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HomeMy WebLinkAboutPeconic Recreation Center 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 February 6, 2008 Town of Southold, New York $272,000.00 Amending Serial Bonds for Peconic Recreation Center Our File Designation: (2615/ ) Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr Smith: Regarding the above referenced bond, enclosed find an original affidavit of publication. If there is anything else you require for your files, please contact me at the Town Clerk's office. Very truly yours, Lynda M Bohn Deputy Town Clerk Eric #8687 STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) said Newspaper once a week for 1 24th day of January1 2008, Karen Kine of Mattituck, in said county, being duly sworn, says that 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 __ week(s), successively, commencing on the Sworn to before me this Principal Clerk day of ~008 NOTARY PUBLIC-STATE OF NEW YORK No, 01 -V06105050 Qualified In Suffolk County ~'ommlsslon Expires February 28, 2008 LEGAL NOTICE LEGAL NOTICE The resolution, a summary of which is published herewith,has been adopted on the 15th day of January, 2008, and the validity of ~he obligations autho- rized by such resolution may be here- after contested only if such obligations were authorized for an object or pur- pose for which the Town of Southold, in the Couni7 of Suffolk, New York. is nor 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 ac* tion, 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 tbe con- ELIZABETH A. NEVILLE Town Clerk Exhibit A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CON- STRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATING THE ESTIMAT- ED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AU- THORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FiNANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the construction of improvements to the Peconic Recre- ation Center, at the estimated maximum cost of $272,000. The amount of obligations autho- rized to be issued is $272,000. The period of probable usefulness applicable to the bonds is five (5) years. A complete copy of the Bond Reso lution summarized above shall be avail- able for public inspection during nor- mal business horns at the office of the Town Clerk's Office, 53095 ~ain Road, Southold, New York. 8687-1T 1/24 EI.17.ABETH A. NEV~ J.v. TOWN CLERK I/EGISTRAR 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 CI,ERK TOWN OF SOUTHOLD January 24, 2008 Town of Southold, New York $272,000.00 Amending Serial Bonds for Peconic Recreation Center Our File Designation: (2615/ ) Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr Smith: Regarding the above referenced bond, enclosed find an original Extract of Minutes with certification, a copy of the legal notice that will appear in the Suffolk Times on January 24, 2008 along with an affidavit of posting on the Town Clerk's bulletin board, and a certified resolution. I will forward an affidavit of publication when it becomes available. If there is anything else you require for your files, please contact me at the Town Clerk's office. Very truly yours, Lynda M Bohn Deputy Town Clerk Unc Cc: John Cushman, comptroller EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York January 15, 2008 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 January 15, 2008. There were present: and Board Members: Hon. Scott A. Russell, Supervisor; Councilman William P. Ruland Councilman Vincent M. Orlando Councilman Albert Krupski Justice Louisa P. Evans Jr There were absent: Also present: Councilman Thomas H. Wickham Elizabeth A. Neville, Town Clerk Patricia Finnegan, Town Attomey Councilman William P. Ruland offered the following resolution and moved its adoption: RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JANUARY 15, 2008, AMENDING THE BOND RESOLUTION ADOPTED NOVEMBER 21, 2006 Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $200,000, which amount was appropriated therefor pursuant to the bond resolution adopted by said Town Board on November 21, 2006; and WHEREAS, the estimated maximum cost of said project, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $272,000, and it is necessary and in the public interest to increase the appropriation for such project by $72,000 and to amend said bond resolution to authorize the issuance of bonds in the principal amount of $272,000; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The bond resolution of the Town of Southold duly adopted by the Town Board on November 21,2006, 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," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATiNG THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COLrNTY 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 construct improvements to the Peconic Recreation Center. The estimated maximum cost of said object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $272,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $272,000 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 not to exceed $272,000 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 object or purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12 of the Law, is in excess of five (5) 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. 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 of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that the project described herein is a Type II action pursuant to SEQRA and no further action is required under SEQRA. (d) 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 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 of Section 50.00 and Sections 56.00 to 60.00 and Section 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 the execution of agreements for credit enhancements, 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 a summary of this bond resolution, 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 SUFFOLK TIMES," a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. Exhibit A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZiNG THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATiNG THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATiNG SAID AMOUNT THEREFOR; AND AUTHORIZiNG THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $272,000. The amount of obligations authorized to be issued is $272,000. The period of probable usefulness applicable to the bonds is five (5) years. 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. Section (B) The amendment of the bond resolution set forth in Section (A) of this resolution, shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. The adoption of the foregoing resolution was seconded by Justice Louisa P. Evans and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Scott A. Russell Councilman William P. Ruland Councilman Vincent M. Orlando Councilman Albert Krupski Jr Justice Louisa P. Evans NOES: None The resolution was declared adopted. 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 January 15, 2008, 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 15th day of January, 2008. (SEAL) LEGAL NOTICE The resolution, a summary of which is published herewith, has been adopted on the 15th day of January, 2008, 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 $outhold, 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 Exhibit A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $272,000. The amount of obligations authorized to be issued is $272,000. The period of probable usefulness applicable to the bonds is five (5) years. A complete copy of the Bond Resolution summarized above shall be available Ibr public inspection during normal business hours at the office of the Town Clerk's Office, 53095 Main Road, Southold, New York. STATE OF NEW YORK ) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, Town Clerk of~the Town of Southold, New York being that on the rq q'rq day of..~M/,,~, 2008, she affixed a duly sworn, says notice of which the annexed printed notice is ~f true copy, il4 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 Amendment for Recreation Center Improvements ~]~lizabeth A. Neville - - Southold Town Clerk Sworn before me this ~_ day of~ 2008. '~ {INotary Public LYNDA M. BOHN NOTARY PUBLIC, State of New York No. 01 BO6020932 Qualified in Suffolk County Term Expires March 8, 20 J[ Southold Town Board - Letter Board Meeting of January 15, 2008 RESOLUTION 2008-114 ADOPTED Item # DOC ID: 3532 THIS IS TO CERTIFY THAT THE FOLLOVONG RESOLUTION NO. 2008-114 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON JANUARY 15, 2008: RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JANUARY 15, 2008, AMENDING THE BOND RESOLUTION ADOPTED NOVEMBER 21, 2006 Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $200,000, which amount was appropriated therefor pursuant to the bond resolution adopted by said Town Board on November 21, 2006; and WHEREAS, the estimated maximum cost of said project, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $272,000, and it is necessary and in the public interest to increase the appropriation for such project by $72,000 and to amend said bond resolution to authorize the issuance of bonds in the principal amount of $272,000; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The bond resolution of the Toxvn of Southold duly adopted by the Town Board on November 21, 2006, entitled: "Bond Resolution of the Town of Southold, New York, adopted November 21, 2006, authorizing the construction of improvements Generated January 17, 2008 Page 44 Southold Town Board - Letter Board Meeting of January 15, 2008 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," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE 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 construct improvements to the Peconic Recreation Center. The estimated maximum cost of said object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $272,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $272,000 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 not to exceed $272,000 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. Generated January 17, 2008 Page 45 Southold Town Board - Letter Board Meeting of January 15, 2008 Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the object or purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12 of the Law, is in excess of five (5) 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. 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 of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that the project described herein is a Type II action pursuant to SEQRA and no further action is required under SEQRA. (d) 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 Generated January 17, 2008 Page 46 Southold Town Board - Letter Board Meeting of January 15, 2008 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 of Section 50.00 and Sections 56.00 to 60.00 and Section 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 the execution of agreements for credit enhancements, 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 a summary of this bond resolution, 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 SUFFOLK TIMES," a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. Section (B) The amendment of the bond resolution set forth in Section (A) of this Generated January 17, 2008 Page 47 Southold Town Board - Letter Board Meeting of January 15, 2008 resolution, shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: William Ruland, Councilman SECONDER: Louisa P, Evans, Justice AYES: Ruland, Orlando, Krupski Jr., Evans, Russell ABSENT: Thomas H. Wickham Generated January 17, 2008 Page 48 DELAFIELD &WOOD LLP (212) 820-9662 January 15,2008 Town of Southold, New York $272,000 Amending Serial Bonds for Peconic Recreation Center Our File Designation: (2615/30200) Patricia Finnegan, Esq. Town Attorney Town of Southold 53095 Main Road Southold, New York 11971 Dear Pat: Pursuant to your request, I have prepared and enclose herewith the draft Extract of Minutes of the regular Town Board meeting to be held this evening, showing adoption of the amending 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 full, in the official Town newspaper ("The Suffolk Times ") 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. of the Local Finance Law. Please note that incorporated in the bond resolution is the reference to the determination by the Town Board that the object or purpose is a Type II Action pursuant to the New York State Environmental Quality Review Act ("SEQRA"). 536441.1 030200 RES 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 53644 I. 1 030200 RES EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York January 15, 2008 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 January 15, 2008. There were present: Hon. Scott A. Russell, Supervisor; and Board Members: There were absent: adoption: Also present: Elizabeth A. Neville, Town Clerk Patricia Finnegan, Town Attorney John Cushman, Town Comptroller offered the following resolution and moved its 53644 I. I 030200 RES RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED JANUARY 15, 2008, AMENDING THE BOND RESOLUTION ADOPTED NOVEMBER 21, 2006 Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $200,000, which amount was appropriated therefor pursuant to the bond resolution adopted by said Town Board on November 21, 2006; and WHEREAS, the estimated maximum cost of said project, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $272,000, and it is necessary and in the public interest to increase the appropriation for such project by $72,000 and to amend said bond resolution to authorize the issuance of bonds in the principal amount of $272,000; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The bond resolution of the Town of Southold duly adopted by the Town Board on November 21, 2006, 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 53644 I. 1 030200 RES authorizing the issuance of $200,000 bonds of said Town to finance said appropriation," is hereby amended to read as follows: 536441,1 030200 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N 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 construct improvements to the Peconic Recreation Center. The estimated maximum cost of said object or purpose, including preliminary costs and costs incidental thereto and the financing thereof, is $272,000 and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $272,000 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 not to exceed $272,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance 53644 I. 1 030200 RES 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 object or purpose for which said serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12 of the Law, is in excess of five (5) 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. 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 of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA') has heretofore determined that the project described herein is a Type II action pursuant to SEQRA and no further action is required under SEQRA. (d) 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 536441.1 030200 RES 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 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 of Section 50.00 and Sections 56.00 to 60.00 and Section 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 the execution of agreements for credit enhancements, 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, 536441,1 030200 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 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 a summary of this bond resolution, 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 SUFFOLK TIMES," a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. Section (B) The amendment of the bond resolution set forth in Section (A) of this resolution, shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. 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. 536441.1 030200 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 January 15, 2008, 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. 1N WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this __ day of January, 2008. (SEAL) Town Clerk 536441.1 030200 RES Exhibit A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED NOVEMBER 21, 2006 AND AMENDED JANUARY 15, 2008, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE PECONIC RECREATION CENTER; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $272,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $272,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the construction of improvements to the Peconic Recreation Center, at the estimated maximum cost of $272,000. The amount of obligations authorized to be issued is $272,000. The period of probable usefulness applicable to the bonds is five (5) years. 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. 536441.1 030200 RES (NOTICE TO BE ATTACHED TO AND TO BE PUBLISHED WITH SUMMARY OF RESOLUTION AFTER ADOPTION) NOTICE The resolution, a summary of which is published herewith, has been adopted on the 15th day of January, 2008, 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 536441.1 030200 RES