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HomeMy WebLinkAboutOpen Space 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 August 27, 2008 Town of Southold, New York $4,000,000 Serial Bonds for Land Preservation (Our File Designation: 2615/30898) Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: I have enclosed herewith a copy of the legal notice of adoption, an affidavit of publication of the adoption, and a certified copy of the certificate of no petition of the above referenced bond. Please do not hesitate to contact me if you need anything else for your files. Enc Town Attorney Sincerely, Lynda M Rudder Deputy Town Clerk FJ J~ABETH A. TOWN CLEP~ REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MA~AGEME~ OFFICER FREEDOM OF INFORMATION OFFICER OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork, net December 10, 2007 Town of Southold, New York $4,000,000 Serial Bonds for Land Preservation (Our File Designation: 2615/30898) Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: I have enclosed herewith a copy of the notice that is on the Town Clerk's Bulletin board and in the Suffolk Times, a certified translation of the proposition for the Board of Elections, an affidavit of publication from both the Suffolk Times and Newsday. The Affidavits of publication of adoption will follow when received. Please do not hesitate to contact me if you need anything else for your files. Sincerely, Lynda M Bohn Deputy Town Clerk enc LEGAL NOTICE NOTICE OF ADOPTION The resolution, a summary of which is published herewith has been adopted on August 28, 2007, and a Proposition therefor has been approved by a majority of the qualified voters of the Town voting thereon at the Biennial Town Election held on November 6, 2007. 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 date of publication of this notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk Town of Southold BOND RESOEUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH iNTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION; STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM Object or purpose: acquisition of interests or rights in agriculttlral land, Error! Unknown document property name. including, but not limited to, development rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources and the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land. Amount of obligations to be issued: $4,000,000 Period of probable usefulness: thirty (30) 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, Town Hall, 53095 Main Road, Southold, New York. Dated: August 28, 2007 Southold, New York ELIZABETH A. NEVILLE Town Clerk PLEASE PUBLISH ON DECEMBER 13, 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 Land Preservation Town Clerk's Bulletin Board Town Attorney Bond Counsel Error! Unknown document property name. ~I[RTIFICATE OF CLERK I, Linda J. Cooper, Deputy Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY as follows: That a resolution of the Town Board of the Town of Southold, in the County of Suftblk, State of New York, entitled: "Bond Resolution of the Town of Southold, New York, adopted February 27, 2007, authorizing the acquisition of interests or rights in real property, including, but not limited to, development rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural resources, provided, however, that no such interests or rights in real property shall be acquired until alt relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared, stating the estimated maximum cost thereof is $22,500,000, appropriating said amount therefor, authorizing the issuance of $22,500,000 serial bonds of said Town to finance said appropriation and stating that land installment purchase obligations are authorized to be issued pursuant to this Bond Resolution," was adopted February 27, 2007, and that the notice setting forth the date of adoption of the resolution and containing an abstract of said resolution which concisely stated the purpose and effect thereof, was duly posted and published as required by law. That no petition signed and acknowledged by the electors of the Town protesting against said resolution and requesting that said resolution be submitted to the electors of the Town for their approval or disapproval has been filed with the Town Clerk within thirty days after the date of the adoption thereof, or at any other time since said adoption. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 2nd day of May, 2008. (SEAL) Deputy To/wn Clerk #8639 STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) 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 said Newspaper once each week for 1__ week(s), successively, commencing on the 13th day of December, 2007.  //'~ ~1 Clerk Sworn to before me this ~ dayof /~ '~i_~..l ~ 2008 LEGAL NOTICE ION The resolution, a summary of which is pt~blished herewith has been adopted on August 28, 2(}{)7. and a Proposition there- for has been approved by a majority of the qualified voters of the Town voting thereon at the Biennial Town Election held on November 6, 2007. 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 date of pub lication of this notice, or such obligations PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS I SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONIVIENTAL QUAL- COMPLIED WITH AND A FINAL DECLARATION AS TO ENVI- RONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAX1MUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHER- WISE TRANSFER SUCH INTER- ESTS OR RIGHTS IN AGRICUL- TURAL LANDS HEREINAFTER ACOUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACOUIRED AGRICULTURAL LANDS: APPROPRIATING SAiD AMOUNTTHEREFOR;AUTHORIZ- lNG THE ISSUANCE OF $4.000~000 SERIAL nON DS OF SAID '/OWN TO FINANCE SA1D APPROPRIATION: STATING THAT LAND INSTALL- MENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE iSSUED PURSUANT TO THIS BOND RESO- LUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDA- TORY REFERENDUM Object or purpose: acquisition of in- terests or rights in agricultural land. in- cluding, but not limited to, development rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources and the right to sell, lease, alienate or otherwise transfer such Clerk, Town Hall, 53095 Main Road, Southold, New York. Southold, New York ELIZABETH A. NEVILLE ~ ITY REVIEW ACT HAVE BEEN Town_Clerk. 8~639-1T 12/13 CHRISTINA VOLINSKI ,IOTARY PUBLIC-STATE OF NEW YORK NO. 01.V06105050 Qualified in Suffolk County ~!¥ commission Expires Eobruoty 28, 2012 #8566 STATE OF NEW YORK) ) SS: COUNTY OF SUFFOLK) Dina MacDonald 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.p~ th9.._.25TM day of October, 2007. _ Principal Cle'F~ Sworn to before me this 2007 I. EGALS... From page lOB LEGAL NOTICE TOWN OF SOUTHOLD, NEW YORK NOTICE OF SUBMISSION OF A PROPOSmON AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007 NOT1CE IS HEREBY G1VEN that pursuant to the resolution duly adopt- ed by the Town Board of the Town of Southold, in the County of Suffolk, New York on August 28, 2007, a Proposition shall be submitted to the qualified vot- ers present and voting at the Biennial Town Election to be held on November 6, 2007 in the Town of Soutbold. Such Biemfial Town Election shall be con dueled at the time and places and in ac- cordance with procedures determined pursuant to applicable law and by the Suffolk County Board of Elections. Such Proposition shall be in substan- tially the following form: PROPOSITION SHALL THE RESOLUTION EN- TITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007. authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State En vironmental Quality Review Act have been complied with and a final decla ration as to environmental impact has been duly declared; stating the estimat- ed maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or other- wise transfer such interests or rights in agricultural lands hereinafter acquired pursuant herelo and to provide financ ing for thc preparation of plans and specifications and other studies relative to the development and use of the ac- quired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation: stating that land installment purchase obligations are authorized to be issued pursuanl to this bond resolution: and determining that this bond resolution shall be subject to a mandatory referen- dum,'' BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING pursuant to Sec- tion 247 of the New York Genera] Mu nicipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 24T'), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; such acquisition of inter- ests or rights in agricultural land located throughout the Town must be found,de- termined and deemed to be necessary, in the public interest and a proper pub- lic purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Sec- tion 247; in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financ- ing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, ]ease, alienate or other- wise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, con- ditions and restrictions as may be de- termined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247: pursuant to §617,5(c) 21 and 27 of thc New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agen- cy. to be a Type Il action requiring no further action pursuant to SEQRA.pro vide& however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken here under; the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007; SECOND: STATING that the Town Board finds, determines and deems the acquisition of interests or rights in ag ricultural land throughout the Town for such purposes to be in the public inter- est and a proper pubhc purpose of the Town in accordance with the findings and determinations of the New York State Legislature;AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other con- tractual right necessary to achieve the purposes of Section 247, in various pa~ eels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic re- sources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, includ- ing incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and de terminations set forth in Section 247; provided, however, that no such right. including thc fee or any lesser interest. development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provi- sions of the Stale Environmental Qual- ity Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and decla- ration; FURTHER AUTHORIZING the Town to retain the right to sell, lease, alienate or otherwise transfer such inter- ests or rights in agricultural land herein- after acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; STATING the estimated maximum cost thereof is $4,000,000; APPROPRIATING $4,000,000 to pay said cost; and STAT- lNG the plan of financing includes the issuance of $4,000,000 serial bonds of the Town and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issu- ance of $4,000,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; FOURTH: DETERMINING and STATING the period of probable use- fulness applicable to the class of objects or purposes for which said bonds are au- thorized to be issued is lhir ty (30) years; that all or a portion of such indebted- ness may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for ex- penditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds or land installment purchase obli gafions and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their pay ment lhe faith and credit of the Town; SIXTH: DELEGATING to the Su- pervisor the powers and duties as to the issuance of said bonds and any bond an ficipation notes issued in anticipation of said bonds, or the renewals thereof and any land installment purchase obliga- tions; and SEVENTH: DETERMINING that a Proposition for the approval or disap- proval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007 and that this bond resolution shall take effect upon such approval Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in sub- stantially the following form: PROPOSITION YES NO SHALL THE RESOLUTION EN- TITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State En- vironmental Quality Review Act have been complied with and a final decla- ration as to environmental impact has been duly declared; stating the estimat- ed maximum cost thereof is $4,000,1310; further authorizing the Town to reserve the right to sell, lease, alienate or other- wise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financ lng for the preparation of plans and specifications and other studies relative to the development and use of the ac- quired agricultural lands; appropriating said amount therefor: authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation~ stating lhat land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be sufiject to a mandatory referen- dum.'' BE APPROVED? Dated: August 28, 20fi7 By order of the Town Board E£1ZABETH A. NEVILLE Town Clerk 8566 1T 10/25 Legal Notice 15478168 lNG theT~w to acquire by pur- ~ural I a noPs shall be so acquired five(§ ars: F~F~r~ DETERMINING thai ~x~nd resolution s~r~ll be submit- pr o',~ deCl. howeveL t~at no Such ma~ed maximum cos[athereof is NEWSDAY PROOF Customer:TOWflOFS0UTHOLD Contact: LYNDAM. DOHN Phone:6317651800 Ad Number: 15478168 Start Date:10/25/2007 End Date: 10/25/2007 Times: 1 Price:S1196.29 Size:3x116 Section:CL Class: 11100 Printed By: Date: 10/19/2007 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 18, 2007 Town of Southold, New York $4,000,000 Serial Bonds for Land Preservation (Our File Designation: 2615/30898) Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: I have enclosed herewith a certified copy of the notice that is on the Town Clerk's Bulletin board and in both newspapers, two certified resolutions and the Extract of Minutes. Affidavits of publication will follow when received. Please do not hesitate to contact me if you need anything else for your files. Sincerely, Lynda M Bohn Deputy Town Clerk enc Page 1 of 1 Bohn, Lynda From: Sullivan, Kathy [Kathy. Sullivan@newsday.corn] on behalf of ND-Legaladv [legaladv@newsday.com] Sent: Thursday, October 18, 2007 9:43 AM To: Bohn, Lynda Subject: RE: for publication in 10/2§/07 edition Your ad has been received and will be process within the next few days. Kathy Newsday Legal Advertising From: Bohn, Lynda [mailto:Lynda. Bohn@town.southold.ny.us] Sent: Tuesday, October 16, 2007 9:47 AM To: ~IAWEBER@T[HESREVTEW.COM; ND-Legaladv Subject: for publication in 10/25/07 edition Please publish the Attached in the 10/25/07 edition of your Newspaper. Lynda M Bohn Lynda M Bohn Deputy Southold Town Clerk Principal Account Clerk 613-765-1800 ext 265 10/18/2007 TOWN OF SOUTHOLD, NEW YORK NOTICE OF SUBMISSION OF A PROPOSITION AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007 NOTICE IS HEREBY GIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Southold, in the County of Suffolk, New York on August 28, 2007, a Proposition shall be submitted to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007 in the Town of Southold. Such Biennial Town Election shall be conducted at the time and places and in accordance with procedures determined pursuant to applicable law and by the Suffolk County Board of Elections. Such Proposition shall be in substantially the following form: PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007; SECOND: STATING that the Town Board finds, determines and deems the acquisition of interests or rights in agricultural land throughout the Town for such purposes to be in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature; AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration; FURTHER AUTHORIZING the Town to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; STATING the estimated maximum cost thereof is $4,000,000; APPROPRIATING $4,000,000 to pay said cost; and STAT1NG the plan of financing includes the issuance of $4,000,000 serial bonds of the Town and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $4,000,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; FOURTH: DETERMINING and STATING the period of probable usefulness applicable to the class of objects or purposes for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such indebtedness may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds or land installment purchase obligations and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof and any land installment purchase obligations; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007 and that this bond resolution shall take effect upon such approval. Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in substantially the following form: PROPOSITION YES NO SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? By order of the Town Board Dated: August 28, 2007 ELIZABETH A. NEVILLE Town Clerk PLEASE PUBLISH ON October 25, 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 Land Preservation Town Clerk's Bulletin Board Town Attorney Bond Counsel STATE OF NEW YORK ) :SS: COUNTY OF SUFFOLK ) ELIZABETH A. NEVILLE, being duly sworn, deposes and says: That she is and at all times hereinafter mentioned she was the duly elected, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, State of New York; That on(~"~_, 2007, she has caused to be conspicuously posted and fastened up on the sign board of the Town maintained pursuant to Subdivision 6 of Section 30 of the Town Law, a copy of the Notice regarding submission of a Proposition at the Biennial Town Election held on November 6, 2007 setting forth the Proposition submitted to the qualified voters of the Town at such election together with an abstract of the bond resolution duly adopted by the Town Board on August 28, 2007 for the approval or disapproval of which such Proposition is to be submitted, a copy of which Notice is annexed hereto and made a part hereof. ~gElizabeth A. Neville, Town Clerk Town of Southold Subscribed and sworn to before me this ~ day of C)t2~-, 2Ql~ ~ Notar)g Public, State of New York LYNDA M, BOHN NOTARY PUBLIC, State of New York No. 01 BO6020932 (3ualified in Suffolk Coun~ Term Expires March 8, 20 ~ Error! Unknown document property name. Bohn, Lynda From: Sent: To: Subject: JOAN ANN [jaweber@timesreview.com] Tuesday, October 16, 2007 10:03 AM Bohn, Lynda Read: for publication in 10/25/07 edition A'CI-514926.txt (269 8) This is a receipt for the mail you sent to <JAWEBEF~TIMESREV[EW.COM>; <legaladv@newsday.com> at 10/16/2007 9:47 AM This receipt verifies that the message has been displayed on the recipient's computer at 10/16/2007 10:02 Southold Town Board - Letter Board Meetin~ of August 28, 2007 RESOLUTION 2007-715 ADOPTED Item # 22 DOC ID: 3141 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2007-715 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 28, 2007: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH INTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION; STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM. Recitals WHEREAS, pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247'), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; and Generated August 30, 2007 Page 33 Bo~Meeting of August 28, 2007 Southold Town Board WHEREAS, such acquisition of interests or fights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or ;>therwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and Other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA."), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; and WHEREAS, the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007. Now, therefore 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 three- fifths of all the members of said Town Board) AS FOLLOWS: Generated August 30, 2007 Page 34 Southold Town Board - Letter Board Meeting of August 28, 2007 Section 1. The Town Board hereby finds, determines and deems the acquisition of interests or rights in agricultural land located throughout the Town for the preservation of open spaces and areas and the maintenance and enhancement of the conservation of natural or scenic resources to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature as set forth in Section 247. Section 2. The Town is hereby authorized to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto; provided, however, that no such right, including the fee or any lesser interest, or development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of SEQRA have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration with respect to the specific project to be undertaken hereunder. The Town is further authorized to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $4,000,000, and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $4,000,000 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. Generated August 30, 2007 Page 35 Southold Town Board - ~l~er Bo~Meeting of August 28, 2007 Section 3. Serial bonds of the Town in the principal amount of $4,000,000 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 4. The following additional matters are hereby determined, stated and declared: (a) The period of probable usefulness of said class of objects or purposes, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. of the Law, is thirty (30) years. (b) All or a portion of the indebtedness to be contracted by the Town for the purpose of financing the acquisition of such interests or rights in agricultural land may be issued in the form of a land installment purchase obligation or obligations pursuant to the provisions of Section 29.10 of the Law; any portion of said estimated maximum cost that is not financed by the issuance of a land installment obligation or obligations may be financed through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) 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 or purposes 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. (d) The proposed maturity of said $4,000,000 serial bonds will exceed five (5) years. Section 5. Each of the bonds and any land installment purchase obligation 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, land installment obligations, 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 Generated August 30, 2007 Page 36 Southold Town Board - Letter Board Meeting of August 28, 2007 and interest on said bonds, land installment purchase obligations 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, land installment obligations, and any notes in anticipation of said bonds, to mature in such year and (b) the payment of interest to be due and payable in such year. Section 6. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the issuance of bonds with substantially level or declining annual debt service, Section 29.10 relative to the issuance of land installment purchase obligations and of Section 30.00 relative to the issuance of bond anticipation notes and of Sections 50.00, 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 and land installment purchase obligations 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 contracts for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 7. 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 8. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the qualified voters of the Town at the Biennial Town Generated August 30, 2007 Page 37 BotMeeting of August 28, 2007 Southold Town Board[ - ~[er Election to be held on November 6, 2007, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIIqOUS] HOVER: Thomas H. Wickham, Councilman SECONDER: Albert Krupski .Ir., Councilman AYES: Krupski .Ir., Edwards, Ross, Wickham, Russell ABSENT: Louisa P. Evans Generated August 30, 2007 Page 38 Southold Town Board - Letter Board Meeting of August 28, 2007 RESOLUTION 2007-716 ADOPTED Item # 23 DOC ID: 3142 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2007-716 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 28, 2007: A RESOLUTION DETERMINING AND SPECIFYING THAT A PROPOSITION RELATING TO THE ACQUISITION OF AGRICULTURAL LAND, THE FINANCING THEREOF, THE SALE, LEASE OR TRANSFER OF SUCH AGRICULTURAL LAND AND THE PREPARATION OF PLANS AND SPECIFICATIONS AND STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE AGRICULTURAL LAND, SHALL BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007. Recitals WHEREAS, continuing development within the Town of Southold has demonstrated a compelling need to acquire agricultural land for open space in the Town to enhance the general quality of life and the environment of the Town, and thereby benefit the residents and taxpayers of the Town; and WllEREAS, New York State General Municipal Law §247 recognizes the value of agricultural lands and the need to preserve such land and, moreover, specifically empowers municipalities with the authority to acquire agricultural land to preserve such land as open space; and WHEREAS, if existing agricultural lands are to be preserved, protected and maintained, the Town must develop a cogent mechanism creating the capacity to (i) efficiently acquire agricultural land, including the fee or any lesser interest, or development right, easement, covenant or other contractual right, for the preservation of open space as the need arises and opportunities are identified and (ii) retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide Generated August 30, 2007 Page 39 Southold Town Board - Bo~VIeeting of August 28, 2007 financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), this action is and has been determined by the Town Board to be a Type II action requiring no further action pursuant to SEQRA; provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable SEQRA provisions have been complied with and a final declaration as to environmental impact has been duly determined by the entity duly authorized to make such declaration and determination with respect to the specific project to be undertaken hereunder. NOW, THEREFORE, THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold, in the County of Suffolk, New York (hereinafter called the "Town"), to be held on November 6, 2007, the Proposition referred to in Section 2 hereof shall be submitted to the qualified voters and shall be included in the Notice of such Election. Section 2. The Town Clerk is hereby authorized and directed to give notice of submission of such Proposition at the Biennial Town Election (a) by publishing, at least ten (10) days prior to such Biennial Town Election, a Notice thereof in form and substance as hereinafter set forth, at least once in "SUFFOLK TIMES" and "NEWSDAY," two newspapers having general circulation in the Town, and hereby designated the official newspapers of the Town for such publication, and (b) by posting, at least ten (10) days prior to such Special Town Election, on the sign-board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law. Said Notice shall be in substantially the following form: TOWN OF SOUTHOLD. NEW YORK NOTICE OF SUBMISSION OF A PROPOSITION AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007 Generated August 30, 2007 Page 40 Southold Town Board - Letter Board Meeting of August 28, 2007 NOTICE IS HEREBY GIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Southold, in the County of Suffolk, New York on August 28, 2007, a Proposition shall be submitted to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007 in the Town of Southold. Such Biennial Town Election shall be conducted at the time and places and in accordance with procedures determined pursuant to applicable law and by the Suffolk County Board of Elections. Such Proposition shall be in substantially the following form: PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment pumhase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECIT1NG pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and Generated August 30, 2007 Page 41 Southold Town Board - ~[er Bo~IVleeting of August 28, 2007 ' determinations of the State Legislature as set forth in Section 247; in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007; SECOND: STATING that the Town Board finds, determines and deems the acquisition of interests or rights in agricultural land throughout the Town for such purposes to be in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature; AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable Generated August 30, 2007 Page 42 Southold Town Board - Letter Board Meeting of August 28, 2007 provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration; FURTHER AUTHORIZING the Town to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; STATING the estimated maximum cost thereof is $4,000,000; APPROPRIATING $4,000,000 to pay said cost; and STAT1NG the plan of financing includes the issuance of $4,000,000 serial bonds of the Town and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $4,000,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; FOURTH: DETERMINING and STATING the period of probable usefulness applicable to the class of objects or purposes for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such indebtedness may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; Generated August 30, 2007 Page 43 Southold Town Board - Bo~Meeting of August 28, 2007 FIFTH: DETERMINING that said bonds or land installment purchase obligations and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof and any land installment purchase obligations; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007 and that this bond resolution shall take effect upon such approval. Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in substantially the following form: PROPOSITION YES NO SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the developrnent and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? Generated August 30, 2007 Page 44 Southold Town Board - Letter Board Meeting of August 28, 2007 By order of the Town Board Dated: August 28, 2007 Section 3. In addition to the foregoing, the Town Board hereby authorizes and directs the Town Clerk to do the following: (a) To cause a certified copy of this resolution to be forwarded to the Suffolk County Planning Commission, as required by the Laws of the State of New York; and (b) To maintain and distribute copies hereof, ready for public review and inspection in the Office of the Town Clerk and any and all other locations deemed necessary by the Town Clerk and the Town Attorney to comply with New York State Law regarding referenda; and (e) To take all necessary steps, with assistance of the Town Attomey, to ensure that such Proposition is properly placed before the duly qualified Electors of the Town of Southold at the Biennial Town Election referenced hereinabove. Section 4. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in summary, in substantially the form annexed hereto and made a part hereof and designated Exhibit "A," in each of the newspapers referred to in Section 2 hereof, and hereby designated the official newspapers of the Town for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 5. This resolution shall take effect immediately. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Albert Krupski Jr., Councilman SECONDER: William P. I=dwards, Councilman AYES: I<rupski Jr., Edwards, Ross, Wickham, Russell ABSENT: Louisa P. Evans Generated August 30, 2007 Page 45 EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York August 28, 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 7:30 o'clock P.M., on There were present: Councilpersons: August 28, 2007. Hon. Scott A. Russell, Supervisor; and Albert J. Kruipski, Jr., Councilperson Thomas H. Wickham, Councilperson William P. Edwards, Councilperson Daniel C. Ross, Councilperson There were absent: Also present: Justice Louisa P. Evans Elizabeth A. Neville, Town Clerk Kieran Corcoran, Assistant Town Attorney Councilman Thomas H. Wickham offered the following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH INTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO F1NANCE SAID APPROPRIATION; STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM. Recitals WHEREAS, pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; and WHEREAS, such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; and WHEREAS, the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007. Now, therefore 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 three-fifths of all the members of said Town Board) AS FOLLOWS: Section 1. The Town Board hereby finds, determines and deems the acquisition of interests or rights in agricultural land located throughout the Town for the preservation of open spaces and areas and the maintenance and enhancement of the conservation of natural or scenic resources to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature as set forth in Section 247. Section 2. The Town is hereby authorized to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto; provided, however, that no such right, including the fee or any lesser interest, or development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of SEQRA have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration with respect to the specific project to be undertaken hereunder. The Town is further authorized to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $4,000,000, and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $4,000,000 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 3. Serial bonds of the Town in the principal amount of $4,000,000 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 4. The following additional matters are hereby determined, stated and declared: (a) The period of probable usefulness of said class of objects or purposes, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. of the Law, is thirty (30) years. (b) All or a portion of the indebtedness to be contracted by the Town for the purpose of financing the acquisition of such interests or rights in agricultural land may be issued in the form of a land installment purchase obligation or obligations pursuant to the provisions of Section 29.10 of the Law; any portion of said estimated maximum cost that is not financed by the issuance of a land installment obligation or obligations may be financed through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) 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 or purposes for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.I 50-2 of the United States Treasury Department. (d) The proposed maturity of said $4,000,000 serial bonds will exceed five (5) years. Section 5. Each of the bonds and any land installment purchase obligation 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, land installment obligations, 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, land installment purchase obligations 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, land installment obligations, and any notes in anticipation of said bonds, to mature in such year and (b) the payment of interest to be due and payable in such year. Section 6. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the issuance of bonds with substantially level or declining annual debt service, Section 29.10 relative to the issuance of land installment purchase obligations and of Section 30.00 relative to the issuance of bond anticipation notes and of Sections 50.00, 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 and land installment purchase obligations 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 contracts for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 7. 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 8. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. The adoption of the foregoing resolution was seconded by Councilman Albert Krupski, Jr and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Scott A Russell Albert J. Kmpski, Jr., Councilperson Thomas H. Wickham, Councilperson William P. Edwards, Councilperson Daniel C. Ross, Councilperson NOES: The resolution was declared adopted. Councilman Albert Krupski, Jr offered the following resolution and moved its adoption, which resolution was declared adopted after a poll of the members of this Board: A RESOLUTION DETERMINiNG AND SPECIFYING THAT A PROPOSITION RELATING TO THE ACQUISITION OF AGRICULTURAL LAND, THE FINANCING THEREOF, THE SALE, LEASE OR TRANSFER OF SUCH AGRICULTURAL LAND AND THE PREPARATION OF PLANS AND SPECIFICATIONS AND STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE AGRICULTURAL LAND, SHALL BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007. Recitals WHEREAS, continuing development within the Town of Southold has demonstrated a compelling need to acquire agricultural land for open space in the Town to enhance the general quality of life and the environment of the Town, and thereby benefit the residents and taxpayers of the Town; and WHEREAS, New York State General Municipal Law {}247 recognizes the value of agricultural lands and the need to preserve such land and, moreover, specifically empowers municipalities with the authority to acquire agricultural land to preserve such land as open space; and WHEREAS, if existing agricultural lands are to be preserved, protected and maintained, the Town must develop a cogent mechanism creating the capacity to (i) efficiently acquire agricultural land, including the fee or any lesser interest, or development right, easement, covenant or other contractual right, for the preservation of open space as the need arises and opportunities are identified and (ii) retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), this action is and has been determined by the Town Board to be a Type II action requiring no further action pursuant to SEQRA; provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable SEQRA provisions have been complied with and a final declaration as to environmental impact has been duly determined by the entity duly authorized to make such declaration and determination with respect to the specific project to be undertaken hereunder. NOW, THEREFORE, THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold, in the County of Suffolk, New York (hereinafter called the "Town"), to be held on November 6, 2007, the Proposition referred to in Section 2 hereof shall be submitted to the qualified voters and shall be included in the Notice of such Election. Section 2. The Town Clerk is hereby authorized and directed to give notice of submission of such Proposition at the Biennial Town Election (a) by publishing, at least ten (10) days prior to such Biennial Town Election, a Notice thereof in form and substance as hereinafter set forth, at least once in "SUFFOLK TIMES" and "NEWSDAY," two newspapers having general circulation in the Town, and hereby designated the official newspapers of the Town for such publication, and (b) by posting, at least ten (10) days prior to such Special Town Election, on the sign-board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law. Said Notice shall be in substantially the following form: TOWN OF SOUTHOLD, NEW YORK NOTICE OF SUBMISSION OF A PROPOSITION AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007 NOTICE IS HEREBY GIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Southold, in the County of Suffolk, New York on August 28, 2007, a Proposition shall be submitted to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007 in the Town of Southold. Such Biennial Town Election shall be conducted at the time and places and in accordance with procedures determined pursuant to applicable law and by the Suffolk County Board of Elections. form: Such Proposition shall be in substantially the following PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECIT1NG pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007; SECOND: STAT1NG that the Town Board finds, determines and deems the acquisition of interests or rights in agricultural land throughout the Town for such purposes to be in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature; AUTHORIZING the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration; FURTHER AUTHORIZING the Town to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; STATING the estimated maximum cost thereof is $4,000,000; APPROPRIATING $4,000,000 to pay said cost; and STATING the plan of financing includes the issuance of $4,000,000 serial bonds of the Town and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZING the issuance of $4,000,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York ("Law") to finance said appropriation; FOURTH: DETERMINING and STATING the period of probable usefulness applicable to the class of objects or purposes for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such indebtedness may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; FIFTH: DETERMINING that said bonds or land installment purchase obligations and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof and any land installment purchase obligations; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007 and that this bond resolution shall take effect upon such approval. Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in substantially the following form: pROPOSITION YES NO SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? By order of the Town Board Dated: August 28, 2007 ELIZABETH A. NEVILLE Town Clerk Section 3. In addition to the foregoing, the Town Board hereby authorizes and directs the Town Clerk to do the following: (a) To cause a certified copy of this resolution to be forwarded to the Suffolk County Planning Commission, as required by the Laws of the State of New York; and (b) To maintain and distribute copies hereof, ready for public review and inspection in the Office of the Town Clerk and any and all other locations deemed necessary by the Town Clerk and the Town Attorney to comply with New York State Law regarding referenda; and (c) To take all necessary steps, with assistance of the Town Attorney, to ensure that such Proposition is properly placed before the duly qualified Electors of the Town of Southold at the Biennial Town Election referenced hereinabove. Section 4. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in summary, in substantially the form annexed hereto and made a part hereof and designated Exhibit "A," EXHIBIT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS IN AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH INTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCiNG FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZiNG THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO FiNANCE SAID APPROPRIATION; STATiNG THAT LAND iNSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINiNG THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM Object or purpose: acquisition of interests or rights in agricultural land, including, but not limited to, development rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources and the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land. Amount of obligations to be issued: $4,000,000 Period of probable usefulness: thirty (30) years A complete copy of the Bond Resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, Town Hall, 53095 Main Road, Southold, New York. Dated: August 28, 2007 Southold, New York in each of the newspapers referred to in Section 2 hereof, and hereby designated the official newspapers of the Town for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 5. This resolution shall take effect immediately. The adoption of the foregoing resolution was seconded by Councilman William P. Edwards and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Scott A Russell Albert J. Krupski, Jr., Councilperson Thomas H. Wickham, Councilperson William P. Edwards, Councilperson Daniel C. Ross, Councilperson NOES: The resolution was declared adopted. CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said the Town of Southold duly called and held on August 28, 2007, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. 1N WITNESS WHEREOF, (SEAL) I have hereunto set my hand and affixed the corporate seal of said the Town of Southold this 28th day of August, 2007. Town Cle[k Error! Unknown document property name. DELAFIELD &WOOD LLP NEW yORK WASHINGTON NEWARK HARTFORD LOS ANGELES SACRAMENTO SAn FRANCI$CO (212) 820-9416 August 28, 2007 Town of Southold, New York $2,000,000 Land Preservation Bonds (Our File Designation: 2615/30898) Kieran Corcoran Deputy Town Attorney Town of Southold 53095 Main Road Southold, New York 11971 Dear Kieran: Following our telephone conversation from earlier today with respect to the $4,000,000 bond resolution for the acquisition of agricultural land and development rights related thereto, to be adopted by the Town Board at its meeting to be held this evening, which is not less than sixty (60) days nor more than seventy-five (75) days prior to November 6, 2007, the date of the Biennial Town Election, I now enclose the REVISED draft Extract of Minutes of such meeting showing adoption of such bond resolution. The resolution directing that the Proposition for approval or disapproval of the bond resolution be included in the Notice of Biennial Election is included in such Extract of Minutes. Please obtain and forward to me a certified copy of the Extract of Minutes together with the Affidavit of Posting and the Affidavit of Publication of the Notice of Biennial Election. Please do not hesitate to call or write me at your convenience if you have any questions. 529134.1 031057RES Thanking you and with kind regards, I remain Sincerely yours, GF,Jr./bc Enclosure cc: Patricia A. Finnegan, Town Attomey John Cushman, Town Comptroller Gerard Femandez, Jr. 529134.1 031057RES EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York August 28, 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 August 28, 2007. There were present: Hon. Scott A. Russell, Supervisor; and Board Members: There were absent: Also present: Elizabeth A. Neville, Town Clerk Patricia A. Finnegan, Town Attorney John A. Cushman, Town Comptroller adoption: offered the following resolution and moved its 529134.1 031057 RES BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS 1N AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH INTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION; STATING THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM. Recitals WHEREAS, pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk Coumy, New York (hereinafter called the 529134.1 031057RES "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; and WHEREAS, such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; and WHEREAS, in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; and 529134.1 031057 RES WHEREAS, the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007. Now, therefore 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 three- fifths of all the members of said Town Board) AS FOLLOWS: Section 1. The Town Board hereby finds, determines and deems the acquisition of interests or rights in agricultural land located throughout the Town for the preservation of open spaces and areas and the maintenance and enhancement of the conservation of natural or scenic resources to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature as set forth in Section 247. Section 2. The Town is hereby authorized to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto; provided, however, that no such right, including the fee or any lesser interest, or development right, easement, covenant, or other 529134.1 031057 RES contractual fight in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of SEQRA have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration with respect to the specific project to be undertaken hereunder. The Town is further authorized to retain the fight to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247. The estimated maximum cost of said class of objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $4,000,000, and said amount is hereby appropriated therefor. The plan of financing includes the issuance of $4,000,000 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 3. Serial bonds of the Town in the principal amount of $4,000,000 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 4. The following additional matters are hereby determined, stated and declared: 529134.1 031057 RES (a) The period of probable usefulness of said class of objects or purposes, as described herein, for which the serial bonds authorized pursuant to this resolution are to be issued, within the limitations of Section 11.00 (a) 21. of the Law, is thirty (30) years. (b) All or a portion of the indebtedness to be contracted by the Town for the purpose of financing the acquisition of such interests or rights in agricultural land may be issued in the form of a land installment purchase obligation or obligations pursuant to the provisions of Section 29.10 of the Law; any portion of said estimated maximum cost that is not financed by the issuance of a land installment obligation or obligations may be financed through the issuance of such bonds or bond anticipation notes issued in anticipation of the sale of such bonds. (c) 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 or purposes 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. (d) The proposed maturity of said $4,000,000 serial bonds will exceed five (5) years. Section 5. Each of the bonds and any land installment purchase obligation 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, land installment obligations, 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 529134.1 031057RES and interest on said bonds, land installment purchase obligations 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, land installment obligations, and any notes in anticipation of said bonds, to mature in such year and (b) the payment of interest to be due and payable in such year. Section 6. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the issuance of bonds with substantially level or declining annual debt service, Section 29.10 relative to the issuance of land installment purchase obligations and of Section 30.00 relative to the issuance of bond anticipation notes and of Sections 50.00, 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 and land installment purchase obligations 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 contracts for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 7. 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 529134,1 031057RES (c) such obligations are authorized in violation of the provisions of the constitution. Section 8. A proposition for the approval or disapproval of this bond resolution shall be submitted as a Proposition to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007, and this bond resolution shall take effect upon the approval of the Proposition by said voters of the Town at that referendum vote. 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. offered the following resolution and moved its adoption, which resolution was declared adopted after a poll of the members of this Board: 529134.1 031057RES A RESOLUTION DETERMINiNG AND SPECIFYING THAT A PROPOSITION RELATING TO THE ACQUISITION OF AGRICULTURAL LAND, THE FINANCING THEREOF, THE SALE, LEASE OR TRANSFER OF SUCH AGRICULTURAL LAND AND THE PREPARATION OF PLANS AND SPECIFICATIONS AND STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE AGRICULTURAL LAND, SHALL BE SUBMITTED AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007. Recitals WHEREAS, continuing development within the Town of Southold has demonstrated a compelling need to acquire agricultural land for open space in the Town to enhance the general quality of life and the environment of the Town, and thereby benefit the residents and taxpayers of the Town; and WHEREAS, New York State General Municipal Law §247 recognizes the value of agricultural lands and the need to preserve such land and, moreover, specifically empowers municipalities with the authority to acquire agricultural land to preserve such land as open space; and WHEREAS, if existing agricultural lands are to be preserved, protected and maintained, the Town must develop a cogent mechanism creating the capacity to (i) efficiently acquire agricultural land, including the fee or any lesser interest, or development right, easement, covenant or other contractual right, for the preservation of open space as the need arises and opportunities are identified and (ii) retain the right to sell, lease, alienate or otherwise transfer 529134.1 031057RES such interests or rights in agricultural land, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; and WHEREAS, pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), this action is and has been determined by the Town Board to be a Type II action requiring no further action pursuant to SEQRA; provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken pursuant to this resolution until all applicable SEQRA provisions have been complied with and a final declaration as to environmental impact has been duly determined by the entity duly authorized to make such declaration and determination with respect to the specific project to be undertaken hereunder. NOW, THEREFORE, THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES AS FOLLOWS: Section 1. At the Biennial Town Election of the Town of Southold, in the County of Suffolk, New York (hereinafter called the "Town"), to be held on November 6, 2007, the Proposition referred to in Section 2 hereof shall be submitted to the qualified voters and shall be included in the Notice of such Election. Section 2. The Town Clerk is hereby authorized and directed to give notice of submission of such Proposition at the Biennial Town Election (a) by publishing, at least ten (10) days prior to such Biennial Town Election, a Notice thereof in form and substance as hereinafter set forth, at least once in "SUFFOLK TIMES" and "NEWSDAY," two newspapers having 529134,1 031057 RES general circulation in the Town, and hereby designated the official newspapers of the Town for such publication, and (b) by posting, at least ten (10) days prior to such Special Town Election, on the sign-board of the Town maintained pursuant to subdivision 6 of Section 30 of the Town Law. Said Notice shall be in substantially the following form: 529134.1031057RES TOWN OF SOUTHOLD, NEW YORK NOTICE OF SUBMISSION OF A PROPOSITION AT THE BIENNIAL TOWN ELECTION TO BE HELD ON NOVEMBER 6, 2007 NOTICE IS HEREBY GIVEN that pursuant to the resolution duly adopted by the Town Board of the Town of Southold, in the County of Suffolk, New York on August 28, 2007, a Proposition shall be submitted to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007 in the Town of Southold. Such Biennial Town Election shall be conducted at the time and places and in accordance with procedures determined pursuant to applicable law and by the Suffolk County Board of Elections. Such Proposition shall be in substantially the following form: 529134.1 031057RES PROPOSITION SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? An abstract of said bond resolution, concisely stating the purpose and effect thereof, is as follows: FIRST: RECITING pursuant to Section 247 of the New York General Municipal Law, constituting Chapter 24 of the Consolidated Laws of the State of New York (hereinafter called "Section 247"), the Town of Southold, Suffolk County, New York (hereinafter called the "Town"), is authorized to acquire agricultural lands used in bona fide agricultural production as set forth in Section 247; such acquisition of interests or rights in agricultural land located throughout the Town must be found, determined and deemed to be necessary, in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the State Legislature as set forth in Section 247; in pursuance thereof, the Town desires to (i) implement the agricultural land acquisition and financing program hereinafter described, (ii) authorize the issuance of land installment purchase obligations for the purpose of financing the acquisition of such interests or rights in agricultural land, (iii) reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and (iv) provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; pursuant to §617.5(c) 21 and 27 of the New York State Environmental Quality Review Act (hereinafter called "SEQRA"), constituting Article 8 of the New York Environmental Conservation Law, this undertaking is and has been determined by the Town Board, acting as lead agency, to be a Type II action requiring no further action pursuant to SEQRA, provided, however, that no agricultural land shall be acquired and no improvements or enhancements to any Town facilities shall be undertaken 529134.1 031057 RES pursuant to this resolution until all applicable provisions of SEQRA, have been complied with and a determination of significance has been duly declared with respect to each specific project to be undertaken hereunder; the Town Board of the Town has further determined that it is appropriate and in the best interests of the Town to submit a Proposition for the approval or disapproval of this bond resolution to the qualified voters present and voting at the Biennial Town Election to be held on November 6, 2007; SECOND: STATiNG that the Town Board finds, determines and deems the acquisition of interests or rights in agricultural land throughout the Town for such purposes to be in the public interest and a proper public purpose of the Town in accordance with the findings and determinations of the New York State Legislature; AUTHORIZiNG the Town to acquire by purchase, gift, grant, bequest, devise, lease or otherwise, the fee or any lesser interest, development right, easement, covenant or other contractual right necessary to achieve the purposes of Section 247, in various parcels of agricultural land, including, but not limited to, development rights in open agricultural lands, within the Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources, after due notice and a public hearing, pursuant to the provisions of Section 247 and applicable provisions of the Town of Southold Code, including incidental costs incurred in relation thereto, such acquisition being hereby found, determined and deemed to be necessary and in the public interest and a proper public purpose of the Town in accordance with the findings and determinations set forth in Section 247; provided, however, that no such right, including the fee or any lesser interest, development right, easement, covenant, or other contractual right in any piece or parcel of such agricultural lands shall be so acquired until all relevant provisions of the State Environmental Quality Review Act ("SEQRA"), have been complied with and a final declaration as to environmental impact has been duly declared by the entity duly authorized to make such determination and declaration; FURTHER AUTHORIZING the Town to retain the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired pursuant hereto, as may be permitted by law and subject to such terms, conditions and restrictions as may be determined by the Town Board, and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land, in conformity with Section 247; STATiNG the estimated maximum cost thereof is $4,000,000; APPROPRIATING $4,000,000 to pay said cost; and STATiNG the plan of financing includes the issuance of $4,000,000 serial bonds of the Town and the levy and collection of taxes upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon; THIRD: AUTHORIZiNG the issuance of $4,000,000 serial bonds of the Town pursuant to the Local Finance Law of the Slate of New York ("Law") to finance said appropriation; FOURTH: DETERMINiNG and STATiNG the period of probable usefulness applicable to the class of objects or purposes for which said bonds are authorized to be issued is thirty (30) years; that all or a portion of such indebtedness may be issued in the form of a land installment purchase obligation or obligations pursuant to Section 29.10 of the Law; the proceeds of the bonds may be used to reimburse the Town for expenditures made after the effective date hereof for the purpose for which said bonds are authorized; and the proposed maturity of said serial bonds will exceed five (5) years; 529134.1 031057 RES FIFTH: DETERMINING that said bonds or land installment purchase obligations and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; SIXTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof and any land installment purchase obligations; and SEVENTH: DETERMINING that a Proposition for the approval or disapproval of this bond resolution shall be submitted to the qualified voters of the Town at the Biennial Town Election to be held on November 6, 2007 and that this bond resolution shall take effect upon such approval. Said Proposition shall appear on the ballot label to be inserted in the voting machines to be used for voting in substantially the following form: 529134.1 031057RES PROPOSITION YES NO SHALL THE RESOLUTION ENTITLED: "Bond Resolution of the Town of Southold, New York, adopted August 28, 2007, authorizing the acquisition of interests or rights in agricultural lands, including development rights in open agricultural lands; provided, however, that no such interests or rights in such agricultural lands shall be acquired until all relevant provisions of the State Environmental Quality Review Act have been complied with and a final declaration as to environmental impact has been duly declared; stating the estimated maximum cost thereof is $4,000,000; further authorizing the Town to reserve the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural lands hereinafter acquired pursuant hereto and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural lands; appropriating said amount therefor; authorizing the issuance of $4,000,000 serial bonds of said Town to finance said appropriation; stating that land installment purchase obligations are authorized to be issued pursuant to this bond resolution; and determining that this bond resolution shall be subject to a mandatory referendum," BE APPROVED? By order of the Town Board Dated: August 28, 2007 ELIZABETH A. NEVILLE Town Clerk 529134,1 031057 RES Section 3. In addition to the foregoing, the Town Board hereby authorizes and directs the Town Clerk to do the following: (a) To cause a certified copy of this resolution to be forwarded to the Suffolk County Planning Commission, as required by the Laws of the State of New York; and (b) To maintain and distribute copies hereof, ready for public review and inspection in the Office of the Town Clerk and any and all other locations deemed necessary by the Town Clerk and the Town Attorney to comply with New York State Law regarding referenda; and (c) To take all necessary steps, with assistance of the Town Attorney, to ensure that such Proposition is properly placed before the duly qualified Electors of the Town of Southold at the Biennial Town Election referenced hereinabove. Section 4. After said bond resolution shall take effect, the Town Clerk is hereby directed to cause said bond resolution to be published, in summary, in substantially the form annexed hereto and made a part hereof and designated Exhibit "A," in each of the newspapers referred to in Section 2 hereof, and hereby designated the official newspapers of the Town for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York. Section 5. This resolution shall take effect immediately. 529134.1 031057 RES The adoption of the foregoing resolution was seconded by to a vote on roll call, which resulted as follows: AYES: and duly put NOES: The resolution was declared adopted. 529134.1 031057 RES EXHIBIT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 28, 2007, AUTHORIZING THE ACQUISITION OF INTERESTS OR RIGHTS 1N AGRICULTURAL LANDS, INCLUDING DEVELOPMENT RIGHTS IN OPEN AGRICULTURAL LANDS; PROVIDED, HOWEVER, THAT NO SUCH INTERESTS OR RIGHTS IN SUCH AGRICULTURAL LANDS SHALL BE ACQUIRED UNTIL ALL RELEVANT PROVISIONS OF THE STATE ENVIRONMENTAL QUALITY REVIEW ACT HAVE BEEN COMPLIED WITH AND A FINAL DECLARATION AS TO ENVIRONMENTAL IMPACT HAS BEEN DULY DECLARED; STATING THE ESTIMATED MAXIMUM COST THEREOF IS $4,000,000; FURTHER AUTHORIZING THE TOWN TO RESERVE THE RIGHT TO SELL, LEASE, ALIENATE OR OTHERWISE TRANSFER SUCH INTERESTS OR RIGHTS IN AGRICULTURAL LANDS HEREINAFTER ACQUIRED PURSUANT HERETO AND TO PROVIDE FINANCING FOR THE PREPARATION OF PLANS AND SPECIFICATIONS AND OTHER STUDIES RELATIVE TO THE DEVELOPMENT AND USE OF THE ACQUIRED AGRICULTURAL LANDS; APPROPRIATING SAID AMOUNT THEREFOR; AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION; STAT1NG THAT LAND INSTALLMENT PURCHASE OBLIGATIONS ARE AUTHORIZED TO BE ISSUED PURSUANT TO THIS BOND RESOLUTION; AND DETERMINING THAT THIS BOND RESOLUTION SHALL BE SUBJECT TO A MANDATORY REFERENDUM Object or purpose: acquisition of interests or rights in agricultural land, including, but not limited to, development rights in open agricultural lands, within said Town, for the preservation of open spaces and areas and to maintain and enhance the conservation of natural or scenic resources and the right to sell, lease, alienate or otherwise transfer such interests or rights in agricultural land hereinafter acquired and to provide financing for the preparation of plans and specifications and other studies relative to the development and use of the acquired agricultural land. 529134.1 031057 RES Amount of obligations to be issued: $4,000,000 Period of probable usefulness: thirty (30) 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, Town Hall, 53095 Main Road, Southold, New York. Dated: August 28, 2007 Southold, New York 529134.1 031057 RES CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the Cotmty 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 the Town of Southold duly called and held on August 28, 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. 1N WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said the Town of Southold this 28th day of August, 2007. (SEAL) Town Clerk 529134.1 031057 RES STATE OF NEW YORK ) :SS: COUNTY OF SUFFOLK ) ELIZABETH A. NEVILLE, being duly sworn, deposes and says: That she is and at all times hereinafter mentioned she was the duly elected, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, State of New York; That on _, 2007, she has caused to be conspicuously posted and fastened up on the sign board of the Town maintained pursuant to Subdivision 6 of Section 30 of the Town Law, a copy of the Notice regarding submission of a Proposition at the Biennial Town Election held on November 6, 2007 setting forth the Proposition submitted to the qualified voters of the Town at such election together with an abstract of the bond resolution duly adopted by the Town Board on August 28, 2007 for the approval or disapproval of which such Proposition is to be submitted, a copy of which Notice is annexed hereto and made a part hereof. Subscribed and sworn to before me this __ day of ,2007. Notary Public, State of New York Elizabeth A. Neville, Town Clerk Town of Southold 529134.1 031057 RES