HomeMy WebLinkAboutBay Haven-1971REGINALD C. SMITH
ROBERT W. TASKER
HOWARD M. FINKELSTEIN
FRANCIS J. YAKABOSKI
PAUL J. BAISLEY
ALLEN M. SMITH
SMITHo TASKER AND FINKELSTEIN
ATTORNEYS AND COUNSELORS AT LAW
425 MAIN STREET
GREENPORT, N. Y. 11944
516 - 477-1400
ARTHUR H. LUNDBERG
CO[~$EL
August 9, 1971
!:ion. Albert M. Martocchia
,upervisor of the Town of 3outbold
15 ;outh ~treet
Creenport. New York 11944
/~,e..~ · ~,~le~' of $10, 500 Bond Anticipation Note
for Bay Haven Road District
As you know we have sold a $10, 500 Bond Anticipation Note for the Bay Haven
l~,oad Improvement District to :;ecurity National Bank which was the low bidder
at S. 12%. The original note and other supporting documents were delivered to
the bank and I enclose herewith the following:
il) C.~eck of the 3ecurity National Bank No. 830092 dated
August 9, 1971 to the order of the Town of Southold in the
a_mount of $10, 500.00;
(2t Closing Certificates;
(3) Town Clerk's Affidavit;
(4) Extract of Minutes~
(5) Copy of my letter of opinion.
As you know it has been our practice in the past to pay off one-fifth of ~he principal
and renew for the balance each year. Accordingly, on August 9, 1972 we will
pay principal in the amount of $2, 100.00 together with interest for one year at
3. 12'~ amounting to $327.60 for a tota~ amount of $2, 427.60. This amount should
be included in next year's budget to be collected in the Road District.
Hon. Albert M. Martocchia
-2- Augu~st: 9, 1971
£he enclosed check should be deposited in a special account for the R~md District
and the expenses of street improvements, attolmey's fees, surveys, etc. should
be paid out of this fund. Within the next few days ~ will compile these ex~)en.~es
~.nd send you a list of them in order that they may ~e ,)aid.
Yours very truly,
l:~ncloquces
CC: Hon. Albert W. Richmond
Southold Town Clerk
August
Security National Bank
Corporate Trust Department
Hempstead, New York
Deal' Sirs:
I have examined the record of proceedings relating to the issuance of a $10, 500
Bond Anticipation Note for Road Improvements - 1971 of the Town of Southold,
in the County of Suffolk, a municipal corporation of the State of New York. 3aid
Note is dated August 9, 1971, matures August 9, t972, subject to prior redemp-
tion, bears interest at the rate of three and twelve hundreths per centum (3.12~:.)
per annum, payable at maturity, is numbered 1 is of the denomination of
$10, 500, is payable to bearer without coupons, is registerable as to both princi.sal
and interest and is issued pursuant [o the provisions of the Local Fhmnce r,aw,
constituting Cha?~er 33-a of the Consolidated Laws of [he 3tare of New York, and
the resolution entitled: "/3ond Anticipation Note Resolution of the fown of :{outhold,
New York, adopted July 6, 1971, authorizing the appropriation of $10, 500.00 for
the improvement of town roads, ]a~ said town, stating the estimated maxiumum cost
thereof, $10, 500.00 and authorizing the issuance of $10, 500.00 serial bonds of
the town to finance said appropriation", duly adopted by the Town ~?oard on the date
therein referred to.
Said l~ond Anticipation Note is a temporary obligation, issued in anticipation of the
issuance of permanen+. serial bonds.
In my opinion, said Bond Anticipation Note is a valid and legally binding general
obligation of the Town of 3outhold, all the taxable real property within which is
subject to the levy of ad valorem taxes to pay said Note and the interest thereon,
without limitation of rate or amount.
Yours very truly,
ROBERP W. CASKER
Southold Town Attorney
~gWT:MY
CLOSING CERTIFICATES
Relating to Notes of
TOWN OF SOUTHOLD, NEW YORK
CERTIFICATE AS TO SIGNATURES, NO-LITIGATION
AND DELIVERY AND PAYMENT
We, the undersigned officers of the Town of Southold, in the Couniy
of Suffolk, a municipal corporation of the State of New York and herein
referred to as the "Issuer", HEREBY CERTIFY that~ on the 9th day of
August~ 1971, we officially signed and properly executed the $10, 500 principal
amount of obligations of the Issuer described in Schedule A annexed hereto and
by this reference made a part hereof, and that at the time of such signing and
execution and on the date hereof we were and are the duly chosen, qualified
and acting officers of the Issuer authorized to execute said obligations and
helding the respective offices indicated by the official titles set opposite our
signatures hereto.
WE FURTHER CERTIFY that no litigation of any nature is now
pending or threatened restraining or enjoining the issuance or delivery of
said obligations or the levy or collection of any taxes to pay the interest on or
principal of said obligations, or in any manner questioning the authority or
proceedings for the issuance of said obligations or for the levy or collection
of said taxes, or affecting the validity of said obligations or the levy or
collection of said taxes, or contesting the corporate existence or boundaries
of the Issuer or the title of any of the present officers thereof to their
respective offices; and that no authority or proceedings for the issuance of
said obligations has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon
this certificate has been affixed upon each of said obligations and is the
legally adopted proper and only official corporate seal of the Issuer.
AND, ~ the undersigned Supervisor of the Issuer HEREBY
FURTHER CERTIFY that on the 9th day of August, 1971j I delivered said
obligations to the SECURITY NATIONAL BANK OF LONG ISLAND, Southold,
New York (herein referred to as "Purchaser"), and that at the time of such
delivery I received from the Purchaser full payment for said obligations in
accordance with the contract of sale, computed as follows:-
Contract price ............................. $10, 500.00
Interest accrued to the date of such delivery... --
Total amount received ...................... $10j 500.00
IN WITNESS WHEREOF we have hereunto set our hands and said
corporate seal has hereunto been affixed this 9th day of August, 1971.
Signature/'~'~//;. ~ Official Title Term of Office Expires
~~ ~~ Deputy
~ / Town Clerk
December 31, 1971
December 31, 1971
I HEREBY 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 offices set opposite
their several signatures.
~ of Long Island
(Signature) (Title) (Name of Bank)
ATTORNEY'S CERTIFICATE
I, ROBERT W. TASKER, HEREBY CERTIFY that I am the duly
appointed and acting Town Attorney of the Town of Southold, in the County of
Suffolk, a municipal corporation of the State of New York and herein referred
to as the "Issuer", that no litigation of any nature is now pending or
threatened restraining or enjoining the issuance or delivery of the obligations
of the Issuer described in Schedule A annexed hereto and by this reference
made a part hereof or the levy or collection of any taxes Lo pay the interest
on or principal of said obligations, or in any manner questioning the authority
or proceedings for the issuance of said obligations or for the levy or collec-
tion of said taxes, or affecting the validity of said obligations or the levy or
collection of said taxes, or contesting the corporate existence or boundaries
of the Issuer or the title of any of the present officers thereof to their
respective offices.
I FURTHER CERTIFY that no authority or proceeding for the
issuance of said obligations has or have been repealed, revoked or rescinded.
of August,
IN WITNESS WHEREOF,
1971.
I have hereunto set my hand this 9th day
Town Attorney
SCHEDULE A
Amount and Title:
$10, 500 Bond Anticipation Note
For Road Improvements - 1971
Date:
August 9, 1971
Maturities:
August 9, 1972o subject to prior
redemption
Numbers and Denominations;
No. 1 - $10, 500
Interest Rate:
3. 12% per annum, payable at maturity
STATE OF NEW YORK)
SS. :
COUNTY OF SUFFOLK)
JUDITH T. BOKEN
K~~~ being duly sworn upon~er oath deposes
and says:
appointed Deputy
(1) I am the duly~tx~ qualified and acting/Town Clerk of the
Town of Southold, in the County of Suffolk, New York, (herein and in
Schedule A called "Issuer");
(2) That with respect to the contract of sale of the following
described obligation of the Issuer to the SECURITY NATIONAL BANK OF
LONG ISLAND, Southold, New York (in Schedule A called "Purchaser"), I
have made a careful inquiry of each officer and employee of the Issuer
having the power or duty to (a) negotiate, prepare, authorize or approve the
contract or authorize or approve payment thereunder, (b) audit bills or
claims under the contract, or (c) appoint an officer or employee who has any
of the powers or duties set forth above, as to whether or not such officer or
employee has an interest (as defined pursuant to Article 18 of the General
Municipal Law) in such contract:
Amount and Title:
$10, 500 Bond Anticipation Note
For Road Improvements - 1971
Dated: August 9, 1971
Matures:
August 9, 197~, subject to prior redemption
No. 1
Denomination $i0, 500
Interest rate:
3. 12% per annum, payable at maturity
(3) That upon information and belief, as a result of such inquiry,
no such officer or employee has any such interest in said contract, unless
otherwise noted in Schedule A annexed hereto and by this reference made
a part hereof.
Subscribed and sworn to before me
this 9th day of August, 1971.
g-T A- yoUNG
eputy Town Clerk
1. is a stoc!:holder of the thu.chas'cr,
owning or eontrollJng, directly or indire~tly, ]ess [ban ~ive per ccntum
(5%) of the outstandin~ stock hereof bu~ no disclosure of such in[crest by
said officer is required pursuant to said Law;
2. ., has such interest in said contr, c~,
but-a~co~¢lJ.no to the records of ibc Issuer and statements mm:to to mc by
officers of thc Issuer during iht current fiscal year, the Purchaser has
not purchased, and by virtue of thc purchase of said ~ond Anlici?tion
Note above dcscrlocd, will not have purchased No[es of the Issuer,
aggregate principal amount of which exceeds $60,000, and the
is not now, and by virtue', of thc purchase of said Note will not become
~e holder of Notes of [be Issuer, the aggreg[a[e~ principal antount of
excecdf; SOO, 000;:
· has publicly discb sod the nat~tre
and e~tent of such intere.=;tin wi"iling to the governing board 'of the Issuc r.
Such written disclosure has bccn made a part of and sci for[bin the
official record of proceedings.
, has an fl~terest in the Purchaser.
solely by reason of employment as an officer or employee thereof, but
%he remuneration of such employinent will not be directly affected as a
result of said contract and the duties of such employment do not direclly
involve the procurement, preparation or performance of any p
of such contract.
_, has publicly disclosed the naa.ire
and extent of such interest in writing to the governing board of the
Issuer. Such written disclosure has been made a part of and set forth
in the offc iai record of proceedings.
EXTRACT OF MINUTES
Meeting of the Town Board of the Town of Southold, in the
County of Suffolk, New York
A regular meeting of the Town Board of the Town of Southold· in the
County of Suffolk, New York· was held at the Supervisor's Office, 16 South
Street, Greenport, New York, in said Town, on July 6, 1971 · 1971,
at 3 o'clock P.M.
There were present:
There were absent:
Also present:
Justice Demares t
moved its adoption:-
Hon. Albert M. Martocchia~ Supervisor, and
Councilman Howard C. Valentine
Councilman James H. Rich, Jr.
Justice Louis M. Demarest
Justice Martin Surer
Justice E. Perry Edwards
Albert W. Richmond· Town Clerk
Robert W. Tasker, Town Attorney
offered the following resolution and
BOND RESOLUTION OF THE TOWN OF SOUTHOLD
NEW YORK, ADOPTED/~ ~ , 1971,
APPROPRIATING $10, ~0.00 FOR THE IMPROVEMENT
OF TOWN ROADS, IN SAID TOWN, STATING THE
ESTIMATED MAXIMUM COST THEREOF, $10,500.00
AND AUTHORIZING THE ISSUANCE OF $10, 500. 00
SERIAL BONDS OF THE TOWN TO FINANCE SAID
APPROPRIATION.
Recitals
WHEREAS, fo£lowing recei~ot of a petition in due form, a public
hearing duly called and heid for the improvement of the existing highways
known as Gin Lane, Bay Haven Lane, Midway and Watersedge Way (herein
called "Improvement" and "Streets", respectively), in the Town of Southold
(herein called "Town"), in the County of Suffoik, New York, by the permanent
pavement of the same and the construction of such curbs, gutters, catch
basins and drainage facilities as may be necessary, at an estimated maximum
cost of $10,500. 00, the Town Board of the Town determined pursuant to
resolution duly adopted on~,~ ~ , 1971, that the notice of such
hearing was published and~ostefl-as required by law and is otherwise
sufficient and that it is in the public interest to make the Improvement
pursuant to the definite plans, specifications and estimate of cost to be
prepared by the Town Engineer;
now therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD
IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not
less than two-thirds of all the members of said Board), AS FOLLOWS:
-2-
Section 1. The Town hereby appropriates the amount of $I0,500.00
for the permanent pavement of Gin Lane, Bay Haven Lane, Midway and
Watersedge Way and the construction of such curbs, gutters, catch basins,
and drainage facitities as may be necessary on and atong the Town Highways
in the Town, att in accordance with the map, ptan and specifications and
estimate of cost prepared by the Town Engineer, hereinabove referred to in
the Recitais hereof, and hereby approved. The estimated maximum cost of
said specific object or purpose, inctuding pretiminary costs and costs
incidental thereto and the financing thereof, is $I0,500.00 and the p£an of
financing includes the issuance of seriat bonds of the Town in the principat
amount of $10,500.00 and the assessment, tevyand correction of assessments
from the severat tots and parcets of rand which the Town Board shaft deem
especiatty benefited thereby to pay the principat of said bonds and the
interest thereon so much upon and from each as shati be in just proporation
to the amount of benefit which the Improvement shaii confer upon the same.
Section 2. To finance such appropriation, seria£ bonds of the Town
are hereby authorized to be issued in the principat amount of $10, 500. 00
pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a
of the Consotidated Laws of the State of New York (herein catted "Law").
Section 3. The period of probabt~e usefutness of the specific object
or purpose for which the bonds authorized pursuant to this resotution are to
be issued, within the iimitations of Section 11. 00 a. 20. of the Law, is
five (5) years.
( ) Current funds are not required to be provided prior to the
issuance of the bonds author[zed pursuant to this resotution, or any bond
anticipation notes issued in anticipation thereof, pursuant to the provisions
of Section 107. 00 of the Law.
( ) The proposed maturity of the bonds authorized pursuant to this
resotution may exceed five (5) years.
-3-
Section 4. Each of the bonds authorized pursuant to this resolution,
and any notes issued in anticipation thereof, shall contain the recital of
validity prescribed by §52.00 of the Law and said bonds and any notes
issued in anticipation of said bonds shall be general obligations of the Town,
payable as to both principal and interest by general tax upon all the taxable
real property within the Town without [imitation of rate or amount. The faith
and credit of the Town are hereby irrevocably pledged to the punctual payment
of the principal of and interest on said bonds and provision sha[i be made
annually in the budget of the Town by appropriation for (a) the amortization
and redemption of the bonds to mature in such year and (b) the payment of
interest to be due and payable in such year.
Section 5. Pursuant to the provisions of this resolution and pursuant
to the provisions of §30. 00 relative to the authorization of the issuance of
bond anticipation notes and of § 50 and §§ 56.00 to 60. 00 of the Law, the
powers and duties of the Town Board relative to prescribing the terms, form
and contents and as to the sale and issuance of said bonds and any notes
issued in anticipation of said bonds, or the renewals thereof, are hereby
delegated to the ~/pervisor, /he chief fiscal officer of the Town.
Section 6. The va£idity of the bonds authorized pursuant to this
resolution may be contested only if:
(a) Such obligations are authorized for
an object or purpose for which the Town
is not authorized to expend money, or
(b) The provisions of law which should
be complied with at the date of publication
of such resolution, are not substantially
complied with,
and an action, suit or proceeding contesting such validity, is commenced
within twenty days after the date of such publication, or
(c) Such obligations are authorized in
violation of the provisions of the
constitution.
Section 7. This resolution shall take effect immediately
'4--
The adoption of the foregoing resolution was seconded by
Councilman Valentine
which resulted as follows:
and duty put to a vote on roll caD,
AYES: Supervisor Martocchia, Councilman Rich,
Councilman Valentine, Justice Suter, Justice Demarest.
NOES: None.
The resolution was declared unanimously adopted.
*
Councilman Rich
moved for [ts adoption:
offered the following resolut[on and
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD IN
THE COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS:
Section I. The Town Clerk of the Town of Southotd, in the County of
Suffolk, New York, is hereby directed to publish the foregoing bond resolution,
in full in the "SUFFOLK WEEKLY TIMES, "a newspaper published in the
Town of Sou[hold, New York, and having a genera[ circulation in the Town,
which newspaper is hereby designated as the official newspaper of the Town
for such publication, together with the Town Clerk's statutory Notice in
substantially the form as prescribed by Section 81. 00 of the Local Finance
Law of the State of New York.
Section 2. This resolution shall take effect immediately.
* *
The adoption of the foregoing resolution was seconded by
Justice Suter and duly put to a vote on rot[ cart, re-
suited as foi[ows:
AYES: Supervisor Martocchia, Councilman Rich,
Councilman Valentine, Justice Suter, Justice Demarest.
NOES: None.
The resolution was declared unanimously adopted.
CERTIFICATE
I, ALBERT W. RICHMOND, Town Clerk of the Town of Southold, in
the County of Suffolk, State of New York, HEREBY CERTIFY thai the fore-
going annexed extract from the minutes of the meeting of the Town Board of
said Town duly called and held on July 6 , 1971, has been compared
by me with the original minutes as officially recorded in my office in the
M~nute 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 set my hand and affixed the
corporate seal of said Town this 7th day of July , 1971.
Albert W. Rich Town C~erk
(S
E
A
L)
the Town, payable /as to both
~ !, . ~ ~l~l and interest by general
NOTICE ,~-i~.kj;~ ./tax u' ~ all the taxabl~ real
The re~oluth~ published h~. peoperty within the Town with-
with h~ beela ~lopted oi1 tho ~.~ out limitation of rate or amounts.
0t~l day of Jn~. 1971, and the ;'~ The faith and credit of the
'~ltdity of the obligation, aural- Town are hereby irrevocably
~ by slioh resolutl~tl~[l~e ., ' ~ed~ to the punc~tual payment
hareafter c~tested only if Such 1~ the principal of and interest
obviations were authorized f0~ 0~1 said bonds and provision shah
~ object ar purpose~ .! ~ ~ually in the budges
l;~ Town of Southold~'~/i/' t~ of the Town by appropriation for
C0~lty of tSuffolk, l~J~k is (&) .the I~Ul~rtization and
not autharised to e~nd 'hi~tey demption of the bonds to mature
ar if the prov~.~tor~ of law whieh in ~C/l year and (b} the pay-
a~ of the date oflllM~ll~011m'f~ ~f' ~[~lb~:l~{~ch year.
)F SUFFOLK J. ss:
NEW YORK j
.. Whitney Booth, Jr., being duly sworn, soys
is the Editor, of THE LONG ISLAND
- MAq-FITUCK WATCHMAN, a public news-
ted at Southold, in Suffolk County; and that
)f which the annexed is a printed copy, has been
at ~n estimated ~ximl~n cost of
J~y 6; 19~1, ~t the ~ of
? ~ ~ t~ pubBc ~t W m~e
~. ~ ~o~ment p~nt to the
~L~ BY ~ TOWN
~ OF ~ ~ OF
OF S~LK, ~ YORK
(by the favorable vote of not
le~ t~n tw~t~ of all the
m~rs of sam ~rd),
~OWS:
~tion 1. The To~ hereby
$10,~0.~ for the ~anent
~vement of G~ ~ne, Bay
~on of such c~, gut~rs, catch
~e ~ Highways ~ Ohe Town,
~ ~ ~rdan~ with the map,
pl~ and s~ificatl~ ~d
~ of c~t prepared by the
Ie~ ~ ~ the ~citals hereof,
~d hereby approved. ~e esti-
~d c~t of ~d s~lfic ob-
ject or p~, ~clud~ pre-
~ c~ts ~d c~ts ~ci-
d~l thereto ~d the f~ancin~
~ereof, ~ $10,5~.~ and the
plan of f~c~ includes the
~ce of ser~ ~s of the
TO~ ~ the pr~cl~l amount of
$10,~.~ ~d the ~ment,
levy and collection of ~sess-
men~ from the several l~ and
~ of l~d w~ch the Town
B~rd ~all d~m es~lally ~n-
efl~ the~by W pay the prin-
cl~ of said ~n~ ~d the
fr~ e~h ~ ~all ~ in Just
pro~tion W the amour of
~efit w~ch the Improvement
s~ll c~far u~n the ~me.
~l~ 2. To f~an~ such
prop~tion, sar~ ~nds of the
~ ~e he.by authored to
~ ~ued ~ ~ peincl~l amount
~ $10,5~.00 ~rsu~t to ~e pro-
;worn to before me this ......... /.~.. ........day of
Commission ExplleS March 30, 197
e~t0te~ t~sued in anticipation of
' · ~ bonds, or the renewals
~ersof, are hereby delegated to
.JULY 6, ~I~PI~OPR~I~- : the Supervisor. the chief fiscal
;: ~ec~ion 6. The validity of the
bonds authorized pursuant to
~TA~G ~ ESTIMATED this resolution may be contested
MA~III~IM,COST'IffHF~EOF, , only if:
$10,~1~00 ~ Au'r~o~z- ~ ~ ~,~ (a) Suc/1 obligations are
~0' ~ ~~F .~¢ ~ ~ f~ ~ object or
$10~.~ S~ ~S p~e for w~ch the Town
O~ ~ ~N ~ ~I- ~ ~ autho~ ~ expend
~ saw ~o~ F' :~, or
~ON. (b) The prov~io~ of law
' '~ at the date of publica-
~ ~ ~ ~ due fo~, a pub- ~ of such resdution, are
~ ~ duly ~led ~d h~d ~ ~t subst~ti~ly complied
I~ ~ ~ement of the ~- / '~,
~ ~h~ ~o~ ~Oln , a~ a4 ~tl0n, suit or pr~ing
~ ~'~,~l~y,~ ~i ~(such validity, Is com-
~d Wa~e Way (h~ m~c~ wl~n twenty days after
called "~vement" ~d , ' ~ da~ of such publi~tion, or
"St~", ~tively), ~ ~a (c) Such obligatio~ are
~ of.~d (~ ~ aut~r~d ~ violation of
,~,,}~'~ ~ ~,,..f ~ ~ ~io~ of the consti-
f~ N~ Y~k, ~ t~ ~rm- tution.
~t ~v~t'of t~ ~e and ~tion ~. ~s re~lution shall
~ ~ , ' '* ~ t
this notice were not sU~.ta~tiaily ~o&lon 5. Purs,uant to the pro-
~onlpllad with, and an iJ~gf/~t~.~¥~m~ of this rasolution and '
SUdl validity ish.' ~ ~,~ ;f~ '" ~ela~ive to the authoriza-
in twenty d~ys sl~er the lmbllca- tion of the issuance of bond /, commencing on the ............ /.~ .....................
t~la Of ~ n..?,ti~c~.I o~.s~,..o.~ ~4~t~icll~On notes and of §50
.. ,.. to ,0.00 o, the :aw, ......
latt/~ Of tll~ p r0~lsIons of the. the powers and duties of the ~..~.~ ~~...~'}
consti~uti~ W R D Town Board relative to pre-
,2'-Ia,_BE~. ._t~.I.{:~ '~ ~l~lbing the terms, form and
[~-~il ~1~ I~1 ~:~i ~ b~ton~ ~d ~s ~ the sale and ..........................................
~' ~,'1~~e'~r~ / ~" '~ri~uance qf said bonds and any
in said Long Island Traveler-Mattituck Watch-
~1 ?~ ~ID r~ e, ughorized ptlt's~lant
~,CO~TI~REOF, this resolution may be contes~,.d
INO' ~ ~88~'~0~' ~.( .~; ~thorized for an obJec~ or
~, ~y ~a~ ~CMld~y J ~ eo~t~ng such validity, is com-
e all e d "~vement'
"St~ets", ~c~ve~), ~ th~
~o1~ ~ew Y~k, by the ~rm-
t~ .c~ ~,~,~. ~ ~ ~ff~t immediately.
age facflltlos as may be necessary,
at an estimated maxlm~n cost of
the Town determined l~rsuant
to re~olutlon duly adopted on
July 6, 1971, that the notice of
~ such tlearin~ was published and
posted as required by law and is
~ otherwise sufficient and that it
' is in the public interest to make
, the Improvement pursuant to the
' definite plans, specifieatio~s and
estimate of cost to be ~,~pured
I~y the Town En~inear~ ~
r~ow therefore, be It
RESOLVED 1~¥ ~ TOWN
BOARD OF ~ TOWN OF
~OU'IUStOL~ IN THE COUNTY
OF SUPPOLK, NEW YORK
0~y the favorable vote of not
Town are hereby authorized to
this resolution are to be Issued,
tton, or any 10ond anticipation
Law.
the ~onds authorized pursuant
rnenced within twenty days after
the date of such publication, or
(c) Such obligations are
authorized in violation of
~," the provisions of the consti-
tution.
~'ctlon 7. This resolution shall
,~orn to before me this ......... /,.~. ......... day of
.--- - ........ , 19,:.z.~....
/? /?
¥~'E. the 'mdersigned officer's of tiae Town of f;outhold, tn the County of Suffolh,
a municipal corporation of the State of New 'fork and herein referred to as the
"Is,suer", k~Fq:EBY CTE;{TIFY that on the 9th day of Durst, 1 973. we officially
signed an~ properly executed by manual signatures ~8, 300.00 principal amom~ of
notes of the Issuer, e;~ch payable ~-~ bea,~-- ~nd ~I~ ot~ e-w'~e described ;~ :~<q i'e'~tv
i~ :,chedu[e ~ annexed hereto and by ~:his ~efe,eaee ~de a pa~t he~eoL a~,d ~;hat zt
the time of such signing and exe,:mtion and an the ~gte hereof we were and a-e the
duly chosen, q~alified and acting officers of the Issue~ authorized to execute said
notes and holding the ?espective offices indicated by fl~e official titles set opposite
oar ~[gnatam~s hereto for terms expiring on the respective dates set op[)o~ite such
titles.
"7? ,~? ': 7't;lqtt C'I:q:ITEF¥ tb',.:~t ao !ltili;ation of ;:.~y ~ah~re is now pe::~diqS'
da-es;e.:ed -e, strafqing ow enjoining the issuance o~ delivery of said notes ,,. the
:vt c~lle:ztio~ of any ~.axes to pay the ~ retest ,Tm or :,-irmipal of smd notes,, r~r in anti
manner questioning the authority or proceedings for the issuance of said notes o~ fop
the ~.e~~ o= collection of said taxes, that neithe~ th~ c~po-ate existence :.- 5oundaeies
of 5.~ ~ss'&e~ c.-' ~he title of any cf ,:be p~esent offi~e~s the-eof t~ their -~sr, eetive
,?ii,Lees is being eoal:ested, and that no autb. o-ity ow p-oceedin~s foe the t~sv. ance of
said votes has ov have been repealed, revoked o~- rescinded.
~.L ~q'f~?ElE ~ CE~4TIF¥ that tine seal which is ~mp essed upon this c'.*-ttficate
has been affixed by impression upon each of said notes and is ;he legally ailopted,
proper and only official eorpo,'$!e seal o~ the ' ',-
q'UD i. :he unde',signed SuDevvtsor of the [slsue", HF, q~.rqY FUktT!!}~ eUT. z%'FIFY
t~at o~i the 9th ,:lay of ~ugust, I 973, I delivered said notes tc S~CliqlTT ".~ "~O~ ', ~
BAN~4 f'~' ~.r'V'&:: ~1;..~.?.1~, Southc~Id, ':':'ew' 'fork, :k~ p,vchasev thereof, ~iu] that at
the ki,:c :c,.;:,2,~ delivery of said' rt*)tes. I received from said purchase- '~:e ar:xov,:t
h, ereinbelo'~,' ;stated. in full payment for said notes computed as follows'
(q
¥'rice "? 3nn 90
Iqterest o,l said notes accrued t,n '~-
date of such delivery ........... ~o~e
~i~
M~:ount ,'eceived .................. ;,, 300. O0
.... ,\, {.. a(~t. we nave hereunto set our hat, ds m~d said corporate seal has
hereunto been affixed this 9th day of August. 1973.
Of floral Titie
-~upervisor
l'own Clerk
f erin of ()ffice i:~xpire.s
,Secen~ser 31,
£~ecember 31, ik~73
I HEREBY CEi~tTIFY 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 ~'espective offices set opposite their several signatu~-es.
~(, ~/~ , /// TheSecurityNational
Title /J Name of Bank
ATTORNEY'S CEiiTIFICATE
I, ROBEItT W. TASKER, HEREBY CE~tTIFY, that I am a licensed attorney at
law of the State of New York having offices at 425 Main Street, Greenport, New
in said State and am the duly chosen, qualified and acting Town Attorney of the Town
of $outhold, in the County of Suffolk, a municipal corporation of said State and herein
referred to as the "Issuer", that no litigation of any nature is now pending or threatened
restraining or enjoining the issuance or delivery of the notes ~d the Issuer, each payable
to bearer and all otherwise described as set forth in Schedule A annexed hereto and by
this reference made a part hereof or the levy or collection of 8ny taxes to pay the interest
on or principal of said notes, or in any manner questioning the authority or proceedings
for the issuance of said notes or for the levy or collection of said taxes, or relating to
said notes or affecting the validity thereof or the levy or collection of said taxes, that
neither the corporate existence or boundaries of the Issuer nor the title of any of the
present officers thereon to their respective offices is being contested, and that no
authority or proceedings for the issuance of said notes has or have been repealed,
revoked or rescinded.
IN WITNESS WHE'IEOF,
I have hereunto set my hand this 9th day of August, 1973.
Robert W. Tssker, Town Attorney
SCHEDULE A
Amount and Title:
$6, 300.00 BOND ANTICIPATION NOTE
FOR ROAD IMP//OVEMENTS - 1973
Date:
August 9, 1973
Matures:
August 9, 1974
Numbers and Denominations: 12-2
$6,300.00
IntereSt Rate and Payment
Dates: 5.49%per annum untilmaturity, payable at maturity
Place of payment of priactpal and imerest:
Supervisor's Office
Greenport, New York
Form of Note: Substantially in accordance with form prescribed
by Schedule B, 2 of the ~ ocal Finance Law of the
State of ~ew York
3. Pursul~nt to said powers and duties delegated to me, I DO HEREBY AWARD
AND SELL sai. d Note to the SEC~RITY NATIONAL BANK OF LONG ISLAND, Southold0
New York, for the purchase pricE; of $6, 300.00, plus accrued interest, if any, from the
date of said Note to the date of payment of the purchase price, and I FU'tTHE~
DETERMINE that said Note was ~o awarded shall bear interest at the rate of Five
and forty-nine hundreths percent (5.49%) payable at maturity.
4. The Note herein authorized shall be executed in the name of the Town by its
Supervisor and the seal of said Town shall be impressed thereon and attested by its
Town Clerk.
i ~ERE~Y FURTHER CEItTIFY that every power delegated to me to issue and sell
the Note hereiUablve described is in full force and effect and has not been modified,
amended or revoked.
IN WITNESS WHEt~EOFo I have hereunto set my hand this 9th day of August, 1973.
~upervtsor
CLE~I( 'S CEI~TIFICATE
I, ALPEgT W. itlCHMOND, Town Clerk of the Town of Southold, in the County
of Suffolk, State of New York, HE'IF, F.Y CE~{TIF¥ that I have compared the fo~'egoing
copy of Certificate of the Supervisor and the same is a true and complete copy of the
Certificate filed with the said Town Poard in my office as Town Clerk on August 9,
1973~ and
I FUqTHE~ CERTIFY that no *'esolution electing to reassume any of the powe~'s
or duties mentioned in said Certificate and delegated to the Supervisor by the resolu-
tion cited in said Certificate has been adopted by said 'rows Board.
IN WITNESS WHEREOF° I have hereunto set my hand and affixed the corporate
seal of said Town this 9th day of August, 1973.
Albert W. '%iehmdnd, Town Clerk
(S
E
A
L)
STATE OF NEW YORK}
COUNTY OF SLFFOLK)
ALBExiT W. xilC}iMOND, being duly sworn upon his oath, deposes and says:
(1) I am the duly elected, qualified and acting Town Clerk of the Town of Southold,
in the County of Suffolk, New York (herein and in Schedule A called "Issuer");
(2} That with respect to the contract of sale of the following described obligation
of the lssuer to the SECUIIlTY NATIONAL BANK OF LONG ISLAND, Southnld, New
York, (in Schedule A called "Purchaser"), I have made a careful inquiry of each
officer and employee of the Issuer having the power or duty to (a) negotiate, prepare,
authorize or approve the contract or authorize or approve payment thereunder, (b)
audit bills or claims under the contract, or {c) appoint an officer or employee who has
any of the powers or duties set forth above, as to whether or not such officer or
employee has an interest (as defined pursuant to .Article 18 of the General A~unicipal
Law) in such contract:
Amount and Title:
$6, 300.00 BOND ANTICIPATION NOTE
FOR ROAD IMPitOVEMENT - 1973
Dated:
August 9, 1973
Matures:
August 9, 1974
No. IR-2
Denomination: $6, 300.00
Interest rate:
5.49% per annum, payable at maturity
(S) That upon information and belief, as a result of such inquiry, no such officer
or employee has any such interest in said contract, unless otherwise noted in Schedule
A annexed hereto and by this reference made a part hereof.
Town Cle6k /
Subscribed and sworn to before me
this 9th day of August, 1973.
Notar~ Publi~ of the State of New York
EDNA I~L AN(;EL]G
SCtZ, EDULE
1. , is a stockholder of the Purchaser, owning or
controlling, directly or indirectly, less than five per centurm (5~.) of the outstanding
stock hereof but no disclosure of such interest by said officer is required pursuant
to said LawI
2. , has such interest in said contract, but according
to ~he records of the Issuer and ~tatements made to me by officers of the Issuer during
the current fiscal year, the I urchaser has not purchased, and by virtue cf the purchase
of said 1%nd Anticipation Note above described, will not have purchased Notes of the
Issuer, the aggregate principal amount of which exceeds $100. 000 and the, ;~urchaser,
is not now, and by virtue of the purchase of said Note will not become the holder of
I~otes of the Issuer, the aggregate principal amount of which exceeds :~100,
, has publicly disclosed the nature and extent of
such interest in writing to the governing board of the Issuer. Such written disclosure has
been made a part of and set forth in the official record of proceedings.
3. , has an interest in the Purchaser, solely by
reason of employment as an officer or employee thereof, but the remuneration of such
employment will not be directly affected as a result of said contract and the duties of
such employment do not directly involve ~he procurement, preparation of performance
of any part of such contract.
· has publicly disclosed the nature and extent of
such interest in writing to the governing board of the Issuer. Such written disclosure has
been made a part of and set forth in the official record of proceedings.
CERTIFICATE OF DETE£~MINATION BY THE SUPERVISOR
OF THE TOWN OF SOUTHOLDo NEW YO/~Ko ~ELATIVE TO
AUTHORIZATION, SALE, ISSUANCE, FOt~M AND CONTENTS
OF AN $6, 300, 00 BOND ANTICIPATION NOTE FO~ KOAD
IMPf~OVEMENTS- 1973
I, ALBI~t'Y' M. MAfiTOCCHIA, Supervisor of the Town of Southold, in the County
of Suffolk, New York, HEREBY' CERTIFY that pursuant to the powers and dutiee
delegated to me, the chief fiscal officer of the Town by the Town ]~oard pursuant to
resolution duly adopted as set forth below and subject to the limitations prescribed
in said resolution, I have made the following determinations:
1. A bond anticipation note of the Town, in the principal amount of :~6, 300.00
shall be issued to ,-chew, in part, the $10, 500.00 Bond Anticipation Note for ~oad
Improvements - 1971 dated August 9, 1971, maturing August 9, 1972, numbered 1,
and heretofore issued in anticipation of the sale of serial bonds authorized pursuant
to ~he resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted July 6,. 1971,
appropriating $10, 500.00 for the Improvement of Town Roads in said Town, stating
the Estimated Maximum Cost thereof is $10, 500.00 and authorizing the issuance of
$I0, 500, 00 Serial Ponds of the Town to finance said appropriation. '~
duly adopted by the Town Board on the date therein referred to and the Certificate of
Determination executed by the Supervisor on Aug-dst 9, 1973, the redemption of said
$10, 500.00 bond anticipation note having been heretofore provided to the extent of
$4, 200, 00 from a sou,'ce other than the proceeds of said bonds.
2, The terms, form and details of said Note shall be as follows:
Amount and Title:
Dated:
~VIatures:
No. 1~-2'
Interest 'late:
$6, 300.00 Bond Anticipation N9 te for
~oad Improvements - 1973
August 9, 1973
~ugust 9, 1974
Denomination: ~6, 300.00
5.49% per annum, payable at maturity