HomeMy WebLinkAboutBudget NoteROBERT W. TASKER
Town Attorney
TELEPHONE
(516) 477-1400
425 MAIN ST.
GREENPORT, L.I., NEW YORK 11944
June 24, 1983
Hon. Judith T. Terry
Town Clerk
Town of Southold
Main Road
$outhold, New York 11971
Re:
$45,000.00 Budget Note~/ ~
DearJudy:
I have received the formal budget note resolution from Bond Counsel
and three copies thereof are enclosed herewith.
I particularly call your attention to the Section 3 of the bond
resolution regarding a cash flow chart which must be completed by
the Supervisor's Office. I, therefore, suggest that you refer this to
the Supervisor so that the appropriate figures can be inserted for
the 12 month period commencing June 1983.
Yours very truly,
ROBERT W. TASKER
RWT :aa
encs,
EXTRACT OF MINUTES
Meeting of the Town Board of the Town
of Southold~ in the County of Suffolk,
New York
June 21~ 1983
A regular meeting of the Town Board of the Town of Southold,
in the County o£ Suffolk~ New York~ was held at the Southold Town
Hall~ Main Road, Southold~ New York~ in said Town, on June 21~ 1983~
at 3:00 o'clock P.M. (D.S.T.).
There were present:
Councilmen:-
Justice~-
There were absent:
Also present:
Honorable William R. Pell, III,
Supervisor, and
John J. Nickles
Lawrence Murdock~ Jr.
Francis J. Murphy
Joseph L. Townsend, Jr.
Raymond W. Edwards
None
Judith T. Terry~ Town Clerk
Robert W. Tasker~ Town Attorney
Councilman Lawrence Murdock~ Jr.
resolution and moved its adoption:-
offered the following
BUDGET NOTE RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED JUNE 21, 1983, AUTHORIZING
THE ISSUANCE OF A $45,000 BUDGET NOTE OF SAID
TO¥~ PURSUANT TO SECTION 29.00 a. 2. OF THE
LOCAL FINANCE LAW TO PROVIDE FUNDS FOR PERSONAL
SERVICES FOR WHICH INSUFFICIENT PROVISION IS
~DE IN THE CURRENT BUDGET.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by a favorable vote of a
majority of the voting strength of said Board), AS FOLLOWS:-
Section 1. The Town of Southold (herein called "Town"),
in the County of Suffolk, New York, hereby authorizes the issuance
of a $45,000 budget note of the Town for the specific object or purpose
of providing funds for personal services at the Town Landfill Site
in Cutchogue, in said Town, for which there is insufficient
provision in the annual budget for the current fiscal year of
the Town. Said Note shall be issued pursuant to Section 29.00 a. 2.
of the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State of New York (herein called "Law").
Section
and declared:
2. The following matters are hereby determined
(a) Said Budget Note is authorized to be
issued pursuant to Section 29.00 a. 2. of the Law, as follows:-
(1) Town Budget for 1983 fiscal year $5,800,000.00
(2) 5% of amount in (1) above $ 290,000.00
(3) Budget Note allowable $ 290,000.00
(b) Said Budget Note may be renewed from time to
time but, said Note, including the renewals thereof, shall mature
no later than the close of the fiscal year succeeding the fiscal
year in which such note ~s issued. Said Note is not issued in
renewal of any Dote or notes.
Section 3. It is hereby certified that upon the basis of
the facts and circumstances now in ~xistence and herein set forth,
it is not expected that the proceeds of this issue of a Budg~'t
Note will be used in a manner that would cause such Note to be
"arbitrage bonds" within the meaning of Section 103 (c) of the
United States Internal Revenue Code of 1954 and the regulations
thereunder. A part of the anticipated cumulative cash flow deficit
of the Town computed pursuant to the Code and regulations of the
United States Treasury Department, as amended, is to be financed
by the Note to be issued pursuant to this resoution. The principal
amount of such Budget Note is $45,000.00, which amount is not greater
than the anticipated cumulative cash flow deficit referred to above.
The anticipated cumulative cash flow deficit is estimated to be
as follows:-
Balance as of May 31, 1983
Estimated
Expenses
For Month of
June $ 198,506.00
July $ 150~100.00
August $~47,195.00
September $133,890.00
October $127,806.00
$ 719,190.00
Estimated Cumulative ("Net")
Receipts Surplus (or Deficit)
For Month of At End of Month
$ 48,300.00 $ 568,984.00
$134,500.00 $ 553,384.00
$ 8,535.00 $ - 414,724.00
$ 40~00_90~00 $ 320,834.00
$ 10,000.00 $ 203,028.00
November $ 162,506.00 $ 7,000.00 $ 47,522.00
December $ 184,839.00 $ 9Q,000.00 $ (47,317.00)
January, 124,320.00 1,202.990.00 1,031,353.00
1984 $ $ $
February $ $ $
March $ $ $
April $ $ $
May $ $ $
June $ $ $
Maxim~a Cumulative Cash Flow Deficit $ (47,317.00)
Reasonable Cash Balance (following month's
expenses payable prior to estimated
receipts for that month)
Total
12/31/83
There are no amounts in a general fund account or any other account
available for the payment of the estimated expenditures set forth
above which may be invaded to pay such expenditures without a
requirement that any such amount be reimbursed.
Section 4. The Note herein authorized shall contain the
recital of validity prescribed by Section 52.00 of the Law, and
shall be a general obligation of the Town and the faith and credit
of the Town are irrevocably pledged to the punctual payment of the
principal of and interest on said Note, and unless said Note is
otherwise paid or payment provided for, an amount sufficient for
such payment shall be inserted in the budget of tke Town and a tax
sufficient to provide for the payment thereof shall be levied
and collected.
Section 5. Subject to the provisions of this resolution
and of the Law, and pursuant to Sections 30.00, 50.00, 56.00 to
60.00 of the Law, the power to authorize and prescribe the terms,
form and contents and as to the sale and issuance of any renewals
of the Note herein authorized, are hereby delegated to the
Supervisor, as chief fiscal officer of the Town.
Section 6. Said Note herein authorized shall be executed
in the name of the Town, by its Supervisor and the corporate seal
of the Town shall be affixed thereto and attested by its Town Clerk.
Section 7. This resolution shall take effect immediately.
The adoption of the foregoing resolution was seconded
by Councilman JoseDh L. Townsend, Jr. and duly put to a vote
on roll call, which resulted as follows:-
AYES: Justice Edwards, Councilman Townsend,
Councilman ~urphy, Councilman Murdock, Councilman Nickles, Supervisor
Pell. NOES: None.
The resolution was declared adopted.
General - No Veto
CERTIFICATE
I, JUDITH T. TERRY, Towuq Clerk of the Town of Southo±d,
in the Cobbnt~ of
State of New York
annexed extract from the minutes of a meeting of the
of said Town
duly called and held on June 21
, HEREBY CERTIFY that the foregoing
Town Board
· 19 8~ , has been
compared by me with the original minutes as officially recorded in my
office in the Ntinute Book of said Town Board
and is a true, complete and correct copy thereof and of the whole of said
original minutes so far as the same relate to the subject matters referred
to in said extract.
IN WITNESS WHEREOF, I have hereunto se% my hand and affixed %he
corporate seal of said Town
%his 21st day of June , 19 83
(Seal)
Town Clerk
From the of[ice of the SUPERVISOR
MAIN ROAD~ SOUTHOLD~ NEW YORK 11971
(516) 765q800
Billy - This Budget note is completed
The figures are forced and estimated in
order to come up with a deficit for the
Gen Fund Whole Tow~ as of Dee 31, 1983
I have work sheets if you would like to
see them ___ the other thimg is that I
assume that I have to continue into Jan '84
in order to show receiving monies from tax
receiver in order to be out of the red
the figure I come up with for taxes '84 is
20% over and above the existing budget.]
?
BUDGET NOTE RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED J~E 21, 1983, AUTHORIZING
THE ISSUANCE OF A $45,000 BUDGET NOTE OF SAID
TO~ PURSUANT TO SECTION 29.00 a. 2. OF THE
LOCAL FINANCE LAW TO PROVIDE FUNDS FOR PERSONAL
SERVICES FOR WHICH INSUFFICIENT PROVISION IS
~LADE IN THE CURRENT BUDGET.
THE TOWN BOARD OF THE TOKEN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEP~EBY P~SO.~VmS (by a favorable vote of a
majority of the voting strength of said Board), AS FOLLOWS:-
of a $45,000
of providing
i~ Cutchogue,
funds for personal services at
Section i. The Town of Southo]d (herein called "Town"),
the County of Suffolk, New York, hereby authorizes the issuance
budget note of the Town for the specific object or purpose
Site
the Town Landfill
is insufficient
in said Town, for which there
provision in the annual budget for the current fiscal year of
the Town. Said Note shall be issued pursuant to Section 29.00 a.
of the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State of New York (herein called "Law").
The foilowlng matters are hereby determined
Said Budget Note is authorized to be
2. o~ the Law, as follows:-
Section 2.
and declared:
(a)
issued pursuant to Section 29.00 a.
(1) Town Budget for 1983 fiscal
(2) 5% of amount in (1) above
(3) Budget Note allo~ab!e
o
year
$5,800,000.00
$ 290,000.00
$ 290,000.00
(b) Said Budget Note may be renewed from time to
time but, said Note, inclu¢ting the renewals thereof, shall mature
no later than the close of the fiscal year succeeding the fiscal
year in which such note is issued. Said Note is not issued in
renewal of any note or notes.
Section 3. It is hereby certified that upon the basis of
the facts and circumstances now in ~xistence and herein set forth,
it is not expected that the proceeds of this issue of a Budge~t -
Note will be used in a manner that would cause such Note to be
"arbitrage bonds" within the meaning of Section 103 (c) of the
United States Internal Revenue Code of 1954 and the regulations
thereunder. A part of the anticipated cumulative cash flow deficit
of the Town computed pursuant tc the Code and regulations of the
Unite~ States ~reasury Department, as amended, is to be financed
by the Note to be issued pursuant to this resoution. The principal
amount of such Budget Note is $~5,000.00, which amount is not greater
~an the anticipated cumulative cash flow deficit referred to above.
The anticipated cumulative cash
as follows:-
Balance as
June
July
August
September
October
flow deficit is estimated to be
of May 31, 1983 $
Estimated Estimated Cumulative (~'~et")
Expenses Receipts Surplus (or Deficit)
For Month of For Month of At End of Month
November
March $ $
April $ $
Maximum -~- ~- ,
C%unu].~_~e Cash Flow D~ficit
Reasonabl~ Cash Baianco ~Eollowing mc, ntl]'s
._x~en=~ payable prior to es%imated
recei?ts ~-~
.~ 'that month)
There are no an'tounts in a general ftmd account or any other acco%~nt
available for the payment of the estimated expenditures set forth
above which mai' be invaded to pay such expenditures without a
~equirement that any such amount be reimbursed.
Section 4. The Note herein authorized shall contain the
recital of validity prescribed by Section 52.00 of the Law, and
atoll be a general obligation of the Town and the faith and credit
of the To:~n are i. rrevocably p].ed?~e:J to the punctual payment of the
przncipal of and interest on said ~ote, and unless said [.~ote is
otherwise paid or pafment provided for, an amount sufficient for
such payment shall 5e inserted in the budget of t2-~ Town and a tax
sufficient to ~rovide for the payment thereof shall be i~vied
and ,collected.
Section 5. Subject to the provisions of this resolution
and of the Law, and pursuant to Sections 30.00, 50.00, 56.00 to
60.00 of the Law, the power to authorize ~nd prescribe the terms,
form and contents .and as to the sale and issuance of any renewals
of the Note herein authorized, are hereby delegated to the
Supervisor, as chief fiscal officer of the Town.
Section 6. Said Nota herein authorized shall be executed
in the name of the Towing, by its Supervisor and the corporate seal -
of the Town shall be affixed thereto and attested by its Town Clerk.
Section 7~ This resolution shall take effect immediately.
~fhe adoption of the foregoing resolution was
by Councilman Joseph L. To~'nser, d, ,Ir. and duly put
~n roll call~ which resulted as follows:-
seconded
to a vote
Az.~S: Justice Edwards, Councilman Townsend,
Councilman Murphy~ Councilman ~urdock~ Councilman Nickles~:Supervisor
Peil. NOES: No~e.
The: resolution was declared adopted.
(b) Said Budget Note may be renewed from time to
time but, said Note, including the renewals thereof, shall mature
no later than the close of the fiscal year succeeding the fiscal
year in which such note is issued. Said Note is not issued in
renewal of any note or notes.
Section 3. It is hereby certified that upon the basis of
the facts and circumstances now in existence and herein set forth,
it is not expected that the proceeds of this issue of a Budge't
Note will be used in a manner that would cause such Note to be
"arbitrage bonds" within the meaning of Section 103 (c) of the
United States Internal Revenue Code of 1954 and the regulations
thereunder. A part of the anticipated cumulative cash flow deficit
of the Town computed pursuant to the Code and regulations of the
United States Treasury Department, as amended, is to be financed
by the Note to be issued pursuant to this resoution. The principal
amOunt of such Budget Note is $45,000.00, which amount is not greater
than the anticipated cumulative cash flow deficit referred to above.
The anticipated cumulative cash flow deficit is estimated to be
as follows:-
Balance as of May 31, 1983 $
Estimated Estimated Cumulative ("Net")
Expenses Receipts Surplus (or Deficit)
For Month of For Month of At End of Month
June $ $ $
July $ $ $
August $ $ $
September $ $ $
October $ $ $
November $ $ $
De ce mbe r $ $ $
January,
1984 $ $ $
February $ $ $
March $ $ $
April $ $ $
May $ $ $
June $ $ $
Maximum Cumulative Cash Flow Deficit $
Reasonable Cash Balance (following month's
expenses payable prior to estimated
receipts for that month) $
Total $
There are no amounts in a general fund account or any other account
available for the payment of the estimated expenditures set forth
above which may be invaded to pay such expenditures without a
requirement that any such amount be reimbursed.
Section 4. The Note herein authorized shall contain the
recital of validity prescribed by Section 52.00 of the Law, and
shall be a general obligation of the Town and the faith and credit
of the Town are irrevocably pledged to
principal of and interest on said Note,
otherwise paid or payment provided for,
the punctual payment of the
and unless said Note is
an amount sufficient for
such payment shall be inserted in the budget of the Town and a tax
sufficient to provide for the payment thereof shall be levied
and collected.
(b) Said Budget Note may be renewed from time to
time but, said Note, including the renewals thereof, shall mature
no later than the close of the fiscal year succeeding the fiscal
year in which such note is issued. Said Note is not issued in
renewal of any note or notes.
Section 3. It is hereby certified that upon the basis of
the facts and circumstances now in existence and herein set forth,
it is not expected that the proceeds of this issue of a Budge't
Note will be usedin a manner that would cause such Note to be
"arbitrage bonds" within the meaning of Section 103 (c) of the
United States Internal Revenue Code of 1954 and the regulations
thereunder. A part of the anticipated cumulative cash flow deficit
of the Town computed pursuant to the Code and regulations of the
United States Treasury Department, as amended, is to be financed
by the Note to be issued pursuant to this resoution. The principal
amount of such Budget Note is $45,000.00, which amount is not greater
than the anticipated cumulative cash flow deficit referred to above.
The anticipated cumulative cash flow deficit is estimated to be
as follows:-
Balance as of May 31, 1983 $
Estimated Estimated Cumulative ("Net")
Expenses Receipts Surplus (or Deficit)
For Month of For Month of At End of Month
June $ $ $
July $ $ $
August $ $ $
September $ $ $
October $ $ $
November $ $
December $ $
January,
1984 $ $
February $ $
March $ $
April $ $
May $ $.
June $ $
Maxim~a Cumulative Cash Flow Deficit
Reasonable Cash Balance (following month's
expenses payable prior to estimated
receipts for that month)
Total $
There are no amounts in a general fund account or any other account
available for the payment of the estimated expenditures set forth
above which may be invaded to pay such expenditures without a
requirement that any such amount be reimbursed.
Section 4. The Note herein authorized shall contain the
recital of validity prescribed by Section 52.00 of the Law, and
shall be a general obligation of the Town and the faith and credit
of the Town are irrevocably pledged to the punctual payment of the
principal of and interest on said Note, and unless said Note is
otherwise paid or payment provided for, an amount sufficient for
such payment shall be inserted in the budget of the Town and a tax
sufficient to provide for the payment thereof shall be levied
and collected.