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HomeMy WebLinkAboutPeconic School Amendment to BondELIZABETH A. NEVILLE, RMC, CMC 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 April 20, 2010 Town of Southold, New York Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Mr Robert P. Smith Hawkins, Delafield & Wood One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed are the following documents in regard to the above referenced bond: 2. 3. 4. 5. 1 st Notice of publication with affidavit 2n(I Notice of publication with no referendum certificate Certified resolution Extract of Minutes with certification I st Notice publication affidavit from Suffolk Times I will forward more documentation for your files as it becomes available. Very truly yours, Deputy Town Clerk encs ,~al~t~ ~opy of the bond ~n~ above shall ~ a~jl- , ab~ f~ publk ins~cfion duNng no~al b~ ho~ at ~e offi~ of ~e ~wn S~et, ~U~oM, ~w York. Sou~old, New York El~beth A. Nellie Town ~erk #9732 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 22nd day of April, 2010. Sworn to before me this Principal Clerk 2010. has has CHRISTIN NOTARY pUBLIC-STATE OF N~W YORK N~. 01.V0610~050 such r~d i FOR THE i IN 3 THE ERTY,' LOCATED AT 1170 PECON- lC LANE,,AND DESIGNATED~ ON THE SUFFOLK COUNTy LAND AND TAX MAP AS 1000-075.00- 01.00-013.000, INCLUDING THE PE- CONIC SCHOOL BLIILD/NG AND ALL OTHF.~ BUILDINGs AND IM- PROVEMENTS THEREON, AT THE ~ ~TI~a~TED MAXIMU~ (:OST OF $L031,400, AND (B) dONSTRU~T nVtPROVFJ~ENTS TO SU~ CONIC S~OOL BUILD~G AND ~ O~R' BU~D~G~ AT P ~,~; STA~G .~_ ~TI- MA~ TOTAL' COST '~OF ~¢E Og$1350,~R~ BONDS ~e objector pu~ose for which the ~d '~b(a) h~u ~ ~om th~ Soffthold Unio~ Free School Dis~ct.;for u~as a l~d, containing 4.3 acres more or les~ the Town, kno~ as the"Pe~nie ~hool Property,"l~ated at 1170 Peconic and desi~ated on the Suffolk County Building and ~ other buildings ~d ma~d~_9~ ¢OSl 9f .$1,031,400, and ~o~s~ ~m~ ~ s~ ~nic ing~ a~-~e ¢s~at¢d ~ cost of sued is $1,350,~, ~th ~e 6alan~ of $150;~ to be p~d ~om ~t Mnds ~d tb~ (30} yea~ f0~ tile ~d a~K~]on A complete ~pg of ~e ~d r~lu- aole mr pub~ ~~O~al Dated: ~h 9.2010 NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008 and amended on March 9, 2010, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed. The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose tbr 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 the notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE '~PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENI'S TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SA1D APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000~ 075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; the estimated total cost thereof being $1,500,000. The amount gations to be issued is $1,350,000, wit~the balance of $150,000 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty-five (25) years tbr the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) 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, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 9, 2010 Southold, New York CERTIFICATE OF NO REFERENDUM I, ELIZABETH A. NEVILLE, 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 Suffolk, State of New York, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," was adopted February 26, 2008 and amended March 9, 2010, 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 [~. day of April, 2010. (SEAL) Town Clerk #9675 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 ! week(s), successively, commencing on the 18th . day of March, 2010. / Principal Clerk Sworn to before me this LEGAL NOTICE TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the of Town of Southold, in the County of Suffolk, New York. adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, which bond resolution, as amend- ed, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) ac- quire from the Southold Union Free School District, for use as a Town Recre- ation Center and for other Town purpos- es, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," locat- ed at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, in- cluding the Peconic School Building and all other buildings and improvements thereon, ak the estimated maximum cost of $1,031,400, and (b) construct improve- ments to such Peconic School Building and ag other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property." located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00- 01.004313.000, ihcloding the Peconic School Building and all other buildings and improvements thereon, at the esti- mated maximum cost of $1.031,400 (the *~Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"); STAT- ING the estimated total cost thereof, in- cluding preliminary costs, and costs inci- dental thereto and the financing thereof, is $L500,000: APPROPRIATING said amount therefor, including the expendi- ture of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,3S0,000 serial bonds of the Town to finance the balance of said ap- propriation, and the levy and collection of taxes on all the t~able real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; SECOND: ALrFHORIZING the is- suance of $1,350,000 serial bonds of the Town pursuant to the Local ~nance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the pe- riod of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized,is thirty (30) years; however the maturity of said bonds shall not exceed twenty- five (25) years; and the period of proba- ble usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the pur- poses for which said bonds are atuho- rized; STATING that the Town Board of the Town. acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Qual- ity Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R. Regulations Part 617 ("SEQRA") has heretofore determined ,c,, pjBLIC-STAT£ OF NEW YORK ;o 01-V©6:05050 amending the bond resolution adopted by said Town Board on February 26. 2008, which bond resolution, as amend- ed, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9. ~010, authorizing the Town to (a) ac- quire from the Southold Union Free School District, for use as a Town Recre- ation Center and for other Town purpos- es, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property,' locat- ed at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00.013.000. in- cluding the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improve- merits to such Peconic School Building and ~il other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town P~rposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00- 01.00-013.000, ih¢luding the Peeonic School Building and all other buildings and improvements thereon, at the esti- mated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building hnprovements-): STAT- ING the estimated total cost thereof, in- cluding preliminary costs, and costs inci- dental thereto and the financing thereof, is $1,500.000; APPROPRIATING said amount therefor, including the expendi- ture of up to $150,000 grant funds and other available fimds to pay a part of said appropriation, the issuance of not to exceed $1350,000 serial bonds of the Town to finance the balance of said ap- propriation, and the levy and collection ~f taxes on ail the taxable real property m the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; SECOND: AUTHORIZING the is- suance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the pe- riod of probable usefulness applicable to the Land Acquisition, for which $1,031.400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty- five (25) years; and the period of proba- ble usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is iwenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the pur- poses for which said bonds are autho- rized; STATING that the Town Board of the Town. acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Qual- ity Review Act, constituting Article 8 of the Environmental Conservation Law. and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA') has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA.which will not result in any sig- ndicant adverse environmental impact and a negative declaration has been ad- opted and filed and (ii) the Building Im- provements are a Type Il Action pursu- ant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years: FOURTH: DETERMINING that said bonds and any bond adticlpafion notes issued in anticipation of said bonds and the renewals of said bond anticipa- tion notes shall be general obligations of the Town; and PLEDGING to their pay- ment the faith and credit of the Town; FIFrH: DELEGATING to the Su- pervisor the powers and duties as to the issuance of said bonds and any bond an- ticipation notes issued in anticipation of said bonds, or the renewals thereof; and SIXTH: DETERMINING that the bond resolution is subject to a permis- sive referendum. DATED: March 9, 2010 Elizabeth A. Neville Town Clerk Qualified i~, $~ilo~k County TOWN OF SOUTHOLD, NEW YORK PLEASE 'FAKE NOTICE that on March 9, 2010, the Town Board of the of Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, which bond resolution, as amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 20t0, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, lbr use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and 'fax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the %and Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"); STATING the estimated total cost thereoI; including preliminary costs, and costs incidental thereto and the financing thereol; is $1,500.000; APPROPRIATING said amount therefor, including the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to 1i finance the balance of 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; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the '[own tbr expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretotbre determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type 11 Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds 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; FIFTH: 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 SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum DATED: March 9, 2010 Elizabeth A. Neville Town Clerk Please publish on MARCH 18~ 2010 and forward three (3} affidavits of publication to Elizabeth Neville, Town Clerk, Town Hall, P O Box 1179, Southold NY 11971. Copies to the following: The Suffolk Times DPW Town Board Accounting Dept. Town Attorney Engineering Dept AFFIDAVIT OF POSTING STATE OF NEW YORK ) :SS: COUNTY OF SUFFOLK ) Linda J. Cooper, being duly sworn, deposes and says: That she is and at all times hereinafter mentioned she was the duly elected, qualified and acting Deputy Town Clerk of the Town of Southold, State of New York; That on March 10, 2010, she has caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the amending bond resolution duly adopted by the Town Board on March 9, 2010, a copy of which is annexed hereto and made a part hereof, on the sign board of the Town maintained pursuant to the Town Law. Subscribed and sworn to before me this l0th day of March, 2010. Notary Public, State of~ew York LYNDA M NOTARY PUBLIC, State of New York No. 01~,J~60209 ~2 Oualifed n S,-f~ ~ Teun Expire? ," '- :, Ii '~ ' - ~ep~ty Town Cf~rk v EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York March 9, 2010 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, on March 9, 2010. There were present: Councilpersons: Hon. Scott A. Russell, Supervisor; and Vincent Orlando, Councilman Albert Krupski, Jr, Councilman William Ruland, Councilman Christopher Talbot, Councilman Louisa Evans, Councilman There were absent: None Also present: Linda J Cooper, Deputy Town Clerk Martin D. Finnegan, Town Attorney Councilman Vincent Orlando offered the following resolution and moved its adoption: RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED MARCH 9, 2010, AMENDING THE BOND RESOLUTION ADOPTED FEBRUARY 26, 2008 Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized (a) the acquisition from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,[00,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); and WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; and WHEREAS, it has now been determined that the cost of the Land Acquisition is $1,031,400; and WHEREAS, the scope of the work to be performed in connection with the Building Improvements has been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated total cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $468,600; and WHEREAS, the Town Board has determined that it is necessary and in the public interest to (a) decrease the appropriation for the Land Acquisition by $68,600 and increase the appropriation fbr the Building Improvements by $68,600 and (b) appropriate an additional $150,000 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects described herein; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution of the Town of Southold adopted by the Town Board on February 26, 2008, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suftblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000; stating the estimated total cost thereof is $1,350,000; appropriating said amount therefor and authorizing the issuance of $1,350,000 serial bonds of said Town to finance said appropriation," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAiD APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, 1N THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain pamel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"). The estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $1,500,000 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance a part of said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be improved are of Class "A" construction as defined by Section 11.00 a. ll(a) of the Law and the period of probable usefulness applicable to the Building Improvements, for which $468,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)(1) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type II Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the bonds authorized by this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only iff (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this resolution, in "The Suffolk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following form: TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the of Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, which bond resolution, as amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $1,500,000; APPROPRIATING said amount therefor, including the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of 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; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type 1I Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds 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; FIFTH: 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 SIXTH: permissive referendum. DATED: March 9, 2010 DETERMINING that the bond resolution is subject to a Linda J Cooper Deputy Town Clerk Section (B) The amendment of the bond resolution set forth in Section (A) of this resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. Section (C) Said bond resolution, as amended, is subject to a permissive referendum. In the event that a valid petition protesting against said amended bond resolution and requesting that it be submitted to the electors of said Town for their approval or disapproval, is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution adopted February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, in "The S~£folk Times," hereby designated the official newspaper for said publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. Section (E) This amending resolution shall take effect immediately. 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 Councilman Vincent Orlando Councilman William Ruland Councilman Albert Krupski, Jr Councilman Christopher Talbot Justice Louisa Evans NOES: None The resolution was declared adopted. CERTIFICATE I, LINDA J. COOPER, Deputy Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on March 9, 2010, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 9th day of March, 2010. (SEAL) Derputy Town'Clerk RESOLUTION 2010-201 ADOPTED DOC ID: 5750 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2010-201 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON MARCH 9, 2010: RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED MARCH 9, 2010, AMENDING THE BOND RESOLUTION ADOPTED FEBRUARY 26, 2008 Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized the (a) acquisition from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); and WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; and WHEREAS, it has now been determined that the cost of the Land Acquisition is $1,031,400; and WHEREAS, the scope of the work to be performed in connection with the Building Improvements has been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated total cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $468,600; and WHEREAS, the Town Board has determined that it is necessary and in the public interest to (i) decrease the appropriation for the Land Acquisition by $68,600 and increase the appropriation for the Building Improvements by $68,600 and (ii) appropriate an additional $150,000 to reflect the revised costs and to fully fund the projects described herein; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution of the Town of Southold adopted by the Town Board on February 26, 2008, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Resolution 2010-201 Bo~'l~t Meeting of March 9, 2010 Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suflblk County Land and Tax Map as 1000- 075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000; stating the estimated total cost thereof is $1,350,000; appropriating said amount therefor and authorizing the issuance of $1,350,000 serial bonds of said Town to finance said appropriation," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO: (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECON1C SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 IN GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic I,ane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 2 · Resolution 2010-201 Boar~d Meeting of March 9, 2010 Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"). The estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $1,500,000 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance a part of said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be improved are of Class "A" construction as defined by Section 11.00 a. 1 l(a) of the Law and the period of probable usefulness applicable to the Building Improvements, tbr which $468,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)(l) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type II Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the bonds authorized by this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 3 Resolution 2010-201 Boa-'Fd Meeting of March 9, 2010 anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution is subject to a permissive referendum and the Deputy Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in fuli, within ten (10) days after the adoption of this resolution, in "The Suffolk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following tbrm: TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the of Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, which bond resolution, as amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Sufl'olk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $I,031,400, and (b) construct improvements to such Peconic School Building and all other Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 4 Resolution 2010-201 Bo"lEI Meeting of March 9, 2010 buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation" an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"); STAT1NG the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $1,500,000; APPROPRIATING said amount therefor, including the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of 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; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type 11 Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds 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; Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 5 Resolution 2010-201 Bo~'d Meeting of March 9, 2010 FIFTH: 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 SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: March 9, 2010 Linda J Cooper Deputy Town Clerk Section (B) The amendment of the bond resolution set forth in Section (A) of this resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. Section (C) Said bond resolution, as amended, is subject to a permissive referendum. In the event that a valid petition protesting against said amended bond resolution and requesting that it be submitted to the electors of said Town for their approval or disapproval, is filed and the Proposition submitted therdbr is defeated, the validity of the bond resolution adopted February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Deputy Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, in "The Suffblk Times," hereby designated the official newspaper for said publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. Section (E) This amending resolution shall take effect immediately. (NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION) NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008 and amended on March 9, 2010, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed. 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 Sufiblk, 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 Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 6 Resolution 2010-201 Bo3'ffi Meeting of March 9, 2010 commenced within twenty days after the date of publication of the notice, or such obligations were authorized in violation of the provisions of the constitution. LINDA J COOPER Deputy Town Clerk EXH1B IT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO: (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECON1C SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other '['own Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suflblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; the estimated total cost thereof being $1,500,000. The amount of obligations to be issued is $1,350,000, with the balance of $150,000 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty- five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) 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 Deputy Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 7 Resolution 2010-201 Dated: March 9, 2010 Southold, New York Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED IUNANIMOUS] MOVER: Vincent Orlando, Scott Russell SECONDER: Albert Krupski Jr., Councilman AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell Bo~ Meeting of March 9, 2010 Updated: 3/8/2010 10:52 AM by Lynda Rudder Page 8 Page I of l Cooper, Linda From: Candice Schott [legals@timesreview.com] Sent: Thursday, March 11, 2010 12~48 PM To: Cooper, Linda Subject: RE: Legal notices for 3/18/10 edition Hi Linda, I have received the two notices and we are good to go for the 3/18 issues, Thanks and have a wonderful afternoon! Candice From: Cooper, Linda [mailto:Linda.Cooper@town.southold.ny.us] Sent: Thursday, March 11, 2010 H:i8 AM To: Suffolk Times Legals Subject: Legal notices for 3/18/10 edition Good morning, Here are 2 more legal notices of public hearings for the March 18, 2010 edition of the Suffolk Times. Both are bond public hearings, one for the Peconic School and the other is for FI Road improvements Please confirm receipt of these notices, Linda J. Cooper Deputy Town Clerk Town of Southold 631-765-1800 Life may not be the party we hoped for: but as long as we are here, we rmght as well dance! If you really want to be happy, nobody can stop you 3/11/2010 Page 1 of 2 Cooper, Linda From: Neville, Elizabeth Sent: Wednesday, March 03, 2010 1:53 PM To: Cooper, Linda; Rudder, Lynda Subject: FW: Amending Bond Resolution for Peconic School Project Attachments: SoutholdT-31289-$1,350,000 - SBs-Amending-res_pr-Land_building acquisition-3_9_10.DOC For 3/9/10 TB agenda, Elizabeth A Neville, RMC, CMC Southold Town Clerk PO Box 1179 Southold, NY 11971 Tel 631 765-1800 Fax 631 765-6145 From: Finnegan, Martin Sent: Wednesday, March 03, 2010 10:39 AM To: Neville, Elizabeth Cc: Cushman, John Subject: FW: Amending Bond Resolution for Peconic School Project Betty - FYI - this resolution is going to be on for 3~9. Please note the dates for publication, John - please let me know if you have any comments. Martin D Finnegan, Town Attorney Town of Southold Southold Town Hall Annex 54375 Route 25 (Main Road) P.O. Box 1179 Southold, NY 11971-0959 Office: (631) 765-1939 Fax: (631) 765-6639 Email: martin.finneqanC, town.southold.ny, us From: Robert Smith [mailto:RSmith@Hawkins.com] Sent: Wednesday, March 03, 2010 8:27 AM To: Finnegan, Martin Cc: Cushman, John Subject: Amending Bond Resolution for Peconic School Project Attached is the refunding bond resolution for the Peconic School Project. Please let me know if you have any questions. Thank you. Robert P. Smith Hawkins Delafield 8,: Wood LLP One Chase Manhattan Plaza New York, NY 10005 Telephone: (212) 820-9662 Fax: (212) 344-6258 Email: rsmith~hawkins.com 3/14/2010 Page 2 of 2 ***************************************************************** 1RS CIRCULAR 230 DISCLOSURE. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in the communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. ***************************************************************** This e-mail, including any attachments, is sent by a law firm and may contain information that is privileged or confidential. If you are not the intended recipient, please delete the e-mail and any attachments, destroy any printouts that you may have made and notify us immediately by return e-mail. Thank you. 3/14/2010 DELAFIELD &WOOD LLP (212) 820-9662 Town of Southold, New York Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) March 3, 2010 Martin D. Finnegan, Esq. Town Attorney Town of Southold P.O. Box 1179 Southold, New York 11971 Dear Martin: Pursuant to your request, I have prepared the attached Extract of Minutes of a Town Board meeting to be held on March 9, 2010, showing adoption of the above amending bond resolution. Section 7 of the bond resolution contains the form of notice to be published in the official Town newspaper and posted on the sign board of the Town maintained pursuant to the Town Law within ten (10) days after adoption of the bond resolution. Please note that the bond resolution is to be adopted by at least a two-thirds vote of the entire membership of the Town Board. Also attached is the draft Affidavit of Posting to be executed by the Town Clerk. A copy of the notice, as posted, should be attached to this Affidavit. Please obtain and forward to me a certified copy of the Extract of Minutes, an executed Affidavit of Posting and an original Affidavit of Publication. Upon receipt of same, we will forward the additional documents required with respect to the final estoppel publication of the resolution. With best regards, 1 am Very truly yours, RPS/ml Enclosures cc: John A. Cushman Robert P. Smith 605223~1 031289 RSIND EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suflblk, New York March 9, 2010 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, on March 9, 2010. There were present: Hon. Scott A. Russell, Supervisor; and Councilmen: There were absent: adoption: Also present: Elizabeth A. Neville, Town Clerk Martin D. Finnegan, Town Attorney John A. Cushman, Town Comptroller offered the following resolution and moved its 605223.1 031289 RSIND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED MARCH 9, 2010, AMENDING THE BOND RESOLUTION ADOPTED FEBRUARY 26, 2008 Recitals WIfEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized the (a) acquisition from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); and WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; and Wt IEREAS, it has now been determined that the cost of the Land Acquisition is $1,031,400; and WHEREAS, the scope of the work to be performed in connection with the Building Improvements has been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated total cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, has now been determined to be $468,600; and 6052231 031289 RSIND WHEREAS, the Town Board has determined that it is necessary and in the public interest to (i) decrease the appropriation fbr the Land Acquisition by $68,600 and increase the appropriation for the Building Improvements by $68,600 and (ii) appropriate an additional $150,000 and authorize an additional $150,000 in bonds to reflect the revised costs and to fully fund the projects described herein; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN TIlE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution of the Town of Southold adopted by the Town Board on February 26, 2008, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000- 075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000; stating the estimated total cost thereof is $1,350,000; appropriating said amount therefor and authorizing the issuance of $1,350,000 serial bonds of said Town to finance said appropriation," is hereby amended to read as follows: 605223.1 031289 RSIND BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO: (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECON1C SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF 1S $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, tlEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suflblk, New York (herein called the "Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"). The 6052231 031289 RSIND estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $1,500,000 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the '~Law"), to finance a part of said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be improved are of Class "A" construction as defined by Section 11.00 a. 1 l(a) of the Law and the period of probable usefulness applicable to the Building Improvements, for which $468,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)( 1 ) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for 6052231 031289 RSIND expenditures made after the effective date of this resolution tbr the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type 11 Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Section 4. Each of the bonds authorized by this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town without limitation of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. 605223.1 031289 RSIND Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only iff (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this relsolution, in "The St4/'folk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following form: 605223.1 031289 RSIND 605223.1 031289 RSIND TOWN OF SOUTHOI,D, NEW YORK PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the of Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, which bond resolution, as amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance orS1,350,000 serial bonds of said Town to finance the balance of said appropriation" an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereot; is $1,500,000; APPROPRIATING said amount therefor, including the expenditure of up to $150,000 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of 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; 605223.1 031289 RSIND SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $468,600 serial bonds are authorized, is twenty-five (25) years; STAT1NG that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type Il Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5)years; FOURTH: DETERMINING that said bonds 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; FIFTlt: 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 SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: March 9, 2010 Elizabeth A. Neville Town Clerk 6052231 031289 RSIND Section (B) The amendment of the bond resolution set forth in Section (A) of this resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. Section (C) Said bond resolution, as amended, is subject to a permissive referendum. In the event that a valid petition protesting against said amended bond resolution and requesting that it be submitted to the electors of said Town for their approval or disapproval, is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution adopted February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the tbim set forth in Exhibit A attached hereto and made a part hereof, in "The Su['/'olk Times," hereby designated the official newspaper for said publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. Section (E) This amending resolution shall take effect immediately. 605223.1 031289 RSIND 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. 605223.1 031289 RSIND CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of Southold duly called and held on March 9, 2010, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 9th day of March, 2010. (SEAL) Town Clerk 6052231 031289 RSIND AFFIDAVIT OF POSTING 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, State of New York; That on ,2010, she has caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the amending bond resolution duly adopted by the Town Board on March 9, 2010, a copy of which is annexed hereto and made a part hereof, on the sign board of the Town maintained pursuant to the Town Law. Subscribed and sworn to belbre me this day of March, 2010. Town Clerk Notary Public, State of New York 6052231031289 RSIND (212) 820-9662 April 9, 2010 Town of Southold, New York Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Martin D. Finnegan, Esq. Town Attorney Town of Southold P.O. Box 1179 Southold, New York 11971 Dear Martin: The above-referenced amending bond resolution takes effect thirty (30) days after its adoption and is to be published, in summary, in the official newspaper together with a statutory form of notice, thereby commencing a 20-day statute of limitations period pursuant to the provisions of Section 80.00 et seq. of the Local Finance Law. With reference thereto, 1 have prepared and enclose herewith the following: (a) Certificate of No Referendum (b) Summary of the amending prescribed form of Clerk's readiness for publication. bond resolution with the statutory notice affixed in Please do not hesitate to call if you have any questions regarding the enclosed documents. Kindly send me an executed copy of the Certificate of No Referendum and an original Affidavit of Publication, when available. With best regards, 1 am Very truly yours, RPS/ml Enclosures cc: John A. Cushman Robert P. Smith 605223.1 031289 RSIND (NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION) NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008 and amended on March 9, 2010, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed. 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 Suf/blk, 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 the notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk 605223.1 031289 RSIND EXHIBIT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008 AND AMENDED MARCH 9, 2010, AUTHORIZING THE TOWN TO: (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS I000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOl, BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $468,600; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,500,000; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $150,000 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suftblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; the estimated total cost thereof being $1,500,000. The amount of obligations to be issued is $1,350,000, with the balance of $150,000 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty- five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) 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, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 9, 2010 Southold, New York 605223.1 031289 RSIND CERTIFICATE OF NO REFERENDUM I, ELIZABETH A. NEVILLE, 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 ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Properly," located at 1170 Peconic Lane, and designated on the Sutlblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," was adopted February 26, 2008 and amended March 9, 2010, 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 day of April, 2010. (SEAL) Town Clerk 605223.1 031289 RSIND