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HomeMy WebLinkAboutVacuum Drain Cleaner ELIZABETH A. NEVILLE TOWN CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD March 14,2007 Town of Southold, New York $278,000 Serial Bonds for Air Vacuum Drain Cleaner $100,000 Serial Bonds for Excavator $60,000 Serial Bonds for Tractor-Mower $22,500,000 Serial Bonds for Land Preservation (Our File Designation: 2615/ ) Robert P. Smith Hawkins, Delafield & Wood 67 Wall Street New York, NY 10005 Dear Mr. Smith, 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 Enclosed find the certified resolution, original affidavit of publication and Extract of Minutes for each of the above referenced Serial Bonds. Please advise if you require anything else for your files at this time. Encs. Very truly yours, Lynda M Bohn Deputy Town Clerk . . EXTRACT OF MINUTES Meeting of the Town Board of the Town of South old, in the County of Suffolk, New York February 27, 2007 . . . 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, at 4:30 o'clock P.M., on February 27,2007. There were present: Board Members: Hon. Scott A. Russell, Supervisor; and Justice Louisa P. Evans Councilman Thomas H. Wickham Councilman Daniel C. Ross Councilman William P. Edwards Councilman Albert Krupski, Jr. There were absent: None Also present: Elizabeth A. Neville, Town Clerk Patricia Finnegan, Town Attorney . . . Councilman Albert Krupski, Jr. offered the following resolution and moved its adoption: 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 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 the "Town"), is hereby authorized to acquire an air vacuum drain cleaner for use by the Town Highway Department. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $278,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $278,000 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. Any funds received from the United States of America, the State of New York and/or any other source are authorized to be applied towards the cost of said object or purpose or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an offset to the taxes for the payment of the principal of and interest on said bonds or notes. Section 2. Serial bonds of the Town in the principal amount of $278,000 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 the "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 purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 28 of the Law, is fifteen (15) years; however, the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. (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, or for such expenditures made on or before such effective date if the Town Board has made a prior declaration of intent to issue indebtedness therefor. 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 proposed maturity of the bonds authorized by this resolution will not exceed five (5) 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 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 ofthe Law and pursuant to the provisions of Section 21.00 relative to the authorization 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 of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing credit enhancement agreements, 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, or a summary thereof, 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 the foregoing resolution, in summary, in substantially the form set forth in Exhibit "A" attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in the "THE SUFFOLK TIMES," a newspaper having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. * * * The adoption of the foregoing resolution was seconded by Councilman Thomas H. Wickham and duly put to a vote on roll call, which resulted as follows: AYES: Hon. Scott A. Russell, Supervisor Justice Louisa P. Evans Councilman Thomas H. Wickham Councilman Daniel C. Ross Councilman William P. Edwards Councilman Albert Krupski, Jr. . . NOES: None The resolution was declared adopted. ***** Exhibit "A" 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 The object or purpose for which the bonds are authorized is to acquire an air vacuum drain cleaner for use by the Highway Department. The period of usefulness is fifteen (15) years; however, the bonds authorized pursuant to this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. The amount of obligations to be issued is $278,000. 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, Town Hall, 53095 Main Road, Southold, New York. The bond resolution was adopted on February 27,2007. . . 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 Southold duly called and held on February 27, 2007, 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 Southold this 27'h day of February, 2007. (SEAL) cn~..J.dJ Q. !)~.:'J4' Town Clerk #8266 STATE OF NEW YORK) )SS: COUNTY OF SUFFOLK) Candice Schott of Mattituck, in said county, being duly sworn, says that he/she is Principal clerk of THE SUFFOLK TIMES, a weekly newspaper, published at Mattituck, in the Town of Southold, County of Suffolk and State of New York, and that the Notice of which the annexed is a printed copy, has been regularly published in said Newspaper once each week for 1 week(s), successively, commencing on the 8th day of Mar 2007. Principal Clerk Sworn to before me this 2007 CLdaYOf~ CjJl~WsK~-(; [vt f NOTARY PUBLIC-STATE OF NEW YORK No.Ol-Y06105050 Quollfled In Suffolk County Commission Expires February 28. 2008 LEGAL NUl'U:E The ~l a summary of which is published herewith. has been adopted on the 27th day of February, 2007, 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 SOUTHOW, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should bave been complied with as of the date of publication of this Notice were not sub- stantially complied with, and an action, suit or proceeding contesting such valid- ity is commenced within twenty days af. ter the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution; ELIZABETIl A. NEVILLE Town Clerk BOND RESOLUTION OF TIlE TOWN OF SOUTIlOLD, NEW YORK, ADOPTED FEBRUARY 27, 2007, AUTIlORIZING THE ACQUISI- TION OF AN AIR VACUUM DRAIN CLEANER, STATING THE ESTI- MATED MAXIMUM COST THERE- OF IS $278,000, APPROPRIATING' SAID AMOUNT THEREFOR, IN- CLUDING THE EXPENDITURE OF GRANT FUNDS EXPECTED TO BE RECEIVED TO PAY A PART OF SAID APPROPRIATION; AND AU- TIlORIZING THE ISSUANCE OF $278,000 BONDS TO FINANCE TIlE BALANCE OF SAID APPROPRIA- TION The object or purpose: fOT which said bonds are authorized is the acquisition of an air vacuum dnunc1eaner ioruse by the Town Highway Department. The amount of obligations to be is- sued is $278,000. The period of. probable usefulness fifteen (15) yearS; however, the. bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. . A complete copy of the Bond Reso- lution summarized above shall be avail- able for public inspection during normal busiDeIs bours at the office of the Town Clerk, Town Hall, 53095 Main Road, Southold,New York. ]be bOnd resolution is dated Febru- ary 27,2007. BY ORDER OF THE TOWN BOARD OF THE TOWN OF SOUTHOLD, COUNTY OF SUFFOLK, STATE OF NEW YORK Elizabeth A. Neville Soutbold Town Clerk a?M..1T 1Il Town of South old - Letter- Board I:ting of February 27, 2007 RESOLUTION 2007-232 ADOPTED Item # 28 DOC ID: 2650 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2007-232 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON FEBRUARY 27, 2007: 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 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 the "Town"), is hereby authorized to acquire an air vacuum drain cleaner for use by the Town Highway Department. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $278,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $278,000 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. Any funds received from the United States of America, the State of New York and/or any other source are authorized to be applied towards the cost of said object or purpose or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an offset to the taxes for the payment of the principal of and interest on said bonds or notes. Section 2. Serial bonds of the Town in the principal amount of $278,000 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 the "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 purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 28 of the Law, is fifteen (15) years; however, the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. Generated March I, 2007 Page 38 Town of Southold - Letter. Board ~ting of February 27, 2007 (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, or for such expenditures made on or before such effective date if the Town Board has made a prior declaration of intent to issue indebtedness therefor. 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 proposed maturity of the bonds authorized by this resolution will not exceed five (5) 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 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 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 of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing credit enhancement agreements, 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, or a summary thereof, 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. Generated March I, 2007 Page 39 Town of Southold - Letter. Board feting of February 27, 2007 Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in summary, in substantially the form set forth in Exhibit "A" attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in the "THE SUFFOLK TIMES," a newspaper having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. aa"~,a~-.:p.. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Albert Krupski Jr., Councilman SECONDER: William P. Edwards, Councilman AYES: Evans, Wickham, Ross, Edwards, Russell, Krupski Jr. Generated March I, 2007 Page 40 . . LEGAL NOTICE The resolution, a swnmary of which is published herewith, has been adopted on the 27th day of February, 2007, 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 ofthe constitution. ELIZABETH A. NEVILLE Town Clerk 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 The object or purpose for which said bonds are authorized is the acquisition of an air vacuum drain cleaner for use by the Town Highway Department. The amount of obligations to be issued is $278,000. The period of probable usefulness fifteen (15) years; however, the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. 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, Town Hall, 53095 Main Road, Southold, New York. The bond resolution is dated February 27, 2007. 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 MARCH 8, 2007 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 Comptroller Highway Town Clerk's Bulletin Board Town Attorney Bond Counsel . . STATE OF NEW YORK) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, Town Clerk of the Town of South old, New York being duly sworn, says that on the -2- day of yY)~ ,2007, 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 South old, Suffolk County, New York, to wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York. ACQUISITION OF AN AIR VACUUM DRAIN CLEANER ~h/41.Qu~~1ij lizabeth A. NeVI Ie Southold Town Clerk Sworn before me this ~"YOf ~'~OO7 ~PUbliC LYNDA M. BDHN NOTARY PUBLIC. State of New York No. 01 B06020932 Qualified in Suffolk County Term Expires March 6, 20 l.L . . (212) 820-9662 February 21,2007 Town of Southold, New York $excavator Serial Bonds for Air Vacuum Drain Cleaner (Our File Designation: 2615/ ) John Cushman Town Comptroller Town of South old 53095 Main Road Southold, New York 11971 Dear John: Pursuant to your request, I have prepared and enclose herewith the draft Extract of Minutes of the regular Town Board meeting to be held on February 27th, showing adoption of the bond resolution authorizing the above bonds and authorizing and directing the publication of a summary of such bond resolution together with the statutory form of notice. Please note that the bond resolution is to be adopted by at least a two-thirds vote of the entire Town Board membership. An extra copy of the summary of the bond resolution with the prescribed form of the Town Clerk's statutory notice affixed in readiness for publication in the official Town newspaper designated in the bond resolution is also enclosed. As you know, publication of the summary of the bond resolution with the prescribed form of Town Clerk's notice, commences a 20-day statute of limitations pursuant to the provisions of Section 80.00 et seq. ofthe Local Finance Law. Please obtain and forward to me a certified copy of the Extract of Minutes and an original Affidavit of Publication with respect to the summary of the bond resolution. With best regards, I am Very truly yours, Robert P. Smith RPS/ml Enclosures 517954.1001098 RES . . ; EXTRACT OF MINUTES Meeting ofthe Town Board of the Town of Southold, in the County of Suffolk, New York February 27,2007 * * * 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, at o'clock P.M., on February 27, 2007. There were present: Hon. Scott A. Russell, Supervisor; and Board Members: There were absent: Also present: Elizabeth A. Neville, Town Clerk Patricia Finnegan, Town Attorney John A. Cushman, Town Comptroller * * * nffprpn t'hp f(l11rnv1no ff-''<"hlt1011 ::Inn moved 1t~ adoption: 517954.1001098 RES . . 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 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 the "Town"), is hereby authorized to acquire an air vacuum drain cleaner for use by the Town Highway Department. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $278,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $278,000 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. Any funds received from the United States of America, the State of New York and/or any other source are authorized to be applied towards the cost of said object or purpose or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an offset to the taxes for the payment of the principal of and interest on said bonds or notes. 517954.1 001098 RES . . Section 2. Serial bonds of the Town in the principal amount of $278,000 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 the "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 purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 28 of the Law, is fifteen (15) years; however, the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. (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, or for such expenditures made on or before such effective date if the Town Board has made a prior declaration of intent to issue indebtedness therefor. 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 proposed maturity of the bonds authorized by this resolution will not exceed five (5) 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 517954.1001098 RES . . 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 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 of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing credit enhancement agreements, are hereby delegated to the Supervisor, the chief fiscal officer ofthe 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 shonld be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with, 517954.1 001098 RES . . 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 III 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 the foregoing resolution, in summary, in substantially the form set forth in Exhibit "A" attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in the "THE SUFFOLK TIMES," a newspaper having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. * * * 517954.1001098 RES . . The adoption of the foregoing resolution was seconded by and duly put to a vote on roll call, which resulted as follows: AYES: NOES: The resolution was declared adopted. ............................................................................... Exhibit "A" 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 The object or purpose for which the bonds are authorized is to acquire an air vacuum drain cleaner for use by the Highway Department. The period of usefulness is fifteen (15) years; however, the bonds authorized pursuant to this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. The amount of obligations to be issued is $278,000. 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, Town Hall, 53095 Main Road, Southold, New York. The bond resolution was adopted on February 27,2007. 517954.1001098 RES . . 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 Southold duly called and held on February 27, 2007, 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 Southold this _ day of February, 2007. (SEAL) Town Clerk 517954.1 001098 RES . . (NOTICE TO BE ATTACHED TO AND TO BE PUBLISHED WITH RESOLUTION AFTER ADOPTION) NOTICE The resolution, a summary of which is published herewith, has been adopted on the 27th day of February, 2007, 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 oflaw 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 ofthe constitution. ELIZABETH A. NEVILLE Town Clerk 517954.1 001098 RES . . 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 The object or purpose for which said bonds are authorized is the acquisition of an air vacuum drain cleaner for use by the Town Highway Department. The amount of obligations to be issued is $278,000. The period of probable usefulness fifteen (15) years; however, the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes. 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, Town Hall, 53095 Main Road, Southold, New York. The bond resolution is dated February 27,2007. 517954.1001098 RES