Loading...
HomeMy WebLinkAboutRoad Improvement Dist-1970OFFIO~RNEY TO~LD 42S MAIN ST. GREENPORT, L. I., N.Y. 11cJ44 TELE:PHONE; December 19, 1972 Hon. Albert W. Richmond Southold, New York 11971 Re: Town of Southold $3, 600.00 Bond Anticipation Note Dear Sir: We enclose herewith letter of opinion of the bonding attorneys with respect to the $3, 600.00 Bond Anticipation Note sold to the Valley Bank of New York dated November 3, 1972. The letter should be placed in your files. Also enclosed herewith is the statement of charges of the bonding attorneys for handling the bond matter. Yours very truly, RWT:bc Enclosures Noven~ber 3. The Town Board ~ the Town of So~thold, in the CoGn~- Of ~olk. New Yo~k We have examined a record of proceedin~ relattng to ~e ~e ~ a M. 600 ~ ~tic~t~ N~ F~ R~ ~p~eme~=lgV2 ~ t~ T~ ~ ~ld. ~ ~e C~n~ ~ ~o~, a mu~c~l c~l~ ~ the ~e ~ New Y~k. 8~ ~ Amt~ N~ ii d~ed N~r 3, ~ ~l N~e~r 2, 19T3, lub~t tO ~ ~r~~ S~e ~ N~ Y~k. ~ ~ ~eo~ ~ ~d ~ ~ T~n ~d ~ ~ 6, tg~0, ~~ M. 0~ f~ ~e l~- c~ ~ M, 000 n~ ~~ t~ ~ ~ $6, ~0 to ~e ~ t~ ~r~ ~ N~e~r 3, ~9~2. S~td Bond ,~ntictpatton Note i~ &tempc, rary ob~on, imbued in tmttelpitton of the {romance of permmneot serial boGds. ~ u~ ~ ~ t~ ~ p~ withe ~ T~ to ~ amd N~e ~d ~ t~, w~t I~tMi~ ~ r~e ~ The form of maid Note is prmscril~d by the Certificate of [~etermlnation executed by the Super~sor ~ ~ovember 3. [972, but we have not examined the executed Note. Very tr~ yours, Extract of Minutes Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York November 5, 1970 A regularmeeting of the Town Board Of the Town of Southo]d, in the County of Suffolk, New York, was held at the Supervisor's Office, 16 South Street, Greenport, Long Island, New York, in said Town, on November 5, 1970, at 3 o'clock There were present: .M. (E. S. T. ). Hono A~ert M. Martocchia, Supervisor, and Howard C. Valentine, Councilman James H. Rich, Jr., Councilman Louis M. Demarest, Justice Martin Suter, Justice There were abseq~t: E. Perry Edwards, Justice Also present: Albert W. Richmond, Town Clerk Robert W. Tasker, Attorney George C. Stankevich, Special Town Attorney Justice Martin Suter and moved its adoption: , offered the following resolution BOND ANTICIPATION NOTE RESOLUTION 0I/' THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 5, 1970, AUTHORIZING THE ISSUANCE OF A $6,000 NOTE IN ANTICIPATION OF THE SALE OF SERIAL BONDS OF THE TOWN HERETOFORE AUTHORIZED TO BE ISSUED FOR IMPROVEMENT OF TOWN ROADS, IN SAID TOWN, RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUtrFOLK, NEW YORK, AS FOLLOWS: Section 1. A bond anticipation note' of the Town of Southold (herein called "Town "), in the County of Suffolk, New York, in the princi- pal amount of $6,000 is hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called "Law"), for the specific object or purpose, entitled: ,,Bond Resolution of the as more fully described by the resolution Town of SoutholJ, New York, adopted date, 'Law. October 6, 1970, appropriating $6,000 for the improvement of Town roads, in said Town, stating the estimated maximum cost thereof, is $6,000 and authorizing the issuance of $6,000 serial bonds of the Town to finance saidappropriation," duly adopted by the Town Board on the date therein referred to. Said Not~ is to be issued in anticipation of the sale of serial bonds of the Town heretofore authorized to be issued by said resolution. No bond anticipation notes are outstanding in anticipation of the sale of said bonds and the Note hereby authorized is not a renewal Note. · The period of maturity of the Note hereby hutborized shall not exceed one year from and said 1Sore may be renewed pursuant to the provisions of the Said Note is to be issued in anticipat, on of bonds for a nonassesaable improvement. Section 2. as follows: Amount and Title: Dated: Matures: No. 1 Interest rate: The terms, form and de tails of said Note shall be $6,000 Bond Anticipation Note l~or Road Improvements-1970 November 2970 November ~,-- 1971, subject to prior redemption Denomination: $6,000 4% per annum, payable at maturity Place of payment of principal and interest: Supervisor's Office Greenport, Form of Note: New 5Drk Substantially in accordance with form prescribed by the Law. Section 3. Said Note is hereby sold to the NORTH FORK BANK AND TRUST COMPANY, Mattituck, New York, at the purchase price of $6,000, to bear interest at the rate of four per centum (4%) per annum, payable at maturity, and the Supervisor is hereby authorized to deliver said Note to said purchaser upon receipt of the purchase price, plus accrued interest, if any, from the date of said Note to the date of delivery. Section 4. Said Note shall contain the recital of validity pre- scribed by §52.00 of the Law, and shall be a general obligation of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town, without limitation 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 Note amt provision shall be made in the budt~et of the Town by appro- priation for the redemption of the Note to m~ture in such year and for the payment of interest to be due in such year. Section 5. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of said Town shall be affixed thereto and attested by its Town Clerk. Section 6. This resolution shall take effect immedia[ely, The adoption of the foregoing resolution was seconded by Councilman Howard C. Valentine and duly put to a vote on roll call, which resulted as AY ES: follows: Supervisor Albert M. Martocchia Councilman Howard C. Valentine Councilman James H. Rich, Jr. Justice Martin Suter Justice Louis M. Demarest NOES: None The resolution was declared unanimously adopted. General No Veto 6/1/68 CERTIFICATE I, ALBERT W. RICHMOND, Town Clerk of the Town of Southold, in the County of Suffolk, New York State of , HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town , duly called and held on November 5 70 , 19 , has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of s%id 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 5ih day of November , 19 70 (Seal)