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Apn120,2007
The Town Board of the
Town of South old
in the County of Suffolk, New York
Ladies and Gentlemen:
We have examined a record of proceedings relating to the issuance of the $579,000
Bond Anticipation Note for Various Purposes-2007 of the Town of Southold, in the County of
Suffolk, a municipal corporation of the State of New York. Said Note is dated April 20, 2007,
matures April 18, 2008, is numbered 4R-l, bears interest at the rate of three and seventy-five
hundredths per centum (3.75%) per annum, payable at maturity, is of the denomination of
$579,000, is payable to the registered owner, is issued pursuant to the provisions of the Local
Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, four
bond resolutions adopted by the Town Board on their respective dates, authorizing the issuance
of serial bonds for various purposes in and for the Town, and the Certificate of Determination
executed by the Supervisor as of Apri120, 2007.
Said bond anticipation note is a temporary obligation issued in anticipation of the
sale of permanent serial bonds.
The Note is issued only in fully registered form, in the name of Cede & Co., as
Noteowner and nominee for The Depository Trust Company, an automated depository for
securities and clearing house for securities transactions. Purchases of ownership interests in the
Note will be made in book-entry form, in denominations of $5,000 or any integral multiple
thereof.
In our opinion, the Note is a valid and legally binding general obligation 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 Note and interest thereon without limitation of rate or amount. The
enforceability of rights or remedies with respect to such Note may be limited by baI1kr4ptcy,
insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted.
The Internal Revenue Code of 1986, as amended (the "Code"), establishes certain
requirements that must be met subsequent to the issuance and delivery of the Note in order that
interest on the Note be and remain excludable from gross income under Section 103 of the Code.
The Town Supervisor, in executing the Arbitrage and Use of Proceeds Certificate, has certified
to the effect that the Town will comply with the provisions and procedures set forth therein and
that it will do and perform all acts and things necessary or desirable to assure that interest paid on
the Note is excludable from gross income under Section 103 of the Code. We have examined
such Arbitrage and Use of Proceeds Certificate of the Town delivered concurrently with the
delivery of the Note, and in our opinion, such certificate contains provisions and procedures
under which such requirements can be met.
In our opinion, under existing statutes and court decisions, (i) interest on the Note
is excluded from gross income for federal income tax purposes pursuant to Section !O3 of the
Code, and (ii) interest on the Note is not treated as a preference item in calculating the alternative
minimum tax imposed on individuals and corporations under the Code; such interest, however, is
included in the adjusted current earnings of certain corporations for purposes of calculating the
alternative minimum tax imposed on such corporations. In rendering the opinion in this
paragraph, we have (i) relied on the representations, certifications of fact, and statements of
reasonable expectations made by the Town in the Arbitrage and Use of Proceeds Certificate and
other documents in connection with the Note, and (ii) assumed compliance by the Town with
certain provisions and procedures set forth in the Arbitrage and Use of Proceeds Certificate
relating to compliance with applicable requirements of the Code to assure the exclusion of
interest on the Note from gross income under Section !O3 ofthe Code.
Further, in our opinion, under existing statutes, interest on the Note is exempt
from personal income taxes of New York State and its political subdivisions, including The City
of New York.
Except as stated above, we express no opinion regarding any other federal or state
tax consequences with respect to the Note. We render our opinion under existing statutes and
court decisions as of the issue date, and we assume no obligation to update our opinion after the
issue date to reflect any future action, fact or circumstance, or change in law or interpretation, or
otherwise. We express no opinion on the effect of any action hereafter taken or not taken in
reliance upon an opinion of other counsel on the exclusion from gross income for federal income
tax purposes of interest on the Note, or on the exemption from state and local tax law of interest
on the Note.
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 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 Note, and we express no opinion with respect to any
such financial or other information or the accuracy or sufficiency thereof.
We have examined the only executed Note of said issue and, in our opinion, the form
of said Note and its execution are regular and proper.
Very truly yours,
~ V}/fV1-j),lu IJ
No.4R-1
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
BOND ANTlClPA TION NOTE FOR VARIOUS PURPOSES-2007
The Town of South old, in the County of Suffolk, a municipal corporation of the State of New York, hereby
acknowledges itself indebted and for value received promises to pay to CEDE & CO., as nominee of The Depository Trust
Company, the registered owner, or registered assigos, the sum of FIVE HUNDRED SEVENTY-NINE mOUSAND
DOLLARS ($579,000) on the 18m DAY OF APRIL, 2008, together with interest thereon from the date hereof at the rate of
three and seventy~five hundredths per tentum (3.75%) per annum, payable at maturity. Both principal of and interest on this
Note will be paid in lawful money of the United States of America (Federal Funds), at the omoo ofthe Town Clerk, Town of
Southold, 53095 Main Road, Southold, New York.
Unless this certificate is presented by an authorized representative of The Depository Trust Company to the
issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made
to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.
This Note is the only Note of an authorized issue, the~i'cft1!!!ip~WhiCh is $579,000.
This Note is issued pursuant to , of ,~ce Law, constituting Chapter 33-8 of the
Consolidated Laws of the State of New York, . a opted by the Town Board on their respective dates,
authorizing the issuance of serial bonds for varia es in and for the Town, and the Certificate of Determination executed
by the Supervisor as of April 20, 2007.
The faith and credit of such Town of Southold are hereby irrevocably pledged for the punctual payment of
the principal of and interest on this Note according to its terms.
It is hereby certified and recited that all conditions, acts and things required by the Constitution and statutes
of the State of New York to exist, to have happened and to have heen perfonned precedent to and in the issuanoo of this Note,
exist, have happened and have been perfonned, and that this Note, together with all other indebtedness of such Town of
Southold, is within every debt and other limit prescribed by the Constitution and laws of such ~tate.
IN WITNESS WHEREOF, the Town of Southold has caused this Note to be sigoed by its Supervisor, and
its corporate seal (or a facsimile thereof) to be affixed, imprinted, engraved, or otherwise reproduced hereon and attested by its
Town Clerk and this Note to be dated as of the 20th day of April, 2007.
N\E.N
:;;Q\N\EN
(SEAL)
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THE DEPOSITORY TRUST COMPANY
55 Water Street
New York, New York 10041
SUBJECT TO COUNT
Attention:
Phone;
Telecopy:
Underwriting Packaging Department
(212) 558-8520
(212) 344-1533
AND EXAMINA nON
SAFEKEEPING AGREEMENT
Ref: (Description of issue, number of certificates, number of CUSIPs assigned to issue and $ value of securities)
Town of South old, in the County of Suffolk, New York
$579,000 Bond Anticipation Note for Various Purposes-2007, dated April 20, 2007, maturing April IS, 2008
CUSIP #
844572 JZI (ONE CERTIFICATE)
$ VALUE $579,000
The Depository Trust Company (DTC) acknowledges receipt from Hawkins DeIafield & Wood LLP (the trustee, transfer agent, underwriter
or other agent of the issuer, hereafter referred to as the "Agent") of possession, custody and control of the above securities for safekeeping.
DTC is authorized to hold these securities in safekeeping until DTC is instructed by telephone or in writing by one of the below designated
representatives of the Agent either to; (I) deliver the securities by book-entry to the DTC account of the lead underwriter (or to the DTC
account of its clearing agent) or (2) return the said securities to the Agent.
In the event DTC is instructed to return said securities, DTC shall return the securities to the Agent as soon as practicable,
but, in any event, no later than the DTC business day following the day such instruction is received.
DTC shall hold the Agent, its officers and employees, harmless from any liability, loss, damage, and reasonable expense of
any kind in connection with any loss, damage, theft or destruction of any kind of said securities while they are in the possession, custody or
control of DTC, its officers or employees or in the event securities are released from the control of DTC without the specific approval of the
Agent pursuant to this Safekeeping Agreement.
TIlE AGENT
The Depository Trust Compauy
0P0~YL~
By:
By:
Title:
Title:
SUPERVISOR
Date:
Date:
4- f 'f,-01
Authorized Representative of Trustee/Agent
PRINT NAME
ORGANIZA nON
PRINT NAME
ORGANIZA nON
TELEPHONE 1'l\l'.-~~
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!e-EPHONE.NO.
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~EP~NO
PRINT NAME
ORGANIZATION
DTC accepts authorization of closings on the phone number listed below:
(212) 855-3752 (212) 855-3753 .
(212) 855-3755 (212) 855-3754
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521220.1030614MSC
Page I of2
Michael Rudnick
Pouliot, Alison [alison.pouliot@capitalone.com]
Friday, April 20, 2007 11:15 AM
Daniel Birmingham; Martin Geiger; Michael Rudnick; Morgan Laird; Robert Smith; William
Jackson
Cc: Cohen, Jordan; Yuhas, Greg; Khalili, Michelle; Pouliot, Alison; Chung, Jasen; Chen, Minying
Subject: Funds sent to Town of Southold- Ready to Close (North Fork Bank)
Importance: High
From:
Sent:
To:
Please see below attached Fed reference number for the funds sent to Town of Southold today.
070420105746AS01 Fed Ref
Please contact me when you are ready to close.
Thanks,
Alison
Alison B. Pouliot
Capital One
Trading Operations
703-720-3123 Office (Tie x421 )
703-720-2165 Fax
Alison. Pouliot@capitalone.com
** Please note my new telephone number **
The information contained in this e-mail is confidential and/or proprietary
to Capital One and/or its affiliates. The information transmitted herewith
is intended only for use by the individual or entity to which it is
addressed. If the reader of this message is not the intended recipient,
you are hereby notified that any review, retransmission, dissemination,
distribution, copying or other use of, or taking of any action in reliance
upon this information is strictly prohibited. If you have received this
communication in error, please contact the sender and delete the material
from your computer.
4/20/2007
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
Elizabeth A. Neville, being duly sworn upon her oath deposes and says:
1. I am the duly appointed, qualified and acting Town Clerk of the Town of
Southold, in the County of Suffolk, New York (herein and in Schedule A annexed hereto called
the "Town");
2. That with respect to the contract of sale of the Note of the Town described in
the Certificate of Determination executed by the Supervisor on the 20th day of April, 2007, to the
financial institution indicated in such Certificate, I have made a careful inquiry of each officer
and employee of the Town 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 MunicipalLaw) in such contract;
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
O~:'hdJ (J iI'1~.~M,
Town Clerk
Subscribed and sworn to before me
this 20th day of April, 2007
-rA fr.Da Y1t &{l
N tary Public, State of New York
LYNDA M BOHN
NOTARY PUBLIC, State of New York
NO. 01806020932, Suffolk County
Term Expires March 8, 20~
520839.1 030514 CERT
SCHEDULE A
1. '- , is a stockholder of the Purchaser owning or
controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof
but no disclosure of such interest by said officer is required pursuant to said Law.
2. " 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 the procurement, preparation or performance of any such
part of such contract.
3. I , has publicly disclosed the nature and extent
of such interest in writing to the governing board of the Town. Such written disclosure has been
made a part of and set forth in the official record of proceedings of the Town.
520839.1030514 CERT
.._,^.~.~--,-~..._----
,
CERTIFICATE OF DETERMINATION BY THE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF A $579,000 BOND ANTICIPATION
NOTE FOR VARIOUS PURPOSES-2007 OF THE TOWN OF
SOUTHOLD, NEW YORK
I, SCOTT A. RUSSELL, Supervisor of the Town of Southold, New York (herein
called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties delegated to me,
the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the resolutions
duly adopted and as referred to in paragraphs 1 through 4 hereof, and subject to the limitations
prescribed in said resolutions, I have made the following determinations:
1. A bond anticipation note of the Town in the principal amount of $20,000
shall be issued to renew, in part, the $66,000 bond anticipation note dated April 21, 2006,
maturing April 20, 2007 and heretofore issued in anticipation of the sale of the serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York ("Town"),
adopted October 22, 2002, authorizing the Town to (a) acquire a
leasehold interest, for a term of 20 years, in the certain piece or parcel
of land in Cutchoque, situate on Griffing Street, North of Main Road
(Route 25), containing 38,250 square feet, more or less, as the site of a
public parking area, and (b) construct a public parking area on said site
(collectively, the "Project"); appropriating $230,000 for said
construction; authorizing the issuance of $230,000 Serial Bonds to
finance said appropriation; stating that the Town Board, as lead
agency, has determined that the project is an unlisted action having no
significant effect on the enviromnent and that a negative declaration
has been issued and filed; stating the plan of financing of said
construction is the issuance of said serial bonds to finance said
appropriation and the levy and collection of taxes to pay the principal
of and interest on said bonds",
duly adopted by the Town Board on the date therein referred to and the Certificate of
Determination executed by the Supervisor on April 21, 2006, the redemption of said $66,000
bond anticipation note having been heretofore provided to the extent of $46,000 from a source
other than the sale of serial bonds.
2. A bond anticipation note of the Town in the principal amount of $81,000
shall be issued to renew, in part, the $143,000 bond anticipation note dated April 21, 2006,
maturing April 20, 2007 and heretofore issued in anticipation of the sale of the serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2004, authorizing the acquisition of equipment for the use by
the Town Highway Department as follows: (I) a Street Sweeper, a the
520839.1030514 CERT
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1
estimated maximum costs of $170,000, and (2) a Payloader, at the
estimated maximum cost of $140,000 stating the estimated total cost
thereto is $310,000; appropriating said amount therefore and
authorizing the issuance of $310,000 serial bonds of said 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 April 21, 2006, the redemption of said $143,000
bond anticipation note having been heretofore provided to the extent of $62,000 from a source
other than the sale of serial bonds.
3. A bond anticipation note of the Town in the principal amount of $200,000
shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York, adopted
November 21, 2006, authorizing the construction of improvements to
the Peconic Recreation Center; stating the estimated maximum cost
thereof is $200,000; appropriating said amount therefor; and
authorizing the issuance of $200,000 bonds of said Town to finance
said appropriation,"
duly adopted by the Town Board on the date therein referred to.
4. A bond anticipation note of the Town in the principal amount of $278,000
shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York, adopted
February 27, 2007, authorizing the acquisition of an air vacuum drain
cleaner, stating the estimated maximum cost thereof is $278,000,
appropriating said amount therefor, including the expenditure of grant
funds expected to be received to pay a part of said appropriation; and
authorizing the issuance of $278,000 bonds to finance the balance of
said appropriation,"
duly adopted by the Town Board on the date therein referred to.
5. Said $20,000 note, said $81,000 note, said $200,000 note and said
$278,000 note shall be combined for purposes of sale into a single note issue in the aggregate
principal amount of $579,000 (hereinafter referred to as the "Note").
6. The terms, form and details of said Note shall be as follows:
520839.1030514 CERT
-,.",-<-~..",".-_.",_....._-,""._<.~~",~-_.,.
Amount and Title:
$579,000 Bond Anticipation Note for Various Purposes-2007
Dated:
April 20, 2007
April 18, 2008
Matures:
Number and
Denomination:
Number4R-l, at $579,000
Interest Rate
per annum:
3.75%
Place of payment of principal and interest shall be the office of the Town Clerk, Town of
South old, 53095 Main Road, Southold, New York, and the form of note shall be substantially
in accordance with the form prescribed by Schedule B,2 of the Local Finance law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York, provided that the Note when
issued will be (i) registered in the name of Cede & Co. as nominee of The Depository Trust
Company, New York, New York, ("DTC") and (ii) deposited with DTC to be held in trust until
maturity. Purchases of ownership interests in the Note will be in book-entry form in
denominations of $5,000 or any integral multiple thereof, except for one necessary odd
denomination. Beneficial owners of the Note will not receive certificates representing their
interests in the Note. Unless the Town determines otherwise, transfers or exchanges of
ownership interests in the Note may be accomplished via book-entry transactions only, as
recorded through the book-entry system established and maintained by DTC or a successor
depository.
7. The amount of bond anticipation notes originally issued in anticipation of
the issuance of serial bonds authorized pursuant to the bond resolutions referred to in paragraphs
I through 4 hereof, including the Note, is (I) $230,000, (2) $310,000, (3) $200,000 and (4)
$278,000, and the amount of bond anticipation notes which will be outstanding after the issuance
of the Note, including said Note, will be (I) $20,000, (2) $81,000 (3) 200,000 and (4) $278,000.
8. The serial bonds authorized pursuant to the resolutions referred to in
paragraphs I through 4 hereof, are for improvements which are non-assessable
9. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Note to North Fork Bank, Melville, New York, for the purchase
price of $579,000, plus accrued interest, if any, from the date of said Note to the date of delivery
thereof, and I FURTHER DETERMINE that said Note shall bear interest at the rate of three and
seventy-five hundredths per centum (3.75%) per annum, payable at maturity.
10. Said Note shall be executed in the name of the Town by the manual
signature of its Supervisor and the corporate seal of the Town shall be affixed, impressed,
imprinted or otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER CERTIFY that the powers and duties delegated to the
Supervisor to issue and sell the Note hereinabove referred to are in full force and effect and have
not been modified, amended or revoked.
520839.1030514 CERT
IN WITNESS WHEREOF,
I have hereunto set my hand as of the 20th day of
April, 2007.
~~'it~
-
Supervisor
520839.1 030514 CERT
CLERK'S CERTIFICATE
I, Elizabeth A. Neville, Town Clerk of the Town of Southold, in the County of
Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing copy of the
Certificate of Determination executed by the Supervisor and the same is a true and complete
copy of the Certificate filed with said Town in my office as Town Clerk on or before the 20th
day of April, 2007; and
I FURTHER CERTIFY that no resolution electing to reassume any of the powers
or duties mentioned in said Certificate and delegated to the Supervisor by the resolutions cited in
said Certificate has been adopted by said Town Board.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town as of the 20th day of
April, 2007
(SEAL) ~rld:f1oqc?:)-'u if ~.J
520839.1030514 CERT
J
CERTIFICATES AS TO SIGNATURES, LITIGATION,
AND DELIVERY AND PAYMENT
WE, the undersigned officers 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 "Town," HEREBY
CERTIFY that on or before April 20, 2007, we officially signed and properly executed by
manual signatures a $579,000 Bond Anticipation Note for Various Purposes-2007 (the "Note")
of the Town, payable to Cede & Co., as nominee of The Depository Trust Company ("DTC")
and otherwise 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 Town authorized to execute said Note and
holding the respective offices indicated by the titles set opposite our signatures hereto for term
expiring on the respective dates set opposite such titles.
WE FURTHER CERTIFY that no litigation of any nature is now pending or
threatened restraining or enjoining the issuance or delivery of said Note or the levy or collection
of any taxes to pay the interest on or principal of said Note, or in any manner questioning the
authority or proceedings for the issuance of said Note or for the levy or collection of said taxes,
or relating to said Note or affecting the validity thereof or the levy or collection of said taxes,
that neither the corporate existence or boundaries of the Town nor 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 Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon this certificate
(or a facsimile thereof) has been affixed, impressed, imprinted or otherwise reproduced upon
said Note and is the legally adopted, proper and only official corporate seal ofthe Town.
And I, Scott A. Russell, Supervisor, HEREBY FURTHER CERTIFY that on
April 20, 2007, I delivered or caused the delivery of said Note to The Depository Trust Company
to be held in trust to maturity for North Fork Bank, Melville, New York, the purchaser thereof,
and that at the time of such delivery of said Note, I received from said purchaser the amount
hereinbelow stated, in full payment for such Note, computed as follows:
Price........................................................................................................ $579,000
Interest on said Note accrued to the
date of such delivery.............................. .... ............................................. -0-
Amount Received................................. .......... ....................................... .$579,000
520839.1030514 CERT
.'_~'.'~~"''''->'..".--","..;...,"_.~^....~---,~._~._----'~--
.
IN WITNESS WHEREOF, we have hereunto set our hands and said corporate
seal has hereunto been affixed as of the 20th day of April, 2007.
i:'~
6.-~ ~#t1~
EYr~7I Oyt~dt74
Term of Office
Expires
Title
December 31, 2007
Supervisor
December 31, 2007
Town Clerk
(SEAL)
520839.1 030514 CERT
.
ATTORNEY'S CERTIFICATE
I, Patricia Finnegan, HEREBY CERTIFY that I am a licensed attorney at law of
the State of New York, having offices at 53095 Main Road, Southold, New York, and am the
duly chosen, qualified and acting Town Attorney for the Town of Southold, in the County of
Suffolk, a municipal corporation of the State of New York and herein referred to as the 'Town,"
that no litigation of any nature is now pending or threatened restraining or enjoining the issuance
or delivery ofthe Note of the Town, payable to Cede & Co., as nominee of The Depository Trust
Company ("DTC") and otherwise described as set forth in Schedule A annexed hereto and by
this reference made a part hereof or the levy or collection of any taxes to pay the interest on or
principal of said Note, or in any manner questioning the authority or proceedings for the issuance
of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the
validity thereof or the levy or collection of said taxes, that neither the corporate existence or
boundaries of the Town nor 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 Note has
or have been repealed, revoked or rescinded.
IN WITNESS WHEREOF, I have hereunto set my hand as of the 20th day of
April, 2007.
520839.1 030514 CERT
SCHEDULE A
Amount and Title: $579,000 Bond Anticipation Note for Various Purposes-2007
Dated: April 20, 2007
Matures: April 18, 2008
Number and
Denomination: Number 4R-I, at $579,000
Interest Rate
per annum: 3.75%
520839.1030514 CERT
..
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Scott A. Russell, Supervisor of the Town of South old, in the County of Suffolk,
New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the Issuer's
$579,000 Bond Anticipation Note for Various Purposes-2007 (hereinafter referred to as the
"Note" or "Notes"), dated and issued on April 20, 2007, as follows:
Unless the context clearly requires otherwise, all capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Article II hereof or in the
Resolutions, the Code or the Regulations (each as defined below).
ARTICLE I
GENERAL
1.1. Authoritv of Signatorv. I am an officer of the Issuer charged with the
responsibility for the execution, delivery, and issuance of the Notes and am acting for and on
behalf of the Issuer in signing this Arbitrage and Use of Proceeds Certificate (the "Certificate").
1.2. Description of Notes. The Issuer represents that the Notes are sold at the
aggregate Issue Price and are further described as set forth in the Certificate of Determination of
the Issuer.
1.3. Purpose of Certificate. This Certificate is made for the purpose of
establishing evidence of the expectations of the Issuer as of the Issue Date as to future events
regarding the amount and use of proceeds of the Notes. It is intended and may be relied upon for
purposes of Sections 103 and 141 through 150 of the Code, and as a certification described in
Section 1.148-2(b)(2) of the Regulations. This Certificate is executed and delivered as part of
the record of proceedings in connection with the issuance of the Notes. The provisions of this
Certificate constitute a contractual obligation of the Issuer in consideration for the purchase of
and payment for the Notes by the purchaser(s) thereof.
1.4. No Hedge Bonds. The Issuer reasonably expects that 85% of the
Spendable Proceeds of the Notes will be expended for governmental purposes within 3 years of
the Issue Date. In addition, not more than 50% of the Proceeds of the Notes are being invested
in investments not acquired to carry out the governmental purposes of the issue at a guaranteed
yield for 4 years or more.
1.5. Governmental Pumose. With respect to the Prior Issue, the Issuer
reasonably expected as of the issue date of the Prior Issue that 85% of the spendable proceeds of
the Prior Issue would be expended for governmental purposes within 3 years of such issue date,
and, in addition, not more than 50% of the proceeds of the Prior Issue were invested in
investments not acquired to carry out the governmental purposes of the issue at a guaranteed
yield for 4 years or more.
1.6. Reasonable Expectations. This Certificate sets forth the facts, estimates
and circumstances now in existence which form the basis for the Issuer's expectation that the
520839.1030514 CERT
.
proceeds of the Notes will not be used in a manner that would cause the Notes to be Arbitrage
Bonds under Section 148 of the Code or Private Activity Bonds under Sections 103 and 141 of
the Code. To the best of my knowledge and belief, such expectation is reasonable and there are
no other facts, estimates or circumstances that would materially change that expectation.
1.7. Composite Issue. With the exception of the $14,650,000 Public
Improvement Serial Bonds-2007 of the Issuer, no other tax-exempt governmental obligations
have been sold fewer than 15 days prior to, or will be sold fewer than 15 days after, the sale date
of the Notes, pursuant to the same plan of financing which are expected to be paid from
substantially the same source of funds as the Notes.
1.8. Registration. The Notes will be issued in registered form.
1.9. No Federal Guarantee. The Issuer represents and covenants that, except
for the gross proceeds of the Notes which are: (a) invested during the temporary period referred
to in Article III, (b) held in any refunding escrow or (c) invested in obligations of the United
States Treasury or in obligations issued pursuant to Section 21B( d)(3) of the Federal Home Loan
Bank Act, as amended by Section 511(a) of the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, or any successor provision to Section 21B(d)(3) of the Federal Home
Loan Bank Act, as amended:
(i) No portion of the payment of principal or interest with respect to the Notes
is or will be guaranteed directly or indirectly by the United States or any
agency or instrumentality thereof (in this Certificate "federally guaranteed");
and
(ii) No portion of the Gross Proceeds of the Notes in excess of five percent of
such Gross Proceeds is or will be (A) used in making loans the payment of
principal or interest with respect to which is to be federally guaranteed, or
(B) invested directly or indirectly in federally insured deposits or accounts.
1.10. Tax Representation. The Issuer expects to be able to and will comply with
all the procedures and provisions set forth in this Certificate, and will do and perform all acts and
things necessary and desirable within its reasonable control in order to assure that interest paid
on the Notes will be excluded from gross income of the owners of the Notes for the purpose of
federal income taxation.
1.11. Noncompliance. The Issuer shall perform each of the obligations
undertaken by it in this Certificate unless, in the written opinion of Bond Counsel,
noncompliance with such obligations will not cause interest on the Notes to be included in gross
income for purposes of Federal income taxation.
1.12. Reliance by Bond Counsel. The representations of the Issuer expressed in
this Certificate may be relied upon by Bond Counsel in connection with the rendering of any
opinion with respect to the Notes.
520839.1030514 CERT
,
1.13. IRS Form 8038-G. The Issuer will file IRS Form 8038-G, included as part
of the record of proceedings for the issuance of the Notes, by the 15th day of the second month
after the calendar quarter in which the Notes are issued.
ARTICLE II
USE OF PROJECT AND PROCEEDS
2.1. Authorization. (a) The Notes are authorized to be issued pursuant to
applicable provisions of the laws of the State of New York and four bond resolutions duly
adopted by the Town Board on their respective dates (the "Resolutions"), as referred to in the
Certificate of Determination executed by the Supervisor as of April 20, 2007.
(b) For purposes of this Article II, the term "Original Proceeds" means the
Sale Proceeds received (or deemed to be received) by the Issuer from the sale of the Notes net of
the amount used or to be used for the payment of all costs and expenses associated with issuing
the Notes, and excluding accrued interest.
2.2. Purpose of Issue. The Notes are being issued for various projects in and
for the Town, including certain projects which have been previously financed by the issuance of
bond anticipation notes (the "Prior Project") and various projects for which the Notes will
provide original financing (the "New Project").
2.3. Use of Proceeds. (a) The Issuer is receiving on the Issue Date $579,000,
which is the purchase price paid by the underwriter of the Note. The difference, if any, between
the Issue Price of the Notes and the purchase price paid by the underwriters represents the
underwriting discount retained by the underwriters.
(b) The amount of the premium and the accrued interest will be used to pay
cost of issuance of the Notes and debt service on the Notes. A portion of the proceeds of sale of
the Note in the amount of $101,000 (the "Current Refunding Notes"), together with $108,000 in
funds available therefor, will be used to redeem a like amount of bond anticipation notes which
mature on April 20, 2007 (the "Prior Issue"), heretofore issued to finance the Prior Project. The
balance of the proceeds of the sale of the Notes in the aggregate principal amount of $478,000
(the "New Money Notes") will be used to provide original financing for the New Project. The
Prior Project and the New Project are collectively referred to herein as the "Project."
2.4. Ownership/Lease/Sale. The Project will be owned by the Issuer and will
not be leased to any person who is not a state or local goverrunental unit. It 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,
prior to the last maturity date of the Notes.
2.5. Private Loans. Not more than the lesser of 5 percent or $5,000,000 of the
Proceeds of the Notes will be used directly or indirectly to make loans to persons other than a
state or local goverrunental unit.
520839.] 030514 CERT
2.6. Private Use. Either (a) the aggregate amount of the Proceeds of the Notes
used directly or indirectly in a trade or business carried on by a person other than a state or local
governmental unit ("Private Use") will not exceed 10% of such Proceeds or (b) not more than
10% of the principal and interest due on the Notes during the term of the Notes, under the terms
of the Notes or any underlying arrangement, directly or indirectly, (i) will be secured by any
interest in property used or to be used for a Private Use or in payments in respect of property
used or to be used for a Private Use, or (ii) will be derived from payments, whether or not to the
Issuer, in respect of property or borrowed money used or to be used for a Private Use.
2.7. UmelatedlRelated Disproportionate Use. None of the Proceeds of the
Notes will be used directly or indirectly in the trade or business of a person other than a state or
local governmental unit that is umelated or related and disproportionate to the governmental use
of the property being financed, including any private loan financing described in Section 2.5
above which meets this test. For purposes of this Certificate, Proceeds of the Notes are allocable
to an umelated Private Use if such use is neither directly nor operationally related to a
governmental use and Proceeds of the Notes are allocable to a disproportionate related Private
Use to the extent that the Proceeds of the Notes which are to be used to finance property used by
a person other than a state or local governmental unit in a trade or business which is related to
the governmental use of the property referred to in Section 2.6 above, exceeds the Proceeds of
the Notes which are to be used for the governmental use to which such Private Use relates.
2.8. Private Use Defined. For purposes of Sections 2.6 and 2.7 above, unless
otherwise provided in this Certificate, a Private Use consists of any contract or other
arrangement including, without limitation, leases, management contracts, guarantee contracts,
take or pay contracts, or put or pay contracts, which provides for a use of the Project or any
portion of the Project by a person or persons who are not state or local governmental units on a
basis different than the general public. The Issuer has not and will not enter into any such
contract or arrangement without first consulting with Bond Counsel.
2.9. Reimbursement. Proceeds of the Notes used to reimburse the Issuer for
amounts expended in anticipation of the issuance of the Notes are considered expended on the
date of the reimbursement but only if (i) a declaration of intent to reimburse such expenditure is
made prior to or within 60 days after the date of the original expenditure (except for certain
preliminary expenditures described in Section 1.150-2(f)(2)) of the Regulations), and (ii) the
reimbursement is made within 18 months of the later of the placed-in-service date of the Project
or the date of the original expenditure (but in no event more than three years after the original
expenditure was paid). The expenditures to be reimbursed are Capital Expenditures. The Issuer
will not use any Proceeds of the Notes for any reimbursement purpose that does not otherwise
qualify as an expenditure pursuant to Section 1.150-2 of the Regulations or prior law, as
applicable.
ARTICLE III
ARBITRAGE
3.1. Temporary Period-Refunding. With respect to the Current Refunding
Notes and the Prior Issue:
520839.1030514 CERT
(a) All of the proceeds of the Prior Issue have been expended, or any such
proceeds which have not been expended will be treated as Transferred Proceeds of the
Current Refunding Notes as of the date the Prior Issue is redeemed. Such Transferred
Proceeds may be invested without restriction as to Yield until three years after the date of
original issuance of the Prior Issue. If any Transferred Proceeds remain unexpended after
three years after the date of original issuance of the Prior Issue, such proceeds will be
invested at a Yield not in excess of the Yield on the Notes.
(b) All or a portion of the Proceeds of the Current Refunding Notes will be
used to refund the Prior Issue within 90 days of the Issue Date. Such Proceeds and any
related Investment Proceeds may be invested during such time without restriction as to
Yield. The balance, if any, of the Proceeds of the Current Refunding Notes will be used
to pay costs of issuance of the Current Refunding Notes. Such Proceed and any related
Investment Proceeds may be invested for a period of thirteen months after the Issue Date
without restriction as to Yield.
3.2. Temporarv Period-New Monev. With respect to the New Money Notes:
(a) The Issuer has entered into or will enter into within six months from the
Issue Date, binding commitment(s) for the acquisition, construction or accomplishment of the
New Project, and the amount of such commitment(s) with respect to the New Project will or do
exceed the amount equal to 5% ofthe Sale Proceeds ofthe New Money Notes.
(b) In the event the New Project has not been completed, work on the
acquisition, construction or accomplishment of the New Project will proceed or is proceeding
with due diligence to completion and the Sales Proceeds of the New Money Notes will be
expended with due diligence.
( c) The Issuer reasonably expects that at least 85% of the Sale Proceeds of the
New Money Notes will be expended within three years from the Issue Date.
(d) The Sale Proceeds and Investment Proceeds ofthe New Money Notes may
be invested without restriction as to Yield for a temporary period of three years from the Issue
Date, subject to the rebate requirements, if any, set forth in Article IV ofthis Certificate.
3.3. No Overissuance. The Sale Proceeds of the Notes do not exceed the total
cost ofthe New Project, the amount required to refund the Prior Issue and the amount required to
pay costs of issuance of the Notes.
3.4. Source of Repavrnent Funds. The Notes will be paid from taxes and other
revenues of the Issuer.
3.5. Debt Service Fund. The taxes and revenues used to pay principal and
interest on the Notes, whether or not deposited in a debt service fund (the "Debt Service Fund"),
will be expended within 13 months of the date of deposit in such fund, or the date of their
accumulation, in the payment of debt service on the Notes. Any amounts received from the
investment of such deposit or accumulation will be expended within one year of receipt. The
520839.1030514 CERT
Debt Service Fund, if any, will be used to achieve a proper matching of revenues and debt
service and will be depleted at least annually except for a reasonable carryover amount which
will not exceed the greater of the earnings on such fund for the immediately preceding Bond
Year or one-twelfth of the debt service on the Notes for the immediately preceding Bond Year.
3.6. Sinking Funds. Except for the Debt Service Fund described in Section 3.5
above, the Issuer has not created or established, and does not expect to create or establish, any
sinking fund, debt service reserve fund or other similar fund which the Issuer reasonably expects
to use to pay principal or interest on the Notes.
3.7. Universal Cap. On each Valuation Date, the Issuer will value the
Universal Cap and the Nonpurpose Investments allocable to the Notes under the Universal Cap.
Nonpurpose Investments in a bona fide debt service fund such as the Debt Service Fund
described in Section 3.5 above do not reduce the aggregate value of Nonpurpose Investments
that may be allocated to the Notes under the Universal Cap. Nonpurpose Investments cease to be
allocated to the Notes to the extent such Nonpurpose Investments have been expended for the
govermnental purpose of the Notes, or to the extent the Value of such investments exceeds the
value permitted to be allocated to the Notes under the Universal Cap. To the extent Nonpurpose
Investments cease to be allocated to the Notes and the Value of the Universal Cap exceeds the
Value of the remaining Nonpurpose Investment allocated to the Notes, other Nonpurpose
Investments may become allocated to the Notes, provided that such Nonpurpose Investments are
not already properly allocated to another bond issue and provided that such allocation does not
cause the Value of Nonpurpose Investments allocated to the Notes to exceed the Universal Cap.
Generally, if Gross Proceeds of the Notes invested in Nonpurpose Investments
exceed the Universal Cap on a Valuation Date, such Nonpurpose Investments cease to be
allocated to the Notes in the following order:
(i) amounts allocable to Replacement Proceeds,
(ii) amounts allocable to Transferred Proceeds,
(iii) amounts allocable to Sale Proceeds and Investment Proceeds of the Notes.
Where a Nonpurpose Investment ceases to be allocated to the Notes, such
Nonpurpose Investment may be reallocated under the Universal Cap calculated with respect to
another bond issue. A Nonpurpose Investment which is reallocated to another bond issue may be
valued under the same valuation method pursuant to which it was valued for purposes of
applying the Universal Cap with respect to the Notes.
Notwithstanding anything in this Certificate to the contrary, the failure to perform
the determination of Nonpurpose Investments allocable to the Notes as of a Valuation Date will
not be considered a violation of this provision if the Value of Nonpurpose Investments allocated
to the Notes did not exceed the Value of the Notes outstanding on such date.
3.8. Yield. When used in this Certificate, the term Yield is computed as
described in the Regulations and, in connection with the Notes or any investment acquired with
520839.1 030514 CERT
~""",-_'"---~_._'--~'--+~'~""-."'-"-'-' "
the Gross Proceeds of the Notes, refers to the Yield computed by the actuarial or present worth
method using a 360-day year and semiannual compounding, and means that discount rate which,
when used in computing the Present Value of all payments of principal and interest to be paid on
an obligation, produces an amount equal to, in the case of the Notes, the Issue Price of the Notes
with certain adjustments as required by the Regulations, and in the case of an Investment, the
purchase price of such Investment. The underwriters of the Notes have made certain
representations regarding the Issue Price of the Notes, which representations are included as part
of the record of legal proceedings relating to the Notes. The Yield on the Notes is as shown in
Form 8038-G.
The Issuer will not enter into any hedge, contract to sell call right options or other
arrangement with respect to the Notes without first consulting with Bond Counsel.
3.9. Yield Reduction Pavrnents. The Issuer may make Yield Reduction
Payments, as such term is defined in the Regulations, to the Internal Revenue Service for the
purpose of reducing the Yield on investments under certain circumstances. The Issuer will
consult with Bond Counsel prior to making any such payments.
3.10. No Replacement Proceeds. The weighted average maturity of the Notes,
as set forth in the Form 8038-G, does not exceed 120 percent of the average reasonably expected
useful life ofthe Project.
3.11. Investments at Fair Market Value. The Issuer has not entered and will not
enter into any transaction to reduce the Yield on the investment of the Gross Proceeds of the
Notes in such a manner that the amount to be rebated to the Federal government pursuant to
Article IV below is less than it would have been had the transaction been at arm's length and the
Yield of the Notes not been relevant to either party to the transaction. All investments of Gross
Proceeds ofthe Notes will be made on an arms' length, Fair Market Value basis.
ARTICLE IV
REBATE
4.1. Rebate Compliance. The Issuer understands that the continued non-
inclusion of interest on the Notes for purposes of federal income taxation depends, in part, upon
compliance with the arbitrage limitations imposed by Section 148 of the Code, including the
rebate requirements described in Sections 4.3 and 4.5 below with respect to the Notes (and the
Prior Issue) unless the Issuer complies with Sections 4.2(a) and 4.2(b) below or qualifies for one
or more of the rebate exceptions described in Section 4.4 below.
4.2. Rebate Options. With respect to the investment of the Proceeds of the
Notes, the Issuer will:
(a) invest all Gross Proceeds of the Notes at all times from the Issue Date
until expended in Investments not constituting Investment Property for purposes of
Section 148 of the Code such as obligations of a state or of a political subdivision of a
state, the interest on which is excluded from gross income for purposes of Federal income
520839.1030514 CERT
taxation under Section 103 of the Code and is not a preference item for purposes of the
alternative minimum tax imposed by Section 55 ofthe Code,
(b) invest all Gross Proceeds of the Notes in obligations having a Yield that
does not exceed the Yield on the Notes, or
(c) comply with the provisions regarding rebate or qualify for one or more of
the exceptions to rebate as described in this Article IV.
4.3. Rebate Requirement for the Notes. Section 148(f) of the Code requires
the payment to the United States of the excess of the amount earned on the investment of Gross
Proceeds in Nonpurpose Investments over the amount that would have been earned had the
amount so invested been invested at a rate equal to the Yield on the Notes, together with any
income attributable to such excess. Except as provided in Section 4.4 below, all Gross Proceeds
of the Notes are subject to this requirement. In order to meet the rebate requirement of the Code,
the Issuer will take the following actions:
(a) Record of Investments. The Issuer will record the date of receipt, amount
and source of any Gross Proceeds, e.g., Proceeds from the sale of the Notes, loan
repayments, investment earnings and Transferred Proceeds. For each Nonpurpose
Investment acquired with or allocated to Gross Proceeds of the Notes, the Issuer will
record the purchase date or allocation date of such investment, its purchase price
(excluding any broker or dealer's commission or discount), or, if not acquired directly
with Gross Proceeds, its value on the date the Nonpurpose Investment is allocated to
Gross Proceeds, accrued interest due on its purchase date or allocation date, its face
amount, its coupon rate, its Yield, the frequency of its interest payment, its disposition
price (excluding any broker or dealer's commission or discount), the accrued interest due
on its disposition date and its disposition date. In addition, the Issuer will record the date
and amount of all expenditures of Gross Proceeds of the Notes, including expenditures
for rebate, other than expenditures to acquire Investments.
(b) Computation of Rebate Amount. Subject to the special rules set forth in
Section 4.4 below, the Issuer will determine the Rebate Amount on each Computation
Date. The Rebate Amount as of any Computation Date is the excess of the Future Value
of all receipts with respect to Nonpurpose Investments over the Future Value of all
payments with respect to the purchase of Nonpurpose Investments or the allocation of
such investments to the Gross Proceeds of the Notes, determined as of each Computation
Date. To the extent amounts received from Investments are reinvested, these amounts
may be netted against each other and not taken into account in the Computation of Rebate
Amount. The Issuer will determine the nonpurpose receipts and nonpurpose payments as
described below.
(i) Receipts. Receipts with respect to Nonpurpose Investments include
(A) amounts actually or constructively received from a Nonpurpose Investment
(including amounts treated as received from a commingled fund), such as
earnings and return of principal; (B) for a Nonpurpose Investment that ceases to
be allocated to the Notes before its disposition or redemption date (e.g., an
520839.1 030514 CERT
Investment that becomes allocable to transferred proceeds of another issue or that
ceases to be allocable to the Notes pursuant to the Universal Cap under
Section 1.148-6 of the Regulations) or that ceases to be subj ect to the rebate
requirement on a date earlier than its disposition or redemption date (e.g., an
investment allocated to a fund initially subject to the rebate requirement but that
subsequently qualifies as a bona fide debt service fund), the Value of that
Nonpurpose Investment on that date; (C) for a Nonpurpose Investment that is held
at the end ofa Computation Period, the Value of that Investment at the end of that
period; and (D) any recovery of an overpayment ofrebate.
(ii) Payments. Payments with respect to Nonpurpose Investments
include: (A) amounts actually or constructively paid to acquire a Nonpurpose
Investment (or treated as paid to a commingled fund); (B) for a Nonpurpose
Investment that is first allocated to the Notes on a date after it is actually acquired
(e.g., an investment that becomes allocable to Transferred Proceeds or to
Replacement Proceeds) or that becomes subject to the rebate requirement on a
date after it is actually acquired (e.g., an Investment allocated to a reasonably
required reserve or replacement fund for a Construction Issue at the end of the
2-year spending period), the Value of that Investment on that date; (C) for a
Nonpurpose Investment that was allocated to the Notes at the end of the preceding
Computation Period, the Value of that Investment at the beginning of the
Computation Period; (D) on the last day of each Bond Year during which there
are amounts allocated to Gross Proceeds of the Notes that are subject to the rebate
requirement, and on the final maturity date, a Computation Credit of $1,000;
(E) Yield Reduction Payments on Nonpurpose Investments made pursuant to
Section 1.l48-5(c) of the Regulations; and (F) payments ofrebate amounts when
made.
4.4. Exceptions to Rebate Requirement. Notwithstanding anything in Section
4.3 above to the contrary, some or all of the Gross Proceeds of the Notes are not subject to the
rebate requirement ifthe conditions described below are satisfied.
(a) Exception for Gross Proceeds Entirely Spent Within Six Months. If all of
the Gross Proceeds of the New Money Notes or the Current Refunding Notes (other than
amounts in the Debt Service Fund and proceeds of the Prior Issue that become
Transferred Proceeds of the Current Refunding Notes), as the case may be, including
investment earnings received with respect to all funds and accounts established with
respect to the Notes except the Debt Service Fund, have been expended for the
goverrunental purpose of the New Money Notes or the Current Refunding Notes, as the
case may be, within six months (or alternatively with respect to the Gross Proceeds of the
New Money Notes, 95% within six months and 100% within one year) after the Issue
Date, then the only Nonpurpose Investments to be taken into account in the calculation of
the Rebate Amount with respect to the New Money Notes or the Current Refunding
Notes, as the case may be, are any Gross Proceeds of the New Money Notes or the
Current Refunding Notes, as the case may be, arising after such six months which were
not reasonably anticipated as of the Issue Date and proceeds of the Prior Issue that
520839.1030514 CERT
become Transferred Proceeds of the Current Refunding Notes unless such Transferred
Proceeds qualify for one or more of the rebate exceptions applicable to the Prior Issue.
The existence of sinking fund or pledged fund proceeds or the expectation that such
proceeds will arise within six months of the Issue Date will make the six-month
expenditure exception to rebate inapplicab]e. For purposes of this exception, Gross
Proceeds used to pay principal of the Notes are not treated as expended for the
governmental purpose of the Notes.
(b) Exception for Gross Proceeds Entire]y Spent Within Eighteen Months. If
all of the Gross Proceeds of the New Money Notes (other than amounts in the Debt
Service Fund), including investment earnings received with respect to all funds and
accounts established with respect to the New Money Notes except the Debt Service Fund,
have been expended for the governmental purpose of the New Money Notes in
accordance with the following schedule measured from the Issue Date: (a) at least ]5
percent within 6 months (the "first spending period"); (b) at least 60 percent within 12
months (the "second spending period"); and (c) ] 00 percent within] 8 months (the "third
spending period"); then the only Nonpurpose Investments to be taken into account in the
calculation of the Rebate Amount with respect to the New Money Notes are any Gross
Proceeds arising after such ] 8 months which were not reasonably anticipated as of the
Issue Date. The existence of sinking fund or pledged fund proceeds or the expectation
that such proceeds will arise within eighteen months of the Issue Date will make the
eighteen-month expenditure exception to rebate inapplicab]e. For purposes of this
exception, Gross Proceeds used to pay principal of the Notes are not treated as expended
on the governmental purpose of the issue. For purposes of determining compliance with
the first two spending periods, the amount of Investment Proceeds included in Gross
Proceeds of the New Money Notes is determined based on the Issuer's reasonable
expectations on the Issue Date. The spending requirement for the third spending period
is, nevertheless, satisfied if the unspent amount is a result of a Reasonab]e Retainage as
defined in Section 1.148-7(h) of the Regu]ations as modified by Section ],]48-7(d)(2) of
the Regu]ations and such unspent amount is expended within 30 months of the Issue
Date. The spending requirement for the third spending period is also, nevertheless,
satisfied ifthe Issuer exercises due diligence to complete the New Project and the unspent
amount does not exceed the lesser of 3% of the Issue Price of the New Money Notes or
an amount equal to the product of $250,000 times the ratio of the Issue Price of the New
Money Notes over the Issue Price of the Notes.
(c) Exception for Gross Proceeds Entirely Spent Within Twenty-Four
Months. The Issuer reasonably expects the New Money Notes to qualify as Construction
Bonds because at least seventy-five percent (75%) of the Available Construction
Proceeds are to be used for expenditures of construction, reconstruction or rehabilitation
of property which is owned by the Issuer. If all of the Available Construction Proceeds of
the New Money Notes have been expended for the governmental purpose of the New
Money Notes in accordance with the following schedule measured from the Issue Date:
10% within 6 months(the "first spending period"), 45% within ]2 months (the "second
spending period"), 75% within 18 months (the "third spending period") and ]00% within
24 months (the "fourth spending period"), then no Nonpurpose Investments are to be
520839.1030514 CERT
taken into account in the calculation of the Rebate Amount with respect to the New
Money Notes. For purposes of this exception, Available Construction Proceeds used to
pay principal of bonds are not treated as expended on the governmental purpose of the
New Money Notes. For purposes of determining compliance with the first three spending
periods, the amount of Investment Proceeds included in Available Construction Proceeds
of the New Money Notes is determined based on the Issuer's reasonable expectations on
the Issue Date. The spending requirement for the fourth spending period is, nevertheless,
satisfied if the unspent amount is a result of a Reasonable Retainage as defined in
Section 1.I48-7(h) of the Regulations and such unspent amount is expended within 36
months of the Issue Date. The spending requirement for the fourth spending period is
also, nevertheless, satisfied if the Issuer exercises due diligence to complete the New
Project and the unspent amount does not exceed the lesser of3% of the Issue Price of the
New Money Notes or an amount equal to the product of $250,000 times the ratio of the
Issue Price of the New Money Notes over the Issue Price of the Notes. In connection
with this rebate exception, the Issuer elects to pay the Rebate Amount calculated for the
period starting from the Issue Date in the event of noncompliance with the two (2) year
phased expenditure requirement.
(d) Debt Service Fund Exception. Ifthe average maturity of the Notes is at
least 5 years and the rates of interest do not vary during the term of the Notes, then any
amount earned on the Debt Service Fund (including amounts representing accrued
interest but excluding amounts representing capitalized interest) will not be taken into
account in determining the Rebate Amount.
(e) Small Issuer Exception. No Rebate Amount is due with respect to the
Notes if the requirements of Section 148(f)(4)(D) of the Code relating to certain small
issuers are met. Such requirements can be met if:
(i) The Issuer has the power to impose ad valorem taxes on all taxable
property within the jurisdiction of the Issuer which, when collected, may be used
for the general purposes of the Issuer. The Issuer's exercise of its taxing powers
is subject to certain procedural limitations but is not contingent on approval by
another governmental entity.
(ii) The Issuer reasonably expects, as of the Issue Date, that the aggregate
face amount of all tax -exempt bonds issued by it during the current calendar year
will not exceed $5,000,000 plus, in the case of financing the construction of
public school facilities, an additional amount equal to the lesser of $5,000,000 or
so much of the aggregate face amount of bonds as are attributable to such
financing (the "small issue size limitation"). For the purpose of the small issue
size limitation, (A) Private Activity Notes issued by the Issuer are not taken into
account and a current refunding issue, the stated principal amount of which does
not exceed the stated principal amount of the refunded bonds paid with proceeds
of such refunding issue, is also not taken into account; (B) if an issue has more
than a 2% original issue discount or original issue premium, aggregate face
amount means the issue price of that issue (determined without regard to pre-
520839.1030514 CERT
issuance accrued interest); (C) principal amount means, in reference to a Plain Par
Bond, its stated principal amount plus accrued unpaid interest, and in reference to
any other bond, its Present Value; (D) bonds issued by certain controlling and
controlled entities and subordinate entities are taken into account; and
(E) construction includes reconstruction and rehabilitation as provided in
Section 142(b)(])(B) of the Code.
(iii) With respect to the Current Refunding Notes: (A) the Current
Refunding Notes currently refund the Prior Issue; (B) the aggregate face amount
of the Current Refunding Notes does not exceed $5,000,000 plus, an additional
amount equal to the lesser of $5,000,000 or so much of the aggregate face amount
of bonds as are attributable to financing the construction of public schoo]
facilities; (C) the Prior Issue met the rebate requirements under Sections] 48(f)(2)
and 148(f)(3) of the Code; (D) the Prior Issue had a weighted average maturity of
3 years or less; (E) the maturity date of the Current Refunding Notes, as measured
from the original date of issuance of the notes issued pursuant to the Reso]ution,
in renewal of which the Current Refunding Notes are being issued, does not
exceed 30 years.
(iv) The stated principal amount of the New Money Note is $478,000.
The stated principal amount of the Current Refunding Notes is $101,000, which
does not exceed the stated principal amount of the Prior Issue. The purpose of
issuing the Notes is to finance and refinance the construction of the Project. The
Issuer does not directly or indirectly control another entity that issues tax-exempt
obligations nor does another entity that issues tax-exempt obligations directly or
indirectly control the Issuer within the meaning of Section 1.150-1 ( e) of the
Regu]ations. There are no entities that issue bonds on behalf of the Issuer.
According]y, the Notes qualify for the small issuer exception to the rebate
requirement.
4.5. Payment to United States. (a) If the Issuer is required to make a rebate
payment to the United States. Unless the Notes are redeemed prior to such time, the Issuer will
pay to the United States, not later than 60 days after each Installment Computation Date, an
amount which, when added to previous rebate payments made with respect to the Notes, is equal
to not less than 90 percent of the Rebate Amount, less the Computation Date Credit. The Issuer
will pay to the United States, not later than 60 days after the Notes are fully paid or redeemed,
100 percent of the Rebate Amount, less the Computation Date Credit. If the final rebate payment
is made within 60 days after the Fina] Computation Date, interest on the Rebate Amount will be
deemed to accrue at the underpayment rate under Section 620] of the Code, beginning on the
date the Rebate Amount is due and ending on the date 10 days before it is paid.
(b) The Issuer will mail each payment to the appropriate Interna] Revenue
Service Center. Each payment shall be accompanied by the copy of the Form 8038- T and the
Form 8038-G or 8038-GC filed with respect to the Note issue and a statement identifying the
Issuer and the Notes, including the CUSIP number for the Note with the latest maturity for which
there is a CUSIP number.
520839.1 030514 CERT
4.6. Recordkeeping. In connection with rebate requirement, the Issuer will
maintain the following records:
(a) The Issuer will retain records of the determinations made pursuant to
Section 4.3 until six years after the retirement of the last obligation ofthe issue.
(b) The Issuer will record all amounts paid to the United States pursuant to
Section 4.5.
4.7. Rebate Regarding Prior Issues. The Issuer understands that it must make a
final rebate accounting and submit a Form 8038- T, if applicable, to the Internal Revenue Service
with any required rebate or penalty payments within 60 days of the final redemption date of the
Prior Issue with respect to the Prior Issue being refunded with Proceeds of the Current Refunding
Notes.
(SEAL)
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Town of Southold, as of the
2Ollid"Y::t~ '
SupervIsor
520839.\ 030514 CERT
^~".'_'''_-,"._.-.
Exhibit A
Definitions
(This exhibit includes definitions of certain terms which may not be used in the Issuer's
Arbitrage and Use of Proceeds Certificate)
"Available Construction Proceeds" means the Issue Price of the Construction
Bonds (i) plus earnings on the Issue Price and on amounts in any reserve fund not funded from
bond proceeds, and earnings on such earnings and (ii) less the amount of the Issue Price
representing a reasonably required reserve or replacement fund and costs of issuance funded with
proceeds received from the sale of the Notes. For purposes of this definition earnings include
earnings on any tax-exempt bond. If only a portion of the Notes constitute Construction Bonds,
a pro-rata portion of the above-described amount will constitute available construction proceeds.
Pre-issuance accrued interest and earnings thereon may be disregarded.
"Bona Fide Debt Service Fund" means a fund, which may include proceeds of
an issue, that is used primarily to achieve a proper matching of revenues with principal and
interest payments within each Bond Year and is depleted at least once each Bond Year except for
a reasonable carryover amount (not in excess of the earnings on the fund for the immediately
preceding Bond Year or one-twelfth of the principal and interest payments on the issue for the
immediately preceding Bond Year).
"Bond Counsel" means any nationally recognized attorney or firm of attorneys,
knowledgeable in the requirements ofthe Code, and the Regulations, and retained by the Issuer.
"Bond Year" means each one-year period (or shorter period) from the date of
issue that ends at the close of business on the day in the calendar year selected by the Issuer
which day is no later than the last day within one year of the issue date of the Bonds.
"Capital Expenditure" means any costs of a type that is properly chargeable to
capital account (or would be so chargeable with a proper election or by virtue, based on all the
facts and circumstances, of a facility having reached a degree of completion which would permit
its operation at substantially its design level and the facility is, in fact, in operation at such level)
under general federal income tax principles, e.g., costs incurred to acquire, construct or improve
land, buildings, and equipment are generally capital expenditures. Whether an expenditure is a
capital expenditure is determined at the time the expenditure is paid with respect to the property.
Future changes in law do not affect whether an expenditure is a capital expenditure.
"Code" means the Internal Revenue Code of 1986, as amended.
"Computation Date" means any Installment Computation Date or the Final
Computation Date.
"Computation Date Credit" means, for any issue of obligations, an amount
equal to the Future Value of $1 ,000 for each Bond Year during which there are gross proceeds of
the Notes on a Computation Date other than the Final Computation Date, and $1,000 on the Final
Computation Date.
"Computation Period" means the period beginning on the day following a
Computation Date (or in the case of the first period, the date of issuance ofthe Notes) and ending
on the next succeeding Computation Date.
"Construction Bonds" means an issue in which all of the bonds are either
(i) Governmental Bonds; (ii) Qualified 501(c)(3) bonds or (iii) Private Activity Bonds to finance
property owned by a governmental unit or a 501(c)(3) organization, if at least 75 percent of the
Available Construction Proceeds of the issue are to be used, or are expected to be used for
Construction Expenditures for property which is owned by a governmental entity or a 501(c)(3)
organization.
"Construction Expenditures" means Capital Expenditures which are properly
chargeable to or may be capitalized as part of the bas,is of (a) real property other than
expenditures for the acquisition of any interest in land or any interest in real property other than
land, (b) Constructed Personal Property; or (c) specially developed computer software that is
functionally related and subordinate to real property or Constructed Personal Property.
Construction Costs may include the acquisition of an interest in real property (other than land) if
such acquisition is pursuant to a contract which requires the seller to build or install the property
(e.g., a "turnkey" contract) and the property has not been built or installed at the time the parties
enter into the contract. For purposes of this definition, real property means land improvements,
buildings, other inherently permanent structures, including items that are structural components
of such buildings or structures, wiring in a building, plumbing systems, central heating or central
air-conditioning systems, pipes or ducts, elevators or escalators installed in a building, paving
parking areas, roads, wharves and docks, bridges, and sewage lines.
"Fair Market Value" of an Investment shall have the following meanings:
In General. Except as elsewhere specifically stated below, the Fair Market Value
of an Investment is the price at which a willing buyer would purchase the Investment
from a willing seller in a bona fide, arm's -length transaction.
United States Treasury Obligation. The Fair Market Value of a United States
Treasury Obligation that is purchased directly from the United States Treasury is its
purchase price.
Certificate of Deposit. The Fair Market Value of a certificate of deposit with a
fixed interest rate, a fixed payment schedule, and a substantial penalty for early
withdrawal is its purchase price provided, the Yield on the certificate of deposit is not
less than (i) the Yield on reasonably comparable direct obligations of the United States
and (ii) the highest Yield published by the provider and currently available from the
provider on reasonably comparable certificates of deposit offered to the public.
Guaranteed Investment Contracts. The Fair Market Value of a guaranteed
investment contract is its purchase price, provided (i) the Issuer makes a bona fide
"~~'~.'-
--.,.."....--~--_...~._'".,._~.~,-"'-~_."..,..,,- ..
solicitation for such contract and receives at least three bona fide bids from providers
with no material interest in the issue; (ii) the Issuer purchases the highest-yielding
guaranteed investment contract for which a qualifying bid is made (determined net of
broker's fees); (iii) the Yield on such contract (determined net of broker's fees) is not less
than the Yield then available from the provider on reasonably comparable investment
contracts, if any, offered to other persons from a source of funds other than gross
proceeds of tax-exempt bonds; (iv) the determination of the terms of a guaranteed
investment contract takes into account as a significant factor the Issuer's reasonably
expected drawdown schedule for amounts to be invested, exclusive of float and reserves,
(v) the terms of the contract, including collateral security requirements are reasonable,
and (vi) the obligor certifies the administrative costs it is paying to third parties in
connection with the contract. To the extent that the administrative cost does not exceed
the lesser of a reasonable amount based on what would be charged for the same or
comparable investment acquired with a source of funds other than Gross Proceeds of tax
exempt bonds or the Present Value of annual payments equal to five one-hundredths of
one percent (0.05%) of the weighted average amount reasonably expected to be invested
each year of the contract, it may be taken into account in determining Yield, with the
effect that it will increase the payments for, or decrease the receipts from, Investments.
For this purpose, Present Value is to be computed using the taxable discount rate used by
the parties to compute the commission or, if not readily ascertainable, a reasonable
taxable discount rate.
"Final Computation Date" means the day the last Bond that is part of the Bonds
is discharged.
"Future Value" or "FV" of a payment or receipt means the amount, determined
by using the economic accrual method (the method of computing yield based on the
compounding of interest at the end of each compounding period), equal to the value of such
payment or receipt at the time it is paid or received (or treated as paid or received), plus interest
assumed to be eamed and compounded over the period at a rate equal to the yield on the issue,
using the same compounding interval and financial conventions used to compute yield.
"Governmental Bonds" means bonds which are not Private Activity Bonds.
"Gross Proceeds" means Sale Proceeds, Transferred Proceeds, Investment
Proceeds and Replacement Proceeds.
"Issue Date" means April 20, 2007, the date on which the Notes are delivered to
the underwriters and payment of the purchase price of the Notes is received by the Issuer.
"Issue Price" when used in connection with an issue of publicly offered
obligations (determined separately for obligations included in the issue that are not substantially
identical) is the first price at which at least ten percent of each maturity of each series of the
obligations are sold to the public. Bond house, brokers, or similar persons or organizations
acting in the capacity of underwriters or wholesalers are not included in the definition of
"public" for purposes of the preceding sentence. If the obligations are privately placed, the Issue
~."._c_...,...,__~.,___
Price is the price paid for them by the first buyer. The Issue Price of obligations that are publicly
offered in a bona fide public offering is determined on the basis of actual facts and reasonable
circumstances existing on the sale date unadjusted for subsequent occurrences.
"Installment Computation Date" means the last day of the fifth Bond Year and
the last day of each succeeding fifth Bond Year (until and excluding the Final Computation
Date) and, if the Issuer so elects, the last day of any Bond Year.
"Investment" means (i) any security (within the meaning of Section 165(g)(2)(A)
or (B) of the Code, (ii) any obligation (other than tax-exempt obligations which are not
"specified private activity bonds" within the meaning of Section 57(a)(5)(C) of the Code),
(iii) any annuity contract within the meaning of Section 72 of the Code, (iv) any residential real
property for family units not located within the jurisdiction of the Issuer and which is not
required to implement a court-ordered or approved housing desegregation plan or (v) any
investment-type property that is held as a passive vehicle for the production of income, including
any prepayment for property or services if a principal purpose of prepayment is to receive an
investment return from the time the prepayment is made until the time payment would otherwise
have been made.
"Investment Proceeds" means any amounts actually or constructively received
from investing proceeds ofthe Notes.
"Issuer" means Town of Southold, in the County of Suffolk, New York.
"Multipurpose Issue" means an issue the proceeds of which are used for two or
more separate purposes determined in accordance with Section 1. 148-9(h) of the Regulations.
"N et Sale Proceeds" means sale proceeds less the portion of those sale proceeds
invested in a reasonably required reserve or replacement fund or as part of a minor portion.
"Nonpurpose Investment" means any Investment in which Gross Proceeds are
invested and which is not acquired to carry out the governmental purpose of the issue.
"Notes" means the $579,000 Bond Anticipation Note for Various Purposes-2007
Series C, dated April 20, 2007.
"Person" means any individual, corporation, partnership, joint venture,
association, joint stock company, trust, unincorporated organization or government or any
agency or political subdivision thereof.
"Plain Par Note" means a qualified tender bond or a bond that (i) is issued with
original issue discount equal to not more than 2 percent ofthe stated redemption price at maturity
plus the amount of original issue premium attributable exclusively to underwriters'
compensation, (ii) is issued for a price that does not include Pre-Issuance Accrued Interest,
(iii) bears interest from the issue date at a single stated fixed rate or is a variable rate obligation
under Section 1275 of the Code, in either case, that pays interest unconditionally payable at least
.__....
annually, and (iv) has a lowest stated redemption price not less than its outstanding stated
principal amount.
"Plain Par Investment" means an investment that is an obligation that (i) is
issued with original issue discount (or if acquired on a date other than the issue date, acquired
with market discount or premium) equal to not more than 2 percent of the stated redemption
price at maturity, (ii) is issued for a price that does not include Pre-Issuance Accrued Interest,
(iii) bears interest from the issue date at a single stated fixed rate or is a variable rate obligation
under Section 1275 of the Code that pays interest unconditionally payable at least annually, and
(iv) has a lowest stated redemption price not less than its outstanding stated principal amount.
"Present Value" or "PV" means the amount determined by using the following
formula:
PV= FV
(l+i)"
where i equals the discount rate divided by the number of compounding intervals in a year and n
equals the sum of (i) the number of whole compounding intervals for the period beginning on the
date as of which Present Value is computed and ending on the date the amount is to be received
or paid or on a Computation Date and (ii) a fraction the numerator of which is the length of any
short compounding interval during such period and the denominator of which is the length of a
whole compounding interval.
"Private Activity Bonds" means bonds which meet the definition contained in
Section 141(a) of the Code and that are not "qualified bonds" as defined in Section 141(e) of the
Code.
"Project" means the project(s) referred to in the Resolution(s), which is being
financed by the Notes.
"Qualified 501(c)(3) Bonds" means bonds which meet the definition contained
in Section 145 of the Code.
"Qualified Guarantee" means, with respect to a bond, an unconditional transfer,
in any form, of substantially all of the credit risk for all or part of the payments, such as
payments for principal and interest, redemption prices or tender prices, on the guaranteed bonds.
The guarantor must not expect to make any payments other than those pursuant to a direct-pay
letter of credit or similar arrangement for which the guarantor will be immediately reimbursed.
Reasonable procedural or administrative requirements or, in the case of a guarantee against
failure to remarket a qualified tender bond, commercially reasonable limitations based on credit
risk, will not cause the guarantee to be conditional. The guarantor may not be a co-obligor, nor
may the obligor and any related parties combined use more than JO percent of proceeds of the
guaranteed portion of the bonds. The guarantee fee must not exceed a reasonable arm's-length
charge solely for the transfer ofthe credit risk. A guarantee will not be qualified unless, as of the
"..,....._._-_._~_...."'""'.__._~_...-
date the guarantee is obtained, the issuer reasonably expects that the present value of all fees for
the guarantee will be less than the present value of the expected interest savings on the issue as a
result of the guarantee. For this purpose, present value is computed using the yield on the issue,
determined with regard to the guarantee fees, as the discount rate.
"Rebate Amount" means with respect to the Notes, the amount computed as
described in Section 4.3 of the Certificate.
"Regulations" means the Income Tax Regulations promulgated under
Sections 103 and 141 to 150 of the Code by the Department of the Treasury from time to time,
including the Regulations published on June 18, 1993 in the Federal Register, as they may be
amended from time to time.
"Replacement Proceeds" means amounts with a sufficiently direct nexus to the
Notes or Project to conclude that such amounts would have been used for the Project if the
proceeds of the Notes were not so used to the extent held by or derived from the Issuer or a
controlled entity of the Issuer, including: sinking funds, pledged funds (including negative
pledges), certain other amounts if the term of the issue is longer than necessary for the
governmental purposes of the Notes, and a bond-funded working capital reserve unless the Notes
qualify for one of the exceptions provided in the Regulations.
"Resolution" or "Resolutions" means the bond resolutions of the Issuer, as
referred to in the Certificate.
"Sale Proceeds" means any amounts actually or constructively received from the
sale of an issue, including amounts used to pay underwriters' discount or compensation, accrued
interest other than Pre-Issuance Accrued Interest, or derived from the sale of a right associated
with a bond as further described in Section 1.l48-4(b)(4) of the Regulations.
"SLG" means a U.S. Treasury Book Entry Security, State and Local Government
Series.
"Spendable Proceeds" means sale proceeds, less the portion of those sale
proceeds invested in a reasonably required reserve or replacement fund under Section l48(d) of
the Code and as part of a minor portion under Section 148( e) of the Code.
"Transferred Proceeds" means unexpended original or investment proceeds of a
refunded issue which transfer and become proceeds of the refunding issue when proceeds of the
refunding issue are applied to pay principal of the refunded issue.
"Treasury" means the United States Department of Treasury.
"Universal Cap" means the maximum value of Nonpurpose Investments which
may be allocated to the Notes and is determined by reference to the Value of all outstanding
Notes of the issue. Nonpurpose Investments shall be taken into account as Nonpurpose Receipts
at their Value on a Valuation Date.
"Valuation Date" means the date on which the value of the Universal Cap and
the Nonpurpose Investments allocable to the Notes thereunder are determined. With respect to
new money issues, the first Valuation Date shall be the second year anniversary date of the date
of issuance of the Notes; thereafter, the first day of each Note Year shall constitute a Valuation
Date. With respect to a refunding issue, each date on which proceeds of the refunded issue
would become transferred proceeds of the refunding issue, e.g. each date on which principal of
the refunded issue is paid with proceeds of the refunding bonds, shall constitute a Valuation
Date. In addition, the first date of each Note Year shall also be a Valuation Date.
"Value" means, in the case of a Note, the Value of a Note and in the case of an
Investment, the Value of an Investment.
"Value of a Note" means, in the case of a Plain Par Note, its outstanding stated
principal amount, plus accrued unpaid interest or in the case of a Plain Par Note actually
redeemed, or treated as redeemed, its stated redemption price on the redemption date plus
accrued unpaid interest. In the case of a bond other than a Plain Par Note, the value on a date of
such a bond is its Present Value on that date, using the yield on the issue of which the bonds are
a part as the discount factor. In determining the Present Value of a variable rate bond, the initial
interest rate on the bond established by the index or other rate setting mechanism is used to
determine the interest payments on that bond.
"Value of an Investment" means, as of any date, unless the Investment is
required invested as a restricted yield, for any Investment, Fair Market Value as of that date; for
any fixed rate investment, Present Value on that date; and for any Plain Par Investment, the
outstanding stated principal amount, plus accrued unpaid interest, as of that date. Yield
restricted investments must be valued at Present Value, amounts allocated or that cease to be
allocated to an issue must be allocated at Fair Market Value, except in cases in which such
Nonpurpose Investments are allocated as a result of the Universal Cap or Transferred Proceeds
rules in which case they may be valued at Present Value, and amounts allocated to Transferred
Proceeds may not be valued in excess ofthe value used for arbitrage restrictions applicable to the
Refunded Issue.
"Working Capital Expenditure" means any cost of a type that does not
constitute a Capital Expenditure.
"Yield" means, as of any Computation Date, that discount rate that, when used in
computing the Present Value of (i) all unconditionally payable payments of principal and interest
of or on the bonds included in such fixed yield issue, (ii) all unconditionally payable fees for
Qualified Guarantees and Qualified Hedges on such bonds and (iii) all fees expected to be paid
for Qualified Guarantees and Qualified Hedges, produces an amount equal to the sum of the
Present Value of the aggregate Issue Prices of the bonds comprising the issue (determined using
the same discount rate used to determine the Present Value of payments for principal, interest
and Qualified Hedges and Qualified Guarantees). The Yield is computed as of the issue date of
the fixed yield issue by treating each bond included in the issue that is either subject to
mandatory or contingent early redemption or to certain optional redemption provisions as being
redeemed on its expected early redemption date for an amount equal to its Value on that date. If
a fixed yield bond (i) is subject to optional redemptions within 5 years of its issue date and the
Yield not taking into account the optional redemption is more than 1/8 of I % above its Yield
assuming the early redemption, (ii) is issued at an Issue Price that exceeds the stated redemption
price at maturity by more than 1/4 of 1 % multiplied by the product of the stated redemption price
to maturity and the number of complete years to the first optional redemption date for the bond,
or (iii) bears interest at increasing interest rates, the Yield on the issue including such fixed yield
bond is computed by treating the fixed yield bond as redeemed at its stated redemption price on
the optional redemption date that produces the lowest Yield on the issue. No adjustment will be
made on any Computation Date to the Yield on a fixed yield issue as computed on its issue date
unless redemption rights are subsequently transferred to a third party or termination payments
are received with respect to Qualified Hedges. The Yield on a fixed yield bond is calculated in
the same manner as Yield on a fixed yield issue.
.
.
ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 684 OF 2002
WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
ON OCTOBER 22, 2002:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK
("TOWN"), ADOPTED OCTOBER 22, 2002, AUTHORIZING THE
TOWN TO (A) ACQUIRE A LEASEHOLD INTEREST, FOR A TERM
OF 20 YEARS, IN THE CERTAIN PIECE OR PARCEL OF LAND IN
CUTCHOQUE, SITUATE ON GRIFFING STREET, NORTH OF
MAIN ROAD (ROUTE 25), CONTAINING 38,250 SQUARE FEET,
MORE OR LESS, AS THE SITE OF A PUBLIC PARKING AREA,
AND (B) CONSTRUCT A PUBLIC PARKING AREA ON SAID SITE
(COLLECTIVELY, THE "PROJECT"); APPROPRIATING $230,000
FOR SAID CONSTRUCTION; AUTHORIZING THE ISSUANCE OF
$230,000 SERIAL BONDS TO FINANCE SAID APPROPRIATION;
STATING THAT THE TOWN BOARD, AS LEAD AGENCY, HAS
DETERMINED THAT THE PROJECT IS AN UNLISTED ACTION
HAVING NO SIGNIFICANT EFFECT ON THE ENVIRONMENT
AND THAT A NEGATIVE DECLARATION HAS BEEN ISSUED
AND FILED; STATING THE PLAN OF FINANCING OF SAID
CONSTRUCTION IS THE ISSUANCE OF SAID SERIAL BONDS TO
FINANCE SAID APPROPRIATION AND THE LEVY AND
COLLECTION OF TAXES TO PAY THE PRINCIPAL OF AND
INTEREST ON SAME BONDS.
.
.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK. HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section I. The Town of Southold, in the County of Suffolk, New York (herein
called "Town"), is hereby authorized to (A) acquire a leasehold interest for a term of twenty (20)
years, all pursuant to applicable provisions oflaw, in the certain piece or parcel ofland, situate in
Cutchogue, in the Town, on Griffing Street, north of Main Road (State Route 25), Map as #1000-
102-05-[3 & 9.6], containing 38,250 square feet, more or less, and described on the Suffolk
County Tax Map, as the site of a public parking area and (B) to construct a public parking area
on said site, including sidewalks, curbs, gutters, drainage, landscaping, grading and improving
the rights of way (collectively, the "Project"). The estimated maximum of constructing said
public parking area is $230,000, including preliminary costs and costs incidental thereto and the
financing thereof, and the said amount of $230,000 is hereby appropriated therefor. The plan of
financing includes the issuance of $230,000 serial bonds of the Town to finance said
appropriation and the levy and collection of taxes on all the taxable real property in the Town to
pay the principal of said bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal amount of $230,000 are
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"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the construction of said public parking area,
being the specific object or purpose for which the $230,000 serial bonds authorized pursuant to
this resolution are to be issued, within the limitations of Section 11.00a.20(f) of the Law, is
hereby determined to be ten (10) years; however, the maturity of the bonds herein authorized
shall not exceed five (5) years.
(b) The proceeds of the bonds herein authorized and any bond anticipation
notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures
made after the effective date of this resolution for the purpose for which said bonds are
.
.
authorized. The foregoing statement of intent with respect to reimbursement IS made in
conformity with Treasury Regulation Section 1.150-2 ofthe United States Treasury Department.
(c) The Town Board acting in the role ofthe Lead Agency, after having
identified and considered the relevant areas of enviromnental concern associated with the
Project, has determined that the Project is an Unlisted Action for purposes of the State
Enviromnental Quality Review Act ("SEQRA "), Article 8 of the New York Enviromnental
Conservation Law, and has determined that the Project will not have a significant effect upon the
enviromnent, that it has satisfied the requirements imposed by SEQRA and that a Negative
Declaration has been issued and filed.
(d) The proposed maturity of the bonds authorized by this resolution will not
exceed five years.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in t"
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 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 bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget
of the Town by appropriation for (a) the amortization and redemption of the bonds and
any notes in anticipation thereof to mature in such year and (b ) the payment of interest
to be due and payable in such year.
Section 5. Subject to the provisions of this resolution and of the Law and pursuant
to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and any other bonds heretofore or hereafter authorized, and of any
bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond
anticipation notes, and relative to executing contracts for credit enhancements and providing for
.
.
substantially level or declining annual debt service, are hereby delegated to the Supervisor, the
chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, 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 the
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 bond resolution shall take effect immediately and the Town Clerk
is hereby authorized and directed to publish this bond resolution, in summary, together with a
notice attached in substantially the form prescribed by Section 81.00 ofthe Local Finance Law in
THE SUFFOLK TIMES, a newspaper published in Mattituck, New York, having a general
circulation in the Town and hereby designated the official newspaper of the Town for such
publication.
P&.rUJja~ /tJ..
Elizabeth A. Neville
Southold Town Clerk
I
.
.
RESOLUTION
OCTOBER 22,2002
v - 684
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK
("TOWN"), ADOPTED OCTOBER 22, 2002, AUTHORIZING THE
TOWN TO (A) ACQUIRE A LEASEHOLD INTEREST, FOR A TERM
OF 20 YEARS, IN THE CERTAIN PIECE OR PARCEL OF LAND IN
CUTCHOQUE, SITUATE ON GRIFFING STREET, NORTH OF
MAIN ROAD (ROUTE 25), CONTAINING 38,250 SQUARE FEET,
MORE OR LESS, AS THE SITE OF A PUBLIC PARKING AREA,
AND (B) CONSTRUCT A PUBLIC PARKING AREA ON SAID SITE
(COLLECTIVELY, THE "PROJECT"); APPROPRIATING $230,000
FOR SAID CONSTRUCTION; AUTHORIZING THE ISSUANCE OF
$230,000 SERIAL BONDS TO FINANCE SAID APPROPRIATION;
STATING THAT THE TOWN BOARD, AS LEAD AGENCY, HAS
DETERMINED THAT THE PROJECT IS AN UNLISTED ACTION
HAVING NO SIGNIFICANT EFFECT ON THE ENVIRONMENT
AND THAT A NEGATIVE DECLARATION HAS BEEN ISSUED
AND FILED; STATING THE PLAN OF FINANCING OF SAID
CONSTRUCTION IS THE ISSUANCE OF SAID SERIAL BONDS TO
FINANCE SAID APPROPRIATION AND THE LEVY AND
COLLECTION OF TAXES TO PAY THE PRINCIPAL OF AND
INTEREST ON SAME BONDS.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE
COUNTY OF SUFFOLK, NEW YORK. HEREBY RESOLVES (by the favorable vote of not
less than two- thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called "Town"), is hereby authorized to (A) acquire a leasehold interest for a term of twenty (20)
years, all pursuant to applicable provisions of law, in the certain piece or parcel of land, situate in
Cutchogue, in the Town, on Griffing Street, north of Main Road (State Route 25), Map as #1000-
102-05-[3 & 9.6], containing 38,250 square feet, more or less, and described on the Suffolk
County Tax Map, as the site of a public parking area and (B) to construct a public parking area
on said site, including sidewalks, curbs, gutters, drainage, landscaping, grading and improving
,
.
.
\
the rights of way (collectively, the "Project"). The estimated maximum of constructing said
public parking area is $230,000, including preliminary costs and costs incidental thereto and the
financing thereof, and the said amount of $230,000 is hereby appropriated therefor. The plan of
financing includes the issuance of $230,000 serial bonds of the Town to finance said
appropriation and the levy and collection of taxes on all the taxable real property in the Town to
pay the principal of said bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal amount of$230,000 are
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"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the construction of said public parking area,
being the specific object or purpose for which the $230,000 serial bonds authorized pursuant to
this resolution are to be issued, within the limitations of Section l1.00a.20(f) of the Law, is
hereby determined to be ten (10) years; however, the maturity of the bonds herein authorized
shall not exceed five (5) years.
(b) The proceeds of the bonds herein authorized and any bond anticipation
notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures
made after the effective date of this resolution for the purpose for which said bonds are
authorized. The foregoing statement of intent with respect to reimbursement is made in
conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.
(c) The Town Board acting in the role of the Lead Agency, after having
identified and considered the relevant areas of environmental concern associated with the
Project, has determined that the Project is an Unlisted Action for purposes of the State
Environmental Quality Review Act ("SEQRA "), Article 8 of the New York Environmental
Conservation Law, and has determined that the Project will not have a significant effect upon the
environment, that it has satisfied the requirements imposed by SEQRA and that a Negative
Declaration has been issued and filed.
(d) The proposed maturity of the bonds authorized by this resolution will not
exceed five years.
..
.
.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in tn
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 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 bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b ) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and pursuant
to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and any other bonds heretofore or hereafter authorized, and of any
bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond
anticipation notes, and relative to executing contracts for credit enhancements and providing for
substantially level or declining annual debt service, are hereby delegated to the Supervisor, the
chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, 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 oflaw which should be complied with at the date of the
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 bond resolution shall take effect immediately and the Town Clerk
is hereby authorized and directed to publish this bond resolution, in summary, together with a
notice attached in substantially the form prescribed by Section 81.00 of the Local Finance Law in
THE SUFFOLK TIMES, a newspaper published in Mattituck, New York, having a general
circulation in the Town and hereby designated the official newspaper of the Town for such
publication.
*
*
*
-
.
. .
,
. fit
~J 0e1u1dd &Yod
6'7 Yf/aI/ Jkd;k qy~ /0005
~. (2/..?) 8..?tJ...93tltl
..%:..' (2/..?) H//..8//2.5
~-...;. !Piud !Pia/ JY~
Telephone: 212-820-9416
Facsimile: 212-820-9603
e-mail address:gfernandez@hdw.com
November 7,2002
Town of South old. New York
Solid Waste Management District
Cutchoque Public Parking Area
Our File Nos. (023466 and 025371)
Ms. Elizabeth A. Neville
Southold Town Clerk
Town of South old
53095 Main Road
P.O. Box 1179
Southold, New York 11971
Dear Ms. Neville:
Thank you for your letter dated November 4th enclosing the Affidavits of
Publication with respect to the above referenced proceedings. These Affidavits have been
included in our records.
With kind regards, I remain
GF, Jr./bc
Enclosure
cc: Gregory Yakaboski, Town Attorney
John Cushman, Town Comptroller
405]46.1025371 RES
.
.
ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
SouthoId, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southoldtown.northfor k.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTH OLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 599 OF 2002
WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD
ON SEPTEMBER 10, 2002:
RESOLVED, that the Town Board of the Town of Southold hereby authorizes and directs
Supervisor Joshua Y. Horton to hire the firm of Nelson. Pope & Voorhis to conduct an
evaluation pursuant to the State Environmental Oualitv Review Act (SEQRA) for the
Town's proposed leasing of the property known as the Terp Parking Lot.
Pta..1'4t7.Q---ii..
Elizabeth A. Neville
Southold Town Clerk
I'WLIC NOnCE
The _Dtion .
WhICh is publisli~d. h ~ry of
been adopted on th ereWlth, has
October.2002. and e 22nd day. of
obJioa...... __.--~ s,I\tli<u ,""".
lulion may be bereafter contested
only if such obligatiODS were autho-
rized for an object or purpose lor
which the TOWN OF SOUTHOLD.
in the County of Suffolk. New York.
is not authorized to expend money or
if the provisions of law which should
have been complied with as of the
date of publication of this Notice
were not substantially complied with.
and an action, suit or proceeding
contesting such va'lidity is com-
menced within twenty daY' after the
publication of this Notice. or such
obligations were authorized in viola-
tion of the provisions of the
Constitution.
ELIZAlIETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE
TOWN OF SOUTHOLD. NEW
YORK ("TOWN"). AJ)iI;)YTED
OcrOBER 22. 2002. AUTHOR1Z-
ING .'l.HE.TQ!ffl,....:m. \A)
ACQUld A UlASEHOLD
INTEREST. FOR A TERM OF 20
YEARS. IN THE CERTAIN
PIECE OR PARCEL OF LAND IN
CUTCHOGUE. SITUATE ON
GRIFFING STREET. NORTH OF
MAIN ROAD (ROuTE 25). CON.
TAINING 38,250 SQUARE FEET.
MORE OR LESS. AS THE SITE
OF A PUBLIC PARKING AREA.
AND (B) CONSTRUcr A pUB.
LIC PARKING AREA ON SAID
SITE (COLLECTIVELY. THE
.PROJECT"); APPROPRIATING
$230.000 FOR SAID CONSTRUC-
TION; AUTHORIZING THE
ISSUANCE OF $230.000 SERIAL
BONDS TO FINANCE SAID
APPROPRIATION; STATING
THAT THE TOWN BOARD. AS
LEAD AGENCY. HAS DETER.
MINED THAT THE PROJEcr IS
AN UNLISTED' ACTION HAY'
ING NO SIGNIFICANT EFFEcr
ON THE ENYIRONMENT AND
THAT A NEGATIVE DECLARA'
TION HAS BEEN ISSUED AND
FILED; STATING THE PLAN OF
FINANCING OF SAID CON.
STRUCTION IS THE ISSUANCE
OF SAID SERIAL BONDS TO
FINANCE SAID APPROPRIA.
TION AND THE LEvY AND
COLLEcrION OF TAXES TO
PAY THE pRINCIPAL OF AND
(10) yean; however;the maturity of
the obligations to be issued will not
exceed five (5) years.
. Amount of obligations to be
ISSUed: $230.000.00
A complete copy of the Bond
Resolution summarized above shall
be available for public inspection
during normal business hours at tbe
office of the Town Oerk's Office
53095 Main Road. Southald. Ne';
York
Dated: October 22. 2002
Southold. New York
BY ORDER OF THE
TOWN BOARD OF THE
TOWN OF SOUTHOLD.
COUNTY OF SUFFOLK.
STATE OF NEW YORK
Elizabeth A. Neville.
i_--=-~n'\1 Southold Town Clerk
STATE OF NEW YORK)
C )SS'
~~~ SUFFOLK)
Wa/er.6'e1't'
co.un!y, being dul sw of Mattituck, in said
PrinCipal clerk of iHE SO~~, says that he/she is
~~:::~~~~:~:~s~;~u~o~:~t~~k~li~Et~~ \;V:~k~
and that the Notice of which t~nd State of New York
copy, has been regularly PUbl',e an.nexed is a printed
o~ce each week for IS ed In said Newspaper
slvely co' k
of . mmenclng on the wee s succes-
xr 20C"-L..- J' / day
a_~~dAL
.r=--'?rfnclpal Clerk J
dsworn to before me this (
ayof iJW.
20 0 J-
~ f. f)..0vl!.Gvt . t1 .
LAURA E BOND ~
Notary P~blic ARCHUK
No 01 B060679~~ate of New York
Qualified in S f
My Com miss' u folk County
Ion Expires Dec. 24. 20_0)"
.'
.
.
'. ,
PUBLIC NOTICE
The resolution, a summary of which is published herewith, has been adopted on the 22nd
day of October, 2002, and the validity of the obligations authorized by such resolution
may be hereafter contested only if such obligations were authorized for an object or
purpose for which the TOWN OF SOUTHOLD, in the County of Suffolk, New York, is
not authorized to expend money or if the provisions of law which should have been
complied with as of the date of publication of this Notice were not substantially complied
with, and an action, suit or proceeding contesting such validity is commenced within
twenty days after the publication of this Notice, or such obligations were authorized in
violation of the provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK ("TOWN"), ADOPTED OCTOBER 22, 2002,
AUTHORIZING THE TOWN TO (A) ACQUIRE A LEASEHOLD
INTEREST, FOR A TERM OF 20 YEARS, IN THE CERTAIN
PIECE OR PARCEL OF LAND IN CUTCHOGUE, SITUATE
ON GRIFFING STREET, NORTH OF MAIN ROAD (ROUTE 25),
CONTAINING 38,250 SQUARE FEET, MORE OR LESS, AS
THE SITE OF A PUBLIC PARKING AREA, AND (B)
CONSTRUCT A PUBLIC PARKING AREA ON SAID SITE
(COLLECTIVELY, THE "PROJECT"); APPROPRIATING $230,000
FOR SAID CONSTRUCTION; AUTHORIZING THE ISSUANCE
OF $230,000 SERIAL BONDS TO FINANCE SAID APPROPRIATION;
STATING THAT THE TOWN BOARD, AS LEAD AGENCY, HAS
DETERMINED THAT THE PROJECT IS AN UNLISTED ACTION
HAVING NO SIGNIFICANT EFFECT ON THE ENVIRONMENT
AND THAT A NEGATNE DECLARATION HAS BEEN ISSUED
AND FILED; STATING THE PLAN OF FINANCING OF SAID
CONSTRUCTION IS THE ISSUANCE OF SAID SERIAL BONDS
TO FINANCE SAID APPROPRIATION AND THE LEVY AND
COLLECTION OF TAXES TO PAY THE PRINCIPAL OF
AND INTEREST ON SAID BONDS
Object or Purpose:
the construction of a new public parking area on the land
authorized to be leased by the Town of Southold for a term of
twenty (20) years, situate in Cutchogue on Griffing Street, north of
Main Road (Route 25), containing 38,250 square feet, more or less,
as the site of said parking area, including sidewalks, curbs, gutters,
drainage, landscaping and grading and improving the rights of
way, the estimated maximum cost thereof being $230,000.00 to be
financed by the issuance of Town obligations.
Period of Probable
Usefulness:
ten (10) years; however, the maturity of the obligations to be
issued will not exceed five (5) years
Amount of obligations
to be issued: $230,000.00
.
. .
A complete copy of the Bond Resolution summarized above shall be available for public
inspection during normal business hours at the office of the Town Clerk's Office, 53095
Main Road, Southold, New York.
Dated:
October 22, 2002
Southold, New York
BY ORDER OF THE TOWN BOARD OF THE TOWN OF SOUTHOLD,
COUNTY OF SUFFOLK, STATE OF NEW YORK
Elizabeth A. Neville
Southold Town Clerk
PLEASE PUBLISH ON OCTOBER 31, 2002 AND FORWARD THREE (3)
AFFIDAVITS OF PUBLICATION TO ELIZABETH A. NEVILLE, TOWN
CLERK, TOWN HALL, P.O. BOX 1179, SOUTHOLD, NY 11971
Copies to the following:
The Suffolk Times
Town Board Members
Town Attorney
Jim Bunchuck, SWMD
Hawkins, Delafield & Wood
John Cushman, Comptroller
Town Clerk's Bulletin Board
. .
.
.
STATE OF NEW YORK)
SS:
COUNTY OF SUFFOLK)
ELIZABETH A. NEVILLE, Town Clerk ofthe Town of Southold, New York being
duly sworn, says that on the ~.5 day of () ('~ ,2002, she affixed a
notice of which the annexed printed notice is a true copy, in a proper and substantial
manner, in a most public place in the Town of Southold, Suffolk County, New York, to
wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York.
Bond for Griffing Street Parking Lot
~:.~o ~.~.J?~,
Elizabeth A. ville
Southold Town Clerk
Sworn before m(j~
~ day of ,2002.
~~cNt ~
LYNDA M BOHN
NOTARY PUBLIC. State of New York
No. 01 B06020932
Qualified in Suffolk County
Term Expires March 8 20 ~
, -
. .
~J!>>#dd&~~
6'7 'YFaII ,/kd;~ qy~ 1(}(}(}5
~.. (2/2) 8..!tl-.93tJtJ
..%... (2/2) .H4-8.f/H
RECEIVED
"Yf"~.. !PWed !Pid Jf/.,."k.
Telephone:
Facsimile:
e-mail address:
212-820-9416
212-820-9603
gfernandez@hdw.com
NOV 1 2 2002
Soufhole! Town Olrt
November 5, 2002
Town of Southold, New York
$230,000 Serial Bonds for Public
Parking Area
Our File Designation: (26151025371)
Ms. Elizabeth A. Neville
Southold Town Clerk
Town of South old
53095 Main Road
P.O. Box 1179
Southold, New York 11971
Dear Ms. Neville:
Thank you for your letter dated October 30th enclosing the certified Extract of
Minutes of the Town Board Meeting held on October 22nd, showing adoption of the Bond
Resolution authorizing $230,000 serial bonds for the Griffing Street Parking Lot in Cutchogue
and the documents supplemental thereto, including the environmental proceedings pursuant to
SEQRA. Each of these items of proof has been included in our records.
I note that you will forward the Affidavit of Publication when received.
With kind regards, I remain
~.
Gerard Fernandez, Jr.
GF, Jr./bc
Enclosure
405146.\ 025371 RES
.
.
ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
sou tholdtown.northfork. net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
October 30, 2002
Re: Griffing Street Bond
$230,000.
Gerard Fernandez, Jr.
Hawkins, Delafield & Wood
67 Wall Street
New York, New York 10005
Dear Mr. Fernandez:
Enclosed please find certified resolutions, extract of minutes, and legal notice for
the bond for Griffing Street Parking Lot Cutchogue, New York I will send an affidavit
of publication as soon as I receive it from the newspaper. If there is anything further that
you require at this time, or I may be of assistance in any way, please do not hesitate to
contact me at 631 765-1800. Thank you.
Very truly yours,
r6'khd~on.~;~
'E;';;~~evil1~
Southold Town Clerk
Enclosures
cc: Town Attorney
Town Comptroller
.
.
EXTRACT OF MINUTES
Meeting of the Town Board ofthe Town of Southold,
in the County of Suffolk, New York
October 22, 2002
*
*
*
A regular meeting of the Town Board of the Town of Southold, in the County of
Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, on
October 22,2002 at 4:30 o'clock P.M. (Prevailing Time).
There were present: Hon. Joshua Y. Horton, Supervisor; and
Board Members: Justice Louisa P. Evans
Councilman William D. Moore
Councilman John M. Romanelli
Councilman Craig A. Richter
Councilman Thomas H. Wickham
There were absent: None
Also present: Elizabeth A. Neville, Town Clerk
Gregory F. Yakaboski, Town Attorney
John A. Cushman, Town Comptroller
*
*
*
Councilman Wickhamoffered the following resolution and moved its adoption:
405146.1025371 RES
.
.
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK
("TOWN"), ADOPTED OCTOBER 22, 2002, AUTHORIZING THE
TOWN TO (A) ACQUIRE A LEASEHOLD INTEREST, FOR A TERM
OF 20 YEARS, IN THE CERTAIN PIECE OR PARCEL OF LAND IN
CUTCHO UE, SITUATE ON GRIFFING STREET, NORTH OF
MAIN ROAD (ROUTE 25), CONTAINING 38,250 SQUARE FEET,
MORE OR LESS, AS THE SITE OF A PUBLIC PARKING AREA,
AND (8) CONSTRUCT A PUBLIC PARKING AREA ON SAID SITE
(COLLECTIVELY, THE "PROJECT"); APPROPRIATING $230,000
FOR SAID CONSTRUCTION; AUTHORIZING THE ISSUANCE OF
$230,000 SERIAL BONDS TO FINANCE SAID APPROPRIATION;
STATING THAT THE TOWN BOARD, AS LEAD AGENCY, HAS
DETERMINED THAT THE PROJECT IS AN UNLISTED ACTION
HAVING NO SIGNIFICANT EFFECT ON THE ENVIRONMENT
AND THAT A NEGATIVE DECLARATION HAS BEEN ISSUED
AND FILED; STATING THE PLAN OF FINANCING OF SAID
CONSTRUCTION IS THE ISSUANCE OF SAID SERIAL BONDS TO
FINANCE SAID APPROPRIATION AND THE LEVY AND
COLLECTION OF TAXES TO PAY THE PRINCIPAL OF AND
INTEREST ON SAID BONDS.
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
405146.1025371 RES
.
.
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called "Town"), is hereby authorized to (A) acquire a leasehold interest for a term of twenty (20)
years, all pursuant to applicable provisions oflaw, in the certain piece or parcel ofland, situate in
Cutchoque, in the Town, on Griffing Street, north of Main Road (State Route 25), Map as #1000-
102-05-[3 & 9.6], containing 38,250 square feet, more or less, and described on the Suffolk
County Tax Map, as the site of a public parking area and (B) to construct a public parking area
on said site, including sidewalks, curbs, gutters, drainage, landscaping, grading and improving
the rights of way (collectively, the "Project"). The estimated maximum of constructing said
public parking area is $230,000, including preliminary costs and costs incidental thereto and the
financing thereof, and the said amount of $230,000 is hereby appropriated therefor. The plan of
financing includes the issuance of $230,000 serial bonds of the Town to finance said
appropriation and the levy and collection of taxes on all the taxable real property in the Town to
pay the principal of said bonds and the interest thereon as the same shall become due and
payable.
Section 2. Serial bonds of the Town in the principal amount of $230,000 are
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"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the construction of said
public parking area, being the specific object or purpose for which the $230,000 serial bonds
authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00
405146.1025371 RES
.
.
a.20(f) of the Law, is hereby determined to be ten (10) years; however, the maturity of the bonds
herein authorized shall not exceed five (5) years.
(b) The proceeds of the bonds herein authorized and any bond anticipation
notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures
made after the effective date of this resolution for the purpose for which said bonds are
authorized. The foregoing statement of intent with respect to reimbursement is made in
conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.
(c) The Town Board acting in the role of the Lead Agency, after having identified
and considered the relevant areas of environmental concern associated with the Project, has
determined that the Project is an Unlisted Action for purposes of the State Environmental Quality
Review Act ("SEQRA"), Article 8 of the New York Environmental Conservation Law, and has
determined that the Project will not have a significant effect upon the environment, that it has
satisfied the requirements imposed by SEQRA and that a Negative Declaration has been issued
and filed.
(d) The proposed maturity of the bonds authorized by this resolution will not
exceed five years.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 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 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 bonds and any notes issued in
405146.1025371 RES
.
.
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provIsIOns of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds
with substantially level or declining annual debt service, Section 30.00 relative to the
authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to
60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing
bond anticipation notes and prescribing the terms, form and contents and as to the sale and
issuance of the bonds herein authorized, and any other bonds heretofore or hereafter authorized,
and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said
bond anticipation notes, and relative to executing contracts for credit enhancements and
providing for substantially level or declining annual debt service, are hereby delegated to the
Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation ofthe sale of said bonds, 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 the
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)
constitution.
such obligations are authorized In violation of the provisions of the
405146.1025371 RES
.
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Section 7. This bond resolution shall take effect immediately and the Town Clerk
is hereby authorized and directed to publish this bond resolution, in summary, together with a
notice attached in substantially the form prescribed by Section 81.00 of the Local Finance Law in
THE SUFFOLK TIMES, a newspaper published in Mattituck, New York, having a general
circulation in the Town and hereby designated the official newspaper of the Town for such
publication.
* * *
405146.1025371 RES
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Councilman
The adoption of the foregoing resolution was seconded by Romanelli and duly put to a
vote on roll call, which resulted as follows:
AYES:
Councilman Wickham
Councilman Richter
Councilman Romanelli
Councilman Moore
Justice Evans
Supervisor Horton
NOES: None
The resolution was declared adopted.
********
405146.1025371 RES
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CERTIFICATE
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract
from the minutes of a meeting of the Town Board of said Town of South old duly called and held
on October 22, 2002, 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 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 of South old this25th day of
October, 2002.
(SEAL)
(t'Y/i-~7.zZ0 '74~U~
Town Clerk
405146.1025371 RES
.
.
ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLWWING RESOLUTION NO. 684a OF 2002
WAS ADOPTED AT THE REGULAR MEETING OF THE SOUmOLD TOWN BOARD
ON OCTOBER 22, 2002:
RESOLVED, that the Town Board of the Town of South old hereby determines that the
Project. known as the Tero Parkin!! Lot. located on Griffin!! Street.. in the Town of
Southold. is an Unlisted Action for DUrDOSes ofthe State Environmental Oualitv Review
Act ("SEQRA"), and has determined that the Project will not have a significant effect upon the
environment, that is has satisfied the requirements imposed by SEQRA and that a Negative
Declaration has been issued and filed.
,.q;-I...,a~-,~.
Elizabeth A. Neville
Southold Town Clerk
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14-16-2 (2/87)-7c
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SEQR
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617.21
Appendix A
State Environmental Qnality Review
FULL ENVIRONMENTAL ASSESSMENT FORM
Pnrpose: The full EAF is desigped to help apj:llicants and agencies determine, in an orderly manner,
whether a project or action may be significant. The question of whether an action may be significant is
not always easy to answer. Frequently., there are aspects of a project that are su5jective or
unmeasureable. It is also understood that those who determine significance may have little or no formal
knowledge of the environment or may be technically expert in envIronmental analysis. In addition, many
who have knowledge in one particular area may not be aware of the broader concern affecting the
question of sIgnIfIcance.
The full EAF is intended to provide a method whereby applicants and agencies can be assured that the
determination process has been orderly, comprehensive in nature, yet flexible to allow introduction of
information to fit a project or action.
Fnll EAF Components: The full EAF is comprised of three parts.
Part 1: Provides objective data and information about a given project and its site. By identifying
basic project data, it assists a reviewer in the analysis that takes place 111 Parts 2 and 3.
Part 2: Focuses on identifying the range of possible impacts that may occur from a project or action.
It provides guidance as to whether an impact is likely to be considered small to moderate or whether it
is a potentially-large impact. The form arso identifies whether an impact can be mitigated or reduced.
Part 3: If any impact in Part 2 is identified as potentially-large, then Part 3 is used to evaluate
whether or not the Impact is actually important.
DETERMINATION OF SIGNIFICANCE - TYPE 1 AND UNLISTED ACTIONS
Identify the Portions of EAF completed for this project: .K..-Part 1 --K-Part 2 _Part 3
Upon review of the information recorded on this EAF (Parts I and 2 and 3 if approRriate), and any other
supporting information, and considering both the magnitude and importance of each impact, it is
reasonably determined by the lead agency that:
_A. The project will not result in any large and important impact(s) and, therefore, is one which
will not have a significant impact on the environment, therefore a negative declaration will
be prepared.
B. Although the proiect could have a sih'11ificant effect on the environment, there will not be a
- significant effect tor this Unlisted ActIOn because the mitigation measures described in PART 3
have been required, therefore a CONDITIONED negative declaration will be prepared. *
_ C. The project may result in one or more large and important imp'acts that may have a significant
impact on the environment, therefore a posItive declaration wIll be prepared.
· A Conditioned Negative Declaration is only valid for Unlisted Actions
Grimm! Street Parkin I! Proiect
Name of Action
Town of Southold
Name of Lead Agency
10/22/02
Date
Joshua Y. Horton Su
Print or Type Name of Responsible Officer in Lead Agency
Signature of Responsible Officer in Lead Agency
I
.'
.
. PART 1 - PROJECT INFORMATI.
. \
Prepared by Project Sponsor
NOTICE: This document is designed to assist in determining whether the action proposed may have a
significant effect on the environment. Please complete the entire form, Parts A through E. Answers to
these questions will be considered as part of the aTlplication for approval and may be subject to further
verification and public review. Provide any adchtional information you believe will be needed to
complete Parts 2 and 3.
It is eXfected that completion of the full EAF will be defendent on information currently available and
will no involve new sfudies, research or investigation. I information requiring such additional work is
unavailable, so indicate and specify each instance.
NAME OF ACTION
Griffinf! Street Parkinf! Proiect tal Cutcuhof!ue
LOCATION OF ACTION (Include Street Address, Municipality and County)
N/E/C Main Road (CR 25) and Griffinf! Street; Cutchof!ue. Town of Southold
NAME OF APPLICANT/SPONSOR BUSINESS TELEPHONE
Town of Southold
ADDRESS
3095 Main Road; P.O. Box 1179
CITY/PO STATE ZIP CODE
Southold New York 11971
NAME OF OWNER (If different) BUSINESS TELEPHONE
Alfred J. Tero
ADDRESS
C/o Cutchof!ue Pharmacv Main Road
CITY/PO STATE ZIP CODE
Cutchof!ue New York 11935
DESCRIPTION OF ACTION The proposed action involves the construction of a 37,90IJI SF paved parking lot
and redesign and construction of parking on the east and west sides of Griffing Avenue The site is zoned HB -
Hamlet Business and currently consists of a dirt parking lot located east of the existing stores and vacant wooded
land. The Town proposes to lease the land and construct the parking lot.
YleaSe Complete Ea~uestlOn - ImlIcate !'I.A. it not applIcable
A. SITE DESCRIPTION
Physical setting of overall project, both developed and undeveloped areas.
1. Present land use: _Urban _Industrial _Commercial _Residential (Suburban)
_Rural (non-farm) Forest _Agriculture
~Other vacant wooded land and dirt parkinf! area
2. Total acreage of project area: 1.45 acres
APPROXIMATE ACREAGE
Meadow or Brushland (Non-agricultural)
Forested
Agricultural (Includes orchards, cropland, pasture, etc.)
Wetland (Freshwater or Tidal as per Articles 24. 25 of EeL)
Water Surface Area
Unvegetated (Rock. earth or fill)
Roads, buildings and other paved surfaces
Other (Indicate type) Landscaping
PRESENTLY AFTER COMPLETION
acres acres
0.58 acres acres
acres acres
acres acres
acres acres
0.87 acres acres
acres 1.10 acres
acres 0.35 acres
3. What is predominant soil type(s) on project site?
a. Soil drainage:..K.. Well drained 100 % of site;
Poor drained % of site
b. If any agricultural land is involved, how many acres of soil are classified within soil group
through 4 of the NYS Land Classification System? N/A acres. (See 1 NYCRR 370).
RhB & HaA
_ Moderately well drained _% of site;
2
. \
4. Are there bedrock out!Ping on project site? _Yes
a. What is depth to bedrock? N/A (in feet)
5. Approximate percentage of proposed project site with slopes: --.K. 0-10% 100 %; _ 10-15% %
_ 15% or greater _ %
6. Is project substantiallyeontiguous to" or contain a building, site, or district, listed on the State or the
National Registers of Historic Places.! _ Yes --K. No
7. Is project substantially contiguous to a site listed on the Register of National Natural Landmarks?
_ Yes ----K- No
!tNO
8. What is the depth of the water table? 26 Feet (in feet)
9. Is site located over a primary, principal, or sole source aquifer? ~ Yes No
10.Do hunting, fishing or shell fishing opportunities presently exist in the project area? _ Yes ..JL No
II.Does project site contain any species of plant or animal life that is identified as threatened or
endangered? _ Yes ..JL No According to site inspection
Identify each species
12.Are there any unique or unusual land forms on the project site? (i.e., cliffs, dunes, other geological
formations) Yes X- No Describe
13.1s the project site presently used by the community or neighborhood as an open space or recreation
area? Yes..JL No If yes, explain
14.Does the present site include scenic views known to be important to the community?
_ Yes ~No
15.Streams within or contiguous to project area No
a. Name of Stream and name of River to which it is tributary N/A
16.Lakes, ponds, wetland areas within or contiguous to project area: No
a. Name N/A b. Size (In Acres)
NIA
17.1s the site served by existing public utilities? _ Yes ..JL No 'utilities exist in immediate vicinity
a) If Yes, does sufficient capacity exist to allow connection? _ Yes _ No
b) If Yes, will improvements be necessary to allow connection? _ Yes _ No
18.Is the site located in an agricultural district certified_pursuant to Agriculture and Markets Law, Article
25-AA, Section 303 and304? _Yes X-~o
19.1s the site located in or substantially contiguous to a Critical Environmental Area designated pursuant
to Article 8 of the ECL, and 6 NYCRR 6177 _ Yes ..JL No
20.Has the site ever been used for the disposal of solid or hazardous wastes? Yes ----K-No
B. PROJECT DESCRIPTION
1. Physical dimensions and scale of project (fill in dimensions as appropriate)
a. Total contiguous acreage owned or controlled by project sponsor 1.45 acres.
b. Project acreage to be developed 1.45 acres initially; 1.45 acres ultimately.
c. Project acreage to remain undeveloped --1lLacres.
d. Length of project, in miles: N/A (if appropriate)
e. If the project is an expansion, indicate percent of expansion proposed N/A %
f. Number of off-street parking spaces existing unknown; proposed f,83
g. Maximum vehicular trips generated per hour N/A (upon completion ofproject)?
h. Ifresidential: Number and type of housing units: N/A
One Family Two Family Multiple Family
Condominium
Initially
Ultimately
1. Dimensions (in feet) oflargest proposed structure:~ height; -1L- width; 0 length.
J. Linear feet of frontage along a public thoroughfare project will occupy is? 146 ft. alon!! Main Rd. ft.
3
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.
, \
2. How much natural material (i.e., rock, earth, etc.) will be removed from the site?
o tons/cubic yards.
3. Will disturbed areas be reclaimed? --K- Yes No N/A
a. If yes, for what intended purpose is the site being reclaimed? Landscapinf!/tllrf
b. Will topsoil be stockpiled for reclamation? --.2L Yes No
c. Will upper subsoil be stockpiled for reclamation? --K- Yes No
4. How many acres of vegetation (trees, shrubs, ground covers) will be removed from site? 0.58 acres.
5. Will anv mature forest (over 100 years old) or other locally-important vegetation be removed by this
project? _Yes --.2LNo
6. If single phase project: Anticipated period of construction ,,2-3 months, (including demolition).
7. If multi-phased: N/A
a. Total number of phases anticipated (number).
b. Anticipated date of commencement phase I ~ month _ year (including demolition).
c. Approximate completion date of final phase _ month _ year.
d. Is phase I functionally dependent on subsequent phases? _ Yes No
8. Will blasting occur during construction? Yes --.2L No
9. Number of jobs generated: during construction "'5 ; after project is complete~.
10.Number of jobs eliminated by this project~.
II. Will project require relocation of any projects or facilities?
If yes, explain
Yes
--.2L No
12.1s surface liquid waste disposal involved? _ Yes --.2L No
a. If yes, indicate type of waste (sewage, industrial, etc.) and amount
b. Name of water body into which effluent will be discharged
13.ls subsurface liquid waste disposal involved? _ Yes --K- No Type
14. Will the surface area of an existing water body increase or decrease by proposal?_ Yes --K- No
If yes, explain:
IS.ls project or any portion of project located in a 100 year flood plain? Yes ~ No
16. Will the project generate solid waste? _ Yes ..K. No
a. If yes, what is the amount per month ~ tons.
b. If yes, will an existing solid waste facility be used? _ Yes No
c. If yes, give name location
d. Will any wastes not go into a sewage disposal system or into a sanitary landfill? _ Yes _ No
e. If yes, explain
17.Will the project involve the disposal of solid waste?
a. If yes, what is the anticipated rate of disposal?
b. If yes, what is the anticipated site life?
18. Will project use herbicides or pesticides? _ Yes
Yes ~No
tons/month.
years.
--K- No
19.Will project routinely produce odors (more than one hour per day)?
Yes LNo
20.Will project produce operating noise exceeding the local ambient noise levels?_ Yes -K No
4
21. Will project result in an increase in energy use? --X Yes _ No
If yes, indicate type(s) Electricitv for li!!htinl! /larkin!! lot.
22. If water supply is from wells, indicate pumping capacity NIA
n.Total anticipated water usage per day 0 gallons/day.
"
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gallons/minute.
Yes ~No
24.Does project involve Local, State or Federal funding?
If yes, explain
25.Approvals Required:
City, Town, Village Board
City, Town, Village Planning Board
City, Town Zoning Board
City, County Health Department
Other Local Agencies
State Agencies
Other Regional Agencies
Federal Agencies
X Yes
LYes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
--.K No
--.K No
--.K No
--.K No
X No
X No
Type
FwrdinlI: Pro;ect Imolementation
Site Plan
Submittal Date
Pending
Pendin!!
C. ZONING AND PLANNING INFORMATION
I. Does proposed action involve a planning or zoning decision? ..L Yes No
If yes, indicate decision required:
_zoning amendment _ zoning variance _ special use permit _ subdivision L site plan
_ new/revision of master plan _ resource management plan _ other
2. What is the zoning classification(s) of the site? HB - Hamlet Business
3. What is the maximum potential development of the site if developed as permitted by the present
zonlI~g?
40% covera!!e of lot area with retail/office use, hotel. motel. and/or multifamilv residential use
4. What is the proposed zoning of the site? NIA
5. What is the maximum potential development of the site if developed as permitted by the proposed
zonmg? NIA
6. Is theJJroposed action consistent with the recommended uses in adopted local land use plans?
-1L Yes _No
7. What are the predominant land use!s) and zoning classifications within a 1/4 mile radius of proposed
action? HB. R-80. R-40. LB. AC,: residential. commercial and vacant land
8. Is the proposed action compatible with adjoining/surrounding land uses within a 1/4 mile? -K. Yes
_No
9. If the proposed action is the subdivision ofland, how many lots are proposed? NIA
a. What is the minimum lot size proposed?
10. Will proposed action require any authorization(s) for the formation of sewer or water districts?
_ Yes ..LNo
II. Will the proposed action create a demand for any community provided services (recreation, education,
police, fire protection)? Yes X No
a. If yes, is existing capacity sufficient to handle projected demand? L Yes No
12.Will the proposed action result in the generation of traffic significantly above present levels?
Yes X No
a.J:f yes. is the existing road network adequate to handle the additional traffic? _ Yes _ No
5
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D. INFORMATIONAL DETAILS AND WATER SUPPLY NARRATIVE REQUEST
Attach any additional infoilllation as may be needed to clarify your project. If there are or may be any
adverse impacts associated with your proposal, please discuss such impacts and the measures which
you propose to mIll gate or aVOId them.
1. Provide explanation of existing site use, occupancy, structures, sanitary flow, water use; compare to
proposed use, occupancy, structures, sanitary flow, water use.
2. Indicate the source of water supply, nearest public water main, nearest public well field, and adjacent
private wells (if known).
3. If public water supply is proposed, indicate the ability of the water utility to provide water supply to
the project. Provide letter of water availability or detailed explanation of status of review by water
utility.
4. If private water supply is proposed, indicate the well specifications, water quality based on on-site
water quality data. Provide Suffolk County Department of Health Services approval or detailed
explanation of status of review by agency.
E. VERIFICATION
I certify that the information provided above is true to the best of my knowledge.
e & Voorhis LLC
Date October 7, 2002
Signatur Steven J. McGinn Title Sr. Environmental Analvst
C/fMi-65 iT. /I'(JIVUh5 I'/2JNClPtf?-
If the action is in the Coastal Area, and you are a state agency, complete the Coastal Assessment
Form before proceeding with this assessment.
NELSON, POPE & VOORHIS, LLC
ENVIRONMENTAL-PLANNING-CONSUL TING
572 WALT WHITMAN ROAD
MELVILLE. NY 11747-2188
6
OCT-11-2002' 11:lS
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516 425 1257
P.02/11
.
PART 2. PROJECT IMPACTS AND THEIR MAGNITUDE
Responslblllty 0' Lead Agency
Ganeralln'ormatlon (Read Carefully)
, In completing the form the reviewer should be guided by the question: Have my responses and determinations been
roasonablo? The reviewer is not expeclod to be en oxpert environmental analyst.
The Examples provided are to assist the roviewer by showing types of Impacts and wherever possible tho threshoid of
magnitude that wouid trigger a response in column 2. The examples are generally applicable throughout the Slate and for
most situations. But, for any specific projecl or site other examples and/or lower thresholds may be appropriate for a
Potential Large Impact response, thus requiring evaluation in Part 3.
The Impacts of each project, on each site, in each locality, will vary. Therefore, the examples are iIIustretive and have been
offered as guidance. They do not constitute an exhaustive list of impacts and thresholds to answer each question.
The number of examples per question does not Indicate the Importance of each queslion.
In identifying impacts, consider long term, shorl term and cumulative effects,
Inslrvclions (Read carefully)
a. Answer each of the 20 questions in PART 2. Answer Vas if there will be any Impact.
b. Maybe answers should be considered as Ve. answers.
c. If answering Vea to a quesllon then check the appropriate box(column 1 or 2)to indicate the potemial size of the Impact. if
impact threshold equels or exceeds any example provided, check column 2. If Impact will occur but threshold is lower than
example, check column 1,
d. Identifying that an Impact will be pOlentially large (column 2) does nOI mean that II is also necessarily significant. Any
large Impact must be evaluated in PART 3 to determine signincance. Identifying an impact in column 2 simply asks that it
be looked at further,
e. If reviewer h"" doubt about size of the impact tilen consider the impact as potentially large and proceed to PART 3.
f. If a potentially large impact checked In column 2 can be mitigated by change(s} in the project 10 a small to moderate
impact, also check tile Vas box in column 3. A No response indicates tilat such a reduction is not possible, This must be
explained in Part 3.
Impact on Land
1. Will tile Proposed Action result in a physlcai change to the project
site?
NOG
YES 0
Exampl.... that would apply to column 2
Any construction on slopes of 15% or greater, (15 foot
rise per 100 fool of length), or where the general Slopes
in tile project area exceed 10%.
Construction on land where the depth to the weter table
is les. than 3 feet.
Construetion of paved parking aree for 1,000 or more
vehicles.
Conslruction on land where bedrock is exposed or
generally within 3 feel of existing ground surfaca.
Construetion that will continue for more than 1 year or
involve more than one pilase or stage.
Excavalion for mining purposes that would remove
more than 1.000 tons of natural material (I. a.. rock or
soil) per year.
Page 11 of 21
1
Small to
Moderate
Impact
2
Potential
Large
Impact
3
Can Impact Be
Mitigated by
Project Change
0 0 o Ves ONo
0 0 Dves DNo
0 0 o Ves DNa
0 0 DVes DNo
0 0 o Ves DNo
0 D o Ves DNa
516 425 1257 P.I2I3/11
OCT -11-21211212' 11:18
. .
1 2 3
Small to Poten~el Can Impact Be
MOderale large Mitlgaled by
Impact Impact Project Change
ConstructJon or expansion of a santary landfill. 0 0 DYes DNo
Construclion in a designalad floodway. 0 0 DYes ONO
Othar Impacts: 0 0 DYes ONo
I
2. Will there be an effect 10 any unique or unusual land forms found on
the site? (i.e.. cliffs, dunes, gaological formations, etc.)
0NO DYES
Spaciflc land forms: D 0 Dyes ONO
I j
Impact on Water
3. Will Proposed Action affact any water body designated as prolected?
(Under Articles 15, 24, 25 of Ihe Environmental Conservation Law,
eCL)
I:] NO DYES
ExamplGG thai would apply to column 2 0 0 DYes ONO
Davelopable area of site contains a protected water body.
Dredging mOre than 100 cubic yards of material from channel of 0 0 DYes ONo
a prolected stream,
Extension of ulility distribution facilities Ihrough a protected weter 0 0 DYes ONO
body.
Construction in a designated freshwater or tidal wetland. 0 0 DYes ONo
Other impacts: 0 0 Dyes ONo
I I
4, Will PrOposed Action affect any non-protected existing or new body of
water?
[!JNO DyES
Example. that would apply 10 column 2 0 0 DYes ONO
A 10% Increase or decrease in Ihe surface aree of any body of
water or more than ala acre increase or decrease,
Construction of a body of water that exceeds 10 acres of$urface 0 0 DYes ONo
area.
Other impacts: 0 0 Dyes DNO
, I
Page 12 of21
UCI-11-~~~~' 11:1~
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5. Will Proposed Action affect surface or grcundwater quality or
quantity?
[!]NO DYES
Example. that would apply to column 2
Proposed Action will require a discharge permit.
Proposed Action requires use of a source 01 water that does not
have apprcvallO serva proposed (project) action.
Proposed Action requires water supply from wells with greater
than 45 gallons per minute pumping capacny.
Construction or operation causing any contaminstion of a water
supply system,
Proposed Action will adversely affect groundwater.
Liquid effluent will be conveyed off the site to facilities which
presently do not exist or have inadequate capacity.
Proposed Action would use water In excess of 20.000 gallons
per day.
Proposed Action will likely caUSe siltation or other discharge inlo
an existing body of water to the extent that there will ba 8n
obvious visual contrasllo natural conditions.
Proposed Action will require the storege of petroleum or
chemlcai products greater than 1,100 gallons.
Proposed Action will allow residentiel uses in araas without
water andJor sewer services.
Proposed Action locates commercial endlor Industrial uses
which may require new or expansion of exlsling waste treatment
andlor storage fac/lllies.
Othar impacts:
I
Page 13 of 21
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1
Small to
Moderate
Impact
o
o
o
o
o
o
o
o
o
D
o
o
:>10 4~:> 1~:>'1
2
Potential
Large
Impact
o
o
o
o
o
o
o
o
o
o
o
o
1-'. ~4/11
3
Can Impect Be
Mitigated by
Project Change
OVes DNo
Dyes DNa
DYes DNo
Dves DNa
Dyes ONo
Dves DNo
DYes DNa
Dyes DNa
Dves DNa
DVes DNo
Dves DNo
[]vas 0 No
11: 19 516 425 1257 P.05/11
OCT-11-2002'
. .
1 2 ~
Small to Polen~al Can Impact Be
Moderare Large Mitigated by
Impacl Impact Project Change
6. Will Proposed Action alter drainage flow or patterns, or surface water
runoff?
0NO DVES
Examples that would apply to column 2 0 0 Dves DNo
Proposed Action would change flood water flows
Proposad Action may cause substantial erosion. 0 0 OVes DNo
Proposed Action is incompatible with exisling drainage patterns. 0 0 DVes ONo
Proposed Action will allow devalopment in a daslgnatad 0 0 Dves DNo
f1oodway.
Other impacts: 0 0 Dves DNo
I
IMPACT ON AIR
7. Will Proposad Action affect air quality?
0NO DYES
Examples thet would apply 10 column 2 0 0 Dves DNo
Proposed Action will induce 1,000 or more vehicle trips in any
given hour.
PrOposed Action will result in the Incineration of more than 1 ton 0 0 OVes ONO
of refuse per hour.
Emission rate of tolal contaminants will exceed 5lbs, per hour 0 0 Dves DNa
or a heat source producing more than 10 million BTU's per
hour.
Proposed Action will allow an increase in the amount of land 0 0 OVes ONo
committed to industrial Use.
Pmposed Aetion will allow an Increase In the density of 0 D Dves DNo
industriel development within existing industrial areas.
Other Impacts: 0 D Dves ONo
I
IMPACT ON PlANTS AND ANIMALS
8. Will Proposed Action affect any threatened or endangered species?
0NO DYES
Examplea that would apply to column 2 0 0 Dves DNa
Reduction of one or more species listed on the New Vork or
Fedel'llllist, using the site. over or near
tha site. or found on the site.
Page 14 of 21
11: 19 516 425 1257 P.06/11
OCT -11-2002'
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1 2 3
Small to Potential Can Impact Be
Moderate Large Mitigated by
Impact Impact Project Change
Removal of any portion of a critical or significant wildlife habitat. 0 0 DVes ONO
Application of pesticide or herbicide more than twice a year, 0 0 OVes ONO
olher than for agricultural purposes,
Other impacts: 0 0 Dves ONO
I
9. Will Proposed Action sUbstantially affect non-threatened or non-
endmered speCies?
. NO OVES
Examples that would epply to column 2 0 0 OVes ONO
Proposed Action would subSlantially Interfere with any resident
or migratory fish. shellfish or wildlife species,
Proposed Action requires the removal of more Then 10 acres of 0 D DVes ONO
mature forest (over 100 years of age) or other locally Important
vegetation.
Other impacts: 0 0 DVes ONo
I I
IMPACT ON AGRICULTURAl. LAND RESOURCES
10. Will Proposed Aetlon effect agrtculluralland resources?
III NO DVES
Examples that would apply to column 2 0 D DVes ONO
The Proposed Action would sever. cross or limit access to
agricultural land (Includes cropland, hayfields. pasture, vineyard.
orchard, atc.)
Construction activity would excavate or eompactlhe soil profile of 0 0 Dves ONo
agricultural land.
The Proposed Aetlon would irreversibly convert more than 10 0 0 Dves ONO
acres of agriculturelland or. If located In an Agricultural District,
more than 2.5 acres of agricultural land.
!>age lS of 21
11:1\3 515 425 1257 P.07/11
OCT-11-2002'
. .
i 1 2 3
Small to Potential Can Impact ae
Moderate Large Mitigated by
Impact Impact Project Change
The Propo.ed Action would disrupt or prevenl installation of D 0 DVes DNO
agricultural land management systems (e.g., subsurface drain
lines, outlet ditches, slrlp cropping); or create a need for such
measures (e.g. cause a farm field to drain poorly due to
increased runoff).
Other impacts: 0 0 Dves DNo
I I
IMPACT ON AESTHeTIC RESOURCES
11. Will Proposed Action affect aesthetic resources? (If necessary, use
Ihe Visual EAF Addendum in Section 617.20, Appendi~ e,)
@NO Dves
Examples Ihal would apply 10 column 2 0 0 Dve. ONo
Proposed land use,. or project components obviously different
from or in Sharp contresllo current surrounding land use
pallerns, whether man-made or nalural.
Proposed land uses. or project components visible to users of 0 0 Dves ONO
aesthetic resources which will eliminate or significantly reduce
Iheir enjoyment of the eeslhetic qualitie. of thai resource.
Project components thai will result In Ihe elimlnalian or 0 0 Dves DNo
slgnificanl screening of scenic views known 10 be importanllo
the afea.
Olher impacts: 0 0 Dves ONO
I I
IMPACT ON HISTORIC AND ARCHAEOlOGICAL RESOURCES
12. Will Propo.ed Action impact any .ite or structure or historic,
prehistoric or palaantologlcal importance?
DNO IIlYES
Example. that would apply to Column 2 0 0 Dves DNo
Proposed Action occurring wholly or pertially within or
substanlially contiguous to any facility or sile listed an the State
or National Reglsler of historic places.
MY impact to an archaeological sile or fossil bed located within ffi 0 Dves ffiNO
the project site.
Proposed Action will Occur in an area deslgnaled as aen.itive D 0 Dves DNo
for archaeoJogicel.~as on the NVS Site Inventory.
Page 160121
OCT-11-2002, 11:1~
516 425 1257
P.08/11
.
.
,
1
Small to
Moderate
Impact
2
Potential
Large
Impact
3
Can Impact Be
MItigated by
Project Change
Dves DNo
Other Impacts:
I
D
o
IMPACT ON OPEN SPACE AND RECREAll0N
13. Will proposed Action affect the quantity or quality of existing or future
open spaces or recreational opponuniUes?
m NO DVeS
Examples that would apply to column 2
The permanent foreclosure of a future recreational opponunity,
Other Impacts:
I
IMPACT ON CRITICAL ENVIRONMENTAL AREAS
0 0 OVea ONo
0 0 Dves ONo
0 0 OVes oNO
I
A major reduction of an open space imponent to the community,
14. Will Proposed Action impact !he exceptional or unique
characteristics of a crilical environmental erea (CEA) established
pursuentto subdivision 6NVCRR 617.14(g)?
[!]NO DYES
List the environmental characterisllcs that caused the designation 01
theCEA.
ExampllS that would apply to column 2 0 0 OVes DNo
Proposed Acllon to locete within the CEA?
Proposed Action will result in a reduction in the quanttty of the 0 0 DVes ONo
resource?
Proposed Action will resutt in. reduction in the quality of the 0 0 o VI. ONO
resource?
Proposed Action will impact the use, function or enjoyment of the 0 0 Dves oNo
resource?
Other Impscts: 0 0 Dves oNo
I I
Page 17 of 21
11:2~ 515 425 1257 P.09/11
OCT-11-2002 .
. .
1 1 2 3
Small to Potential Can Impact Be
Moderate large Mrtigatad by
Impact Impact Projecl Change
IMPACT ON TRANSPORTAOON
15. Will there be an effact to existing transportation systems?
E]NO DYES
Examples that would apply to column 2 0 0 DYes DNa
Alteration of present pattems of movement of people and/or
goods.
Proposed Action will result in major traffic problems. 0 0 DYes DNa
Other impacts: 0 0 DYes DNa
I I
IMPACT ON ENERGy
16. Will Proposed Action affect the communrty's sources ofluel or
energy supply?
[!]NO DYES
Examplls thal would apply 10 column 2 D 0 DVes DNa
Proposed Action will cause e greater than 5% Increase in the
usa of any form of enargy in the municipality.
Proposed Aotion will require tha creation or extension of en 0 0 DYes DNa
energy transmission or supply system to sarve more than 50
single or two family residences or to serve a major commercial
or Industrial use.
erther Impacts: 0 0 DYes DNa
,
NOISE AND OOOR IMPACT
17. Will thare be objectionable odors. noisa, or vibration as e result of
the Proposed Aotlon?
[!I NO Dves
Examplls thet would apply to column 2 0 0 Dyes DNa
Blasting wrthln 1,500 feet of a hospilel. school Or other sensitive
facility.
Odors will occur routinely (more than one hour per day). 0 0 DYes DNa
Proposed Action will produce operating noise exceeding the 0 0 Dyes DNa
local ambient noise levels for noise outside of slructures.
Proposed Action will remove natural barriers that would acl as a D 0 Dyes DNa
nOI&8 screen.
flher impacts: D 0 Dyes ONo
Page 18 of21
516 425 1257 P.10/11
OCT-11-2002, 11:2~ .
.
1 1 2 3
Small 10 Poten~al C.n Impact Be
Moderate Large Mitigated by
Impact Impact Projact Change
IMPACT ON PUBLIC HEALTH
18, Will Proposed Action affect public heaith and salety?
[!]NO DYES
Proposed Action may causa a ri.k 01 axplo.ion or reie.... of D D Dyes DNa
hazardous substanc... (i.a. all, pasticldes, chemicals, radiation,
ate,) in the event 01 accident or upset conditions, or thera may be
. chronic low leval dlscharga or emission,
Proposed Action may result In the burial of "hazardous wastes" 0 0 Dyes DNa
in any lorm (i.e. toxic, poisonous, highly rea~ve, radioe~a,
irritating, infectious, etc.)
Storage lacnnies for one milliOn or more gallons 01 liquefied 0 D Dyes DNa
natura' gas or other flammable liquids.
Proposad A~on may result In the excavation or other 0 0 DYes DNa
disturbance within 2,000 feet of a .ite used for the disposal of
solid or hazardous waste.
Other impacts: 0 0 DYes DNo
I I
IMPACT ON GROWTH AND CHARACTER
OF COMMUNI1Y OR NEIGHBORHOOD
19. Will PrOpos..d A~on affect the ch.racter of the eXisting community?
GNO DYES
Examples that would apply to column 2 0 0 DYes DNa
The permanent popula~on of the clly, town or village in which the
projeOl is located Is likely to grow by more than 5%.
The municipal budget for capnBl expendnures or opera~ng 0 0 OVes ONo
services will increase by more than 5% per year as a result of
this project.
Proposed Action will conflict with officialiy adopted plan. or 0 0 Dyes ONo
goals.
Propo.ed Aclion will c.use a change in the density 01 land use. 0 0 DYes DNa
Proposed Action will repiace or eliminata existing facilities, 0 0 DYes DNo
structures or areas of historic importance to the community.
Development will create a demand for additional community 0 0 DYes DNa
services (e.g. schools, police and flre, etc,)
Page 19 of 21
OCT-11-2002, 11:20
.
516 425 1257 P.11/11
.
1 2 3
Small 10 Potential Cen Impact Be
Moderate Lerge Mitigated by
Impact Impact Project Change
0 0 OVes ONO
0 0 DVes DNo
0 0 Dves ONO
Proposed Action will set an Important precedent for future
projects,
Proposed Action will create or eliminate employment.
Other impacts:
I
20. Is there. Or is there likely to be, public controversy related to potential
adverse environment impacts?
EJ NO DVES
If Any Action In Part 2 la Identified as a Potential Large Impact or If you Cannot Determine the Magnitude of
Impact, Proceed to Part 3
Page 20 of 21
TOTAL P. 11
.
Grim.reet Parking Project, Cutchognc
EAF Part I Review
NP&V #02280
"
1N'P&1~
ENVIRONMENTAL ASSESSMENT REVIEW
ENVIRONMENTAL AND PLANNING CONSIDERATIONS
GRIFFING STREET PARKING PROJECT@ CUTCHOGUE
Prepared for:
Greg Yakaboski, Town Attorney
Town of South old
Town Board, Town Hall
53095 Main Road
Southold, New York 11971-0959
Prepared by:
Nelson, Pope & Voorhis, LLC
572 Walt Whitman Road
Melville, New York 11747
Date:
October 7,2002
The Town of Southold Town Board has retained Nelson, Pope & Voorhis, LLC (NP&V) for
consulting services in review of the above referenced project. The proposed action involves the
construction of a 37,900 SF paved parking area and reconstruction of the parking area along
Griffing Street in the Hamlet of Cutchogue. The site is zoned HB - Hamlet Business. The site
currently consists of a dirt parking area located to the east of the stores and vacant wooded land
located to the north and east of the Post Office. This document analyzes the site and area
resources including topography, soils, water, land use, zoning and transportation and other
available information. The site has also been inspected for environmentaVplanning constraints.
Location and Site Overview
The overall project site is 1.45 acres in size and is located on the northeast comer of Main Road
(SR 25) and Griffing Street in Cutchogue, Town of Southold, County of Suffolk. The subject
property can be more particularly described as SCTM number 1000-102-05-3, plo 4 & 9.6. The
site contains a total of 146 feet of frontage on Main Road (SR 25) to the south and 253 feet of
frontage along Griffing Street to the west. The southern portion of the site is currently utilized as
a dirt parking lot for the retail stores located in the southwest comer of the property. The
northern portion of the site which wraps around the north and east sides of the Cutchogue Post
Office is vacant wooded undeveloped land.
Page 1
.
.
Griffing Street Parking Project, Cutchogue
EAF Part I Review
NP&V #02280
Proposed Proiect
The proposed action involves the development of the site into a paved parking lot for the
adjacent retail stores, and the redesign and construction of additional parking spaces along either
side of the initial 150 feet of Griffing Street. Specifically, thirteen (13) new stalls will be created
along Griffing Street and seventy-one (71) stalls will be created in a newly paved parking lot
around the retail stores and post office. A one-way entrance will be located between the retail
stores and the post office and a two-way entrance will be located on the north side of the post
office. The existing access to Main Road from the dirt parking lot will be closed and landscaped
to beautify Main Road. The proposed parking along the east side of Griffing Street will be head
in parking at a 450 angle and the parking along the west side will be parallel parking. The site is
zoned HB Hamlet Business, in which a parking lot is permitted.
Land Use and Zoning
The subject site is zoned HB - Hamlet Business District, which requires a minimum lot size of
20,000 SF, lot coverage of 40% of the lot area, and a minimum 25% landscaped area. Allowed
uses within the HB zoning district include retail, office and service uses, public and semi-public
uses, as well as hotel and motel and multifamily residential development that will support and
enhance mixed-use development and provide a focus for the hamlet area.
The project site is located in an area that contains a mix of commercial, institutional, residential,
and undeveloped vacant land. The dominant land use to the south, east and west consists of
commercial and institutional uses, with residential and vacant undeveloped land located to the
north. There are no residential uses adjacent to the project area.
In the Cutchogue Hamlet area, all parking is located in the rear of the buildings or on the street.
This proposed parking lot would provide adequate parking for the adjacent retail stores as well as
for the other retail stores located in the hamlet area and would help to reduce parking congestion
on Main Road. The elimination of the existing access onto Main Road will enhance the
aesthetics of Main Road as well as reduce the potential for vehicular conflict from exiting
vehicles and the traffic along Main Road.
HB zoning is located immediately to the north, south and east, with R-40 zoning to the northeast
and west. Farther north is HD and R-80 zoning and A-C zoning is present to the south beyond
Main Road. Land use in the general area is predominantly commercial, institutional and vacant
land, with some residential beyond the retail stores on Main Road.
Ecologv and Cultural Resources
The site does not contain wetland vegetation or environmentally sensitive features. Additionally,
the site does not contain any known historically and ecologically significant resources, although
is depicted on the NYS Office of Parks, Recreation and Historic Preservation (NYS OPRHP)
Page 2
".t
. Grimltreet Parking Project, Cntchogne
EAF Part I Review
NP& V #02280
Circles and Squares Map as being located within or adjacent to an area containing multiple site
sensitivity. This review will discuss the proposed project and its potential impact on the sites
environmental resources.
Traffic Generation
The proposed parking lot would not be expected to increase traffic generation as the uses which
the parking will serve already exist. As a result, there is no material change in traffic generation
predicted upon completion of the project as compared to existing conditions. The parking lot
may have benefits in terms of traffic by providing a safe way to relieve traffic from Main Road.
Water Resources
The elevation of groundwater beneath the subject property is approximately 4 feet above msl,
depending on meteorological conditions associated with the water year. The topographic
elevation on the subject property is approximately 30 feet. Therefore, the depth to groundwater
is approximately 26 feet. The direction of groundwater flow is expected to be toward the nearest
surface water south of the site. The depth to groundwater on site is not expected to have
significant constraints on the location of the stormwater drainage system. Adequate drainage
containment systems must be provided in the newly paved parking area in order to prevent future
flood conditions.
Soils and Topographv
The site is relatively flat throughout, with all existing slopes between approximately 0-10%. The
property does not contain any significant landforms or geological features. The Suffolk County
Soil Survey (Warner, 1975) identifies two (2) soil types on the subject site, which consists of
Riverhead and Haven Soils, graded, 0-8% slopes (RhB) and Haven loam, 0 to 2% slopes (HaA).
Riverhead and Haven soils. graded. 0 to 8% slopes (RhB) - This map unit consists of Riverhead
sandy loam. of Haven loam, or of both. These areas have been altered by grading for use as
housing developments, shopping centers, industrial parks and similar non-farm uses.
Haven loam 0-2% slopes (HaA) - This map unit consist of deep, well drained, medium textured
soils that formed in a loamy or silty mantle over stratified coarse sand and gravel. Most of these
areas are on outwash plains; some are on moraines and generally are on top of low-lying hills.
The hazard of erosion is slight and internal drainage is good. Natural fertility is low.
The soils of the site will be provide good drainage for the newly installed stormwater leaching
pools. Adequate drainage in accordance with Town regulations must be provided in the newly
paved parking lot.
Page 3
.
Grim_reet Parking Project, Cutchogue
EAF Part I Review
NP&V #02280
,1
SUMMARY
In conclusion, the proposed action involves the construction of an approximately 37,900 SF
paved parking area and the redesign and construction of parking along the east and west side of
Griffing Street. The site does not appear to contain significant environmental features that would
limit future development, provided adequate drainage and containment of on-site runoff are
achieved. The construction of this parking lot is expected to alleviate parking concerns and
potential traffic problems associated with the downtown area of Cutchogue Village. However,
the following recommendations are provided:
1. Adequate drainage facilities should be designed to contain an appropriate volume of
stormwater runoff in accordance with Town regulations.
2. The project site is in an area generally occupied by existing uses including parking, roads,
a post office and retail stores; however, a portion of the site contains woods and the site is
within an area of multiple archaeological site listings (as is most of the north fork). As a
result, a cultural resources inventory or site disturbance analysis will be performed prior
to physical alteration of the site.
The Town Board may consider this information prior to rendering a SEQR Determination of
Significance. If these issues are satisfactorily addressed, a Negative Declaration may be
appropriate at the Board's discretion. NP&V would be pleased to further review any additional
information and/or provide a recommended Determination of Significance.
Page 4
. .
-~ .
.
.
ELIZABETH A. NEVILLE
TOWN CLERK
REGISTRAR OF VITAL STATISTICS
MARRIAGE OFFICER
RECORDS MANAGEMENT OFFICER
FREEDOM OF INFORMATION OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (631) 765-6145
Telephone (631) 765-1800
southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
October 23, 2002
Charles J. Voohris, CEP AICP
Nelson, Pope & Voohris, LLC
572 Walt Whitman Road
Melville, New York 11747-2188
Dear Mr. Voohris:
The Southold Town Board at their regular meeting held yesterday adopted the
resolution for the negative declaration for the Terp Parking Lot. The environmental assessment
forms were prepared by a member of your staff Steven J. McGinn, Sr. Environmental Analyst.
Please have Mr. McGinn sign the EAS form on page I and the verification line on page 6 and
return to me as soon as possible.
If you have any questions, please call me at 765-1800. Thank you.
Very truly yours,
~o~
Elizabeth A Neville
Southold Town Clerk
Enclosure
cc: Town Board
Town Attorney
l
14-16-2 (2/87)-7 c
.
.
SEQR
\
617.21
Appendix A
State Environmental Quality Review
FULL ENVIRONMENTAL A"SSESSMENT FORM
Purl'ose: The full EAF is desigped to help apglicants and agencies determine, in an orderly manner,
whefher a project or action may be significant. The question of whether an action may be significant is
not always easy to answer. Frequently, there are aspects of a project that are sUDJective or
unmeasureable. It is also understood that those who determine significance may have little or no formal
knowledge of the environment or may be technically expert in envIronmental analysis. In addition, many
who have knowledge in one particular area may not be aware of the broader concern affecting the
questIOn of SIgnIfIcance.
The full EAF is intended to provide a method whereby applicants and agencies can be assured that the
determination l'rocess has been orderly, comprehensive in nature, yet flexible to allow introduction of
mfonnatIon to fit a project or actIOn.
Full EAF Components: The full EAF is comprised oftmee parts.
Part 1: Provides objective data and informatIOn about a given project and its site. By identifying
basic project data, it assists a reviewer in the analysis that takes place m Parts 2 and 3.
Part 2: Focuses on identifying the range of possible impacts that may occur from a project or action.
It provides guidance as to whe1her an impact is likely to 'be considered small to moderate or whether it
is a potentially-large impact. The form arso identifies whether an impact can be mitigated or reduced.
I'art 3: If any impact in Part 2 is identified as potentially-large, then Part 3 is used to evaluate
whether or not the Impact is actually important.
DETERMINATION OF SIGNIFICANCE - TYPE 1 AND UNLISTED ACTIONS
Identify the Portions of EAF completed for this project: X-Part 1 X Part 2 - Part 3
Upon review of the information recorded on this EAF (Parts I and 2 and 3 if appropriatek and anf. other
supportmg mformatlOn, and consldermg both the magnItude and Importance of eac Impac, It is
reasonably determined by the lead agency that:
_A. The prorct will not result in any large and important impact(s) and, therefore, is one which
will no have a significant impact on the environment, therefore a negative declaration will
be prepared.
B. Although the proiect could have a significant effect on the environment, there will not be a
- significant effect or this Unlisted ActIon because the mitigation measures described in PART 3
have been required, therefore a CONDITIONED negative declaration will be prepared.*
_ C. The project may result in one or more lar!;e and important imp'acts that may have a significant
impact on the environment, therefore a \Ios1tive declaration will be prepared.
* A Conditioned Negative Declaration is only valid for Unlisted Actions
Griffinl! Street Parkin I! Proiect
Name of Action
Town of Southold
Name of Lead Agency
Joshua Y. Horton Supervisor, Town of Southold
Print or Type Name of Responsible Officer in Lead Agency Title of Responsible Officer
Signature of Responsible Officer in Lead Agency Signature of Preparer
If different from responsible officer)
10/22/02
Date
. PART I-PROJECTINFORMAT.
\
Prepared by Project Sponsor
NOTICE: This document is designed to assist in determining whether the action proposed may have a
significant effect on the environment. Please complete the entire form, Parts A thfough E. Answers to
these questions will be considered as part of the al?plication for apl?roval and may be subject to further
verification and public review. Provide any adChtional informafion you believe will be needed to
complete Parts 2 and 3.
It is expected that completion of the full EAF will be dependent on information currently available and
will not involve new studies, research or investigation. If information requiring such additional work is
unavailable, so indicate and specify each instance.
NAME OF ACTION
Griffin/! Street Parkin!! Proiect (a) Cutcuho/!ue
LOCATION OF ACTION (Include Street Address, Municipality aud County)
N/E/C Main Road (CR 25) and Griffin/! Street; Cutcho/!ue. Town of Southold
NAME OF APPLICANT/SPONSOR BUSINESS TELEPHONE
Town of South old
ADDRESS
3095 Main Road; P.O. Box 1179
CITY/PO STATE ZIP CODE
Southold New York 11971
NAME OF OWNER (If different) BUSINESS TELEPHONE
Alfred J. Terp
ADDRESS
C/o CutcllO/!ue Pharmacv Main Road
CITY/PO STATE ZIP CODE
Cutcho/!ue New York 11935
DESCRIPTION OF ACTION Tlte proposed action involves tlte construction of a 37,900", SF paved parking lot
and redesign and constrllction afparking on the east and west sides afGriffing Avenue The site;s zoned IIB-
Hamlet Business and currently consists of a dirt parking lot located east of the existing stores and vacant wooded
land. Tlte Town proposes to lease tlte land and cOllstruct tlte parking lot.
Please Complete J;;ach (,!uestlOn - Indicate N.A. if not applicaDle
A. SITE DESCRIPTION
Physical setting of overall project, both developed and undeveloped areas.
1. Present land use: _Urban Industrial _Commercial _Residential (Suburban)
_Rural (non-farm) Forest _Agriculture
~Other vacant wooded land and dirt Darkin/! area
2. Total acreage of project area:
1.45 acres
APPROXIMATE ACREAGE
Meadow or Brushland (Non-agricultural)
Forested
Agricultural (Includes orchards, cropland, pasture, etc.)
Wetland (Freshwater or Tidal as per Articles 24, 25 ofECL)
Water Surface Area
Unvegetated (Rock, earth or fill)
Roads, buildings and other paved surfaces
Other (Indicate type) Landscaping
PRESENTLY AFTER COMPLETION
acres acres
0.58 acres acres
acres acres
acres acres
acres acres
0.87 acres acres
acres 1.10 acres
acres 0.35 acres
R/rB & HaA
_ Moderately well drained _% of site;
3. What is predominant soil type(s) on project site?
a. Soil drainage:L Well drained 100 % of site;
Poor drained % of site
b. If any agricultural land is involved, how many acres of soil
through 4 of the NYS Land Classification System? N/A
are classified within soil group
acres. (See I NYCRR 370).
2
\
4. Are there bedrock out!Ping on project site? Yes Ao
a. What is depth to bedrock? N/A (in fee~
5. Approximate percentage of proposed project site with slopes: X 0-10% 100 %; _ 10-15% %
_15% or greater _ %
6. Is project substantially_contiguous tOA or contain a buildiPE, site, or district, listed on the State or the
National Registers of Historic Places'! _ Yes ---.K... No
7. Is project substantially contiguous to a site listed on the Register of National Natural Landmarks?
_ Yes ---K.... No
8. What is the depth of the water table? 26 Feet (in feet)
9. Is site located over a primary, principal, or sole source aquifer? --K.. Yes No
IO.Do hunting, fishing or shell fishing opportunities presently exist in the project area? _ Yes L No
I 1. Does project site contain any species of plant or
endangered? _ Y cs L No According to
Identify each species
animal life that is identified as threatened or
site insvection
12.Are there any unique or unusual land forms on the project site? (i.e., cliffs, dunes, other geological
formations) Yes ~ No Describe
13.ls the project site presently used by the community or neighborhood as an open space or recreation
area? Yes L No If yes, explain
14.Does the present site include scenic views lmown to be important to the community?
_ Yes --K..No
15.Streams within or contiguous to project area No
a. Name of Stream and name of River to which it is tributary N/A
16.Lakes, ponds, wetland areas within or contiguous to project area: No
a. Name N/A b. Size (In Acres)
N/A
17.ls the site served by existing public utilities? _ Yes L No *utilities exist in immediate vicinity
a) If Yes, does sufficient capacity exist to allow connection? _ Yes _ No
b) If Yes, will improvements be necessary to allow connection? _ Yes _ No
18.ls the site located in an agricultural district certifiedjJursuant to Agriculture and Markets Law, Article
25-AA, Section 303 and 304? _ Yes ~ No
19.1s the site located in or substantially contiguous to a Critical Environmental Area designated pursuant
to Article 8 of the ECL, and 6 NYCRR 6177 _ Yes L No
20.Has the site ever been used for the disposal of solid or hazardous wastes? Yes ---K....No
B. PROJECT DESCRIPTION
1. Physical dimensions and scale of project (fill in dimensions as appropriate)
a. Total contiguous acreage owned or controlled by project sponsor 1.45 acres.
b. Project acreage to be developed 1.45 acres initially; 1.45 acres ultimately.
c. Project acreage to remain undeveloped ~acres.
d. Length of project, in miles: N/A (if appropriate)
e. If the project is an expansion, indicate percent of expansion proposed N/A %
f. Number of off-street parking spaces existing unknown; proposed ",,83
g. Maximum vehicular trips generated per hour N/A (upon completion ofproject)?
h. Ifresidential: Number and type of housing units: N/A
One Family Two Family Multiple Family
Condominium
Initially
Ultimately
1. Dimensions (in feet) of largest proposed structure:~ height; ~ width; 0 length.
J. Linear feet offrontage along a public thoroughfare project will occupy is? 146 fl. alonl! Main Rd. ft.
3
.
.
\
2. How much natural material (i.e., rock, earth, etc.) will be removed from the site?
o tons/cubic yards.
3. Will disturbed areas be reclaimed? ~ Yes No
a. If yes, for what intended purpose is the site being reclaimed?
b. Will topsoil be stockpiled for reclamation? -2L Yes
c. Will upper subsoil be stockpiled for reclamation? ~ Yes
N/A
Landscavinl!/turf
No
No
4. How many acres of vegetation (trees, shrubs, ground covers) will be removed from site? ~ acres.
5. Will anv mature forest (over 100 years old) or other locally-important vegetation be removed by this
project'! _ Yes -2L No
6. If single phase project: Anticipated period of construction ",2-3 months, (including demolition).
7. If multi-phased: N/A
a. Total number of phases anticipated (number).
b. Anticipated date of commencement phase I __ month _ year (including demolition).
c. Approximate completion date of final phase _ month _ year.
d. Is phase 1 functionally dependent on subsequent phases? _ Yes No
8. Will blasting occur during construction? Yes -2L No
9. Number of jobs generated: during construction~; after project is complete----'L-.
10.Number of jobs eliminated by this project~.
II. Will project require relocation of any projects or facilities?
If yes, explain
Yes
-2L No
12.Is surface liquid waste disposal involved? _ Yes -2L No
a. If yes, indicate type of waste (sewage, industrial, etc.) and amount
b. Name of water body into which effluent will be discharged
13.Is subsurface liquid waste disposal involved? _ Yes ~ No Type
14.Will the surface area of an existing water body increase or decrease by proposal?_ Yes ~ No
If yes, explain:
IS.Is project or any portion of project located in a 100 year flood plain?
Yes.-X...... No
16. Will the project generate solid waste? _ Yes ..JL No
a. If yes, what is the amount per month _ tons.
b. If yes, will an existing solid waste facility be used? _ Yes No
c. If yes, give name location
d. Will any wastes not go into a sewage disposal system or into a sanitary landfill? _ Yes _ No
e. If yes, explain
17. Will the project involve the disposal of solid waste?
a. If yes, what is the anticipated rate of disposal?
b. If yes, what is the anticipated site life?
18. Will project use herbicides or pesticides? _ Yes
Yes .-X...... No
tons/month.
years.
X No
19. Will project routinely produce odors (more than one hour per day)?
Yes L No
20.Will project produce operating noise exceeding the local ambient noise levels?_ Yes --2L No
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21.Will project result in an increase in energy use? -X Yes _ No
If yes, indicate type( s) Electricitv for lil!htin,! varkinl! lot.
22. Ifwater supply is from wells, indicate pumping capacity NIA gallons/minute.
23. Total anticipated water usage per day 0 gallons/day.
24.Does project involve Local, State or Federal funding? Yes -L No
If yes, explain
2S.Approvals Required:
City, Town, Village Board
City, Town, Village Planning Board
City, Town Zoning Board
City, County Health Department
Other Local Agencies
State Agencies
Other Regional Agencies
Federal Agencies
,]L Yes
LYes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
XNo
X No
,]LNo
XNo
XNo
,]LNo
Type
FUl1dinf!: Proiect Imvlementation
Site Plan
Submittal Date
Pending
Pendinll
C. ZONING AND PLANNING INFORMATION
I. Does proposed action involve a planning or zoning decision? ~ Yes No
If yes, indicate decision required:
_zoning amendment _ zoning variance _ special use permit _ subdivision L site plan
_ new/revision of master plan _ resource management plan _ other
2. What is the zoning classification(s) of the site? HB - Hamlet Business
3. What is the maximum potential development of the site if developed as permitted by the present
zonmg?
40% coveral!e of/ot area with retail/office use. hotel. motel. and/or multifamilv residelltial use
4. What is the proposed zoning of the site? NIA
5. What is the maximum potential development of the site if developed as permitted by the proposed
zomng? NIA
6. Is the jJroposed action consistent with the recommended uses in adopted local land use plans?
--.2L Yes _ No
7. What are the predominant land use!s) and zoning classifications within a 1/4 mile radius of proposed
action? HB. R-80. R-40. LB. AC.: residential. commercial and vacant land
8. Is the proposed action compatible with adjoining/surrounding land uses within a 1/4 mile? .-AYes
_No
9. If the proposed action is the subdivision of land, how many lots are proposed'! NIA
a. What is the minimum lot size proposed?
10. Will proposed action require any authorization(s) for the formation of sewer or water districts)
_ Yes ~No
II. Will the proposed action create a demand for any community provided services (recreation, education,
police, fire protection)? Yes,]L No
a. If yes, is existing capacity sufficient to handle projected demand? L Yes No
12.Will the proposed action result in the generation of traffic significantly above present levels?
Yes X No
a.if yes, is the existing road network adequate to handle the additional traffic? _ Yes _ No
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D. INFORMATIONAL DETAILS AND WATER SUPPLY NARRATIVE REQUEST
Attach any additional information as may be needed to clarify your project. If there are or may be any
adverse impacts associated with your proposal, please discuss such impacts and the measures which
you propose to mlligate or aVOId them.
I. Provide explanation of existing site use, occupancy, structures, sanitary flow, water use; compare to
proposed use, occupancy, structures, sanitary flow, water use.
2. Indicate the source of water supply, nearest public water main, nearest public well field, and adjacent
private wells (if Imown).
3. If public water supply is proposed, indicate the ability of the water utility to provide water supply to
the project. Provide letter of water availability or detailed explanation of status of review by water
utility.
4. If private water supply is proposed, indicate the well specifications, water quality based on on-site
water quality data. Provide Suffolk County Department of Health Services approval or detailed
explanation of status of review by agency.
E. VERIFICATION
I certify that the information provided above is true to the best of my Imowledge.
Applicant/Sponsor Name Nelson. Pope & Voorhis. LLC
Date October 7. 2002
Signature
Steven J. McGinn Title Sr. Environmental Analvst
If the action is in the Coastal Area, and yon are a state agency, complete the Coastal Assessment
Form before proceeding with this assessment.
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