 1,410,000 1,310,000 1,200,000 1,090,000 980,000 870,000 760,000 650,000 520,000 390,000 260,000 130,000 Principal Due A~ril lat. $-- 87,500 90,000 90~000 95,000 100 000 100 000 100 000 100 000 100 000 110 000 110 000 110 000 110 000 110 000 110 000 130 000 130 000 130 000 130 000 130 000 let Interest 2nd Interest Payment Due Payment Due April let. October 1st. $ 98,848.75 $ 98,848.75 98,848.75 94,867.50 94,867.50 90,772.50 90~772.50 86,677150 86,677.50 82,355.00 82,355.00 77,805.00 77,805.00 73,255.00 73,255.00 68,705.00 68,705.00 64,155.00 64,155.00 59,605.00 59,605.00 54,600.00 54,600.00 49,595.00 49,595.00 44,590.00 44,590.00 39,585.00 39,585.00 34,580.00 34,580.00 29,575.00 29,575.00 23,660.00 23,660.00 17,745.00 17,745.00 11,830.00 11,830.00 5,915.00 5,915.00 -- Total Principal & Interest $ 197 697.50 281 216.25 275 640.00 267 450.00 264 032.50 260 160.00 251 060.00 241,960.00 232,860.00 223,760.00 224 205.00 2~4 195.00 204 185.00 194 175.00 184 165.00 174 155.00 183 235.00 171,405.00 159 575.00 147,745,00 135,915.00 Totals $2,172,_500 $1 ,.20_7,~ 5_7_0_. O0 $.1._, 108~t721.25 $4,488,791.25 Pr. epa~e~ by ' Fiscal Advisors, Inc. DEBT SERVICE SC~F.~ULE TO~N OF SOU'£aOLD, SU~FOLKCOUNTY, NEW YOP. K AGRICULUTRAL Dzvr-~-OPMENT RIGaTS $1,662,500 @ 9.10~ Bonds Dated: Fiscal A~ent: October 1, 1984 Last Maturity: Date of Sale: The Chase ~-hattan Bank N.A., In NewYork, New York April 1, 2005 September 18, 1984 Fiscal Year Bonds Outstand- Principal Ist Interest 2nd Interest Total EndIng In8 Beginning Due Payment Due Payment Due PrIncipal Dec. 318t. of Fiscal Year April 1st. April 1st. October let. & Interest 1985 $-- $ -- $ 75,643.75 $ 75,643.75 $ 151,287.50 1986 1,662,500 67,500 75,643.75 72,572.50 215,716.25 1987 1,595,000 70,000 72,572.50 69,387.50 211,960.00 1988 1,525,000 70,000 69,387.50 66,202.50 205,590.00 1989 1,455,000 70,000 66,202.50 63,017.50 199,220.00 1990 1,385,000 75,000 63,017.50 59,605.00 197,622.50 1991 1,310,000 75,000 59,605.00 56,192.50 190,797.50 1992 1,235,000 75,000 56,192.50 52,780.00 183,972.50 1993 1,160,000 75,000 52,780.00 49,367.50 177,147.50 1994 1,085,000 75,000 49,367.50 45,955.00 170,322.50 1995 1,OlO,O00 85,000 45,955.00 42,087.50 173,042.50 1996 925,000 85,000 42,087.50 38,220.00 165,307.50 1997 840,000 85,000 38,220.00 34,352.50 157,572.50 1998 755,000 85,000 34,352.50 30,485.00 149,837.50 1999 670,000 85,000 30,485.00 26,617.50 142,102.50 2000 585,000 85,000 26,617.50 22,750.00 134,367.50 2001 500,000 100,000 22,750.00 18,200.00 140,950.00 2002 400,000 100,000 18,200.00 13,650.00 131,850.00 2003 300,000 100,000 13,650.00 9,100.00 122,750.00 2004 200,000 100,000 9,100.00 4,550.00 113,650.00 2005 100,000 100,000 4,550.00 m 10~,550.00 Totals $1,662,500 $926;380.00 $850,736.25 $3,439,616.25 Prepared by Fisc.al Advisors, r~c. DEBT SERVICE SCHEDULE TO~ OF SOUTItOLD, SUffOLK COUNTY, NE~ YORK FISHERS ISLAND FEERY DISTRICT $510,000 @ 9.10% Bonds Dated: October 1, 1984 LastMaturity: April 1, 2005 Date of Sale: September 18, 1984 Fiscal A~ent: The Chase Manhattan Bank N.A. in NewYork, New York Fiscal Year Endin~ Dec. 31st. 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 200~ 2005 Bonds Outscand- of Fiscal Year $-- 510 000 490 000 470 000 450 000 425 000 &O0 000 375 000 350 000 325.000 300 000 275 000 250 000 225 000 200,000 175,000 150,000 120,000 90,000 60,000 30,000 Principal 1st Interest 2nd Interest Total Due Payment Due Payment Due Principal April lat. April 1st. Oct. lat. & Interest $ -- $ 23,205.00 $ 23,205.00 $ 46,410.00 20;000 23,205.00 22,295.00 65,500.00 20,000 22,295.00 21,385.00 63,680.00 20,000 21,385.00 20,475.00 61,860.00 25,000 20,47-5.00 19,337.50 64,812.50 25,000 19,337.50 18,200.00 62,537.50 25,000 18,200.00 17,062.50 60,262.50 25,000 17,062.50 15,925.00 57,987.50 25,000 15,925.00 14,787.50 55,712.50 25,000 14,787.50 13,650.00 53,437.50 25,000 13,650.00 12,512.50 51,162.50 25,000 12,512.50 11,375.00 48,887.50 25,000 11,375.00 10,237.50 46,612.50 25,000 10,237.50 9,100.00 44,33?.50 25,000 9,100.00 7,962.50 42,062.50 25,000 7,962.50 6,825.00 39,787.50 30,000 6,825.00 5,460.00 42,285.00 30,000 5,460.00 4,095.00 39,555.00 30,000 4,095.00 2,730.00 36,825.00 30,000 2,730.00 1,365.00 34,095.00 30~000 1,365.00 -- 31,365.00 Totals ~510,000 $281,190.00 $257,985.00 }1,049;175.00 Moody Investors Serwce 99 Churcr~ Street. New York. N.Y. 10007 ,TovmClerESouthold Town clerk Town Hall Southold, New york 11971 Dear Sir or Madam: We have started to compile Moody's 1985 Municipal & Government Manual and would appreciate your assistance in providing us'with information requested on the enclosed form. Should bonds of your community or district now have a current Moody's rating, it is extremely important that we receive the most up-to-date financial and statistical data. Our failure to receive the information necessary to review your rating will result in the withdrawal of the rating by our rating committee. Please return this letter with the requested information. Should the above address require correction, please make all necessary changes. Your cooperation will be greatly appreciated. Robert P. Hanson Assistant Vice President & Editor-in-Chief Sincerely yours, Freda Stern Ackerman Executive Vice President FSA/mg MOODY ' S STO SERVICE #1 99 Church Street, New York, N.Y. 10007 Telephone: (212) 553-0317 MUNICIPAL DEPARTMENT 1983 STATEMENT OF INFORMATION FOR MAINTENANCE OF BOND RATING AND ENTRY FOR MOODY'S 1984 MUNICIPAL & GOVERNMENT MANUAL ANNUAL INFORI~TXON REQUXNENENT · XNSTRUCTXONS:In order to maintain the currency of your rating, we require updated information regarding past and budgeted financial operations, debt, and certain measures of administrative performance. The specific items we require are enumerated in the check list below. Please check all itcms 'A' through *$' as either included or not included in your annual report, budget and/or other submitted document. For all items checked as not included please refer to the appropriate section of the form and provide the data requested. The completion o£ the checklist and necessary sections together with the submission of a COMPREHENSIVE ANNUAL FINANCIAL REPORT and a CURRENT BUDGET will fu1£ill our needs. Please fill in the Unit Description section and then complete the checklist. I£ you have any questions, write or call MOODY'S MUNICIPAL DEPARTMENT at the address or telephone number given above. YOUR PROMPT RESPONSE TO THIS REQUEST IS NECESSARY TO SUSTAXN YOUR RATING. UNIT DESCRIPTION: Name o£ Government Unit Type of government (eg: city, town, county spec. district, spec. authority) State of County of Pop. (1980) Pop.(1983 Est.) Land Area sq.mi. Land Area sq.mi.: (1980) (Current)' as of 19__. (NOTE TO SCHOOL DISTRICTS AND SPECIAL DISTRICTS: If available, please send a reference map outlining your dis*rict boundaries) a) CHECK ALL ITEMS: Statement of bonded debt by purpose and security NOT REFER TO INCLUDED INCLUDED SECTION b) Bonded debt schedule of future annual principal maturities (separated by security type) c) Annual bond interest requirements (separated by security type) d) Statement of short-term debt (notes, other) by security, amount and maturity dates e) Future borrowing plans £) Statement of overlapping debt by issuer including share allocable to your tax base Financial operating statements (all funds) h) Balance sheet presentation (all funds) i) Notes to financial statements (include description of basis of accounting) J) Current year budgeted operations k) Last 3 years' assessed valuation (if available separate real, personal and other property) 1) Last 3 years' assessment ratio and or property equalization ratio m) Last 3 years' tax rates, tax levies and tax collections by year and total n) Description of any tax limitations for operating purposes o) Current assessed x ae of each of the 5 largest taxpayers P) List of major employers located in your jurisdiction and employment level at each 10 q) Number employed by this unit of government 11 r) Statement regarding status of employee pension funds 11 s) For school districts only - annual enrollments (For past 3 years and present year) 12 * No sections are provided for this information. If not available in an annual report/budget, please submit appropriate alternative statements. KNTKRPRXSE OPBRATXONS: Included in this package is an information form for each type of municipal enterprise for which Moody's has a separate bond rating. Please refer to each of these forms and fill in that information which is not otherwise included in your financial and budget r~ports. nPI~SENTATXON OF FXNANCE OFFXCER Subject to the following exceptions, all maturing bonds, coupons and notes of this unit maturing after January 1, 1982 to this date and presented for payment have been punctually paid. Exceptions: (If none, -please write "No Exceptions") Attachments: Please list the financial reports, budgets and any other documentation or attachments that are included in this submission. SECTION 1 BONDED DKBT A~ OF FISCAL ~ ENBBD: issued since the end of the year? / / __Have any bonds been General improvements Schools Roads, Bridges, Tunnels Sewerage Water Water & Sewer Electric Hospital Transp./Airport Other ............ Security .................... Other ........ General Describe Security- Obligations (Special Assessment (indicate if Sales tax, State loan limited or Lease FmHA, SBA, etc.) unlimited tax*) Revenue Rental Amount Descrivtion ~)TAL * Limited'to: Mills Per $1,000 Assessed Valuatibn. If any of the above is supported by law or contract from revenues supplied by another governmental unit, attach a statement giving all relevant details. SECTION 2: ACTUAL AND SCHEDULED BOND RETIRENENT (through final maturity) Fiscal Year --General Obligation ........ Revenue .......... Other ........ Principal Interest Principal Interest Principal Interest Actual 1982 1983 Future due in 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 & beyond SECTION 3: SHORT-TERI~ DEBT: Fiscal year ended: Amount Dated Due Tax Anticipation Notes' Delinquent Tax Notes Revenue Anticipation Notes Other Temporary Operating Loans Bond Anticipation Notes Grant Anticipation Notes Warrants / / / / / / / / / / / / / / / / / / / / / -If any short-term debt has been issued since the close of the last fiscal year please indicate the types amount and maturity dates. T~Pe Note Amount Maturity Date $ / / / / sEcTION 4: Is the issuance of any short or long-term debt anticipated over the next year? If so, please specify the types, and amounts. Future Borrowing Plans: Type Amount Issues planned durin9 1984 $ Bonds authorized but unissued Any bond elections planned during ~984? SECTION 5: OYERLApPIN6 UNITS--List the names of all overlapping units, i.e., county, school districts, flood control districts (attach separate sheet if necessary). Tax base Name % OverlaDnin~ Amount of Debt Outstandin~ $ SECTION 6: ASSESSED VALUATION--La£est three years Realty Personal property Public utilities Other Total Assessed Valuation $ ~ssessment Ratio or Est. Ratio o£ Assessed to Market Value SECTION 7: TAX RATES PER $1,000 ASSESSED VALUATION This Unit £or Debt Service This Unit Total Rate School District (i£ any) County Largest Overlapping Municipality Other (describe) TAX COLLECTION DATA--Latest three years Total Current Levy Current Actual Collected Delinquent Taxes Collected Total Collections What is penalty rate £or delinquent taxes? $ $ 19__ $ $ Year: $ $ $ SECTION 8: Describe any operating TAX LINITATIONS and remaining margins available under these limits. SECTION 9: Najor Taxpayers Name Current Assessed Value (i£ avail.) 1 2 3 4 5 6 7 8 8 10. SECTION 10: Major Employers Name No. Employees (ii available $ 1 $ 2 3 4 5 6 7 8 9 10. SECTION 11: EHPLOYEES AND PENSION SYSTEN Number o£ Full-time Employees at PENSIONS: Please list number of employers covered, whether the system is adminstered locally, by the state or privately, the date o£ the last actuarial study, the funding method and the amount o£ any unfunded liability. Last System Number Administered Actuarial Funding Unfunded Name Covered by Study Method Liabilitv SECTION 12 SCHOOL DATA (If Applicable) Grades Provided by this District: (Est.) 1983-84 Avg. Enrollment or ADA Number o£ Classroom Teachers School Capacity 1982-83 1981-82 1980-81 PLEASE PRINT OR TYPE All data herein was taken from the official records of this unit and are correct to the best of my knowledge. NA~E AND TITLE OF OFFICIAL PREPARING THIS INFOR~4ATION STREET ADDRESS CITY STATE TELEPHONE (AREA CODE) NUF~BER ) DATE SIGNATURE OF PREPARER ZIP CODE If unit's CPA or registered municipal accountant assisted in the preparation of this informa~ion and Moody's is authorized to contact your accountant for any clarification, please complete the £ol lowing: ACCOUNTANT STREET ADDRESS CITY TELEPHONE (AREA CODE) NUMBER ( ) STATE ZIP CODE October 1, 1984 (212) 820-9464 Town of Southold, New York $2,172,500 Various Purposes Serial Bonds-1984 Our File No. 729/19 Robert W. Tasker, Esq. Office of Town Attorney Town of Southold 425 Main Street Greenport, L.I., New York 11799 Dear Mr. Tasker: Pursuant to arrangements confirmed with John J. Durcan of Fiscal Advisors, Inc., in connection with the delivery of the above issue of bonds on October 10th at 11:00 o'clock A.M. at our offices at the above address, I have had prepared and now send you drafts of the following: 1. Closing Certificates, consisting of the following: (a) Officers' Certificate as to Signatures and Litigation. The Seal of the Town is to be impressed upon this Certificate where indicated. The signatures of the Supervisor and the Town Clerk must be guaranteed by an officer of the Town's local bank in the space provided therefor and such certification should be accomplished prior to the closing. (b) Attorney's Certificate. (c) Certificate of Delivery and Payment. This Certificate is to be subscribed by the Supervisor. The settlement figures for such closing have been confirmed with the purchaser. 2. Arbitrage Certificate. 3. Supervisor's Certificate as to Official Statement. Supplemental Certificate of the Town Clerk. 5. Certificate as to Authentication of Bonds, to be completed'by an appropriate officer of The Chase Manhattan Bank, N.A., the Fiscal Agent, and executed and sealed where provided. We are forwarding copies of this item directly to the Fiscal Agent for processing and completion. Please arrange to have at hand at the closing, all copies of the above-mentioned Certificates (except Item ~5), fully executed and sealed. Also please obtain the contrmct, any, between the Town and the Fiscal Agent. if I do not know if the Fiscal Agent will be in attendance at the closing. If it is, it will no doubt want to deliver item ~5 above, at such time. If not, it should be provided to us in escrow until the ~losing, and thereupon released by telephone approval. With best wishes, I remain, Yours sincerely, Vivia J. Ct VJC:ia Enclosures cc: Mr. John J. Durcan OFFICERS' CLOSING CERTIFICATES RELATING TO THE BONDS OF THE TOWN OF SOUTHOLD, NEW YORK, IN THE COUNTY OF SUFFOLK, NEW YORK CERTIFICATE AS TO SIGNATURES AND LITIGATION WE, the u-ndersigned officers of the Town of Southold, New York, in the County of Suffolk, a municipal corporation of the State of New York and herein referred to as the "Issuer", HEREBY CERTIFY that on or before the date hereof, each of the Issuer's $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds"), dated October 1, 1984, and more fully described in Schedule X attached hereto and hereby made a part hereof, were duly and completely executed in the name and on behalf of the Issuer by the imprinting thereon of the facsimile signature of the undersigned officers of the Issuer, each of whom did and does hereby adopt such respective signatures, and the imprinting thereon of the official seal of the Issuer, and that on the date hereof, we are the duly chosen, qualified and acting officers of the Issuer holding the respective offices indicated by the official titles set opposite our several signatures hereto, for terms expiring on the respective dates set opposite such titles. WE FURTHER CERTIFY that the facsimile of the seal which is impressed upon this certificate has been imprinted upon each of the Bonds and is the legally adopted, proper and only official corporate seal of the Issuer. WE FURTHER CERTIFY that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said Bonds or the levy or collection of any taxes to pay the interest on or principal of said Bonds, or in any manner questioning the authority or proceedings for the issuance of said Bonds or the l~vy or collection of said taxes, or relating to said Bonds or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence nor boundaries of the Issuer or the title of any of the present officers thereof to their respective offices is being contested, that no authority or proceedings for the issuance of said Bonds has or have been repealed, revoked or rescinded, and that no Bonds of the Issuer have been heretofore issued under or pursuant to such proceedings. IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed as of the 10th day of October, 1984. (SEAL) ,/ N U OFFICIAL TITLE EXPIRES " - Supervisor December 31, 1985 ~7~__ Town Clerk December 31, 1985 I HEREBY FURTHER CERTIFY that the signatures of the officers of the above named Issuer which appear above, are true and genuine and that I know said officers and know them to hold the respective ~ffices set opposite their several signatures. (Signature) ~ (Tit~ (Name of Bank) ? ATTORNEY'S CERTIFICATE I, ROBERT W. TASKER, HEREBY CERTIFY that I am a licensed Attorney at Law of the State of New York, have offices at 425 Main Street, Greenport, New York, and am the duly chosen, qualified and acting Attorney of the Issuer hereinafter named, that I am familiar with the acts and proceedings heretofore had and or taken by said Issuer or by its officers relative to the authorization, sale and issuance of $2,172,500 Various Purposes Serial Bonds-1984 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 "Issuer", all as described as set forth in Schedule X annexed hereto and by this reference made a part hereof, that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said bonds or the levy or collection of any taxes to pay the interest on or principal of said bonds, or in any manner questioning the authority or proceedings for the issuance of said bonds or for the levy or collection of said taxes, or relating to said bonds or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Issuer or 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 bonds has or have been repealed, revoked or rescinded. I HEREBY FURTHER CERTIFY that there is no controversy or litigation of any nature now pending or threatened by or against the Issuer, wherein an adverse judgment or ruling could have a material adverse impact on the financial condition of the Issuer or adversely affect the power of the Issuer to levy, collect or enforce the collection of taxes or other revenues for the payment of the bonds, which has not been disclosed in the attached Official Statement. IN WITNESS WHEREOF, I have hereunto set my hand this 10th~~.~day of October,~119~'~'/ Attorney CERTIFICATE OF DELIVERY AND PAYMENT I, FRANCIS J. MURPHY, the duly chosen, qualified and acting Supervisor of the Issuer hereinafter named, HEREBY CERTIFY that, on the 10th day of October, 1984, I delivered or caused to be delivered to Roosevelt & Cross, Incorporated, New York, New York, the purchaser thereof, $2,172,500 principal amount of bonds 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 "Issuer", each duly and completely executed by or on behalf of the Issuer and all as described and set forth in Schedule X annexed hereto and by this reference made a part hereof, and that at or before the time of such delivery of said bonds, I received from said purchaser the following amounts: Received prior to such delivery ............ Received at time of such delivery .......... Total amount received 43,450.00 $2,139,193.44 2,182,643.44 being full payment for said bonds in accordance with the contract of sale thereof, computed as follows: Contract Price ............................. $2,177,701.00 Interest on said bonds accrued to the date of delivery ........................... $ 4,942.44 Total 2,182,643.44 I FURTHER CERTIFY that at the time of such delivery of said bonds, a written opinion was rendered by the law firm of Hawkins, Delafield & Wood, dated as of the day of such delivery, as to the validity of said bonds, said opinion (except as to omission of the date of such delivery) having been printed on the reverse correct, Issuer. side of each of said bonds and certified as true and by the facsimile signature of the Town Clerk of the IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of October, 1984. SCHEDULE X Bonds of the TOWN OF SOUTHOLD, NEW YORK, substantially in form, and offered for sale and sold, as provided by the Certificate executed by the Supervisor on September 7, 1984 and to be delivered thereunder in the aggregate principal amount of $2,172,500. Number of Issues: Amount and Title: Dated: Denominations Numbers and Letters: Interest Rate and Payment Dates Place of Payment of Principal and Interest: 1 $2,172,500 Various Purposes Serial Bonds-1984 October 1, 1984 In the form of registered bonds without coupons in denominations of $5,000, or any authorized multiple thereof, except that one bond maturing April 1, 1988 shall be in the denomination of $2,500, numbered consecutively from one (1) upward with the letter "R" prefixed thereto. 9.10~ per annum, payable April 1, 1985 and October 1, 1985, and semiannually thereafter on the first days of April and September in each year to maturity. The corporate trust office of The Chase Manhattan Bank, N.A., New York New York (the "Fiscal Agent"). Interest payable by check mailed from said office of the Fiscal Agent to the person in whose name the bond is registered at the address shown on the registration book maintained by the Fiscal Agent as of the fifteenth day of the month preceding each interest payment date. Maturities: On April 1 in each of years: 1986 1987 and 1988 1989 1990 to 1994, 1995 to 2000, 2001 to 2005, inclusive inclusive inclusive the following - $87,5OO - $90,OO0 - $95,000 - $100,000 - $110,000 - $130,000 ARBITRAGE CERTIFICATE I, FRANCIS J. MURPHY, Supervisor of the Town of Southold, in the County of Suffolk, State of New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the issuance of the $2,172,500 Various Purposes Serial Bonds-1984 of the Issuer (the "Bonds"), dated October 1, 1984, and bearing interest at the rate per annum as shown on the Closing Certificates being simultaneously delivered herewith, as follows: 1. The proceeds of the sale of the Bonds will be used to provide financing for various Town purposes (the "Projects") as more particularly referred to in the bond resolutions cited in paragraphs 1 (a) and 1 (b) of the Certificate of Determination executed by the Supervisor on September 7, 1984 (the "Certificate"). With respect to said proceeds: (a) The IsSuer has entered (or will enter within 6 months from this date), into binding commitments for the expenditure thereof, and the amount of such commitment for the Projects exceeds or will exceed the lesser of 2-1/2~ of the amount of bonds issued therefor or $100,000. (b) The facilities to be paid from said proceeds have not been completed but work is now and will continue proceeding with due diligence to completion. (c) It is reasonably expected that more than 85~ of said proceeds of the Bonds (including investment earnings thereon) will be expended within 3 years from the date hereof. 2. The Projects will not be sold or otherwise disposed of in whole or in part except for incidental sales of surplus items the proceeds of which will not constitute net operating profits or net capital profits to the Issuer. 3. The proceeds of sale of the Bonds do not exceed the total cost of the Projects. 4. The principal of and interest on the Bonds will be paid when due from taxes levied by the Issuer. 5. The taxes used to pay the principal of and interest on the Bonds, whether or not deposited in a debt service fund, will be expended within 13 months from the date of deposit in such fund, or from the date of their accumulation, in the payment of debt service on the Bonds. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt for such debt service on the Bonds. The debt service fund, if any, shall be used to accumulate sufficient funds in each year so that sufficient funds will be available to pay the principal of and interest due on the Bonds and other obligations of the Issuer coming due in each such year. 6. Except for the debt service fund described in paragraph 7 hereof, the Issuer has not created or established, and does not expect to create or establish, any sinking fund or other similar fund from which the Issuer reasonably expects to pay the principal of or interest on the Bonds. 7. The Issuer has not received notice that it has been listed by the Commissioner of Internal Revenue as an issuer that may not certify its obligations, nor has it been advised that the Commissioner is contemplating listing the Issuer as a governmental unit that may not certify its obligations. I HEREBY FURTHER CERTIFY that I am one of the officers of the Issuer charged by the resolution of the Issuer hereinabove referred to in paragraph 1 hereof with the responsibility for issuing the Bonds.. This certification is executed and delivered pursuant to section 103(c) of the Internal Revenue Code of 1954 and sections 1.103-13, 1.103-14 and 1.103-15 of the Income Tax Regulations thereunder and is delivered as part of the transcript of proceedings and accompanying certifications with respect to the issuance of the Bonds. To the best of my knowledge and belief, the Issuer's expections contained herein as to the use of the proceeds of sale of the Bonds are reasonable. ~EAL) IN WITNESS WHEREOF, the corporate seal of the..I~ssuer I have hereunto set my hand and affixed this SUPERVISOR'S CERTIFICATE AS TO OFFICIAL STATEMENT I, FRANCIS J. MURPHY, Supervisor of the Town of Southold, in the Count~ of Suffolk, New York (the "Issuer"), HEREBY CERTIFY that at the time of the sale of the $2,172,500 Various Purposes Serial Bonds-1984 (the "Bonds"), dated October 1, 1984, and at all times subsequent thereto, up to and including the date of the delivery of the Bonds on October 10, 1984, the attached Official Statement did not and does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. I HEREBY FURTHER CERTIFY that there has been no adverse material change in the financial condition of the Issuer since the time of the sale to the time of the delivery of the Bonds on October 10, 1984. : IN WITNESS WHEREOF, (SEAL) / / I have hereunto set my hand and affixed the corporate seal of the Issuer this SUPPLEMENTAL GENERAL CERTIFICATE OF THE TOWN CLERK I, JUDITH T. TERRY, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY as follows: 1. That the names of the members of the Town Board and of the officers of the Town, the dates of their election or appointment and the dates of commencement and of expiration of their terms of office for the official year commencing January 1, ? 1984 and ending December 31, 1984 are as follows: Name and Office Supervisor: Francis J. Murphy Date of Election or Appointment Date of Commence- ment of Term Date of End of Term 11/8/83 1/1/84 12/31/85 Councilmen: Joseph L. Townsend Paul Stoutenburgh James A. Schondebare Jean W, Cochran 11/3/81 1/1/82 12/31/85 11/3/81 1/1/82 12/31/85 11/8/83 1/1/84 12/31/87 5/22/84 5/22/84 12/31/85 Town Clerk: Judith T. Terry Chairman of Town Assessors: Charles C. Watts Assessors: Frederick E. Gordon ~cott L.','/Harris own Attorney: Robert W. Tasker 11/3/81 1/1/82 12/31/85 11/3/81 1/1/82 12/31/88 11/3/81 1/1/82 12/31/85 11/8/83 1/I/84 12/31/87 1/1/82 1/1/82 Holdover from 12/31/83 All of the foregoing officers filed their oaths of office with the undersigned Town Clerk and such of them as were required to file or give bonds or official undertakings, filed or gave such bonds or official undertakings in form and sum approved by the Town Board and all of such members of the Town Board and officers are legally eligible and are otherwise duly qualified as such and are the acting members of the Town Board and officers of the Town. 2. The seal impressed upon this Certificate is the duly adopted and only official corporate seal of the Town. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 4th day of October, 1984. own Clerk Exhibit A AGENCY AGREEi-:ENT AGENCY AGREEMENT dated as of Auqust 28. 1984 , b~tween the Town of Southold (the "Issuer") and The Chase Manhattan Bank, N.A., a ~ionaI'banking association (the "Bank"). W I T N E S S E'T H:. ~,~tEFEAS, the issuer c~s~res to appoint the Bank as ~eaistrar/Transfer Agent and ~ P~y~ng Agent for the purposes of perforKin$ services for securities issued or to be issued ky the Issuer, and WHEreAS, the Bank desires to render the services in ira capacity as such agent(s), NOW THEM~FORE, in consideration of these prerlses and other considerations hereinafter set forth and set forth in Exhibit 1 hereto, the Issuer and the Bank agree as follows: · 1.' The Bank shall act as Registrar/Transfer Agent and Paying A~ent for the Issuer in respect of the securities described in Schedule 1 kereto. 2. The Issuer and Bank shall be subject to the provisions of the "~rocedures for Appointn~nt of The Chase Manhattan Bank, N.A. as Registra£/Transfer Agent and Dayin9 A~cnt for Bonds", which is incorporated by reference herein as if set forth in full herein and attached hereto as Exhibit 1. 3. ~o~s Agency. Agreement shall become effective on 10/1/8~ and sh~!! remain in full force and effect subject to term~Da~on by the issuer cr the Bank, or any successor or assign or either, upon thirty da~'s written notice. 4. This Agency Agreement shall bind and inure to the benefit of the respective successors and a~signs of the !~suer and the Bank. 5. This Agency Agreement, including all material incor- porated by reference herein, may be amended by the parties hereto without the consent of the holder of any Security. IN WITNESS WHEREOF, the parties hereto ha~e executed this Agency Agree,uent as of the date first above written. TOWN OF SOUTHOLD The Chase Manhattan Bank, N.A. President Municipal Issuers Service Corporation 34 South Broadway Box 788 White Plains, NY 10602 (914) 946-4242 September 26,198~ Hr. gefferr Roosevelt & Cross, Znc. 20 gxchanse Place #ow York, ]dY Rig: $2,172,500 Town of Southold, County of Suffolk, Now York, Various Purposes Serial Bonds ~ 1984 Deer Hr. Ness: Enclosed please find liB~A*S Application and Comuitmnt issued on the captioned bond issue. Please lisa the enclosed Application and prc~ltptly return it to our offices. A stamped, self-addressed envelope is enclosed for your convenience. The ¢oamitment, ho~ever, should be retained for your files. We uould appreciate receiving nine copies of the final officisl ststmuent when they are available. ~o u~uld also like to request a copy of tbs final debt service schedule for this issue. Thank you for your cooperation concerning this questions, please contact our offices. Si~n6e~e!Y,. gnclosures cc: Richard L. weill, Esq. #arran A. GaSser - He.ins, Delefield & Wood John Duress - YtlCal Advtlorn, Znc. Judith Terry - Town of Southold, Now York Municipal Bond Insurance Association Members: The.Ema Casualty and Surety Company Fireman's Fund Insurance Company The Travelers Indemnity Company .,Etna Insurance Company The Continental Insurance Company Mana~in~ Agent, APPLICATION FOR MUNICIPAL BOND GUARANTY INGiIRANCE MUNICIPAL BOND INSURANCE ASSOCIATION MUNICIPAL ISSUERS SERVICE COMPANY 34 South Broadway, Box 788, White Plains, N.Y. 10602 General Manager (914) 946-4242 RE: $2,172,500 Town of Southold, County Application No.: 84-08-5453 of Suffolk, New York, Various Purposes Proposed Sale Date: 9-18-84 Serial Bonds - 1984 lype of Sa~e: Competitive/O~P The undersigned hereby applies for Municipal Bond Guaranty Insurance to be issued by the . Municipal Bond Insdrance Association ("MBIA") covering the above referenced issue of municipal bonds. In support of this application, the applicant hereby provides the following information and documents and agrees to the terms set forth in this application. Applicant: Address: Person to Contact: Roosevelt & Cross, Inc. 20 Exchange Place Ne~ York, New York 10005 Jeffrey Nose Telephone No.: 212-344-2500 Bond Counsel: Address: Person to Contact: Hawkins, Delafield & Wood 67 Wall Street New York, New York 10005 Martin A. Geiger Telephone No.: 212-820-9406 Financial Consultant and/or Underwriter: Address: Person to Contact: Fiscal Advisors, Inc. 85 North Broadway Hicksville, New York John Durcan 11801 Telephone No.: 516-433-8555 Issuer: (if other than applicant) Address: Town of Southold, New York 425 Main Street Greenport, New York 11944 Person to Contact: Judith Terry Telephone No.: Clerk COMMt IIIENT FOR MUNICIPAL BOND 6UARANTY INSURANCE MUNICIPAL BOND INSURANCE ASSOCIATION MUNICIPAL ISSUERS SERVICE COMPANY 34 South Broadway, Box 788, White Plains, N.Y, 10602 Geoa~l Manager Based on an approved application, dated September 17. 1984 , for Municipal Bond Guaranty Insurance (the "Application"), the insurance companies compris- ing the Municipal Bond Insurance Association ("MBIA"), each of which participates and is liable hereunder severally and not jointly in the following respective percentages (The/Etna Casualty and Surety Company -- 33%, Fireman's Fund Insurance Company -- 30%, The Travelers Indemnity Company-- 15%,/Etna Insurance Company-- 12%, The Continental Insurance Company -- 10%), at the time $2.172,500 Town of Southold, Cmmty nf Ru~fnlk, N~, Ynrk, Various Purposes Serial Bonds - 1984 (the "Bonds") are awarded and sold to Roosevelt & Cross. Inc. agree to issue a policy guaranteeing the payment of principal of and interest on the Bonds, when due, subject to the following conditions: 1. At the time of delivery of and payment for the Bonds an insurance premium for the MBIA policy in the amount of $ 30,000 will be paid by Roosevelt & Cross, Inc. 2. The Bonds will receive the unqualified approving opinion of Bond Counsel. 3. There will have been no material adverse change in the Bonds or the Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the issuance of the Bonds or in the final official statement or other similar document, including the financial statements included therein. 4. There will have been no material adverse change in any other information submitted to MBIA as a part of the Application or subsequently submitted to be a part of the Application to MBIA. 5. No event shall have occurred which would allow any underwriter or any other pur- chaser of the Bonds not to be required to purchase the Bonds at the closing. 6. Prior to delivery of and payment for the Bonds, none of the information or documents submitted as a part of the Application to MBIA shall be determined to contain any untrue or misleading statement of a material fact or fail to state a material fact required to be stated therein or necessary in order to make the statements contained therein not misleading. 7. No material adverse change affecting any security for the Bonds prior to the time of delivery of any payment for the Bonds shall have occurred. 8. Notwithstanding anything to the contrary contained herein, this commitment will expire on the earlier of (i) 90 days from the date hereof or (ii) on the date of delivery of and payment for the Bonds and issuance of the policy hereunder, unless this commitment shall have been extended in writing by MBIA. 9. Special conditions. MUNICIPAL BOND INSURANCE ASSOCIATION The ~Etna Casualty and Surety Company Fireman's Fund Insurance Company The Travelers lndemalty Company ,~tna Insurance Company The Continental Insurance Company By MUNICIPAL ISSUERS SERVICE.. CORPORATION, as Managing General Partner of the General Manager President Secretary JUDITH T. TERRY TOWN CLERK REGISTRAR OF VITAL STATISTICS OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD September 19, 1984 Town Hall, 53095 Main Road P.O. Box 728 Southold, New York 11971 TELEPHONE (516) 765-1801 Ms. Vivia J. Chert Hawkins, Delafield ~, Wood 67 Wall Street New York, New York 10005 Re: Town of Southold, Suffolk County, New York $2,172,500 Various Purposes Serial Bonds, 1984 Dear Ms. Chen: In accordance with your letter of August 30, 198q to Town Attorney Tasker relative to the above referenced matter, I am enclosing herewith one executed copy of each of the following items: (1} Certificate of the Supervisor awarding the bends to the lowest bidder, with Clerk's Certificate attached. (2) Clerk's Certificate as to the Successful Proposal with a copy of the successful bid form attached. Very truly yours, Judith T. lerry Southold Town Clerk Enclosures cc: Town Attorney Tasker John J. Durcan, Fiscal Advisors, Inc. SUPERVISOR'S CERTIFICATE OF AWARD I, FRANCIS J. the County of Suffolk, REPORT AS FOLLOWS: 1. On September 18, Time), bids were received at MURPHY, Supervisor of Town of Southold, in New York (the "Town"), HEREBY CERTIFY AND 1984, at 11:30 A.M. (Prevailing Hawkins Delafield , g Wood __, 67 Wall Street , New York New York. 2. At that time and place, ~ur ( q ) sealed bids were.received for the purchase of $2,172,500 Various Purposes Serial Bonds-1984 of the Town (the "Bonds") pursuant to the Notice of Sale of said bonds heretofore duly published in conformity with the requirements of the Certificate of Determination executed by the Supervisor on September 7, 1984, and bids were thereupon opened and publicly read. 3. The sealed bids so opened and publicly read were each in legally acceptable form and were each accompanied by the check required by said Notice of Sale and constituted signed proposals to purchase all of the Bonds: 4. Forthwith upon receiving, opening, reading and considering said sealed bids, I ascertained and publicly announced or caused to be publicly announced that Roosevelt S Cmss, Incorporated and Merrill Lynch Capital Mark.s & Associa~s 20 Exchange Place, New York, New York 10005 was the successful bidder to whom the Bonds, bearing interest at the hundredths - ~ , rate of nine and ten per cen~um[9.1___~; per annum, are to be awarded at the price bid of $ 2,172,500 , plus accrued interest from the date of the Bonds to the date of pa~ent of said purchase price, and I thereupon determined that the Bonds shall bear interest at ten hundred~s o the rate of nine and per centum~..l~%) per annum, such interest rates being the rate necessary for the Town to sell the Bonds, and awarded the same to said R~sevelt & C~ss, In~r~rat~ and Merrill Lynch Capital Mar~ts g As~iate§ as the successful bidder, at the said purchase price of $ 2,172,500.00 , plus accrued interest from the date of the Bonds to the date of pa~ent of the purchase price, and returned to each of said other bidders the respective checks received with their sealed bids aforesaid. IN WITNESS WHEREOF, I have hereunto set my hand this t8th day of Septe~er, 1984. DISTRICT CLERK'S CERTIFICATE I, JUDITH T. TERRY, Town Clerk of Town of Southold, in the County of Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing Certificate of Award of the Supervisor and the same is a true and complete copy of said Certificate filed with the Town Board on September 18, 1984. I FURTHER CERTIFY that no resolutions electing to reassume any of the powers or duties delegated to the Supervisor by the resolutions referred to in the Certificate of Determination referred to in said Certificate of Award, adopted by said Town Board. IN WITNESS WHEREOF, (SEAL) have been I have hereunto set my hand and affixed the corporate seal of said Town this 18th day of September, 1984. Clerk ~ SUPERVISOR'S CERTIFICATE OF AWARD I, FRANCIS J. the County of Suffolk, REPORT AS FOLLOWS: 1. On September 18, Time), bids were received at MURPHY, Supervisor of Town of Southold, in New York (the "Town"), HEREBY CERTIFY AND 1984, at 11:30 A.M. (Prevailing Hawkins Delafield , $ Wood , 67 Wall Street , New York , New York. 2. At that time and place, ~ur ( 4 ) sealed bids were received for the purchase of $2,172,500 Various Purposes Serial Bonds-1984 of the Town (the "Bonds") pursuant to the Notice of Sale of said bonds heretofore duly published in conformity with the requirements of the Certificate of Determination executed by the Supervisor on September 7, 1984, and bids were thereupon opened and publicly read. 3. The sealed bids so opened and publicly read were each in legally acceptable form and were each accompanied by the check required by said Notice of Sale and constituted signed proposals to purchase all of the Bonds: 4. Forthwith upon receiving, opening, reading and considering said sealed bids, I ascertained and publicly announced or caused to be publicly announced that Roosevelt8 Cmss, Incorporated and Merrill Lynch Capital Markets S Associates 20 Exchange Place, New York, New York 10005 was the successful bidder to whom the Bonds, bearing interest at the hundredths . _ rate of nine and ten per ce~[um[9.1__~.) per annum, are to be awarded at the price bid of $2,172,500 ,~ plus accrued interest from the date of the Bonds to the date of payment of said purchase price, and I thereupon determined that the Bonds shall bear interest at ten hundredths o the rate ofnine and per centum(9.1_9%) per annum, such interest rates being the rate necessary for the Town to sell the Bonds, and awarded the same to said Roosevelt $ Cross, Incorporated and Merrill Lynch Capital Markets & Associate~ as the successful bidder, at the said purchase price of $ 2,172~ 500. 00 , plus accrued interest from the date of the Bonds to the date of payment of the purchase price, checks and returned to each of said other bidders the respective received with their sealed bids aforesaid. IN WITNESS WHEREOF, I have hereunto set my hand this 18th day of September, 1984. DISTRICT CLERK'S CERTIFICATE I, JUDITH T. TERRY, Town Clerk of Town of Southold, in the County of Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing Certificate of Award of the Supervisor and the same is a true and complete copy of said Certificate filed with the Town Board on September 18, 1984. I FURTHER CERTIFY that no resolutions electing to reassume any of the powers or duties delegated to the Supervisor by the resolutions referred to in the Certificate of Determination referred to in said Certificate of Award, adopted by said Town Board. IN WITNESS WHEREOF, (SEAL) have been I have hereunto set my hand and affixed the corporate seal of said Town this 18th day of September, 1984. ~/ ~ Town Clerk J ~ (PLEASE ATTACH A XEROX COPY OF THE SUCCESSFUL BID FORM) CLERK'S CERTIFICATE AS TO SUCCESSFUL PROPOSAL I, JUDITH T. TERRY, Town Clerk of Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that I have compared the annexed copy of the proposal of RooseYe~t & Cross, Incorporated and Merrill Lynch Capital Markets S Associates for the purchase of $2,172,500 Various Purposes Serial Bonds-1984 of said Town with the original thereof on file in my office, which was received in due form and time on September 18, 1984, accompanied by the check referred to therein, and the same is a true and correct copy of said original proposal and of the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town, this 18th day of September, 1984. (SEAL) PROPOSAL FOR BONDS September 18, 198~ ~norable Francis $. Murphy Su~isor Ton of SouChold c/o Hawkins, ~la£1eld & Wood 67 Wall Street New York, ~w York 10005 :,~ar Mr. Nurphy: t,~ ~, Subject to the provisions aM in accordance ~th the terns of the ann~ed Notice of Sale ~t~ September 7, 19S4, ~ich is hereby made a part o{ this proposal, ~ of~r to purchase all of the $2,172,500 Serial Bonds of To~ o~ SouChold, New York, ~scrlbed in sa~ Notice of Sale, and to ~y. plus ~nterest accrued on said Bo~s fr~ thelr date to the ~Ce of thelr ~livery, pr~ided that the per cent . ,70 . ~e enclose herewith a certified or cashier's check in the sum o£ $~3,~50, made payable to the order of Town o[ Souchold, New York, vialch check is to be retained by the To~n as and ~or liquidated damages in case ~e should not take up and pay for the Bonds ~n accordance ~ith the terms of chis proposal. ROOSEVELT & CROSS, ~ICORPORATED.~ A~D M~RRILL LYNCH CAPITAL ~Y)i~ETS & ASSOCIATES · 20 EXCHANGE Receipt/of the good faith check on Sepcembe~ 18, 1984, in the amotmt of $43,~50 fr~ the Town of Southold, New York, is hereby acknowledged: (PLEASE ATTACH A XEROX COPY OF THE SUCCESSFUL BID FORM) CLERK'S CERTIFICATE AS TO SUCCESSFUL PROPOSAL I, JUDITH T. TERRY, Town Clerk of Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that I have compared the annexed copy of the proposal of Roosev~t & Cross, Incorpor~ed and Merrill Lynch Capital Mark, s S Associates for the purchase of $2,172,500 Various Purposes Serial Bonds-1984 of said Town with the original thereof on file in my office, which was received in due form and time on September 18, 1984, accompanied by the check referred to therein, and the same is a true and correct copy of said original proposal and of the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town, this 18th day of September, 1984. (SEAL) Town' Cl e~kk~'~'-'- Septmnher 18. 1984 Honorable Francis J. Murphy Supervisor Town of Southold c/o Hawkins, Delafleld & Wood 67 Wall Street New York, New York 10005 ~.Dear Mr. Murphy: a~< · Subject to the provisions and in accordance with the terms of the annexed Notice of Sale dated September 7, 1984, which is hereby made a part of this proposal, we offer to purchase all of the $2,172,500 Serlal Bonds of Town of Southold, New York, described in said Notice of Sale, and to pay. therefor the price of $2.172,500 plus $ , plus interest accrued on said Bonds from thelr date to the date of thexr delivery, provided that the Bonds shall bear interest from their date until-maturity at the rate of ~f~/' per centum ( ~./O ,) per annum. Ne enclose herewith · certified or cashier'8 check in the sum of $43,450, made payable to the order of Town of Southold, New York, which check is to be retained by the Town as and for liquidated damages in case we should not take up and pay for the Bonds in accordance with the terms of this proposal. ROOSEVELT & CROSS, INCORPORATED AIqD MERRILL LI'NCH CAPITAL )~/liKETS & ASSOCIATES · 20 EXCRAIq~E Receipt/of ~%e good faith check on Septembe~ 18, 1984, in the amount of $43,450 fram the Town of Southold, Ney York, is hereby acknowledged: PROFOSAL FOR BONDS Beptember 18, 1984 Honorable Francis J, Murphy Supervisor Tows of Southold c/o Hawkins, Delafleld & Wood 67 Wall Btreet New York, New York 10OD5 Dear Mr. Murphy: Subject to the provisions and in accordance with the te~ms of the annexed Notice of Bale dated September 7, 1984, which is hereby made e part of this proposal, we offer to purchase all of the $2,172,500 Serial Bonds of Town of Southold, New York, described in said Notice of Sale, and to pay therefor the price of $2,172,500 plus $ c- plus interest accrued on said Bonds from their date to the date of their delivery, provided that the Bonds shall bear interest frem their date until maturity at ~he rate of ~ ~/~ We enclose herewith a certified or cashier's check in the s~ of $43,450, made payable tO the order of Town of Southold, New York, which check is to be retained by the Town as and for liquidated damages in ease we should not take up and pay for the Bonds in accordance with the ter~ of this proposal. ROOSEVELT & CROSS, INCORPORATED.~ AND MERRILL LYNCH CAPITAL ~KETS & ASSOCIATES · 20 EXCHANGE I~,CE~~.~05~ Receipt/of ~le good faith check on Septe~e~ 18, 1984, in the amount of $43,450 from the Town of Southold, New York, is hereby acknowledged: ~ Off TN THK COI~TY OF RO~IC~ Off $2,172,500 SEALED PROPOSALS ~ill be received by the Supervisor, To~n of Southold, New York, at the office of Hawkins, l)elnfleld & Wood, 67 Wall Street, New York, New York, on September 18, 198~, until 11:00 o~clock A.H. (Prevailing Time) at ~hlch time they will be pobllcly opened and announced, for the pur- chase of $2,172,500 VARIOUS PURPOSES SERIAL ~ONDS-1984 due (without option of prior redemption) on Aprll 1, as follows: $87,500 in the year 1986; $90,000 in the years 1987 to 1988, inclusive; $95,000 in the year 19891 $100,000 in the years 1990 to 1994, inclusive; $110,000 in the years 1995 to 2000, inclusive; and $130,000 in the yeKrs 2001 to 2005, inclusive. The Bonds will be dated October 1, 1984, and will bear interest at the rate per annum specified by the successful bidder therefor in accordance herewith, payable on April 1, 1985 and October 1, 1985 and semi-annually thereafter on October l and April I in each year until maturity. The Bonds will be issued in fully registered form in denominations of $5,000 or any integral multiple thereof for any single maturity, except that one bond, maturing April l, 1986, shall be in the danc~ination of $2,500. Principal when due will be payable at the corporate trust department of The Chase ~nhattan Bank, N.A., New York, New York, the Fiscal Agent for the Bonds (the "Fiscal Agent"). Interest on the Bonds will be paid by check mailed to the registered holder thereof on each interest payment date at his address as shown on the registration books of the Fiscal Agent as of the fifteenth day of the month preceding each such interest payment date. The Bonds may be exchanged at any time prior to maturity in authorized denomination or denominations in the s~ne aggregate principal amount. Bonds amy not be converted into coupon bonds or registered to bearer. Each proposal must be a bid of not less than $2,172,500 for all of the.Bonds and must state in a multiple of one hundredth of 1% or a multiple of one-eighth of 1%, a single rate of interest par anoum which all of the Bonds are to bear. Each proposal must be enclosed in a sealed envelope and should be marked on the outside "Proposal for Bonds" and be addressed as follows to the Bale Officer, viz,: Honorable Francis J. Harph¥, Supervisor, c/o Hawkins, Delafield & Wood, 67 Wall Btreet~ New York, New York. As a condition precedent to the consideration of his proposal, each bidder is required to deposit with the Bale Officer a certified or cashier's check drawn upon an incorporated bank or trust company to the order of "Town of 8outhold, New York", for $43,450, and such check should be enclosed with the proposal. The Bonds will be awarded and sold to the bidder complying with the terms of sale and offering to purchase the Bonds at the lowest rate of interest, and if two or more such bidders offer the same lowest rate of interest, then to the one of such bidders offering to pay therefor the highest price or, if two or more such bidders offer to pay the s~e highest price, then to one of said bidders selected by the Sale Officer by lot from mnong all said bidders. The successful bidder must also pay an amount equal to the interest on the Bonds accrued to the date of payment of the purchase price. No interest will be allowed on the good faith deposit. When the successful bidder has been ascertained, the Bale Officer will promptly return all deposits made to the persons making the same, except the deposit made by such bidder. ~ard of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after open- lng of the bids, but the successful hldder may not withdraw his proposal until after 1:00 o'clock P.M. (Prevailing Time) of the day of such bid-opening and then only if such award has not been made prior to the withdrawal. The successful bidder will be promptly notified of the award to him, and if he refuses or neglects to pay the agreed price of the Bonds less the amount deposlced by him, the amount deposited by him shall be forfeited to and retained by the Town as liquidated damages for such neglect or refusal. The successful bidder may at his option refuse to accept the Bonds if prior to their delivery any income tax law of the United States of America shall provide that the interest thereon is taxable, or shall be taxable at a future date. for federal income t~x purposes, and in such case the deposit made by him will be returned and he will be relieved of his contractual obligations arising from the acceptance of his proposal. The right is reserved to reject all bids and any bid not complying with the terms of this notice will be rejected. The Bonds are to be issued to finance the acquisition of the following Town projects: acquisition of certain developmental rights in prime agricultural lands in the Town and acquisition of a new ferryboat for the Fishers Island Ferry District. The Bonds are general obllsatlons of the Town. There is no limitation, either as to rate or amount, upon ad valorem taxes upon taxable real property in the Town which may be required to pay the Bonds and the interest thereon. The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds. The State Constitution also provides that if at any time the appropriatir~ authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obliga- tions of the Tow~, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes, and also that the fiscal officer of the Town may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations. The population of the Town is estimated to be 19,947. The debt statement to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of August 31, 1984, shows the average full valuation of real property subject to taxation by the Town to be $725,253,089, its debt limit to be $50,767,716 and its total net indebtedness (exclusive of the Bonds) to be $2,407,400. The indebtednes to be evidenced by the sale of the bonds will increase the total net indebtedness by $2,172,500. The successful bidder must deliver to the Fiscal Agent before 10:00 o'clock A.M. on October 4, 1984, the names and addresses of the registered o~a~ets of the Bonds and the den~inations of the Bonds to be issued to each such owner. If this information is not so delivered to the Fiscal Agent, one Bond will be issued initially for each ~turity date in the full principal ~mount maturing on such date, and all of the Bonds will be registered in the n~ne of the successful bidder. The Bonds will be delivered and shall be paid for on or about October 9, 1984, at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days' notice to the successful bidder, or at such other place and time as may be agreed upon with the successful bidder. The Bonds may be inspected by the successful bidder at the principal corporate trust office of the Fiscal Agent on October 8, 1984, at which time the successful bidder shall be respensible for verification of the n~es of each initial registered owner and the denominations of the Bonds. The successful bidder will be furnished without cost with the approving opinion of the law firm of Hawkins, Delafield & Wood to the effect that the Bonds are valid and legally binding general obli- gations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valor~ real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. Said opinion shall also contain further stat~ents to the effect that (a) the enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted, and (b) said law firm has not been requested to examine or review and has not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may be furnished or disclosed to purchasers of the Bonds, and expresses no opinion with respect to such proceedings, reports, correspondence, financial statements or other documents, or the accuracy or sufficiency thereof. The obligations hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on the availability to the successful bidder and delivery at the time of delivery of the Bonds of said approving opinion; of certificates in form and tenor satisfactory to said law firm evidencing the proper execution and delivery of the Bonds and receipt of payment therefor and including a statement, dated as of the date of such delivery, to the effect that there is no litigation pending or (to the knowledge of the signer or signers thereof) threatened relating to the Bonds; and of the several certificates as described in the Official Statement under the heading "Documents Accompanying Delivery of the Bonds." A copy of said approving opinion will appear on the Bonds. Dated: September 7, 1984 FI~NCIS J. MURPHY Supervisor and Chief Fiscal Officer IqOTICE 0~' $2,172,,500 BORD SAL~ SEALED PROPOSALS will be received by the Supervisor, To~m of Southold, New York, at the office of Bawklns, Uelafleld & Wood, 67 Wall Street, New York, New York, on September 18, 1984, ~ntll 11:00 o'clock A.M. (Prevailin~ Time) at which time they will be publicly opened and ann~nced, for the p~- chase of $2,172,500 VARIOUS PURPOSES SERIAL PONDS-1984 due (without option of prior redemption) on April l, as follows: $87,500 in the year 1986; $90,000 in the years 1987 to 1988, inclusive; $95,000 in the year 1989; $100,000 in the years 1990 to 1994, inclusive; $110,000 in the years 1995 to 2000, inclusive; and $130,000 in the years 2001 to 2005, inclusive. The Bonds will be dated October l, 1984, and will bear interest at the rate par annum specified by the successful bidder therefor in accordance herewith, payable on April 1, 1985 and October l, 1985 and semi-annually thereafter on October l and April I in each year until maturity. The Bonds will be issued in fully registered form in denominations of $5,000 or any integral multiple thereof for any single maturity, except that one bond, maturing April 1, 1986, shall be in the dencmlnatlon of $2,500. Prlncipal ~nen due will be payable at the corporate trust department of The Chase Manhattan Bank, N.A., New York, New York, the Fiscal Agent for the Bonds (the "Fiscal Asset"). Interest on the Bonds will be paid by check mailed to the registered holder thereof on each interest payment date at his address as shown on the registration books of the Fiscal Agent as of the fifteenth day of the mvnth preceding each such interest payment date. The Bonds may be exchanged at any time prior to maturity in authorized denomination or denominations in the same aggregate principal mount. Bonds may not be converted into coupon bonds or resistered to bearer. Each proposal must be a bid of not less than $2,172,500 for all of the.Bonds and must state in a aultlple of one hundredth of 1% or a multlple of one-eighth of 1I, a single rate of interest par annum which all of the Bonds are to bear. Each proposal must be enclosed in a sealed envelope and should be marked on the outside "Proposal for Bonds" and be addressed es follows to the Sale Officer, viz.: Eonocable Francis J. Murphy, Supervisor, c/o Hawkins, Delafleld & Wood, 67 Wall Street, New York, New York. As a condition precedent to the consideration of his proposal, each bidder is required to deposit with the Sale Officer a certified or cashier's check drawn upon an incorporated bank or trust company to the order of "Town of Southold, New York", for $43,450, and such check should be enclosed with the proposal. The Bonds will be awarded and sold to the bidder complying with the terms of sale ap~ offering to purchase the Bonds at the lowest rate of interest, and if two or more such bidders offer the some lowest rate of interest, them to the one of such bidders offering to pay therefor the highest price or, if two or more such bidders offer to pay the same highest price, then to one of said bidders selected by the Sale Officer by lot from mnong all said bidders. The successful bidder must also pay an amount equal to the interest on the Bonds accrued to the date of payment of the purchase price. No interest will be allowed on the good faith deposit. When the successful bidder has been ascertained, the Sale Officer will promptly return all deposits made to the persons making the same, except the deposit made by such bidder. ~ard of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after open- leg of the bids, but the successful bidder may not withdraw his proposal until after l:O0 o'clock P.M. (Prevailing Time) of the day of such bid-opening and then only if such award has not been made prior to the withdrawal. The successful bidder will be promptly notified of the award to him, and if he refuses or neglects to pay the agreed price of the Bonds less the ~mount deposited by him, the mount deposited by him shall be forfeited to and retained by the Town as liquidated damages for such neglect or refusal. The successful bidder may at his option refuse to accept the Bonds if prior to their delivery any income tax law of the United States of America shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal income tax purposes, and in such case the deposit made by him will be returned and he will be relieved of his contractual obligations arising from the acceptance of his proposal. The right is reserved to reject all bids and any bid not complying ~zith the terms of this notice will be rejected. The Bonds are to be issued to finance the acquisition of the following Town projects: acquisition of certain developmental rights in prime agricultural lands in the Town and acquisition of a new ferryboat for the Fishers Island Ferry District. The Bonds are general obligations of the Town. There is no limitation, either as to rate or amount, upon ad valorem taxes upon taxable real property in the To,pa ~hich may be required to ~ay the Bonds and the interest thereon. The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the mmounts required for the payment of such interest and the redemption of the Bonds. The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obliga- tions of the Town, a sufficient sum shall be set apart fresh the first revenues thereafter received and shall be applied for such purposes, and also that the fiscal officer of the Town may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations. The population of the Town is estimated to be 19,947. The debt state, sent to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of August 31, 1984, shows the average full valuation of real property subject to taxation by the Town to be $725,253,089, its debt limit to be $50,767,716 and it~ t~el net indebtedness.(exclusive of the Bonds) to be $2,407,400. The indebtednes to be evidenced by the sale of the bonds will increase the total net indebtedness by $2,172,500. The successful bidder must deliver to the Fiscal Agent before 10:00 o'clock A.M. on October 4, 1984, the names and addresses of the registered owners of the Bonds and the denominations of the Bonds to be issued to each such owner. If this information is not so delivered to the Fiscal Agent, one Bond will be issued initially for each maturity date in the full principal amount ~aturing on such date, and all of the Bonds will be registered in the name of the successful bidder. The Bonds will be delivered and shall be paid for on or about October 9, 1984, at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days' notice to the successful bidder, or at such other place and thne as may be agreed upon with the successful bidder. The Bonds ~y be inspected by the successful bidder at the principal corporate trust office of the Fiscal Agent on October 8, 1984, at which time the successful bidder shall be responsible for verification of the names of each initial registered owner and the denominations of the Bonds. The successful bidder will be furnished without cost with the approving opinion of the law fim of Hawkins, Delafield & Wood to the effect that the Bonds are valid and legally binding general obli- gations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real preperty within the Town is subject to the levy of ad valor~u real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. Said opinion shall also contain further statements to the effect that (a) the enforceability of rights or remedies with respect to such Bonds nu~y be limited by bankruptcy, insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted, and (b) said law firm has not been requested to examine or review and has not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may be furnished or disclosed to purchasers of the Bonds, and expresses no opinion with respect to such proceedings, reports, correspondence, financial statements or other documents, or the accuracy or sufficiency thereof. The obligations hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on the availability to the successful bidder and delivery at the time of delivery of the Bonds of said approving opinion; of certificates in form and tenor satisfactory to said law rim evidencing the proper execution and delivery of the Bonds and receipt of payment therefor and including a stat~ent, dated as of the date of such delivery, to the effect that there is no litigation pending or (to the knowledge of the signer or signers thereof) threatened relating to the Bonds; and of the several certificates as described in the Official Statement t~lder the heading "Documents Accompanying Delivery of the Bonds." A copy of said approving opinion will appear on the Bonds. Dated: ~epte~er 7, 1984 FI~,NCIS J. MURPHY Supervisor and Chief Fiscal Officer September 18, 1984 Honorable Francis J. Murphy Supervisor Town of Southold c/o Hawkins, Delafield & Wood 67 Wall Street New York, New York iOOD5 Dear Mr. Murphy: Subject to the provisions and in accordance with the tezms of the annexed Notice of Sale dated September 7, 1984, which is hereby made a part of this proposal, we offer to purchase all of the $2,172,500 Serial Bonds of Town of Southold, New York, described in said Notice of Sale, and to pay therefor the price of $2,172,500 plus $-- ~ ~/~'-d¢~- plus interest accrued on said Bonds from t~ir date to the date of their delivery, provided that the Bonds__ shall bear interest from their date until maturity..~ at the rate of -- We enclose herewith a certified or cashier's check in the sum of $43,450, made payable to the order of Town of Southold, New York, which check is to be retained by the Town as and for liquidated damages in case we should not take up and pay for the Bonds in accordance with the terms of this proposal. September 18, 1984, in the amount of $43,450 from the Town of Southold, New York, is hereby acknowledged: ~ OF SOUTROLD, Il{ tq{~ COUNTY OF SUFFOlk, ~ICE Off $2,172,500 BOll) SALE SEALED PROPOSALS will be received by the Supervisor, To~n of Southold, Ne~ York, at: the office of Hawkins, Delafleld & Wood, 67 Wall Street, New York, New York, on September 18, 198~, uatll 11:00 o'clock A,H. (Prevailing Time) at ~h£ch time they will be puhllcly opened and announced, for the pur- chase of $2,172,500 VARIOUS PURPOSES SERIAL 8OHDS-1984 due (without option of prior redemption) on Aprll 1, es follows: $87,500 in the year 1986; $90,000 in the years 1987 to I9~8, inclusive; $95,000 in the year 1989; $100,000 in the years 1990 to 1994, inclusive; $110,000 in the years 1995 to 2000, inclusive; and $130,000 in the years 2001 to 2005, inclusive. The Bonds will be dated October 1, 1984, and will bear interest at the rate per annum specified by the successful bidder therefor in accordance herewith, payable on April 1, 1985 and October t, 1985 and semi-annually thereafter on October I and April 1 in each year until ~mturlty. The Bonds will be issued in fully registered form in denominations of $5,000 or any integral multiple thereof for any single maturity, except that one bond, maturing April 1, 1986, shall be in the dencminatlon of $2,500. Principal when due will be payable at the corporate trust department of The (~ase Manhattan Bank, N.A., New York, New York, the Fiscal Agent for the Bonds (the "Fiscal Agent"). Interest on the Bonds will be paid by check mailed to the registered holder thereof on each interest peyment date at his address as shown on the registration books of the Fiscal Agent as of the fifteenth day of the month preceding each such interest payment date. The Bonds may be exchanged at any time prior to maturity in authorized den~xnination or denominations in the smme aggregate principal ~ount. Bonds ~y not be comverted into coupon bonds or registered to bearer. Each proposal must be a bid of not less than $2,172,500 for all of the ,Bonds and must state in a multiple of one hundredth of 1I or a multlple of one-eighth of 11, a single rate of interest per annum which all of the Bonds are to bear. Bach proposal must be enclosed in a sealed envelope and should be marked om the outside "Proposal for Bonds" and be addressed as follows to the Sale Officer, viz.: Honorable Francis J. Murphy, Supervisor, c/o Hawkins, Delafield & Wood, 67 Wall Street, New York, New York. As a condition precedent to the consideration of his proposal, each bidder is required to deposit with the Eale Officer a certified or cashier's check drawn upon an incorporated bank or trust company to the order of "Town of Southold, New York", for $43,450, and such check should be enclosed with the proposal. The Bonds will be awarded and sold to the bidder complying with the terms of sale and offering to purchase the Bonds at the lowest rate of interest, and if two or more such bidders offer the s~me lowest rate of interest, then to the one of such bidders offering to pay therefor the highest price or, if two or more such bidders offer to pay the same highest price, then to one of said bidders selected by the Sale Officer by lot from mvong all said bidders. The successful bidder must also pay an mnount equal to the interest on the Bonds accrued to the date of payment of the purchase price. No interest will be allowed on the good faith deposit. When the successful bidder has been ascertained, the Sale Officer will promptly return all deposits made to the persons making the same, except the deposit made by such bidder. ~ard of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after open- ing of the bids, but the successful bidder may not withdraw his proposal until after 1:00 o'clock P.M. (Prevailing Time) of the day of such bid-opening and then only if such award has not been made prior to the withdrawal. The successful bidder will be promptly notified of the award to him, and if he refuses or neglects to pay the agreed price of the Bonds less the ~ount deposited by him, the ~ount deposited by him shall be forfeited to and retained by the Town as liquidated damages for such neglect or refusal. The successful bidder may at his option refuse to accept the Bonds if prior to their delivery any income tax law of the united States of America shall provide that the interest thereon is taxable, or shall be taxable at a future date, for federal income tax purposes, and in such case the deposit made by him will be returned and he will be relieved of his contractual obligations arising from the acceptance of his proposal. The right is reserved to reject all bids and any bid not c~mplying with the terms of this notice be rejected. The Bonds are to be issued to finance the acquisition of the following Town projects: acquisition of certain developmental rights in prime agricultural lands in the Town and acquisition of a new ferryboat for the Fishers Island Ferry District. The Bonds are general obligations of the Town. There is no limitation, either as to rate or amount, upon ad valorem taxes upon taxable real property in the Town which may be required to pay the Bonds and the interest thereon. The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds. The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obliga- tions of the Town, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes, and also that the fiscal of ficer of the Town may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations. The population of the Town is estimated to be 19,947. The debt statement to be filed pursuant to Section 109.00 of the Local Finance Law in connect ion with the sale of the Bonds, prepared as of August 31, 1984, shows the average full valuation of real property subject to taxation by the Town to be $725,253,089, its debt limit to be $50,767,716 and its total net indebtedness (exclusive of the Bonds) to be $2,407,400. The indebtednes to be evidenced by the sale of the bonds will increase the total net indebtedness by $2,172,500. The successful bidder must deliver to the Fiscal Agent before 10:00 o'clock A.M. on October 4, 1984, the names and addresses of the registered owners of the Bonds and the denominations of the Bonds to be issued to each such owner. If this information is not so delivered to the Fiscal Agent, one Bond will be issued initially for each maturity date in the full principal ~mount maturing on such date, and all of the Bonds will be registered in the name of the successful bidder. The Bonds will be delivered and shall be paid for on or about October 9, 1984, at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days' notice to the successful bidder, or at such other place and time as may be agreed upon with the successful bidder. The Bonds may be inspected by the successful bidder at the principal corporate trust office of the Fiscal Agent on October 8, 1984, at which time the successful bidder shall be responsible for verification of the names of each initial registered owner and the denominations of the Bonds. The successful bidder will be furnished without cost with the approving opinion of the law firm of Hawkins, Delafield & Wood to the effect that the Bonds are valid and legally binding general obli- gations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or amount. Said opinion shall also contain further statements to the effect that (a) the enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted, and (b) said la~ £irm has not been requested to examine or review and has not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial stat~ents or other documents, containing financial or other information relative to the Town which have been or may be furnished or disclosed to purchasers of the Bonds, and expresses no opinion with respect to such proceedings, reports, correspondence, financial statements or other documents, or the accuracy or sufficiency thereof. The obligations hereunder to deliver or accept the Bonds pursuant hereto shall be conditioned on the availability to the successful bidder and delivery at the time of delivery of the Bonds of said approving opinion; of certificates in form and tenor satisfactory to said law firm evidencing the proper execution and delivery of the Bonds and receipt of payment therefor and including a statement, dated as of the date of such delivery, to the effect that there is un litigation pending or (to the knowledge of the signer or signers thereof) threatened relating to the Bonds; and of the several certificates as described in the Official Stat~ent ~mder the he~ding "Documents Accompanying Delivery of the Bonds." A copy of said approving opinion will appear on the Bonds. Dated: September 7, 198~ FRANCIS J. HURPHY Supervlaor and Chief Fiscal Officer Honorable Francis J. Murphy Supervisor Tow~ of Southold c/o Hawkins, Delafleld & Wood 67 Wall Street New York, New York IOOD5 September 18, 1984 Dear Hr. Murphy: Subject co the provisions and in accordance with the terms of the annexed Notice of Sale dated September 7, 1984, which is hereby made a part of this proposal, we offer to purchase all of the $2,172,500 Serial Bonds of Tow~ of Southold, New York, described in said Notice of Sale, a~d to pay therefor the price of $2,172,500 plus $ plus interest accrued on said Bonds from t~elr date to the date of their delivery, provided that the Bonds shall hear interesC from their date until maturity at the rate of We enclose herewith a certified or cashier's check in the s~ of $43,450, made payable to the order of Town of Southold, New York, w~ich check is to be retained by the Town as and for liquidated damages in case we should not tak~ up and pay for the Bonds in accordance with the terms of this proposal. Adams, McEntee & Co., of $43,450 fr~m the Town of Southold, New York, is hereby ln¢. SEALED PROPOSALS ~.11 be received by the Supervisor, To~a of Southold, Ne~ York, at the office of Hawkins, Delafleld & l/nod, 67 l/all Street, New York~ New York, on September 18, 198/+, t~tll 11:00 o'clock A.M. (Prevaili~ Time) aC daleh time they ~ill be publlcly opened and announced, for the p~- chase of 82,172,500 VARIOUS PURPOSES SERIAL SOBDS-1984 due (~,-ithout option of prior redemption) on April 1, as follows: 887j500 in the year 19861 890,000 in the years 1987 to 1988, inclusive; 895,000 in the year 19891 8100,000 in the years 1990 to 1994, incluslve; 8110,000 in the years 1995 to 2000, inclusive; and 8130,000 in the years 2001 to 2005, inclusive. The Bonds ~ill be dated October 1~ 1981% and ~ill bear interest at the rate per annum specified by the successful bidder therefor in accordance herewith, payable on April 1, 1985 and October lj 1985 and semi-annually thereafter on October I and tprll 1 in each year tmtll ~aturlty. The Bonds ~ill be issued in fully reilstered fora in dano~inations of 85,000 or any intesral multlple thereof for any single ~aturlty~ except that one bond~ matexi~ Aprll 1, 1986~ shall be in the dancmlnation of Principal ~hen due ~111 be peyable at the corporate trust department of The (~ase ltanhattan Bank, lt.A., Ney York, New York, the Fiscal ~.~ent for the Bonds (the "Fiscal Asent"). Interest on the Bonds will be paid by check mailed to the registered holder thereof on each interest peyment date at his address as sho~a on the registration books of the Fiscal Agent as of the fifteenth day of the ~onth preceding each such interest peyment date. The Bonds may be exchanged at any time prior to maturity in authorized dano~inatlon or deno~inatlons in the same a~gregate principal amount. Bonds may not be converted into coupon bonds or reilstered to bearer. Each proposal must be a bid of not less than $2,172,500 for all of the,Bonds and must state in multiple of one hundredth of iI or a multlple of one-eighth of II, e slr~le rate of interest per anmm which all of the Bonds are to bear. Each proposal must be enclosed in a sealed envelope and should be marked on the o~tslde "Proposal for Bonds" and be addressed es follows to the Sale Officer, viz.: Honorable Francis J. ~rphy, Supervisor, c/o Ha~klns, Nelefield & ~ood, 67 I/all Street~ Ney York, York. As a condition precedent to the consideration of his proposal~ each bidder is required to deposit ~ith the Sale Officer a certified or cashier's check drama upon an incorporated bank or trust company to the order of '~o~a of $outhold, Ney York", for 843,~50, and such check should be enclosed vith the proposal. The Bonds ~ill be a~arded and sold to the bidder co~plyln~ ~ith the terns'of sale and offerir~ to purchase the Bonds at the lo,est rate of interest, and if tvo or mare such bidders offer the lo~esc race of interest, then to the one of such bidders offerlr~ to pay therefor the hi~hest price or, if two or mare such bidders offer to pay the s~ne hi~hest price, then to one of said bidders selected by the Sale Officer by lot fro~ ~on~ all said bidders. The successful bidder must also pay an amount equal to the interest on the Bonds accrued to the date of payment of the purchase price. No interest ~111 be alto~ed on the good faith deposit. l~hen the successful bidder has been ascertained, the Sale Officer ~ill promptly return all deposits made Co the persons makln~ the same, except the deposit ~ade by such bidder. Avard of the Bonds to the successful bidder, or rejection of all bids, is expected to be made promptly after open- in~ of the bids, but the successful bidder ~ay not ~thdrav his proposal ~mtll after 1:00 o'clock (Prevailing Time) of the day of such bld-openln~ and then only if such a~ard has not been made prior to the ~rlthdraval. The successful bidder ~ill be pr~ptly notified of the a~erd to him, and if he refuses or neglects to pay the a~reed price of the Bonds less the amount deposited by him, the amount deposited by him shall be forfeited to and retained by the To~n as liquidated damages for such nel/lect or refusal. The successful bidder may at his option refuse to accept the Bonds if prior to thelr delivery any income tax law of the United States of America shell provide that the interest thereon is taxable~ or shall be taxable at a future date, ~or federal incane tax purposes, and in such case the deposit made by him ~ill be returned and he ~ill be relieved of his contractual obligations arisi~ fro~ the acceptance of his proposal. The right is reserved to reject all bids and any gid not complying with the terms of this notice will be rejected. The Bonds are to be issued to finance the acquisition of the following Town projects: acquisition of certain developmental rights in prime agricultural lands in the Town and acquisition of a new ferryboat for the Fishers Island Ferry District. The Bonds are general obligations of the Town. There is no limitation, either as to rate or amount, upon ad valorem taxes upon t~able real property in the Town which may be required to ~ay the Bonds and the interest thereon. The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the Bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the Bonds. The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the Bonds and certain other obliga- tions of the Town, a sufficient sum shall be set apart frixa the first revenues thereafter received and shall be applied for such purposes, and also that the fiscal officer of the Town may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations. The population of the Town is estimated to be 19,947. The debt statement to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the Bonds, prepared as of August 31, 1984, shows the average full valuation of real property subject to taxation by the Town to be $725,253,089, its debt limit to be $50,767,716 and its total net indebtedness (exclusive of the Bonds) to be $2,407,400. The indebtednes to be evidenced by the sale of the bonds will increase the total net indebtedness by $2,172,500. The successful bidder must deliver to the Fiscal Agent before 10:00 o'clock A.M. on October 4, 1984, the names and addresses of the registered owners of the Bonds and the denominations of the Bonds to be issued to each such owner. If this information is not so delivered to the Fiscal Agent, one Bond will be issued initially for each maturity date in the full principal ~ount maturing on such date, and all of the Bonds will be registered in the name of the successful bidder. The Bondt will be delivered and shall be paid for on or about October 9, 1984, at such place in New York City, and on such business day and at such hour, as the Sale Officer shall fix on three business days' notice to the successful bidder, or at such other place and time as may be agreed upon with the successful bidder. The Bonds may be inspected by the successful bidder at the principal corporate trust office of the Fiscal Agent on October 8, 1984, at which time the successful bidder shall be responsible for verification of the names of each initial registered owner and the denominations of the Bonds. The successful bidder will be furnished without cost with the approving opinion of the law firm of Hawkins, Delafield & Wood to the effect that the Bonds are valid and legally binding general obli- gations of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within tt~e Town is subject to the levy of ad valorem real estate taxes to pay the Bonds and interest thereon without limitation of rate or mnount. Said opinion shall also contain further statements to the effect that (a) the enforceability of rights or remedies with respect to such Bonds may be limited by bankruptcy, insolvency, or o~her laws affecting creditors' rights or remedies heretofore or hereafter enacted, and (b) said law firm has not been requested to examine or review and has not examined or reviewed the accuracy or sufficiency of the Official Statement, or any additional proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town which have been or may be furnished or disclosed to purchasers of the Bonds, and expresses no opinion with respect to such proceedings, reports, correspondence, financial statements or other documents, or the accuracy or sufficiency thereof. The obligations hereunder to deliver or accept the Bonds pursuant hereto shall he conditioned on the availability to the successful bidder and delivery at the time of delivery of the Bonds of said approving opinion; of certificates in form and tenor satisfactory to said law firm evidencing the proper execution and delivery of the Bonds and receipt of paymemt therefor and including a statement, dated as of the date of such delivery, to the effect that there is no litigation pending or (to the knowledge of the signer or signers thereof~ threatened relating to the Bonds; and of the several certificates as described in the Official Statement trader the heading "Documents Acc~panying Delivery of the Bonds." A copy of said approving opinion will appear on the Bonds. Dated: September 7, 1984 FRANCIS J. H~RPHY Supervisor and Chief Fiscal Officer September 18, 1984 Honorable Francis J. Murphy Supervisor Town of Southold c/o Hawkins, Delafleld & Wood 67 Wall Street New York, New York lOOD5 Dear Mr. Murphy: Subject to the provisions and in accordance with the terms of the annexed Notice of Sale dated September 7, 1984, which is hereby made a part of this proposal, we offer to purchase all of the $2,172,500 Serial Bonds of Town of Southold, New York, described in said Notice of Sale, and to pay plus interest accrued on said Bonds' from ~heir date to the date of their d~very, provided that the Bonds shall bear interest from their date until maturity at the rate of ~ ~ We enclose herewith a certified or cashier's check in the sum of $43,450, made payable to the order of Town of Southold, New York, w~ich check is to be retained by the Town as and for liquidated demages in case we should not take up and pay for the Bond8 in accordance with the terms of this proposal. Receipt of the good faith check on Septembe~ 18, 1984, in the amount of $43,450 from the Town of Southold, New York, is hereby acknowledged: