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HomeMy WebLinkAboutFuel Management 'I. • : M` .f. .fly {i: Y y{.. n:. f~. M' L1 m i :1.. 5; No. 9R-1 nn\ is $715,000 ~ UNITED STATES OF AMERICA ~ ` ~'i STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD VARIOUS PURPOSES BOND ANTICIPATION NOTE-2012 PRINCIPAL SUM: SEVEN HUNDRED FIFTEEN THOUSAND DOLLARS ($715,000) INTEREST RATE: forty hundredths of one per centum (0.40%) per annum DATE OF ISSUE: April 12, 2012 MATURITY DATE: April 11, 2013 The Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York, hereby - ' acknowledges itself indebted and for value received promises to pay to Suffolk County National Bank, Riverhead, New York, , i ~t: the registered owner hereof the PRINCIPAL SOM (stated above) on the MATURITY DATE (stated above), together with =J1 ' interest thereon from the DATE OF ISSUE (stated above) at the INTEREST RATE (stated above), payable at maturity. Both °'T, i, principal of and interest on this Note will be paid in lawful money of the United States of America, at Suffolk County National Bank, Riverhead, New York Both principal of and interest on this Note shall be payable only to the registered owner, his legal representatives, w' written transfer ~i successors or Vansferees. This Note shall be transferable only upon presentation to such registered owner rth a of title and such Town Clerk shall thereupon register this Note in the name of the transferee in his books and shall endorse a certificate of such registration hereon. Such transfer shall be dated, and signed by the registered owner, or his legal , representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as ro its a, genuineness by an officer of a bank or trnst company located and authorized to do business in this State. , ` i, This Note is the only Note of an authorized renewal issue, the principal amount of which is $715,000. ' i This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, three bond resolutions duly adopted by the Town Board on their respective dates, authorizing the issuance of serial bonds for various u oses in and for the Town and the Certificate of Determination executed b the Y P rP = Supervisor on April 12, 2012. r~' ~ This No[e has been designated by the Town as a qualified [ax-exempt obligation pursuant to the provisions of i Section 265 of the Internal Revenue Code of ] 986, as amended. The faith and credit of such Town are hereby irrevocably pledged for the punctual payment of the principal of and - interest on this Note according [o its terms. It is hereby certified and recited [hat all conditions, acts and things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent [o and in the issuance of this Note, exist, have happened and have been performed, and [hat this Note, together with all other indebtedness of - such Town, is within every debt and other limit prescribed by the Constitution of such State. , I ~ + IN WITNESS WHEREOF, the Town of Southold has caused this Note to be signed by its Supervisor, and its 11" 4.: corporate seal (or a facsimile thereof) to be affixed, impressed, imprinted or otherwise reproduced hereon and attested by its Town Clerk and this Note to be dated as of the DATE OF ISSUE. ti. TO OFSOUTHOLD - PAI D SEAL ( ) APR 1 1 2013 By Supervisor ATTEST: ThbSuffdk County Natiorlsi en1fl gINERhIEAD, MEW YONK - Town Clerk ~r'~: 'i, i N _ n ~ I _ - u r _ ~ ~ . . . - , ii ~ - 4. ~ I~~i~~ ~ ~ ~~i/11 SUFFOLK COUNTY N P110NI1L 9PNIt April 12, 2013 AP,R 2 ~ 2013 Town of Southold -Town Hall John Cushman, Comptroller . P.O. Box 1179 Southold, NY 11971 Re' Town of Southold-Various Purposes Bond 2012 Maturity Dear Mr. Cushman: Enclosed please find the following cancelled note(s), paid in full by Town of Southold: $ 715,000.00 Town of Southold 0.40% due 04/11/2013 If we can be of assistance in the future please let us know. Sincerely, ~G%'r'""'7 Steven Karaman Treasurer :siw Enclosure c~~a~l~;rin/ ~~Cx~ ~%l~ea~~~ ONE CHASE MANHATTAN PLAZA RECEIVED NEW YORK, NY 10005 WWW HAWKINS.COM April 11, 2013 APR 1 9 20}3 The Town Boazd of the Town of Southold, in the Southold Town Clerk County of Suffolk, New York Ladies and Gentlemen: We have examined a record of proceedings relating to the authorization, sale and issuance of the $1,058,000 Various Purposes Bond Anticipation Note-2013 (the "Note") of the Town of Southold (the "Town"), in the County of Suffolk, a municipal corporation of the State of New York. The Note is dated April 11, 2013, matures April 10, 2014, is a single note in the denomination of $1,058,000, is numbered 3R-l, beazs interest at the rate of 0.47% per annum, payable at maturity, and is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, three bond resolutions duly adopted and amended by the Town Boazd on their respective dates, authorizing the issuance of serial bonds for vazious purposes in and for the Town and the Certificate of Determination executed by the Supervisor on April 1 I, 2013. The Note is a temporary obligation issued in anticipation of the sale of permanent serial bonds. The Note is issued in fully registered form, in the name of Cede & Co., as Noteowner and nominee for The Depository Trust Company, an automated depository for securities and clearing house for securities transactions. Purchases of ownership interests in the Note will be made in book-entry form, in denominations of $5,000 or any integral multiple thereof. In our opinion, the Note is a valid and legally binding general obligation of the Town for which the Town has validly pledged its faith and credit and, unless paid from other sources, all the taxable real property within the Town is subject to the levy of ad valorem real estate taxes to pay the Note and interest thereon, subject to certain statutory limitations imposed by Chapter 97 of the Laws of 2011. The enforceability of rights or remedies with respect to such Note may be limited by bankruptcy, insolvency, or other laws affecting creditors' rights or remedies heretofore or hereafter enacted. The Internal Revenue Code of 1986, as amended (the "Code"), establishes certain requirements that must be met subsequent to the issuance and delivery of the Note in order that interest on the Note be and remain excludable from gross income under Section 103 of the Code. The Supervisor of the Town, in executing the Arbitrage and Use of Proceeds Certificate, has certified to the effect that the Town will comply with the provisions and procedures set forth therein and that it will do and perform all acts and things necessary or desirable to assure that 1254008.1 034513 CLD interest paid on the Note is excludable from gross income under Section 103 of the Code. We have examined the said Arbitrage and Use of Proceeds Certificate of the Town delivered concun•ently with the delivery of the Note, and in our opinion, such certificate contains provisions and procedures under which such requirements can be met. In our opinion, under existing statutes and court decisions and assuming continuing compliance with certain tax certifications described herein, (i) interest on the Note is excluded from gross income for federal income tax purposes pursuant to Section 103 of the Code, and (ii) interest on the Note is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed upon such corporations. In rendering the opinion in this pazagraph, we have (i) relied on the representations, certifications of fact, and statements of reasonable expectations made by the Town in the said Arbitrage and Use of Proceeds Certificate and other documents delivered in connection with the Note, and (ii) assumed compliance by the Town with certain provisions and procedures set forth in the said Arbitrage and Use of Proceeds Certificate relating to compliance with applicable requirements of the Code to assure the exclusion of interest on the Note from gross income under Section 103 of the Code. Further, in our opinion, under existing statutes, interest on the Note is exempt from personal income taxes of New York State and its political subdivisions, including The City of New York. Except as stated above, we express no opinion regarding any other federal or state tax consequences with respect to the Note. We express no opinion on the effect of any action hereafter taken or not taken in reliance upon an opinion of other counsel on the exclusion from gross income for federal income tax purposes of interest on the Note, or on the exemption from state and local tax of interest on the Note. We render our opinion under existing statutes and court decisions as of the issue date, and we assume no obligation to update, revise or supplement our opinion to reflect any action hereafter taken or not taken, or any facts or circumstances that may hereafter come to our attention, or changes in law or interpretations thereof that may hereafter occur, or for any other reason. We give no assurances as to the adequacy, sufficiency or completeness of any proceedings, reports, correspondence, financial statements or other documents, containing financial or other information relative to the Town, which have been or may hereafter be furnished or disclosed to purchasers of ownership interests in the Note. We have examined the executed Note and, in our opinion, the form of said Note and its execution are regular and proper. Very truly yours, ~'t ~u~~ ~~ccP 1254008.1 034513 CLD 1 r d N 3.. ( 7 • t' ry' p No. 3R-1 $1,058,000 - CUSIP No. 844572 NJ2 UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF SUFFOLK TOWN OF SOUTHOLD VARIOUS PURPOSES BOND ANTICH'ATION NOTE-2013 PRINCII'AL SUM: ONE MILLION FIFTY-EIGHT THOUSAND DOLLARS ($1,058,000) INTEREST RATE: forty-seven hundredths of one per centum (0.47%) per annum DATE OF ISSUE: April 11, 2013 MATURITY DATE: April 10, 2014 The Town of Southold, in the Counry of Suffolk, a municipal corporation of the State of New York, hereby acknowledges itself indebted and for value received promises to pay to CEDE & CO., as nominee of The Depository Tmst Company, the registered owner, or registered assigns, the PRINCIPAL SUM (stated above) on the MATURITY DATE (stated "a above), together with interest thereon from the DATE OF ISSUE (stated above) at the INTEREST RATE (stated above), payable at maturity. Both principal of and interest on this Note will be paid in lawful money of the United States of America (Federal Funds), at the office of the Town Clerk, Town of Southold, 53095 Main Road, Southold, New York Unless this certificate is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. This Note is the only Note of an authorized combined renewal issue, the aggregate principal amount of which is $1,058,000. This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, three bond resolutions duly adopted and amended by the Town Board on their respective dates, authorizing the issuance of serial bonds for various purposes in and for the Town, and the Certificate of Determination executed by the Supervisor as of April 11, 2013. a This Note has been designated by the Town as a qualified tax-exempt obligation pursuant to the provisions of ~ Section 265 of the Internal Revenue Code of 1986, as amended. The faith and credit of such Town are hereby irrevocably pledged for the punctual payment of the principal of and interest on this Note according to its terms. It is hereby certified and recited that all conditions, acts end things required by the Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this Note, exist, have happened and have been performed, and that this Note, together with all other indebtedness of such Town, is within every debt and other limit prescribed by the Constitution of such State. r. IN WITNESS WHEREOF, the Town of Southold has caused this Note to be signed by its Supervisor, and its corporate seal (or a facsimile thereof) to be affixed, impressed, imprinted or otherwise reproduced hereon and attested by its Town Clerk and this Note to be dated as of the DATE OF ISSUE. ~A` TOWN OF SOUTHOLD (SEAL) `v r Supervisor S~EG By ATTEST: Town Clerk A N T O L7 `AIR.-11'13~THU) 12:49 DTC FINANCE DEPT TEL:212 898 3486 P. 003 THE DEPOSITORY TRUST COMPANY 55 Water Street New York, New York 10041 SUBJECT TO COUNT Attention: Underwriting Packaging Depamnent AND EXAMINATION Phone: (212) 558-8520 Telecopy: (212)344-1533 SAI+'EKEEPING AGREEMENT Ref: (Description of Issue, number of certificates, number of CUSIPs assigned to issue and $ value of securities) Town of Southold, in the County of Suffolk, New York $1,058,000 Various Purposes Bond Anticipation Nota-2013 dated April I1 2013 maturing April 10 X014 CUS1P IY 844572 NJ2 (ONE CERT~ICATI;) S VALUE $ I OSS 000 The Depository Trust Company (DTC) acknowledges receipt from Flawkins Delafield & Wood LLP (the trustee, transfer agent, underwriter or otLor agent of the issuer, hereafter referred [o as the "Agent") of possession, custody and control of the above securities for safekeeping. DTC jis autharlzed to hold these secwlties in safekeeping untll DTC is instruc[ed by telephone or in writing by one of the below designated representatives of the Agent either to: (1) deliver the securities by book-entry to the DTC account of the lead underwriter (or to fire DTC account of its clearing agent) or (2) retum the said securities to the Agent. Tn the oven[ DTC is instructed to remrn said securities, DTC shall return the securities to the Agent as soon as prac[icable, but, in any event, no later than dte DTC business day following the day such insUUCdon is received. DTC shall hold the Agent, irs officers end employees, harmless from any liability, loss, damage, and reasonable expense of any kind in wnnection with any loss, damage, theft or destn:etion of any kind of said securities while they are in the possession, custody or control of DTC, its officers or employees ar in the event securities aze released from the control of DTC withom the specific approval of the Agrnt pursuant to this 3afekcapinr Agreement. TNa~°eNx TbeDeposito TrustCompaoy, Title: Title: ' / / V~ Date:, Date: Y///'rty// ,1//~ Authririzad ltepresantative of Trustee/Ageot PRQJT NAME ORGAN17aTI0N ( i 7ELQPHONa NO, PatNT NAME 0 GANIZA770N 7aLF,PtiONENn, PRINT NAME ORGANIZATION ( ) ta18v11GN6 NO DTC accepts authortratioo of cloainYs on the phone number listed below: (212) 855-3752 (212) 8553753 (212)855-3755 (212)855-3754 [255335.1 034513 AGMT Christine Cinquemani From: Myren, Jeffrey [Jeffrey.Myren@capitalone.com] Sent: Thursday, April 11, 2013 11:44 AM To: Christine Cinquemani; John Cushman; Marschhauser, Richard Cc: Chen, Minying; Cosker, Brian Subject: Today's Muni Closing John, Rich and Chris: We were experiencing some trouble with our wire system earlier this morning but everything should be up and running now. I just received confirmation the wire was sent. We are ready to close. Fed Ref 20130411FSQCZ800000777 I apologize for the delay. Jeff Myren Sr. Specialist Treasury Finance & Analytics - Capital Markets Operations 703.720.3149 (land) 703.344.4046 (cell) 703.720.2165 (fax) Jeffrev.MVren(~caoitalone.com C1_Core_G_RGB The information contained in this a-mail is confidential and/or proprietary to Capital One and/or its affiliates. The information transmitted herewith is intended only for use by the individual or entity to which it is addressed. If the reader of this i message is not the intended recipient, you are hereby notified that any review, retransmission, dissemination, distribution, copying or other use of, or taking of any action in reliance upon this information is strictly prohibited. If you have received this communication in error, please contact the sender and delete the material from your computer. z CERTIFICATE OF DETERMINATION BY THE SUPERVISOR RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM AND CONTENTS OF A $1,058,000 VARIOUS PURPOSES BOND ANTICIPATION NOTE-2013 OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK I, Scott A. Russell, Supervisor of the Town of Southold, in the County of Suffolk, New York (herein called the "Town"), HEREBY CERTIFY that pursuant to the powers and duties delegated to me, the chief fiscal officer of the Town, by the Town Board of the Town, pursuant to the bond resolutions duly adopted and amended and as referred to in pazagraphs 1 to 3, inclusive, hereof, and subject to the limitations prescribed in said bond resolutions, I have made the following determinations: 1. A bond anticipation note of the Town in the principal amount of $450,000 shall be issued to renew, in part, the $550,000 bond anticipation note dated April 12, 2012, maturing April 11, 2013, and heretofore issued in anticipation of the sale of the serial bonds authorized pursuant to the bond resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted July 31, 2001 and amended October 21, 2003, appropriating the amount of $10,500,000, including the amounts of any grants that may be received from the United States and the State of New York for the increase and improvement of the facilities of the Fishers Island Ferry District, in said Town and authorizing the issuance of serial bonds of said Town in the principal amount of not to exceed $4,800,000 to finance that portion of said appropriation for which such grants are not available," duly adopted and amended by the Town Board on the dates therein referred to, and the Certificate of Determination executed by the Supervisor on April 12, 2012, the redemption of said $550,000 note having been provided to the extent of $100,000 from a source other than the proceeds of serial bonds. 2. A bond anticipation note of the Town in the principal amount of $108,000 shall be issued to renew, in part, the $144,000 bond anticipation note dated April 12, 2012, maturing April 11, 2013, and heretofore issued in anticipation of the sale of the serial bonds authorized pursuant to the bond resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted August 10, 2010, authorizing the acquisition and installation of equipment for the fuel management system, stating the estimated maximum cost thereof is $230,000, appropriating said amount for such purpose, and authorizing the issuance of $230,000 bonds of said Town to finance said appropriation," duly adopted by the Town Board on the date therein referred to, and the Certificate of Determination executed by the Supervisor on April 12, 2012, the redemption of said $144,000 1254008.1 034513 CLD bond anticipation note having been heretofore provided to the extent of $36,000 from a source other than the proceeds of serial bonds. 3. A bond anticipation note of the Town in the principal amount of $500,000 shall be issued in anticipation of the sale of the serial bonds authorized pursuant to the bond resolution entitled: "Bond Resolution of the Town of Southold, New York, adopted December 4, 2012, appropriating $861,000 for the increase and improvement of facilities of the Fishers Island Ferry District, including the expenditure of up to $361,000 in available funds of the District to pay a part of said appropriation; and authorizing the issuance of not to exceed $500,000 serial bonds of said Town to finance the balance of said appropriation," duly adopted by the Town Board on the date therein referred to. 4. Said $450,000 note, said $108,000 note and said $500,000 note shall be combined for purposes of sale into a single note issue in the aggregate principal amount of $1,058,000 (hereinafter referred to as the "Note"). 5. The terms, form and details of said Note shall be as follows: Amount and Title: $1,058,000 Various Purposes Bond Anticipation Note- 2013 Dated: April 11, 2013 Matures: April 10, 2014 Number and Denomination: Number 3R-1, at $1,058,000 Interest Rate per annum: 0.47% Place of payment of principal and interest shall be the office of the Town Clerk, Town of Southold, 53095 Main Road, Southold, New York, and the form of note shall be substantially in accordance with the form prescribed by Schedule B,2 of the Local Finance law, constituting Chapter 33-a of the Consolidated Laws of the State of New York, provided that the Note when issued will be (i) registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York ("DTC") and (ii) deposited with DTC to be held in trust until maturity. Purchases of ownership interests in the Note will be in book-entry form in denominations of $5,000 or any integral multiple thereof. Beneficial owners of the Note will not receive certificates representing their interests in the Note. Unless the Town determines otherwise, transfers or exchanges of ownership interests in the Note may be accomplished via 1254008.1034513 CLD book-entry transactions only, as recorded through the book-entry system established and maintained by DTC or a successor depository. 6. The amount of bond anticipation notes and serial bonds originally issued pursuant to the bond resolution referred to in pazagraphs 1 to 3, inclusive, hereof, is (I) $4,800,000, (2) $180,000 and (3) $500,000. The amount of bond anticipation notes which will be outstanding after the issuance of the Note, including said Note, will be (1) $450,000, (2) $108,000 and (3) $500,000. 7. The serial bonds authorized pursuant to the resolutions referred to in paragraphs 1 and 3, hereof, are for improvements which aze assessable. The serial bonds authorized pursuant to the resolution referred to in pazagraph 2, hereof, aze for improvements which aze non-assessable. 8. Pursuant to said powers and duties delegated to me, I DO HEREBY AWARD AND SELL said Note to Capital One Bank, N.A., McLean, Virginia, for the purchase price of $1,058,000.00, plus accrued interest, if any, from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note beaz interest at the rate of forty-seven hundredths of one per centum (0.47%) per annum, payable at maturity. 9. Said Note shall be executed in the name of the Town by its Supervisor and the corporate seal of the Town or a facsimile thereof shall be affixed, impressed, imprinted or otherwise reproduced thereon and attested by the Town Clerk. I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to issue and sell the Note hereinabove referred to are in full force and effect and have not been modified, amended or revoked. IN WITNESS WHEREOF, I have hereunto set my hand as of the 11th day of April, 2013. Supervisor 1254008.1 034513 CLD CLERK'S CERTIFICATE I, Elizabeth A. Neville, Town Clerk of the Town of Southold, in the County of Suffolk, New York, HEREBY CERTIFY that I have compared the foregoing copy of the Certificate of Determination executed by the Supervisor and the same is a true and complete copy of the Certificate filed with said Town in my office as Town Clerk on or before April 11, 2013, and I FURTHER CERTIFY that no resolution electing to reassume any of the powers or duties mentioned in said Certificate and delegated to the Supervisor by the resolutions cited in said Certificate and exercised by the Supervisor has been adopted by said Town Board. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town as of the 11th day of April, 2013. ~ jJ (SEAL) `L.~ ~,1 U ~o oi~,F`~. Town Clerk 1254008.1 034513 CLD AFFIDAVIT AS TO NO CONFLICT OF INTEREST STATE OF NEW YORK ) :ss: COUNTY OF SUFFOLK } Elizabeth A. Neville, being duly sworn upon her oath deposes and says: 1. I am the duly appointed, qualified and acting Town Clerk of the Town of Southold, in the County of Suffolk, New York (herein and in Schedule A annexed hereto called the "Town"); 2. That with respect to the contract of sale of the Note of the Town described in the Certificate of Determination executed by the Supervisor on April 11, 2013, to the financial institution indicated in such Certificate, I have made a cazeful inquiry of each officer and employee of the Town having the power or duty to (a) negotiate, prepare, authorize or approve the contract or authorize or approve payment thereunder, (b) audit bills or claims under tkte contract, or (c) appoint an officer or employee who has any of the powers or duties set forth above, as to whether or not such officer or employee has an interest (as defined pursuant to Article 18 of the General Municipal Law) in such contract; 3. That upon information and belief, as a result of such inquiry, no such officer or employee has any such interest in said contract unless otherwise noted in Schedule A annexed hereto and by this reference made a part hereof. ~n Town Clerk Subscribed and sworn to before me this//'~"]jday of April, 2013. ~f~ L ~j~ e=~ly- Notary Public, State of New York JONN A CU$MMAN Notary 9uMic, State of N!w York No. OICU6174322 Qualified in SuHOIk County Commission Expires September 27, 20~{ 1254008.10345]3 CLD SCHEDULE A 1. , is a stockholder of the Purchaser owning or controlling, directly or indirectly, less than five per centum (5%) of the outstanding stock thereof but no disclosure of such interest by said officer is required pursuant to said Law. 2. , has an interest in the Purchaser solely by reason of employment as an officer or employee thereof, but the remuneration of such employment will not be directly affected as a result of said contract and the duties of such employment do not directly involve the procurement, prepazation or performance of any such part of such contract. 3. ,has publicly disclosed the nature and extent of such interest in writing to the governing boazd of the Town. Such written disclosure has been made a part of and set forth in the official record of proceedings of the Town. 1254D08.1 034513 CLD CERTIFICATES AS TO SIGNATURES, LITIGATION, AND DELIVERY AND PAYMENT WE, the undersigned officers of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York (herein referred to as the "Town") HEREBY CERTIFY that on or before April 11, 2013, we officially signed and properly executed by manual signatures a $1,058,000 Various Purposes Bond Anticipation Note-2013 (the "Note") of the Town, registered in the name of Cede & Co., as Noteowner and nominee of The Depository Trust Company ("DTC") and otherwise described in Schedule A annexed hereto and by this reference made a part hereof, and that at the time of such signing and execution and on the date hereof we were and aze the duly chosen, qualified and acting officers of the Town authorized to execute said Note and holding the respective offices indicated by the titles set opposite our signatures hereto for terms expiring on the respective dates set opposite such titles. WE FURTHER CERTIFY that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of said Note or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes, that neither the corporate existence or boundaries of the Town nor the title of any of the present officers thereof to their respective offices is being contested, and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. WE FURTHER CERTIFY that the seal which is impressed upon this certificate has been affixed, impressed, imprinted or otherwise reproduced upon said Note and is the legally adopted, proper and only official corporate seal of the Town. And I, Scott A. Russell, Supervisor, HEREBY FURTHER CERTIFY that on April 11, 2013, I delivered or caused the delivery of said Note to The Depository Trust Company to be held in trust to maturity for Capital One Bank, N.A., McLean, Virginia, the purchaser thereof, and that at the time of such delivery of said Note, the Town received from said purchaser the amount hereinbelow stated, in full payment for such Note, computed as follows: Price ......................................................................................$1,058,000.00 Interest on said Note accrued to the date of such delivery -0- Amount Received ..................................................................$1,058,000.00 1254008.1034513 CLD IN WITNESS WHEREOF, we have hereunto set our hands and said corporate seal has hereunto been affixed this 11th day of April, 2013. Term of Office 'i ature Expires Title December 31, 2015 Supervisor ~~1 December 31, 2013 Town Clerk (SEAL) HEREBY CERTIFY that the signatures of the officers of the above-named Town, which appear above, aze true and genuine and that I know said officers and know them to hold the respective offices set opposite their si atures. John Cushman Town Comptroller 1254008.1 034513 CLD ATTORNEY'S CERTIFICATE I, Martin D. Finnegan, Esq., HEREBY CERTIFY that I am a licensed attorney at law of the State of New York, and am the duly chosen, qualified and acting Town Attorney of the Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York (herein referred to as the "Town"); that no litigation of any nature is now pending or threatened restraining or enjoining the issuance or delivery of a $1,058,000 Vazious Purposes Bond Anticipation Note-2013 (the "Note") of the Town, registered in the name of Cede & Co., as Noteowner and nominee of The Depository Trust Company ("DTC") and otherwise described as set forth in Schedule A annexed hereto and by this reference made a part hereof or the levy or collection of any taxes to pay the interest on or principal of said Note, or in any manner questioning the authority or proceedings for the issuance of said Note or for the levy or collection of said taxes, or relating to said Note or affecting the validity thereof or the levy or collection of said taxes; that neither the corporate existence or boundazies of the Town nor the title of any of the present officers thereof to their respective offices is being contested; and that no authority or proceedings for the issuance of said Note has or have been repealed, revoked or rescinded. IN WITNESS WHEREOF, I have hereunto set my hand as of the 11th day of April, 2013. own Attorney 1254008.1 034513 CLD SCHEDULE A Amount and Title: $1,058,000 Various Purposes Bond Anticipation Note-2013 Dated: April 11, 2013 Matures: April 10, 2014 Number: 3R-I Interest Rate per annum: 0.47% 1254008.1 034513 CLD ARBITRAGE AND USE OF PROCEEDS CERTIFICATE I, Scott A. Russell, Supervisor of the Town of Southold (the "Issuer"), in the County of Suffolk, New York, HEREBY CERTIFY and reasonably expect with respect to the Issuer's $1,058,000 Various Purposes Bond Anticipation Note-2013 (herein referred to as the "Note"), dated and issued on April 11, 2013, as follows: Unless the context clearly requires otherwise, all capitalized terms not otherwise defined herein shall have the meanings set forth below or in the Resolution, the Code or the Regulations (each as defined below): ARTICLE I General Section 1.1. Authority of Si ng story. I am an officer of the Issuer charged with the responsibility for the execution, delivery, and issuance of the Note and am acting for and on behalf of the Issuer in signing this certificate. Section 1.2. Purpose of Certificate. This certificate is made for the purpose of establishing evidence of the expectations of the Issuer as of the date hereof as to future events regazding the amount and use of proceeds of the Note. It is intended and may be relied upon for purposes of Sections 103 and 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and as a certification described in Section 1.148-2(b)(2) of the Treasury Regulations (the "Regulations"). This certificate is executed and delivered as part of the record of proceedings in connection with the issuance of the Note. The provisions of this certificate constitute a contractual obligation of the Issuer in consideration for the purchase of and payment for the Note by the purchaser(s) thereof. Section 1.3. Reasonable Expectations. This certificate sets forth the facts, estimates and circumstances now in existence which form the basis for the Issuer's expectation that the proceeds of the Note will not be used in a manner that would cause the Note to be an azbitrage bond under Section 148 of the Code or a private activity bond under Sections 103 and 141 of the Code. To the best of my knowledge and belief, such expectation is reasonable and there aze no other facts, estimates or circumstances that would materially change that expectation. Section 1.4. No Composite Issue. No other governmental obligations have been sold fewer than 15 days prior to, or will be sold fewer than 15 days afrer, the sale date of the Note, pursuant to a common plan of financing which are expected to be paid from substantially the same source of funds as the Note. Section 1.5. No Federal Guarantee. The Issuer represents and covenants that, except for the gross proceeds of the Note which are: (a) invested during the temporary period referred to in Article III, (b) held in any refunding escrow, or (c) invested in obligations of the United States Treasury or in obligations issued pursuant to Section 21B(d)(3) of the Federal Home Loan Bank Act, as amended by Section 511(a) of the Financial Institutions Reform, 1254008.1 034513 CLD Recovery and Enforcement Act of 1989, or any successor provision to Section 21B(d)(3) of the Federal Home Loan Bank Act, as amended: (i) No portion of the payment of principal or interest with respect to the Note is or will be guazanteed directly or indirectly by the United States or any agency or instrumentality thereof (herein "federally guaranteed"); and (ii) No portion of the gross proceeds of the Note in excess of five percent of such gross proceeds is or will be (A) used in making loans the payment of principal or interest with respect to which is to be federally guazanteed, or (B)invested directly or indirectly in federally insured deposits or accounts. Section 1.6. Tax Representation. The Issuer expects to be able to and will comply with all the procedures and provisions set forth herein, and will do and perform all acts and things necessary and desirable within its reasonable control in order to assure that interest paid on the Note shall be excluded from gross income of the owners thereof for the purpose of federal income taxation. Section 1.7. Additional Information. The Issuer will provide such other information as may be required to assure the exclusion from gross income of interest on the Note for federal income taxation purposes. Section 1.8. Non-Purpose Investments. Not more than 50% of the proceeds of the Note aze being invested in investments not acquired to carry out the governmental purposes of the issue at a guaranteed yield and having a term of 4 years or more. Section 1.9. IRS Information Reporting. The Issuer will make a timely filing of the appropriate IRS Form 8038-G or 8038-GC. ARTICLE II Use of Project and Proceeds Section 2. L authorization. (a) The Note is authorized to be issued pursuant to applicable provisions of the laws of the State of New York and three bond resolutions duly adopted and amended by the Town Board on their respective dates (the "Resolutions"), as referred to in the Certificate of Determination executed by the Supervisor on April 11, 2013. (b) For purposes of this Article II the term "proceeds" means the net amount (after payment of all costs and expenses associated with issuing the Note) received by the Issuer from the sale of the Note, excluding accrued interest. Section 2.2. Purpose of Issue The Note is being issued to provide funds for various purposes in and for the Town (the "Projects"), as further described in the Resolutions. 1254008.1 034513 CLD 2.3. Use of Proceeds. A portion of the proceeds of sale of the Note in the amount of $558,000 (the "Current Refunding Note") will be used, together with $157,000 available funds, to redeem a prior issue of bond anticipation notes currently outstanding in the aggregate principal amount of $715,000 (the "Prior Issue"), heretofore issued to finance certain Projects. The balance of the proceeds of sale of the Note in the principal amount of $500,000 (the "New Money Note") will be used to provide original financing for certain new projects (the "New Money Projects"). 2.4. Ownershin/Lease/Sale. The Projects will be owned by the Issuer or another state or local govemmental unit and will not be leased to any person who is not a state or local governmental unit. It will not (except to the extent that any of the projects financed involve grants) be sold or otherwise disposed of, in whole or in part, except for incidental sales of surplus items the proceeds of which will not constitute net operating profits or net capital profits to the Issuer, prior to the maturity date of the Note. 2.5. Private Loans. Not more than the lesser of 5 percent or $5,000,000 of the proceeds of the Note will be used directly or indirectly to make loans to persons other than a governmental unit. 2.6. Private Use. The aggregate amount of proceeds of the Note used directly or indirectly in a trade or business carried on by a person other than a state or local governmental unit ("Private Use"), will not exceed 10% of such proceeds in the event that. more than 10% of the principal or 10% of the interest due on the Note during the term thereof is, under the terms of the Note or any underlying arrangement, directly or indirectly, secured by any interest in property used or to be used for a Private Use or in payments in respect of property used or to be used for a Private Use or is to be derived from payments, whether or not to the Issuer, in respect of property or borrowed money used or to be used for a Private Use. 2.7. Unrelated/Related Disproportionate Use. No more than 5% of the proceeds of the Note will be used directly or indirectly in the trade or business of a person other than a governmental unit that is unrelated or related and disproportionate to the governmental use of the property being financed, including any private loan financing described in Section 2.5 which meets this test. For purposes of this Arbitrage and Use of Proceeds Certificate, proceeds of the Note are allocable to an unrelated Private Use if such use is neither directly nor operationally related to a governmental use and proceeds of the Note are allocable to a disproportionate related Private Use to the extent that the proceeds of the Note which aze to be used to finance property used by a nongovernmental person in a trade or business which is related to the governmental use of the property referred to in Section 2.6 above, exceeds the proceeds of the Note which aze to be used for the govemmental use to which such Private Use relates. 2.8. Other Private Uses Defined. For purposes of Section 2.6 and 2.7, a Private Use consists of any contract or other arrangement including, without limitation, leases, management contracts, guarantee contracts, take or pay contracts, or put or pay contracts, which provides for a use of the Projects by a person or persons who aze not State or local governments on a basis different than the general public. Any management, or operations contract or 1254008.] 034513 CLD agreement which provides for nongovernmental use will provide for reasonable compensation which is in no part based on net profits and will satisfy the provisions of (a), (b) or (c) below: (a) for contracts which provide compensation for each annual period based on a periodic fixed fee, a capitation fee or combination thereof, (i) the contract has a term (including renewal options) not exceeding five yeazs; (ii) the issuer may terminate the contract, without penalty, at the end of any three yeaz period, and (iii) at least 50% of the compensation paid is on a periodic, fixed fee basis; (b) for contracts entered into or materially modified (other than pursuant to a renewal option) after Mazch 15, 1993, which provide compensation based on a per unit fee or a combination per unit and periodic fixed fee, (i) the contract has a term (including renewal options) not exceeding three years; (ii) the issuer may terminate such contract (without penalty) at the end of the second yeaz of the term, and (iii) the amount of the per unit fee is specified in the contract or otherwise limited by the qualified user or a third P~3'; (c) for contracts entered into or materially modified (other than pursuant to a renewal option) after March 15, 1993, which provide compensation based on a percentage of fees charged, (i) the contract has a term (including renewal options) not exceeding two years, (ii) the issuer may terminate the contract (without penalty) at the end of the first yeaz, and (iii) the service provider primarily provides services to third parties or the contract involves a facility during an initial start-up period; (d) For purposes of this Section 2.8: (i) "capitation fee" means a fixed periodic amount paid under a management contract or agreement for each person for whom the service provider assumes the responsibility to provide all needed services for a specified period, provided the quantity and type of services actually provided vary substantially; (ii) "periodic fixed fee" means a stated dollar amount for services rendered during a specified period of time (i.e. $XX per month) which amount may automatically increase according to a specified, objective, external standard; and (iii) "per unit fee" means a stated dollar amount for each unit of service provided (i.e. $XX per medical procedure). 2.9. Pooled Loan Financines. To the extent the amount of proceeds of the Note to be used to make loans to any borrowers (including loans referred to in Section 2.5 above and loans to state or local governmental units) exceeds $5,000,000, at least 95% of the net proceeds of the issue (as defined in Section 150 of the Code but without including proceeds used to finance costs of issuance or capitalized interest) that aze to be used to make loans, will have been used within 3 years of the date hereof to make such loans. The payment of legal and 1254008.1 034513 CLD underwriting costs is not contingent and at least 95% of the reasonably expected legal and underwriting costs associated with issuance will be paid within 180 days of the date hereof. 2.10. Output Facilities. No more than 5% of the proceeds of the Note are to be used with respect to any output facility (other than a facility for the furnishing of water). No more than the lesser of $5,000,000 or 5% of the proceeds of the Note aze to be used (directly or indirectly) for the acquisition of a nongovernmental output facility. ARTICLE III Arbitrage/Rebate Exemption 3.1 Temporary Period-Refunding. With respect to the proceeds of the sale of the Current Refunding Note representing proceeds allocable to the Prior Issue: (a) All of the proceeds of the Prior Issue have been expended, or any such proceeds which have not been expended as of the date hereof, shall become transferred proceeds of this issue. Such transferred proceeds may be invested without restriction as to yield until three years after the date of original issuance of the Prior Issue. If any transferred proceeds remain unexpended after three years after the date of original issuance of the Prior Issue, such proceeds will be invested at a yield not in excess of the yield on the Note. (b) The proceeds of the Note will be used to refund the Prior Issue within 90 days of the date hereof, and may be invested during such time without restriction as to yield. 3.2 Temporary Period-New Money. With respect to the New Money Note: (a) The Issuer has entered into or will enter into within six months from the date of this certificate, binding commitment(s) for the acquisition, construction or accomplishment of the New Money Projects, and the amount of such commitment(s) with respect to such New Money Projects will or do exceed the amount equal to 5% of the New Money Note, being the aggregate amount of obligations currently issued for such New Money Project. (b) Such New Moneys Project have been completed, or, if such New Money Project have not been completed, work on the acquisition, construction or accomplishment of such New Money Projects will proceed or is proceeding with due diligence to completion. (c) It is reasonably expected that at least 85 percent of the net sale proceeds of such New Money Note will be expended within three years from the date of this Certificate. No more than 50 percent of the proceeds of the Note will be invested in nonpurpose investments with a term of four yeazs or more. 33 Rebate. (a) Neither the Prior Issue nor the New Money Note was or is subject to the rebate requirement imposed by Section 148 of the Code because, with respect to each: (i) the Issuer was or is a governmental unit with general taxing powers; 1254008.1 034513 CLD (ii) the Prior Issue/New Money Note did not or does not constitute a "private activity bond" as that term is defined in Section 141 of the Code; (iii) ninety-five percent or more of the net proceeds of the sale of the Prior Issue/New Money Note was or is to be used for local governmental activities of the Issuer; and (iv) the Issuer (including all agencies, instrumentalities and political subdivisions of the Issuer) reasonably expected or expects that the aggregate face amount of all tax-exempt bonds issued by the Issuer during the calendar year in which the Prior Issue was issued and the current calendar yeaz would not or will not exceed $5,000,000. For purposes of such determination, no tax-exempt obligation was or shall be taken into account if it was or is a current refunding obligation issued in the calendaz yeaz in which the Prior Issue/New Money Note (as applicable) was or is being issued which does not exceed the outstanding (redeemed) principal amount of the obligation to be refunded. (b) The Current Refunding Note is not subject to the rebate requirement imposed by Section 148 of the Code because all of the Gross Proceeds of such Current Refunding Note will be expended to pay the Prior Issue within 90 days of the date hereof and will, therefore, qualify for the six-month expenditure exception to rebate. 3.4 No Excess Proceeds. The total proceeds of sale of all bond anticipation notes issued to date for the Project do not exceed the total cost of the Project. 3.5 Source of Repayment Funds. The Note will be paid from taxes and the proceeds of other obligations of the Issuer issued to fund the Note. 3.6 Debt Service Fund. The taxes used to pay principal and interest on the Note, whether or not deposited in a debt service fund, will be expended within 13 months of the date of deposit in such fund, or the date of their accumulation, in the payment of debt service on the Note. Any amounts received from the investment of such deposit or accumulation will be expended within one year of receipt. The debt service fund, if any, will be used to achieve a proper matching of revenues and debt service and will be depleted at least annually except for a reasonable carryover amount which will not exceed the greater of the earnings on such fund for the immediately preceding yeaz or one-twelfth of the debt service on the Note. 3.7 Sinkin Funds. Except for the debt service fund described herein the Issuer has not created or established, and does not expect to create or establish, any sinking fund or other similar fund which the Issuer reasonably expects to use to pay principal or interest on the Note. 1254008.1034513 CLD ARTICLE IV Bank Qualification 4.1 Designation. The Note is hereby designated as a "qualified tax-exempt obligation" pursuant to the provisions of Section 265 of the Code. (a) In making such designation it has been determined with respect to the Current Refunding Note that: (i) the Note currently refunds the Prior Issue; (ii) the Prior Issue was designated as a "qualified tax-exempt obligation"; (iii) the aggregate face amount of the Note does not exceed $10,000,000; (iv) the Prior Issue had a weighted average maturity of 3 years or less; (v) the maturity date of the Note, as measured from the original date of issuance of the notes issued pursuant to the Resolutions, in renewal of which such Note is being issued, does not exceed 30 yeazs; and (vi) not more than $10,000,000 of obligations issued by the Issuer during the calendar year in which the Prior Issue was issued were designated by the Issuer as "qualifiedtax-exempt obligations: ' (b) In making such designation it has been determined with respect to the New Money Note that: (i) the Issuer does not reasonably anticipate that the amount of "qualified tax- exempt obligations" to be issued by the Issuer during the current calendaz year will exceed $10,000,000; and (ii) the amount of "qualified tax-exempt obligations" issued by the Issuer during the current calendar yeaz does not as of this date, and including this issue, exceed $10,000,000. ]254008.1034513 CLD ARTICLE V Post-Issuance Compliance 5.1. Post-Issuance Compliance Procedures. The Town has established Written Procedures concerning post-issuance tax compliance with applicable requirements of federal tax law with respect to the Note, including specification of the official responsible for monitoring compliance with such requirements, and such procedures aze set forth in Attachment A to this Arbitrage and Use of Proceeds Certificate. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Town of Southold as of the I 1 th day of April, 2013. (SEAL) Supervisor 1254008.1 034513 CLD ATTACHMENT A PROCEDURES FOR POST-ISSUANCE COMPLIANCE WITH FEDERAL TAX LAW Municipalities that borrow money on atax-exempt basis aze now required to report to the Internal Revenue Service whether they have established written procedures to comply with applicable requirements of federal tax law for all issues of bonds, bond anticipation notes, tax anticipation notes, revenue anticipation notes, fmancing leases, energy performance contract financings, and any other instruments evidencing the borrowing of money (collectively the "Obligations"). The procedures set forth herein will assist the Town of Southold, New York (the "Town") in meeting the post-issuance requirements of federal tax law necessazy to preserve the tax-exempt status of interest ontax-exempt Obligations issued by the Town. These procedures address Obligations such as serial bonds and bond anticipation notes which aze issued to finance physical facilities and equipment (the "Capital Obligations") and Obligations such as tax anticipation notes, revenue anticipation notes, budget notes and deficiency notes which are issued to finance cash-flow operating requirements (the "Cash-Flow Obligations"). LGENERALPROCEDURES A. Responsible Official. The Supervisor (herein referred to as the "Responsible Official") will identify such officers and employee(s), who will be responsible for each of the procedures listed below, and will notify such officers and employee(s) of the responsibilities, and provide those persons with a copy of these procedures. Upon employee transitions, the Responsible Official will advise the new personnel of their responsibilities under these procedures and will ensure they understand the importance of these procedures. If employee positions aze restructured or eliminated, the Supervisor will reassign responsibilities as necessary. 1254008.1 034513 CLD B. Issuance of Obligations. 1. Bond Counsel. The Town will retain a firm of nationally-recognized bond counsel ("Bond Counsel") to deliver a legal opinion in connection with the issuance of all Obligations. The Responsible Official will consult with Bond Counsel and other legal counsel and advisors, as needed, following the issuance of Obligations to ensure that applicable post- issuance requirements are met, so that interest on each issue of Obligations will be excluded from gross income for federal income tax purposes. 2. Documentation of Tax Requirements. The federal tax requirements relating to each issue of Obligations will be set forth in a tax certificate (the "Tax Certificate") executed in connection with each issue of Obligations, which will be included in the closing transcript for each issue of Obligations. The Tax Certificate will contain certifications, representations, expectations and factual statements relating to the restriction on use of the facilities financed with Obligations by persons or entities other than the Town ("Private Use"), changes in use of the facilities financed or refinanced with the proceeds of Obligations, restrictions applicable to the investment of the proceeds of any Obligations and other moneys relating to the Obligations, and azbitrage rebate requirements. The Responsible Official will review the Tax Certificate prior to the date of issue of each issue of Obligations. 3. Information Reporting. In connection with each issue of tax-exempt Obligations, the Town is required to file, or shall cause to be filed by Bond Counsel, an IRS Form 8038-G (or, if applicable, IRS Form 8038-GC). Any such IRS Form filed with the IRS, together with a proof of filing, will be included as part of the closing transcript for each issue of Obligations, or kept in the records maintained by Bond Counsel related to the appropriate issue of Obligations. The Responsible Official shall ascertain that such form has been filed in connection with each issue of Obligations. C. Record Retention. 1. General. Copies of all relevant documents and records sufficient to support that the tax requirements relating to all Obligations have been satisfied, including the following documents and records, shall be maintained by the Town: 1254008.10345]3 CLD (a) Closing transcript; (b) All records of investments, arbitrage reports, returns filed with the IRS and underlying documents; (c) Construction contracts, purchase orders, invoices and expenditure and payment records; (d) Documents relating to costs reimbursed with the proceeds of Capital Obligations; (e) All contracts and arrangements involving Private Use of the property financed with Capital Obligations; (f) All reports relating to the allocation of the proceeds of Obligations and Private Use of property financed with Capital Obligations; (g) Itemization of property financed with the proceeds of Capita] Obligations; and (h) In connection with Cash-Flow Obligations, information regazding the Town's revenue, expenditures and available balances sufficient to support the Town's prospective and actual maximum cumulative cash-flow deficit calculations. 2. Duration of Record Retention. All of the foregoing documents and records shall be retained for the term of the Obligations, plus six (6) yeazs. D. Capital Obli atg ions. 1. Timely Expenditure of Proceeds of Capital Obligations. At the time of issuance of Capital Obligations issued to fund original expenditures, the Town must reasonably expect to spend at least 85% of all proceeds within three (3) years of the date of issuance of the Obligations. In addition, for Capital Obligations, the Town must have incurred or expect to incur within six months afrer original issuance expenditures of not less than 5% of the amount of such proceeds, and must expect to complete the project financed with Capital Obligations (the "Project") and expend the proceeds of such Capital Obligations to pay project costs with due diligence. Satisfaction of these requirements allows the proceeds of Capital Obligations issued 1254008.1 034513 CLD for the Project to be invested at an unrestricted yield for three (3) years. Failure to satisfy these requirements could subject the Town to rebate of investment income, and other penalties. The Responsible Official will monitor the appropriate capital project accounts to ensure that the proceeds of Capital Obligations are spent within the time period(s) required under federal tax law. Capital Obligations issued to refinance outstanding Capital Obligations aze subject to separate expenditure requirements, which shall be outlined in the Tax Certificate relating to such Obligations. In connection with the issuance of any Capital Obligations issued to refinance outstanding Capital Obligations, the Responsible Official will confirm that any rebate obligation due with respect to the original issue and any subsequent refinancing thereof has been met. 2. Use of Proceeds of Capital Obli atg ions. In general, proceeds (including investment income on original sale proceeds) of Capital Obligations, other than proceeds used to pay costs of issuance, must be spent on capital expenditures. For this purpose, capital expenditures generally mean costs to acquire, construct or improve property (land, buildings and equipment). Capital Expenditures include design and planning costs related to the Project, and include architectural, engineering, surveying, soil testing, environmental, and other similar costs incurred in the process of acquiring, constructing, improving or adapting the property. Capital Expenditures do not include operating expenses of the Project. 3. Use of Facilities Financed with Capital Obli atg ions. For the life of all Capital Obligations, the Project must be owned and operated by the Town. At all times while Capital Obligations issued for a Project are outstanding, no more than 5% of the proceeds of such Capital Obligations may used, directly or indirectly, in a trade or business carried on by a person other than a state or local governmental unit ("Private Use"). Generally, Private Use consists of any contract or other arrangement, including any lease, management contract (for example, a contract relating to the operation of a Town recreational area or concessions in a Town pazk, water and sewer facilities or docks, if any), operating agreement and guazantee contract which provides for use of the facilities financed with Capital Obligations by any person who is not a state or local government on a basis different than the general public. The Project may be used by any person or entity, including any person or entity carrying on any trade or business, if such 1254008.1 034513 CLD use constitutes "General Public Use". General Public Use is any arrangement providing for use that is available to the general public at either no change or on the basis of rates that aze generally applicable and uniformly applied. 4. Management or Operating_Agrreements for Facilities Financed with Capital Obli ations. Any management, operating or service contracts whereby anon-exempt entity is using facilities financed or refinanced with the proceeds of Capital Obligations must relate to portions of the Project that fit within the above-mentioned 5% allowable Private Use, or the contracts must meet the IRS safe harbor for management contracts (Rev. Proc. 97-13). Any renewals of or changes to such contracts must be reviewed by Bond Counsel. The Responsible Official shall contact Bond Counsel if there may be a lease, sale, disposition or other change in use of facilities financed or refinanced with the proceeds of Capital Obligations. E. Cash-Flow Obli atg ions. 1. Proper Sizing of Cash-Flow Obli ations. (a) If the Town does not qualify for the small issuer exemption from rebate, at the time of issuance of Cash-Flow Obligations, the Town must reasonably expect that it will incur an actual cumulative cash-flow deficit during the six-month period following the issue date of the Cash-Flow Obligations. The deficit must be at least 90% of the issue price of the Cash-Flow Obligations. (b) If the Town does qualify for the small issuer exemption from rebate, at the time of issuance of Cash-Flow Obligations, the Town must reasonably expect that it will incur an actual cumulative cash-flow deficit during the twelve-month period following the issue date of the Cash-Flow Obligations. The deficit must be at least 100% of the issue price of the Cash- Flow Obligations (which may include taking into account the Town's "reasonably required working capital reserve"). (c) The Responsible Official will determine the appropriate amount of Cash-Flow Obligations to issue. ]254008.1034513 CLD (d) In any yeaz in which the Town does not qualify for the small issuer exemption from rebate, the Responsible Official shall determine whether or not the Town has met its requisite cumulative cash-flow deficit requirement within six months following the date of issuance of the Cash-Flow Obligations, and shall, to the extent necessazy, obtain assistance from the Arbitrage Rebate Consultant, referred to below. F. Investment Restrictions: Arbitrage Yield Calculation; Rebate. 1. Investment Restrictions. Investment restrictions relating to the proceeds of Obligations and other moneys relating to the Obligations are set forth in the Tax Certificate. The Responsible Official will monitor the investment of the proceeds of Obligations to enswe compliance with yield restriction rules. 2. Arbitra e Yield Calculation. Investment earnings on the proceeds of Obligations shall be tracked and monitored to comply with applicable yield restrictions and/or rebate requirements. The Town is responsible for calculating (or causing the calculation of) rebate liability for each issue of Obligations, and for making any required rebate payments. Any funds of the Town set aside or otherwise pledged or earmarked to pay debt service on the Obligations should be analyzed to asswe compliance with the tax law rules on arbitrage, invested sinking funds and pledged funds (including gifts or donations linked to facilities financed with Capital Obligations). The Responsible Official will consult with Bond Counsel to confirm that all relevant azbitrage yield requirements are met. 3. Rebate. On or before the date of any required rebate payment (see below), the Town will retain a nationally recognized arbitrage rebate consultant (the "Arbitrage Rebate Consultant") to perform rebate calculations that may be required to be made from time to time with respect to any issue of Obligations. The Responsible Official shall be responsible for providing the Arbitrage Rebate Consultant with requested documents and information on a prompt basis, reviewing applicable rebate reports and other calculations and generally interacting with the Arbitrage Rebate Consultant to enswe the timely preparation of rebate reports and payment of any rebate. 1254008.1 034513 CLD - - The reports and calculations provided by the Arbitrage Rebate Consultant will assure compliance with rebate requirements, which require the Town to make rebate payments, if any, no later than the fifth anniversary date and each fifth anniversary date thereafter through the final maturity or redemption date of a Capital Obligation. A final rebate payment, if due, must be made within sixty (60) days of the final maturity or redemption date of all Obligations. Rebate spending exceptions for Capital Obligations are available for periods of 6 months, 18 months and 2 yeazs. The Responsible Official will confer and consult with the Arbitrage Rebate Consultant to determine whether any rebate spending exception may be met. In the case of Cash-Flow Obligations, within 60 days of the maturity date of such Cash- Flow Obligations, if there is concern as to whether the Town has met its requisite maximum cumulative cash-flow deficit, the Arbitrage Rebate Consultant shall be promptly consulted to determine whether either the six-month spending exception or the statutory safe hazbor exception to the rebate roles was met (in which case no rebate would be owed) or whether the investment income derived from the proceeds of the Cash-Flow Obligations is subject, in whole or in part, to rebate. Copies of all azbitrage rebate reports, related return filings with the IRS (i. e., IRS Form 8038-T), copies of cancelled checks with respect to any rebate payments and information statements must be retained as described above. The Responsible Official will follow the procedures set forth in the Tax Certificate relating to compliance with the rebate requirements with respect to any Obligations. II. ADDITIONAL PROCEDURES. A. Periodic Monitorine. The Responsible Official will conduct periodic reviews of compliance with the foregoing procedures to determine whether any violations have occurred so that such violations can be remedied through the "remedial action" regulations (Treas. Reg. Section 1.141-12) or the Voluntazy Closing Agreement Program (VCAP) described in IRS Notice 2008-31 (or successor guidance). If any changes to the terms or provisions of any Obligations are contemplated, the Responsible Official will consult with Bond Counsel, because 1254008.1034513 CLD such modifications could jeopardize the tax-exempt status of interest on the Obligations after they aze modified. B. Use of Facilities. The Responsible Official will maintain records identifying any Private Use of the facilities or portion of facilities that are financed or refinanced with proceeds of Capital Obligations. Such records may be kept in any combination of paper or electronic form. In the event the use of the facilities financed or refinanced with the proceeds of Capital Obligations differs from the representations or factual statements in the Tax Certificate, the Responsible Official will promptly contact and consult with Bond Counsel to ensure that there is no adverse effect on the tax-exempt status of the Capital Obligations and, where appropriate, will remedy any violations through the "remedial action" regulations (Treas. Reg. 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P.ek4.a yh9ax ee ::mrv:gmo- ? o m eeryssme^^e 519 vow m ~ . - ax'wrv r.eroWi.. anh nne am,..,mev • . w~emrehraalererv :um^merivenr+e+pwa a.". on. iwm~P.nnwcsmiestimps r.au•pmmm Ix vsq•sas 1 .s~"®`~ RESOLUTION 2010-620 g`~+~'~ ADOPTED DOC ID: 6108 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-620 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 10, 2010: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to acquire and install equipment for the fuel management system. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $230,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of $230,000 bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Bonds of the Town in the principal amount of $230,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (referred to herein as the "Law"), to finance said appropriation. Section 3. The following additional matters are hereby determined and declazed: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 32 of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five yeazs. 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 Resolution 2010-620 Board Meeting of August 10, 2010 anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to 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 yeaz. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, aze hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, aze not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish a summary of this bond resolution, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times, " a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. EXHIBIT A NOTICE The resolution, a summary of which is published herewith, has been adopted on August 10, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 2 Resolution 2010-620 Boazd Meeting of August 10, 2010 BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installation of equipment to the fuel management system, at the estimated maximum cost of $230,000. The amount of obligations to be issued is $230,000. The period of probable usefulness is five (5) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. The bond resolution was adopted on August 10, 2010. ~Q~ Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Christopher Talbot, Councilman SECONDER: Louisa P. Evans, Justice AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 3 o~~oF so~ryol ELI7.ABETH A. NEVILLE, RMC, CMC ~ O Town Hall, 53095 Main Road TOWN CLERK l~t P.O. Box 1179 REGISTRAR OF VITAL STATISTICS Southold, New York 11971 MARRIAGE OFFICER ~ ~ ~O Fax (631) 765-6145 RECORDS MANAGEMENT OFFICER ~,f~, Telephone (631) 765-1800 FREEDOM OF INFORMATION OFFICER ~~I11 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD August 23, 2010 Town of Southold, New York Bond Resolution for Fuel Management System (Our File Designation: 2615/ ) Mr Robert P Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed please find the Notice and affidavit of posting, the Affidavit of Publication dated May 13, 2010, the Extract of Minutes, and the adopted resolution. Very truly yours, Lynda M Rudder Deputy Town Clerk Enclosures 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 August 10, 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 on this 10th day of August, 2010. (SEAL) Town Clerk ~ ' O~~OF SOUTyoI ELIZABETH A. NEVILLE, RMC, CMC ~ O Town Hall, 53095 Main Road TOWN CLERK l~I J~[ P.O. Box 1179 REGISTRAR OF VITAL STATISTICS Southold, New York 11971 ~ p Fax (631) 765-6145 MARRIAGE OFFICER ~ Tele hone (631) 765-1800 FREE OM OF I FORMATION OFF CER IyC~Ufll southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD September 3, 2010 Town of Southold, New York Bond Resolution for Fuel Management System (Our File Desit?nation: 2615/ ) Mr Robert P Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed please find the affidavit of publication and the estoppel certificate For the above referenced bond. If there is anything else you need for your files please feel free to call. Very,trulynyours, ~l-~.~~ Lynda M Rudder Deputy Town Clerk Enclosures 1 . ESTOPPEL CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, New York (the "Town"), HEREBY CERTIFY as follows: That a resolution of the Town Board of said Town entitled: "BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION" was adopted on August 10, 2010, and such resolution contained an estoppel clause as permitted by Section 80.00 of the Local Finance Law and a notice setting forth substantially the statements referred to in Section 81.00 of the Local Finance Law, together with a summary of such resolution, was duly published as referred to in said Section 81.00 of the Local Finance Law. That to the best of my knowledge, no action, suit or proceeding contesting the validity of the obligations authorized by such resolution was commenced within twenty days from the date of publication of such notice. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town this 3`d day of September, 2010. Elizabeth A. Neville, Town Clerk Town of Southold ~ , 9899 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 261h day of Auoust, 2010. ~l~c-e.-- 11 ~o p p 1 / Principal Clerk Sworn to before me this ~l day of / 2010. LEGAL NOTICE ~ / The resolution., a summary of which ~ t Q n, ('/,tom, -el J~ is published herewith, has been adopted V/J~' Ul~ on August 10, 2010, and the validity of the obligations authorized by such reso- H R I;T INA VCL I N S KI Mtion may be hereafter contested only if NOTARY PUBLIC-STATE OF NE\'+ YORK such obligations were authorized for an „ , object qr purpose for which the Town of No. G 1 -VO b i L ' 750 Southold, in the County of Suffolk, New 9utllllitio Ih 5citalk COUnfY York, is not authorized to expend money or if the provisions of law which shoWd My Commission Expi~&s Fab~corv ZH. have been complied with as of the date of publication of this Notice were not substantially complied with, and an ac- tion, suit or proceeding contesting such validity is commenced within twenty days after the publication of [his Notice, or such obligations were authorized in violation of the provisions of the consti- tution. ELIZABETH A. NEVILLE - Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AU- THORIZWG THE ACQUISITION AND INSTALLATION OF EQUIP- MENT FOR THE FUEL MANAGE- MENT SYSTEM, STATWG THE ESTIMATED MAXIMUM COST THEREOF [S $230,000, APPROPRI- ATWG SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZWG THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installafion of equipment [o the fuel management system, at the estimated maximum cost of $230,000. The amount of obligafions to be is- sued is $230,000. The period of probable usefulness is five (5) years A complete copy of the bond resolu- tion summarized above shall be avail- able for public inspection during normal business hours at [he office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. _ _ _ _ - The bond resolution was adopted on - August 30, 2010. 9g99-1T g/1b • NOTICE The resolution, a summary of which is published herewith, has been adopted on August 10, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installation of equipment to the fuel management system, at the estimated maximum cost of $230,000. The amount of obligations to be issued is $230,000. The period of probable usefulness is five (5) yeazs. 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. The bond resolution was adopted on August 10, 2010. PLEASE PUBLISH ON AUGUST 26, 2010, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO ELIZABETH NEVILLE, TOWN CLERK, PO BOX 1179, SOUTHOLD, NEW YORK 11971. Page 1 of 1 • Rudder, Lynda From: Rudder, Lynda Sent: Wednesday, August 18, 2010 9:49 AM To: 'Candice Schott' Subject: for publication 8126/10 2 notices for publication 8/26/10, thanks Lynda M Rudder Lynda M Rudder Deputy Southold Town Clerk Principal Account Clerk 53095 Main Road PO Box 1179 Southold,lVY 11971 (631)765-1800 ext 265 8/18/2010 Page 1 of 1 Rudder, Lynda From: Rudder, Lynda Sent: Wednesday, August 18, 2010 9:49 AM To: 'Candice Schott' Subject: for publication 8/26110 F~ 1r.,~roue 2 notices for publication 8/26/10, thanks e Lynda M Rudder F~~.~ 1~1~r,w5e~er~ Lynda M Rudder Deputy Southold Town Clerk Principal Account Clerk 53095 Main Road PO Box 1179 Southold, NY 11971 1631)765-1800 ext 265 8/18/2010 EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York August 10, 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 August 10, 2010. There were present: Scott A. Russell, Supervisor; and Councilpersons: William Ruland Albert Krupski, Jr Christopher Talbot Vincent Orlando Justice Louisa Evans There were absent: None Also present: Elizabeth A. Neville, Town Clerk Martin D. Finnegan, Town Attorney t * + Councilman Christopher Talbot offered the following resolution and moved its adoption: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to acquire and install equipment for the fuel management system. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $230,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of $230,000 bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Bonds of the Town in the principal amount of $230,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (referred to herein as the "Law"), to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 32 of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish a summary of this bond resolution, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times, " a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. ~ * ? s The adoption of the foregoing resolution was seconded by Justice Louisa Evans and duly put to a vote on roll call, which resulted as follows: AYES: Supervisor Scott Russell Councilman William Ruland Councilman Albert Krupski, Jr Councilman Christopher Talbot Councilman Vincent Orlando Justice Louisa Evans NOES: None The resolution was declared adopted. RESOLUTION 2010-620 'w;~:"~ ADOPTED DOC ID: 6108 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-620 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 10, 2010: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to acquire and install equipment for the fuel management system. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $230,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of $230,000 bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Bonds of the Town in the principal amount of $230,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (referred to herein as the "Law"), to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 32 of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in Resolution 2010-620 ~ Boar•eeting of August 10, 2010 anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish a summary of this bond resolution, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times, " a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. EXHIBIT A NOTICE The resolution, a summary of which is published herewith, has been adopted on August 10, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 2 Resolution 2010-620 ~ Board• eting of August 10, 2010 BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installation of equipment to the fuel management system, at the estimated maximum cost of $230,000. The amount of obligations to be issued is $230,000. The period of probable usefulness is five (5) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. The bond resolution was adopted on August 10, 2010. ~Q Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Christopher Talbot, Councilman SECONDER: Louisa P. Evans, Justice AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 3 e ~ • 3~®`~ RESOLUTION 2010-620 sI ~ ADOPTED DOC ID: 6108 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-620 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON AUGUST 10, 2010: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to acquire and install equipment for the fuel management system. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $230,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of $230,000 bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Bonds of the Town in the principal amount of $230,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (referred to herein as the "Law"), to finance said appropriation. Section 3. The following additional matters aze hereby determined and declazed: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 32 of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in Resolution 2010-620 ~ Boardeeting of August 10, 2010 anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish a summary of this bond resolution, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times, " a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. EXHIBIT A NOTICE The resolution, a summary of which is published herewith, has been adopted on August 10, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 2 Resolution 2010-620 ~ Boar~eeting of August 10, 2010 BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installation of equipment to the fuel management system, at the estimated maximum cost of $230,000. The amount of obligations to be issued is $230,000. The period of probable usefulness is five (5) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. The bond resolution was adopted on August 10, 2010. ~Q Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Christopher Talbot, Councilman SECONDER: Louisa P. Evans, Justice AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell Updated: 8/9/2010 8:14 AM by Lynda Rudder Page 3 r DELAFIELD&WOOD~~P PHONE (2121820-9300 ONE CHASE MANHATTAN PLAZA NEW YORK FAX 1212) 514-8425 NEW YORK, NY 10005 W45HINGTON WJrW.HAWKINS.COM NEWARK (212) 820-9662 August 5, 2010 X05 ANGE°ES SACRAMENTO SAN FRANCISCO Town of Southold, New York Bond Resolution for Fuel Management System (Our File Designation: 2615/ 1 Martin D. Finnegan, Esq. Town Attorney Town of Southold P.O. Box 1179 Southold, New York 11971 Dear Martin: Pursuant to the request of John Cushman, I have prepared the attached Extract of Minutes of a Town Board meeting to be held on August 10, 2010, showing adoption of the above bond resolution and providing for publication, in summary. Please note that the bond resolution is to be adopted by at least atwo-thirds vote of the entire membership of the Town Board. Also enclosed is the Notice and summary form of the bond resolution to be published for estoppel purposes in the official Town newspapers. As you know, publication of the bond resolution, in summary, commences a 20-day statute of limitations period pursuant to the provisions of Section 80.00 et seg. of the Local Finance Law. Please obtain and forward to me a certified copy of the Extract of Minutes and an original Affidavit of Publication, when available. With best regazds, I am Very truly yours, Robert P. Smith RPS/ml Enclosures cc: John Cushman, Town Comptroller 791506.1 001098 FILE • EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York August 10, 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 August 10, 2010. There were present: Scott A. Russell, Supervisor; and Councilpersons: There were absent: Also present: Elizabeth A. Neville, Town Clerk Martin D. Finnegan, Town Attorney John A. Cushman, Town Comptroller ~ * r offered the following resolution and moved its adoption: 791506.1 001098 FILE . ~ ~ BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: Section 1. The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to acquire and install equipment for the fuel management system. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $230,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of $230,000 bonds of the Town to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Section 2. Bonds of the Town in the principal amount of $230,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 791506.1 001098 FILE • 33-a of the Consolidated Laws of the State of New York (referred to herein as the "Law"), to finance said appropriation. Section 3. The following additional matters are hereby determined and declared: (a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 32 of the Law, is five (5) years. (b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The proposed maturity of the bonds authorized by this resolution will not exceed five years. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the taxable real property within the Town without limitation as to 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 791506.1 001098 FILE 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 2].00 relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. Section 7. This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish a summary of this bond resolution, in 791506.1 001098 FILE substantially the form set forth in Exhibit A attached hereto and made a part hereof, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in "The Suffolk Times, " a newspaper published in Southold, New York, having a general circulation in the Town and hereby designated the official newspaper of said Town for such publication. * ~ * + 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. 791506.1 001098 FILE • • 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 August 10, 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 on this 10th day of August, 2010. (SEAL) Town Clerk 791506.1 001098 FILE i • EXHIBIT A NOTICE The resolution, a summary of which is published herewith, has been adopted on August ] 0, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Southold, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK, ADOPTED AUGUST 10, 2010, AUTHORIZING THE ACQUISITION AND INSTALLATION OF EQUIPMENT FOR THE FUEL MANAGEMENT SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $230,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $230,000 BONDS OF SAID TOWN TO FINANCE SAID APPROPRIATION The object or purpose for which the bonds are authorized is the acquisition and installation of equipment to the fuel management system, at the estimated maximum cost of $230,000. The amount of obligations to be issued is $230,000. The period of probable usefulness is five (5) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. The bond resolution was adopted on August 10, 2010. 791506.1 001098 FILE