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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.