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aN No. 6R-1 55,224,000ut/
6 ~ UNITED STATES OF AMERICA ~ "
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
,l'd BOND ANTICD?ATION NOTE FOR VARIOUS PURPOSES-2010
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 JPMorgan Chase Bank, N.A., Melville, New York, as
~ registered owneq the sum of FIVE MILLION TWO HUNDRED TWENTY-FOUR THOUSAND DOLLARS (SSZ24,000)
on the 2nd day of Septembeq 2011, together with interest thereon from the date hereof at the rate of fiftysight hundredths per
centum (0.58°/.) per annum, payable at maturity. Both principal of and interest on this Note will be paid in lawful money of the
United States of America, at JPMorgan Chase Bank, N.A., Melville, New York.
Both principal of and interest on this No[e shall be payable only to the registered holder, his legal ~ fl``~
representatives, successors or transferees. This Note shall be transferable only upon presentation to such Town Clerk with a _
_S;~.
written transfer of title and such Town Clerk shall thereupon register this Note in the name of the transferee in his books and shall -~~7
endorse a certificate of such registration hereon. Such transfer shall be dated, and signed by the registered holder, or his legal
representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as to its '
genuineness by an officer of a bank or wst company located and authorized to do business in this State. .yr-
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This Note is the only No[e of an authorized renewal issue, the principal amount of which is 55,224,000.
` This No[e is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated b
Laws of the State of New York, nine bond resolutions adopted by the Town Board on their respective dates, authorizing the
issuance of serial bonds for various purposes in said Town, and the Certificate of Determination executed by the Supervisor on -
r September 2, 2010.
i
I 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 [he principal of and
interest on this Note according [o its terms. It is hereby certified and recited that all wnditions, acts and things required by the
Constitution and statutes of [he State of New York to exist, to have happened and to have been performed precedent to and in the n~.
issuance of this No[e, exist, have happened and have been performed, and that this Note, together with all other indebtedness of ~ i
such Town, is within every debt and other limit prescribed by the Constitution and laws of such State.
IN WITNESS WHEREOF, the Town of Southold has caused this Note to be executed in its name by iu Supervisor,
and its corporate seal (or a facsimile thereof) [o be affixed, imprinted, impressed or otherwise reproduced hereon and attested by '
its Town Clerk and this Note to be dated as of the 2nd day of September, 2010..
. _i
TO FSOUTHOLD
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Supervisor ~i`
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-'a Town Clerk
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CERTIFICATE OF DETERMINATION BY THE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF THE $5,224,000 BOND ANTICIPATION
NOTE FOR VARIOUS PURPOSES-2010 OF THE TOWN OF
SOUTHOLD, NEW YORK.
I, Scott A. Russell, Supervisor of the Town of Southold, 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 Boazd of the Town, pursuant to the bond
resolutions duly adopted and amended and as referred to in the pazagraphs below 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 $14,000
shall be issued to renew, in part, the $100,000 bond anticipation note dated September 4, 2009,
maturing September 3, 2010, 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 17, 2007, authorizing the construction of improvements to
Ryder Farm Lane and Pazk View Lane; stating the estimated
maximum cost thereof is $180,000; appropriating said amount
therefor, including the expenditure of $30,000 expected to be paid
from the proceeds of a separate issue of bonds and $60,000
expected to be received as a reimbursement from the County of
Suffolk; and authorizing the issuance of $150,000 serial bonds of
said Town to finance a part of said appropriation,"
duly adopted by the Town Board on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 4, 2009, the redemption of said
$100,000 bond anticipation note having been heretofore provided to the extent of $86,000 from a
source other than the proceeds of serial bonds.
2. A bond anticipation note of the Town in the principal amount of
$2,389,000 shall be issued to renew, in part, the $2,580,000 bond anticipation note dated
September 4, 2009, maturing September 3, 2010, 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 16, 2005, and amended May 22, 2007 authorizing the
construction of a new Town Animal shelter, in said Town, stating
the estimated maximum cost thereof is $3,300,000, appropriating
said amount therefor, including the appropriation of $280,000 held
in trust and authorizing the issuance of $3,020,000 serial bonds of
said Town to finance the balance of said appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 4, 2009, the redemption of said
$2,580,000 bond anticipation note having been heretofore provided to the extent of $191,000
from a source other than the proceeds of serial bonds.
3. A bond anticipation note of the Town in the principal amount of $21,000
shall be issued to renew, in part, the $24,000 bond anticipation note dated September 4, 2009,
maturing September 3, 2010, 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 17, 2007, ratifying the appropriation of $30,000 to finance a
part of the cost of construction of improvements to certain highways
in the Hamlet of Orient, known as Ryder Farm Lane and Park View
Lane; stating the estimated maximum cost thereof is $180,000, with
$150,000 of said cost expected to be paid from other sources; and
authorizing the issuance of $30,000 serial bonds of said Town to
finance said $30,000 appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 4, 2009, the redemption of said $24,000
bond anticipation note having been heretofore provided to the extent of $3,000 from a source
other than the proceeds of serial bonds.
4. A bond anticipation note of the Town in the principal amount of $55,000
shall be issued to renew, in part, the $75,000 bond anticipation note dated September 4, 2009,
maturing September 3, 2010, 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
Apri122, 2008, authorizing the acquisition of tax collection software
for use by the Town Tax Receiver's Office, at the estimated
maximum cost of $75,000; appropriating said amount therefor, and
authorizing the issuance of bonds in the principal amount of
$75,000 to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Detemunation executed by the Supervisor on September 4, 2009, the redemption of said $75,000
bond anticipation note having been heretofore provided to the extent of $20,000 from a source
other than the proceeds of serial bonds.
5. A bond anticipation note of the Town in the principal amount of $315,000
shall be issued to renew, in part, the $590,000 bond anticipation note dated September 4, 2009,
maturing September 3, 2010, 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
June 17, 2008, appropriating $590,000 for the increase and
improvement of facilities of the Southold Solid Waste Management
District, in said Town, and authorizing the issuance of $590,000
serial bonds of said town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 4, 2009, the redemption of said
$590,000 bond anticipation note having been heretofore provided to the extent of $275,000 from
a source other than the proceeds of serial bonds.
6. A bond anticipation note of the Town in the principal amount of $280,000
shall be issued to renew, in part, the $379,000 bond anticipation note dated September 4, 2009,
maturing September 3, 2010, 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 29, 2008, appropriating $400,000 to pay the cost of acquiring
the easterly half of the certain piece of pazcel of land, containing
one half of one acre, more or less, situate adjacent to the Town Hall
property, and previously acquired by the town pursuant to the
eminent domain proceeding (Index No. 06-23054) commenced in
the Supreme Court of the State of New York, Suffolk County, on
August 3, 2006, and authorizing the issuance of $400,000 serial
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 September 4, 2009, the redemption of said
$379,000 bond anticipation note having been heretofore provided to the extent of $99,000 from a
source other than the proceeds of serial bonds.
7. A bond anticipation note of the Town in the principal amount of $50,000
shall be issued to renew, in part, the $90,000 bond anticipation note dated September 4, 2009
maturing September 3, 2010, 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
September 9, 2008, appropriating $338,800 for the increase and
improvement of facilities of the Mattituck Park District, including
the expenditure of $39,000 from the District's operating fund and
$100,000 available in the Town's recreation fund to pay a part of
said appropriation; and authorizing the issuance of $199,800 serial
bonds finance the balance of said appropriation,"
duly adopted by the Town Board on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 4, 2009, the redemption of said $90,000
bond anticipation note having been heretofore provided to the extent of $40,000 from a source
other than the proceeds of serial bonds.
8. A bond anticipation note of the Town in the principal amount of
$1,400,000 shall be issued in anticipation of the sale of serial bonds authorized pursuant to the
resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
Mazch 9, 2010 and amended May 4, 2010, authorizing the
construction of improvements to various roads on Fishers Island,
including related drainage improvements, stating the estimated
maximum cost thereof is $1,400,000, appropriating said amount
for such purpose, and authorizing the issuance of $1,400,000 serial
bonds of said Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to.
9. A bond anticipation note of the Town in the principal amount of $'700,000
shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York, adopted
June 15, 2010 and amended May 4, 2010, appropriating $700,000
for the improvement of facilities of the Southold Town Wastewater
Disposal District, and authorizing the issuance of $700,000 serial
bonds of said Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to.
10. Said $14,000 note, said $2,389,000 note, said $21,000 note, said $55,000
note, said $315,000 note, said $280,000 note, said $50,000 note, said $1,400,000 and said
$700,000 note shall be combined for the purpose of sale into a single note issue in the aggregate
principal amount of $5,224,000 (hereinafter referred to as the "Note").
11. The terms, form and details of said Note shall be as follows:
Amount and Title: $5,224,000 Bond Anticipation Note for Various Purposes-2010
Dated: September 2, 2010
Matures: September 2, 2011
Number and
Denomination: Number 6R-1, at $5,224,000
Interest Rate
per annum: 0.58%
Form of Note: Substantially in accordance with form prescribed by Schedule
B,2 of the Local Finance Law of the State of New York.
12. The respective amounts of bond anticipation notes originally issued in
anticipation of the issuance of the serial bonds authorized pursuant to the bond resolutions
referred to in paragraphs 1 to 9, inclusive, hereof, including the Note, aze: (1) $150,000, (2)
$2,890,000, (3) $150,000, (4) $75,000, (5) $590,000, (6) $400,000, (7) $199,800, (8) $700,000
and (9) $1,400,000, and the respective amounts of bond anticipation notes which will be
outstanding after the issuance of the Note, including said Note, will be: (1) $14,000, (2)
$2,389,000, (3) $21,000, (4) $55,000, (5) $315,000, (6) $280,000, (7) $50,000, (8) $1,400,000
and (9) $700,000.
13 The serial bonds authorized pursuant to the resolution referred to in
paragraphs 5, 7 and 9 hereof, aze for improvements which are assessable, and the serial bonds
authorized pursuant to the resolutions refen•ed to in pazagraphs 1, 2, 3, 4, 6 and 8 hereof, aze for
improvements which aze non-assessable.
14. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Note to JPMorgan Chase Bank, N.A., Melville, New York, as
registered owner, for the purchase price of $5,224,000.00, plus accrued interest, if any, from the
date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note
shall be payable as to both principal and interest at JPMorgan Chase Bank, N.A., Melville,
New York, and shall beaz interest at the rate of fifty-eight hundredths per centum (0.58%) per
annum, payable at maturity.
15. The Note shall be executed in the name of the Town by the manual
signature of its Supervisor and the corporate seal of the Town will be affixed, imprinted,
impressed or otherwise reproduced thereon and attested by its Town Clerk.
I HEREBY FURTHER DETERMINE that at the time of the delivery of the Note,
and as a condition to such delivery, I shall deliver or cause to be delivered to the financial
institution referred to in pazagraph 14 hereof a copy of the Town's Undertaking to Provide
Notices of Material Events, executed by the undersigned as chief fiscal officer of the Town,
setting forth the Town's written agreement for the benefit of holders of or owners of beneficial
interests in the Note, all in conformity with applicable provisions of Rule 15c2-12 of the
Securities and Exchange Commission.
I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to
issue and sell the Note hereinabove referred to aze in full force and effect and have not been
modified, amended or revoked.
IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of
September, 2010.
Supervisor
~
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 the 2nd day
of September, 2010, 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 this 2nd day of
September, 2010.
~~..ao ~ .D ~i~„ODo
Town Clerk
(SEAL)
f
UNDERTAHING TO PROVIDE NOTICES OF MATERIAL EVENTS
Section 1. Definitions
"EMMA" shall mean Electronic Municipal Mazket Access System implemented
by the MSRB.
"Holder" shall mean any registered owner of the Securities and any beneficial
owner of Securities within the meaning of Rule 13d-3 under the Securities Exchange Act of
1934.
"Issuer" shall mean the Town of Southold, in the County of Suffolk, a municipal
corporation of the State of New York.
"MSRB" shall mean the Municipal Securities Rulemaking Boazd established in
accordance with the provisions of Section 15B(b)(1) of the Securities Exchange Act of 1934.
"Rule 15c2-12" shall mean Rule 15c2-12 under the Securities Exchange Act of
1934, as amended through the date of this Undertaking, including any official interpretations
thereof.
"Securities" shall mean the Issuer's $5,224,000 Bond Anticipation Note for
Various Purposes-2010, dated September 2, 2010, and maturing September 2, 2011, and
delivered on the date hereof.
Section 2. Obligation to Provide Notices of Material Events. (a) The Issuer
hereby undertakes, for the benefit of Holders of the Securities, to provide or cause to be provided
either directly or through Munistat Services, Inc., 12 Roosevelt Avenue, Port Jefferson Station,
New York 11776 to the Electronic Municipal Mazket Access ("EMMA") System implemented
by the Municipal Securities Rulemaking Boazd established pursuant to Section 15B(b)(1) of the
Securities Exchange Act of 1934, or any successor thereto or to the functions of such Boazd
contemplated by the Undertaking, in a timely manner, notice of any of the following events with
respect to the Securities, if material:
(1) principal and interest payment delinquencies;
(2) non-payment related defaults;
(3) unscheduled draws on debt service reserves reflecting financial
difficulties;
(4) unscheduled draws on credit enhancements reflecting financial
difficulties;
(5) substitution of credit or liquidity providers, or their failure to
perform;
795749.1033923 CLD
(6) adverse tax opinions or events affecting the tax-exempt status of
the Securities;
(7) modifications to rights of Securities holders;
(8) bond calls;
(9) defeasances;
(10) release, substitution, or sale of property securing repayment of the
Securities; and
(11) rating changes.
(b) Nothing herein shall be deemed to prevent the Issuer from providing
notice of the occurrence of certain other events, in addition to those listed above, if the Issuer
determines that any such other event is material with respect to the Securities; but the Issuer does
not undertake to commit to provide any such notice of the occurrence of any material event
except those events listed above.
Section 3. Remedies. If the Issuer shall fail to comply with any provision of this
Undertaking, then any Holder of Securities may enforce, for the equal benefit and protection of
all Holders similarly situated, by mandamus or other suit or proceeding at law or in equity, this
Undertaking against the Issuer and any of the officers, agents and employees of the Issuer, and
may compel the Issuer or any such officers, agents or employees to perform and carry out their
duties under this Undertaking; provided that the sole and exclusive remedy for breach of this
Undertaking shall be an action to compel specific performance of the obligations of the Issuer
hereunder and no person or entity shall be entitled to recover monetary damages hereunder under
any circumstances. Failure to comply with any provision of this Undertaking shall not constitute
an event of default on the Securities.
Section 4. Parties in Interest. This Undertaking is executed and delivered solely
for the benefit of the Holders. No other person shall have any right to enforce the provisions
hereof or any other rights hereunder.
Section 5. Amendments. Without the consent of any holders of Securities, the
Issuer at any time and from time to time may enter into any amendments or changes to this
Undertaking for any of the following purposes:
(a) to comply with or conform to any changes in Rule 15c2-12 (whether
required or optional);
(b) to change or add a dissemination agent for the notices required to be given
hereunder and to make any necessary or desirable provisions with respect thereto;
(c) to evidence the succession of another person to the Issuer and the
assumption of any such successor of the duties of the Issuer hereunder;
795749.1 033923 CLD
(d) to add to the duties of the Issuer for the benefit of the Holders, or to
surrender any right or power herein conferred upon the Issuer; or
(e) to cure any ambiguity, to correct or supplement any provision hereof
which may be inconsistent with any other provision hereof, or to make any other
provisions with respect to matters or questions arising under this Undertaking which, in
each case, comply with Rule 15c2-12 or Rule 15c2-12 as in effect at the time of such
amendment or change;
provided that no such action pursuant to this Section 5 shall adversely affect the interests
of the Holders in any material respect. In making such determination, the Issuer shall rely
upon an opinion of nationally recognized bond counsel.
Section 6. Termination. This Undertaking shall remain in full force and effect
until such time as all principal, redemption premiums, if any, and interest on the Securities shall
have been paid in full or the Securities shall have otherwise been paid or legally defeased in
accordance with their terms. Upon any such legal defeasance, the Issuer shall provide notice of
such defeasance to the EMMA System. Such notice shall state whether the Securities have been
defeased to maturity or to redemption and the timing of such maturity or redemption.
Section 7. Undertaking to Constitute Written A~eement or Contract. This
Undertaking shall constitute the written agreement or contract for the benefit of Holders of
Securities, as contemplated under Rule 15c2-12.
Section 8. Governing Law. This Undertaking shall be governed by the laws of
the State of New York determined without regard to principles of conflict of law.
IN WITNESS WHEREOF, the undersigned has duly authorized, executed and
delivered this Undertaking as of September 2, 2010.
Town o outhold, New York
By
Supervisor
795749.1 033923 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 and herein referred to as the "Town,"
HEREBY CERTIFY that on or before September 2, 2010, we officially signed and properly
executed by manual signatures the $5,224,000 Bond Anticipation Note for Various Purposes-
2010 (the "Note") of the Town, payable to JPMorgan Chase Bank, N.A., Melville, New York,
as registered owner, and as 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 are the duly chosen, qualified and acting officers of the Town authorized to
execute the 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 the Note or the levy or collection
of any taxes to pay the interest on or principal of the Note, or in any manner questioning the
authority or proceedings for the issuance of the Note or for the levy or collection of said taxes, or
relating to the 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 the Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon this certificate
(or a facsimile thereof) has been affixed, impressed, imprinted or otherwise reproduced upon the
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
September 2, 2010, I delivered or caused the delivery of the Note to JPMorgan Chase Bank,
N.A., Melville, New York„ 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
said Note, computed as follows:
Price ......................................................................................$5,224,000.00
Interest on said Note accrued to the
date of such delivery -0-
Amount Received ..................................................................$5,224,000.00
795749.1 033923 CLD
IN WITNESS WHEREOF, we have hereunto set our hands and said corporate
seal has hereunto been affixed this 2nd day of September, 2010.
' afore Term of Office
Ex~es Title
December 31, 2011 Supervisor
' December 31, 2013 Town Clerk
(SEAL)
I HEREBY CERTIFY that the signatures of the officers of the above-named
Town, which appeaz above, aze true and genuine and that I know said officers and know them
to hold the offices set opposite their signatures.
John A. Cushman, II
Town Comptroller
795749.! 033923 CLD
ATTORNEY'S CERTIFICATE
I, Martin 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
and 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 the $5,224,000 Bond Anticipation
Note for Various Purposes-2010 (the "Note") of the Town, payable to JPMorgan Chase Bank,
N.A., Melville, New York, as registered owner, and as otherwise described 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 the Note, or in any manner questioning the authority or
proceedings for the issuance of the Note or for the levy or collection of said taxes, or relating to
the 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 the Note has or have been repealed, revoked or rescinded.
I HEREBY FURTHER CERTIFY that there is no controversy or litigation of any
nature now pending or threatened by or against the Town wherein an adverse judgment or ruling
could have a material adverse impact on the financial condition of the Town or adversely affect
the power of the Town to levy, collect or enforce the collection of taxes or other revenues for the
payment of the Note, which has not been disclosed in the Official Statement relating to the Note.
IN WITNESS WHEREOF, I have hereunto set my hand this 2nd day of
September,
Attorney
795749.1 033923 CLD
SCHEDULE A
Amount and Title: $5,224,000 Bond Anticipation Note for Various Purposes-2010
Dated: September 2, 2010
Matures: September 2, 2011
Number: 6R-1, at $5,224,000
Interest Rate
per annum: 0.58%
795749.1 033923 CLD
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Scott A. Russell, Supervisor of the Town of Southold, in the County of Suffolk,
New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the
issuance of the Issuer's $5,224,000 Bond Anticipation Note for Various Purposes-2010 (herein
referred to as the "Note" or "Notes"), dated and issued on September 2, 2010, as follows:
Unless the context cleazly requires otherwise, all capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Article II hereof or in the
Resolutions, the Code or the Regulations (each as defined below).
ARTICLE I
General
1.1. Authoritv of Si ng story. I am an officer of the Issuer chazged 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.
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.
1.3. Reasonable Exnectations. 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.
1.4. Composite Issue. No other governmental obligations have been sold
fewer than 15 days prior to, or will be sold fewer than 15 days after, the sale date of the Note,
pursuant to a common plan of financing which aze expected to be paid from substantially the
same source of funds as the Note.
1.5 No Federal Guazantee. The Issuer represents and covenants that, except
for the gross proceeds of the Note which aze: (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, Recovery and
795749.1 033923 CLD
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 guaranteed 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.
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.
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.
1.8. Non-Purpose Investments. Not more than 50% of the proceeds of the
Note are being invested in investments not acquired to carry out the governmental purposes of
the issue at a guazanteed yield and having a term of 4 yeazs or more.
1.9 IRS Information Reporting. The Issuer will make a timely filing of the
appropriate IRS Form 8038G or 8038-GC.
ARTICLE II
Use of Project and Proceeds
2.1. Authorization. (a) The Note is authorized to be issued pursuant to
applicable provisions of the laws of the State of New York and various bond resolutions duly
adopted by the Town Board on their respective dates (the "Resolutions"), as refen•ed to in the
Certificate of Determination executed by the Supervisor on September 2, 2010.
(b) For purposes of this Article II the term "proceeds" means the net amount
(afrer payment of all costs and expenses associated with issuing the Note) received by the Issuer
from the sale of the Note, excluding accrued interest.
2.2. Purpose of Issue. The Note is being issued to provide funds for various
purposes in the Town (the "Project" or "Projects"), as further described in the Resolutions.
795749.1033923 CLD
2.3. Use of Proceeds. A portion of the proceeds of sale of the Note in the
amount of $3,124,000 (the "Current Refunding Note") will be used, together with $714,000
available funds, to redeem prior issues of bond anticipation notes currently outstanding in the
aggregate principal amount of $3,838,000 (the "Prior Issues"), heretofore issued to finance the
Project. The balance of the proceeds of sale of the Note in the principal amount of $2,100,000
(the "New Money Note") will be used to provide original financing for the New Money Projects.
2.4. Ownership/Lease/Sale. The Projects will be owned by the Issuer or
another state or local governmental 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 aze 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 are to be used for the governmental 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, guazantee contracts, take or pay contracts, or put or pay contracts, which
provides for a use of the Projects by a person or persons who are not State or local govermnents
on a basis different than the general public Any management, or operations contract or
795749.1 033923 CLD
agreement which provides for nongovernmental use will provide for reasonable compensation
which is in no pazt 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 March 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 yeazs; (ii) the issuer may terminate such contract (without penalty)
at the end of the second year 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 party;
(c) for contracts entered into or materially modified (other than pursuant to a
renewal option) after Mazch 15, 1993, which provide compensation based on a percentage of
fees charged, (i) the contract has a term (including renewal options) not exceeding two yeazs,
(ii) the issuer may terminate the contract (without penalty) at the end of the first year, and
(iii) the service provider primazily provides services to third pazties 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 dollaz 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 standazd;
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 yeazs of the date hereof to make such loans. The payment of legal and
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.
795749.1 033923 CLD
2.10 Output Facilities. No more than 5% of the proceeds of the Note aze 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 nongovenunental output facility.
ARTICLE III
Arbitrage/Rebate Exemption
3.1 Temporary Period-Refundine. 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
yeazs after the date of original issuance of the Prior Issue. If any transferred proceeds remain
unexpended after three yeazs 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 Project cited in Section 2.2 hereof, and the amount of such
commitment(s) with respect to such New Money Project will or do exceed the amount equal to
5% of $2,100,000, being the aggregate amount of obligations currently issued for such New
Money Project.
(b) Such New Money Project has been completed, or, if such New Money
Project has not been completed, work on the acquisition, construction or accomplishment of such
New Money Project 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 yeazs 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 years or more.
3.3 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;
(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;
795749.1 033923 CLD
(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 calendaz yeaz in which the Prior Issue was issued and the current
calendar year 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
year 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 yeaz 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 year orone-twelfth of the debt service on the Note.
3.7 Sinking 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.
ARTICLE IV
Bank Qualification
4.1 Desi ation. The Note is hereby designated as a "qualified tax-exempt
obligation" pursuant to the provisions of Section 265 of the Code.
795749.1 033923 CLD
(a) In making such designation it has been determined with respect to the
Current Refunding Note that:
(i) the Note can-ently 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 $30,000,000;
(iv) the Prior Issue had a weighted average maturity of 3 yeazs 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 $30,000,000 of obligations issued by the Issuer during the
calendaz year in which the Prior Issue was issued were designated by the
Issuer as "qualified tax-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
yeaz will exceed $30,000,000; and
(ii) the amount of "qualified tax-exempt obligations" issued by the Issuer
during the current calendaz year does not as of this date, and including this
issue, exceed $30,000,000.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Town of Southold, as of the
2nd day of September, 2010.
Q t~~~
(SEAL) Supervisor
795749.1 033923 CLD
CERTIFICATE WITH RESPECT TO THE OFFICIAL
STATEMENT OF THE TOWN OF SOUTHOLD, NEW YORK,
DISTRIBUTED IN CONNECTION WITH THE SALE AND
ISSUANCE OF A $5,224,000 BOND ANTICIPATION NOTE
FOR VARIOUSPURPOSES-2010
I, Scott A. Russell, the undersigned Supervisor of the Town of Southold (the
"Town"), in the County of Suffolk, New York, HEREBY CERTIFY that on August 17, 2010,
the date of the Official Statement of the Town prepazed in connection with the sale of the
$5,224,000 Bond Anticipation Note for Various Purposes-2010 (the "Note"), of the Town, and at
all times subsequent thereto up to and including September 2, 2010, the date of delivery of the
Note, the attached Official Statement of the Town did not and does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. In
addition, I FURTHER CERTIFY that there has been no adverse material change in the financial
condition of the Town since August 17, 2010.
Insofaz as any statements made in said Official Statement involve matters of
opinion, estimates or statements as to matters not contained in or derived from the official
records of the Town, whether or not expressly stated, they aze set forth as such and not as
representations of fact by the Town, and no representation is made that any of the estimates or
anticipated events will be realized. The Official Statement is not to be construed as a contract or
agreement with the beneficial owners of the Note.
IN WITNESS WHEREOF, I have hereunto set my signature and affixed the
corporate seal of the Town as of the 2nd day of
September, 2010
(SEAL) C~
Supervisor
o~~Of SOUTyoI
ELIZABETH A. NEVILLE, RMC, CMC ~ O Town Hall, 53095 Main Road
TOWN CLERK l~[ ~ P.O. Box 1179
REGISTRAR OF VITAL STATISTICS Southold, New York 11971
MARRIAGE OFFICER ~ • ~O Fax (631) 765-6145
FREEDOM OF
I
FORMA ION OFF CER OIyC~Ury 1 southo dtown.northfo k 00t
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
September 3, 2010
Town of Southold, New York
Amending Bond Resolution for Road Improvements on Fishers Island
(Our File Designation: 2615/33923)
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 estoppe? certificate for
the above referenced bond.
If there is anything else you need for your files please feel free to call.
Very truly yours,
~L`~~
Lynda M Rudder
Deputy Town Clerk
Enclosures
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.
lizabeth A. Neville, Town Clerk
Town of Southold
9898
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
26th day of August, 2010.
r
Qifly~
Principal Clerk
Sworn to before me this ~ day of ~ 2010.
LEGAL NOTICE ~ I ~ ~ r"' /
The resolution, a summary of which ~/t' lll~~~
is published herewith, has been adopted CHRISTINA VOLINSKt
on March 9, 2010 and amended on May 'd OT,ARY PUOLIC-S?F.TE OF NEW YORK
4, 2010, and art abstract thereof has been
published and posted as required by :t. O1-VOd105050
law and the period of time has elapsed •=1uai'ieG in SulfOlk COUnty
for the submission and filing of a pe[i- :k,~ C.;-~;n K;ion Ezpiros 'rebruory 28, 2012
don for a permissive referendum and a
valid petition has not been submitted
and filed. The validity of the obligations
authorized by such resolution may be
hereafter contested only if such obliga-
tions were authorized for an object or
purpose for which the Town of Southold,
m the County of Suffolk, New York, is
no[ authorized to expend money or if
the provisions of law which should have
been complied with as of the date of pub-
IicaOon of this notice were not substan-
tially complied with, and ao action, suit
or proceeding contesting such vahdity is
commenced within twenty days after [he
date. of publication of the notice, or such
obligations were authorized in violation
of the provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE
TOWN OF SOUTHOLD, NEW YORK,
ADOPTED MARCH 9, 2010 AND
AMENDED MAY 4, 2010, AUTHO-
RIZING THE CONSTRUCITON OF
IMPROVEMENTS TO VARIOUS
ROADS ON FISHERS ISLAND, IN-
CLUDING RELATED DRAH4AGE
IMPROVEMENTS, STATING THE
ESTIMATED MAXIMUM COST
THEREOF [S 51,400,000, APPROPRI-
ATING SAID AMOUNT FOR SUCH
PURPOSE, AND .AUTHORIZING
THE ISSUANCE OF $1,400,Ig0 SE-
RIAL BONDS OF SAID TOWN TO
FINANCE SAID APPROPRIATION
'Ihe object ar purpose for which [he
bond is authorized is the construction of
improvements [o various roads on Fish-
ers Island, including related drainage im-
provemen[S at [he. estimated maximum
cost of $1,400,00(1. _
_ The. amn,
o~~pF SOUTyoI
ELIZABETH A. NEVILLE, RMC, CMC ~ O Town Hall, 53095 Main Road
TOWN CLERK J~1 l~ 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 NFORMA
ION OFF CER ly~~UNi'1 southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
August 23, 2010
Town of Southold, New York
Amending Bond Resolution for Road Improvements on Fishers Island
(Our File Designation: 2615/33923)
Mr Robert P Smith
Hawkins, Delafield & Wood, LLC
One Chase Manhattan Plaza
New York, NY 10005
Dear Mr Smith:
Enclosed please find the Extract of Minutes, Affidavit of Publication dated April
22, 2010, Affidavit of Publication dated May 13`h, 2010, Certificate of No Referendum,
two affidavits of posting dated May 4, 2010 and June 10, 2010, and the Resolution
adopted May 4, 2010.
Very truly yours
l , vto~?~"1 V
~l
Lynda M Rudder
Deputy Town Clerk
Enclosures
Page 1 of 1
•
Rudder, Lynda
From: Candice Schott [cschott@timesreview.com]
Sent: Wednesday, August 18, 2010 9:56 AM `U;~-..
To: Rudder, Lynda
Subject: RE: for publication 8/26/10 (iA,4w.~.
~ I O 110 .
Hi Lynda,
I have received the notices and we are good to go for the 8/26 issue.
Thanks and have a great Wednesday!
Candice
From: Rudder, Lynda [mailto:lynda.rudder@town.southold.ny.us]
Sent: Wednesday, August 18, 2010 9:49 AM
To: Candice Schott
Subject: for publication 8/26/10
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, NY 11971
X631)765-1800 ext 265
8/18/2010
~ o~~oF so~jyol ~
ELIZABETH A. NEVILLE, RMC, CMC ~ O Town Hall, 53095 Main Road
TOWN CLERK l~[ l~ P.O. Box 1179
REGISTRAR OF VITAL STATISTICS Southold, New York 11971
.GP ~ ~p Fax (631) 765-6145
MARRIAGE OFFICER .f`
RECORDS MANAGEMENT OFFICER Ol~ ~ Telephone (631) 765-1500
FREEDOM OF INFORMATION OFFICER CQUIY 1 ~ ~ southoldtown.northfork.net
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
June 7, 2010
Town of Southold, New York
$500,000 Serial Bonds for Road Improvements on Fishers Island
(Our File Desi>?nation: 2615/33923)
Mr Robert P. Smith
Hawkins, Delafield & Wood
One Chase Manhattan Plaza
New York, NY 10005
Dear Mr. Smith:
Enclosed are the following documents in regard to the above referenced bond:
1. Certified resolution
2. Copy of legal notice and certification for May 14, 2010 publication
3. Copy of legal notice and certification for June 10, 2010 publication
4. Certificate of no referendum
5. Three (3) publication affidavits from the Suffolk times
I will forward more documentation for your files as it becomes available.
Very truly yours,
~ ~
Lynda M Rudder
Deputy Town Clerk
encs
CERTIFICATE OF NO REFERENDUM
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY as follows:
That a resolution of the Town Boazd of the Town of Southold, in the County of
Suffolk, State of New York, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 20]0 and amended May 4, 2010, authorizing the
construction of improvements to vazious roads on Fishers Island,
including related drainage improvements, stating the estimated
maximum cost thereof is $1,400,000, appropriating said amount
for such purpose, and authorizing the issuance of $1,400,000 serial
bonds of said Town to finance said appropriation,"
was adopted March 9, 2010 and amended May 4, 2010, and that the notice setting forth the date
of adoption of the resolution and containing an abstract of said resolution which concisely stated
the purpose and effect thereof, was duly posted and published as required by law.
That no petition signed and acknowledged by the electors of the Town protesting
against said resolution and requesting that said resolution be submitted to the electors of the
Town for their approval or disapproval has been filed with the Town Clerk within thirty days
after the date of the adoption thereof, or at any other time since said adoption.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this 7-/~[~_ day of June,
20,10. , ~ ~
(~P~a Q. ~rr~
(SEAL) Town Clerk
I~" ~
• LEGAL NOTICE •
The resolution, a summary of which is published herewith, has been
adopted on March 9, 2010 and amended on May 4, 2010, and an abstract thereof has been
published and posted as required by law and the period of time has elapsed for the
submission and filing of a petition for a permissive referendum and a valid petition has
not been submitted and filed. The validity of the obligations authorized by such
resolution may be hereafter contested only if such obligations were authorized for an
object or purpose for which the Town of Southold, in the County of Suffolk, New York,
is not authorized to expend money or if the provisions of law which should have been
complied with as of the date of publication of this notice were not substantially complied
with, and an action, suit or proceeding contesting such validity is commenced within
twenty days after the date of publication of the notice, or such obligations were
authorized in violation of the provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED MARCH 9, 2010 AND AMENDED
MAY 4, 2010, AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $1,400,000,
APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE,
AND AUTHORIZING THE ISSUANCE OF $1,400,000
SERIAL BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION
The object or purpose for which the bond are authorized is the construction of
improvements to various roads on Fishers Island, including related drainage
improvements, at the estimated maximum cost of $1,400,000.
The amount of obligations to be issued is $1,400,000.
The period of probable usefulness is fifteen (15) years.
A complete copy of the bond resolution summarized above shall be available for public
inspection during normal business hours at the office of the Town Clerk, at the Town
Hall, 53095 Main Street, Southold, New York.
Dated: June 7, 2010
Southold, New York Elizabeth A. Neville
Town Clerk
PLEASE PUBLISH ON NNE 10, 2010, AND FORWARD THREE (3)
AFFIDAVITS OF PUBLICATION TO ELIZABETH NEVILLE, TOWN CLERK,
PO BOX 1179, SOUTHOLD, NEW YORK 11971.
_ ~ ~
STATE OF NEW YORK )
SS:
COUNTY OF SUFFOLK)
ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, New York being
duly sworn, says that on the ~ day of , 2010, she affixed a
notice of which the annexed printed notice is a t e copy, in a proper and substantial
manner, in a most public place in the Town of Southold, Suffolk County, New York, to
wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York.
Bond Resolution published 6/10/10
zabeth A. Neville
Southold Town Clerk
Sworn before this
~ day of , 2010.
otary Public
LYNDA M.9BkP1~
~Q~
NOTARY PUBLIC, State of New York
No. 0196020932
Qualified in Suffolk County
Term Expires March 8, 201E
DELAFIELD &WOODLLP
PHONE (212) 820-9300 ONE CHASE MANHATTAN PLAZA NEW YORH
FAX (2121514-8425 NEW YORH, NY 10005 WASHINGTON
WJ?W.HAWRINS.COM NEWARM
HARTFORD
LOS ANGELES
SACRAMENTO
(212) 820-9662 June. 2, 2010 SAN FRANCISCO
Town of Southold, New York
Amending Bond Resolution for Road Improvements on Fishers Island
(Our File Designation: 2615/33923)
Martin D. Finnegan, Esq.
Town Attorney
Town of Southold
P.O. Box 1179
Southold, New York 11971
Dear Martin:
The bond resolution authorizing the above bonds takes effect thirty (30) days after
its adoption and is to be published, in summary, in the official newspaper together with a
statutory form of notice thereby commencing a 20-day statute of limitations period pursuant to
the provisions of Section 80.00 et seg. of the Local Finance Law.
With reference thereto, I have prepared and enclose herewith the following:
(a) Certificate of No Referendum
(b) Notice and Summary of the bond resolution in readiness for
publication.
Please do not hesitate to call if you have any questions regazding the enclosed
documents. Kindly send me an executed copy of the Certificate of No Referendum and an
original Affidavit of Publication, when available.
With best regards, I am
Very truly yours,
Robert P. Smith
RPS/ml
Enclosures
cc: John A. Cushman, Town Comptroller
CERTIFICATE OF NO REFERENDUM
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY as follows:
That a resolution of the Town Board of the Town of Southold, in the County of
Suffolk, State of New York, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010 and amended May 4, 2010, authorizing the
construction of improvements to various roads on Fishers Island,
including related drainage improvements, stating the estimated
maximum cost thereof is $1,400,000, appropriating said amount
for such purpose, and authorizing the issuance of $1,400,000 serial
bonds of said Town to finance said appropriation,"
was adopted March 9, 2010 and amended May 4, 2010, and that the notice setting forth the date
of adoption of the resolution and containing an abstract of said resolution which concisely stated
the purpose and effect thereof, was duly posted and published as required by law.
That no petition signed and acknowledged by the electors of the Town protesting
against said resolution and requesting that said resolution be submitted to the electors of the
Town for their approval or disapproval has been filed with the Town Clerk within thirty days
after the date of the adoption thereof, or at any other time since said adoption.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this day of June,
2010.
(SEAL) Town Clerk
NOTICE
The resolution, a summary of which is published herewith, has been adopted on
March 9, 2010 and amended on May 4, 2010, and an abstract thereof has been published and
posted as required by law and the period of time has elapsed for the submission and filing of a
petition for a permissive referendum and a valid petition has not been submitted and filed. The
validity of the obligations authorized by such resolution may be hereafter contested only if such
obligations were authorized for an object or purpose for which the Town of Southold, in the
County of Suffolk, New York, is not authorized to expend money or if the provisions of law
which should have been complied with as of the date of publication of this notice were not
substantially complied with, and an action, suit or proceeding contesting such validity is
commenced within twenty days after the date of publication of the notice, or such obligations
were authorized in violation of the provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010 AND AMENDED MAY 4, 2010,
AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO
VARIOUS ROADS ON FISHERS ISLAND, INCLUDING RELATED
DRAINAGE IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $1,400,000, APPROPRIATING
SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE
ISSUANCE OF $1,400,000 SERIAL BONDS OF SAID TOWN TO
FINANCE SAID APPROPRIATION
The object or purpose for which the bond are authorized is the construction of improvements to
various roads on Fishers Island, including related drainage improvements, at the estimated
maximum cost of $1,400,000.
The amount of obligations to be issued is $1,400,000.
The period of probable usefulness is fifteen (15) 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.
9771
STATE OF NEW YORK)
SS:
COUNTY OF SUFFOLK)
Karen Kine of Mattituck, in said county, being duly sworn, says that she is
Principal Clerk of THE SUFFOLK TIMES, a weekly newspaper, published at
Mattituck, in the Town of Southold, County of Suffolk and State of New York, and that
the Notice of which the annexed is a printed copy, has been regularly published in
said Newspaper once each week for 1 week(s), successively, commencing on the
13th day of Mav. 2010.
Principal Clerk
Sworn to before me this ~ ~ day of 2010.
recAL NoT1eE sseoND7 AuTHGRIZG the ra- ~ J ~ * 1 I n
TOWN OP SO171'NOLD, nuance of $1400,OOdsefial Yjs Af the ~J Ul/ y
NEW YORK Town pursuant [o the'Loia[ F'~tahce Law
PLEASE .TAKE NOTICE [haF on of the Stale of New Yorkto (manta said CNR4SiINA VOLINSKI
May 4, 201p, the Town Board of tiie of appropriation; NOTARV rUd. r -Si:.TE OP NEW YORK
Town of .Southold, in [he CounTy. of THIRD: Db'T~RMIN G .and i9 b .VObI b5050
Suffolk, New York, adoptedaresolution STP.TING~[ha[ [he.petiod o probable 9U'71 . i {r; SugfOlk COUflty
amending the bond~resold[ion~adopted usefulness applicable, [o the purpose for
b} saidTOC4t;Board on March 9, 2010, which said serial bonds aze authorized My Comminm:+ npiraa February 28, 2012
w}fichrbUn`d''iesolatfbn;;a8 amended, is to be issded is fifteen (1S) years;~the
enhtled ~ ~ proceeds of said bonds and any bond
Bond `R~esolUh6n of `the Town of anticipatiod notes ts`sued°m anticipation
Sou[ho~ld rycwRYork adoppted Mazch 9; thereof maybe applied to reimburse the
20T0 aud'autended Ivlay4,2~Q1.0, authoriz. Town for expenditures made after [he
mg the obntiuction oLimpfpvefnents fb effective date of this bond resblulion for
varionsrosXds'oixFishe{s-fslaar4 includ- the pnrpASe for which said bonds are su-
ingrelafedldiainageimpmtieriien~sta[- [horized;, and the_proposed maturity of
iugtlte'effitiStatedm3xl'muu cost therebf said $1,4(10.000. serial bonds will exceed
is $1~4b0
UQ0 'a'oprta[ingsatd amount five (S)'-yeazs; and STATING that. the
for such pl~Lt au~ atriWoriziiig Uie is- Town Board; as Ikad Agency pursuant
spance tlf$3;4b0 b00 pal bonds lif safd to the provisions of hfe New York State
Tow4mflnadee safif'a riahoR" - Environmental Quality Review Act
an abstrlre6 of whndF, ` }YSo~rtioa ("SEQRd"), has determined that'the
concisely Si+Rdg the purpdsu:and effect specific object or purpbse hereinabove
therroP,b'atiig as fo0bw~"~' described is a Type.IIACtion and no far-
EFRST. AUTFIORI2.ING said Town that review is reguired;.
to construct unprovements to various FOURTH: DETERMINING that
roads odEishersIslaad; including relat- said bonds and any+tiond anticipation
ed drainage. improvements; STATING notes issued manticipation of said bonds
the estimated maximum Bost thereof, and the ienewals ofsaid bond anticipa-
including preliminary. costs, .and Costs tion notes shall be general obligations of
incidental thereto and the financing the Towri; and PLEDGING[o their pay-
theceafa~is_. $1,400,0OO;APPROPRIAT- men[[lre faith and cFedit of [he Town;
ING said amount foi: such purpose; and FIFI'lj: DELEGATING to the Su-
STATING'[he plan`df fmahcingincludes pervisor the power's andduties as to [he
the issdanee'df $1 0,000 serial bonds issuance of said bonds and any bond an-
of the Town ~ Co 6nahce'said appropria- ticipafidir notes issued in anticipahon of
tion, sari the lery,of a [ax upon alt the saidbonds, or [he renewals thereof; and
taxable reat~mperty, within the Town [o SIXTH: DETERMINING-, that the
pay the principal ofsaidbonds and inter- bond resolution is subject to a permis-
est [hereon; sive referendum.
DATED: May 4, 2010
Elizabeth A. Neville
Town Clerk
9771-1T SI13
r L
• TOWN OF SOUTHOLD, NEW~RK
PLEASE TAKE NOTICE that on May 4, 2010, the Town Boazd of the of
Town of Southold, in the County of Suffolk, New York, adopted a resolution amending
the bond resolution adopted by said Town Board on March 9, 2010, which bond
resolution, as amended, is entitled:
"Bond Resolution of the Town of Southold, New York,
adopted Mazch 9, 2010 and amended May 4, 2010,
authorizing the construction of improvements to various
roads on Fishers Island, including related drainage
improvements, stating the estimated maximum cost
thereof is $1,400,000, appropriating said amount for
such purpose, and authorizing the issuance of
$1,400,000 serial bonds of said Town to finance said
appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof,
being as follows:
FIRST: AUTHORIZING said Town to construct improvements to various
roads on Fishers Island, including related drainage improvements; STATING the
estimated maximum cost thereof, including preliminary costs, and costs incidental thereto
and the financing thereof, is $1,400,000; APPROPRIATING said amount for such
purpose; and STATING the plan of financing includes the issuance of $1,400,000 serial
bonds of the Town to finance said appropriation, and the levy of a tax upon all the taxable
real property within the Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $1,400,000 serial bonds of
the Town pursuant to the Local Finance Law of the State of New York to finance said
appropriation;
THIRD: DETERMINING and STATING that the period of probable
usefulness applicable to the purpose for which said serial bonds are authorized to be
issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes
issued in anticipation thereof may be applied to reimburse the Town for expenditures
made after the effective date of this bond resolution for the purpose for which said bonds
are authorized; and the proposed maturity of said $1,400,000 serial bonds will exceed
five (5) years; and STATING that the Town Board, as Lead Agency pursuant to the
provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
determined that the specific object or purpose hereinabove described is a Type II Action
and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation
notes issued in anticipation of said bonds and the renewals of said bond anticipation notes
shall be general obligations of the Town; and PLEDGING to their payment the faith and
credit of the Town;
F~H: DELEGATING to the Superviso~e powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said
bonds, or the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a
permissive referendum.
DATED: May 4, 2010
Elizabeth A. Neville
Town Clerk
,
STATE OF NEW YORK )
SS:
COUNTY OF SUFFOLK)
ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, New York being
duly sworn, says that on the 7rtN day of , 2010, she affixed a
notice of which the annexed printed notice is a true co , in a proper and substantial
manner, in a most public place in the Town of Southold, Suffolk County, New York, to
wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York.
Bond Resolution published 5/4/10
E abeth A. Neville
Southold Town Clerk
Sworn before me is
day of , 2010.
1'1'~
otary Public
NOTARYPUB~C S;~
of
N
wYork
No. 07020932
Qualified in Suffolk County
Term Expires March 8, 20
` Southold Town Board - Lei B~d Meeting of May 4, 2010
wr~a.
~'®~ae RESOLUTION 2010-350 Item # 5.18
~F! ADOPTED DOC ID: 5897
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-350 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MAY 4, 2010:
RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MAY 4, 2010, AMENDING THE BOND
RESOLUTION ADOPTED MARCH 9, 2010
Recitals
WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk,
New York, has heretofore duly authorized the construction of improvements to various roads on
Fishers Island, including related drainage improvements, at the estimated maximum cost of
$500,000; and
WHEREAS, the estimated total cost thereof, including preliminary costs and
costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by
the Town Board on March 9, 2010, was $500,000; and
WHEREAS, it has now been determined that the estimated cost of such project
shall be $1,400,000, and it is in the public interest to increase the appropriation therefor by
$900,000;
Now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of
all members of said Town Board) AS FOLLOWS:
Section (A) The Bond Resolution of the Town of Southold adopted by the Town
Board on March 9, 2010, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010, authorizing the construction of improvements to
various roads on Fishers Island, including related drainage
improvements, stating the estimated maximum cost thereof is
$500,000, appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of said Town to
finance said appropriation,"
is hereby amended to read as follows:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010 AND AMENDED MAY 4,
2010, AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
Generated May 11, 2010 Page 27
Southold Town Board - Le~ )~d Meeting of May 4, 2010 '
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED MAXIMUM
COST THEREOF 1S. $1,400,000, APPROPRIATING SAID
AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE
ISSUANCE OF $1,400,000 SERIAL BONDS OF SAID TOWN
TO FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RF,SOI,VES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called the "Town"), is hereby authorized to construct improvements to various roads on Fishers
Island, including related drainage improvements. The estimated maximum cost thereof,
including preliminary costs and costs incidental thereto and the financing thereof, is $1,400,000
and said amount is hereby appropriated for such purpose. The plan of financing includes the
issuance of $1,400,000 serial bonds of the Town to finance said appropriation, and the levy and
collection of taxes on all the taxable real property in the Town to pay the principal of said bonds
and the interest thereon as the same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $1,400,000 aze
hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the object or purpose for
which said bonds aze authorized to be issued, within the limitations of Section 11.00 a. 20 (c) of
the Law, is fifteen (15) 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. ] 50-2 of the United States Treasury Department.
(c) Tha proposed maturity of the bonds authorized by this resolution will exceed
five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency pursuant
to the provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
heretofore determined that the said specific object or purpose hereinabove described in Section 1
is a Type II Action as defined in said Act and the Regulations promulgated thereunder and no
further review is required.
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
Generated May 11, 2010 Page 28
Southold Town Board - Let B~d Meeting of May 4, 2010
and interest by general tax upon all the taxable real property within the Town without limitation
of rate or amount. The faith and credit of the Town aze hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
Section 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said
bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements
for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the
Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose for which the
Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the
publication of such resolution, 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 is subject to a permissive referendum and the
Town Clerk is hereby authorized and directed, within ten (10) days after the adoption of this
resolution, to cause to be published in "The Suffolk Times, " a newspaper having a general
circulation within said Town and hereby designated the official newspaper of the Town for such
publication and posted on the sign boazd of the Town maintained pursuant to the Town Law, a
Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on May 4, 2010, the Town Board of the of Town
of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond
resolution adopted by said Town Board on March 9, 2010, which bond resolution, as amended, is
entitled:
"Bond Resolution of the Town of Southold, New York,
Generated May 11, 2010 Page 29
Southold Town Board - Le~ I~d Meeting of May 4, 2010 '
adopted March 9, 2010 and amended May 4, 2010, authorizing
the construction of improvements to various roads on Fishers
Island, including related drainage improvements, stating the
estimated maximum cost thereof is $1,400,000, appropriating
said amount for such purpose, and authorizing the issuance of
$1,400,000 serial bonds of said Town to finance said
appropriation,"
an abstract of which bond resolution concisely statine the purpose and effect thereof, being as
follows:
FIRST: AUTHORIZING said Town to construct improvements to various roads
on Fishers Island, including related drainage improvements; STATING the estimated maximum
cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is
$1,400,000; APPROPRIATING said amount for such purpose; and STATING the plan of
financing includes the issuance of $1,400,000 serial bonds of the Town to finance said
unpropriation, and the levy of a tax upon all the taxable real property within the Town to pay the
principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $1,400,000 serial bonds of the Town
pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness
applicable to the purpose for which said serial bonds are authorized to be issued is fifteen (15)
years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof
may be applied to reimburse the Town for expenditures made after the effective date of this bond
resolution for the purpose for which said bonds are authorized; and the proposed maturity of said
$1,400,000 serial bonds will exceed five (5) years; and STATING that the Town Board, as Lead
Agency pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has determined that the specific object or purpose hereinabove described is a Type
II Action and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation notes
issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be
general obligations of the Town; and PLEDGING to their payment the faith and credit of the
Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or
the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive
referendum.
DATED: May 4, 2010
Generated May 11, 2010 ~ Page 30
Southold Town Board - Let Board Meeting of May 4, 2010
Elizabeth A. Neville
Town Clerk
Generated May 11, 2010 Page 31
Southold Town Board - Le~ B~d Meeting of May 4, 2010 '
Section (B) The amendment of the bond resolution set forth in Section (A) of this
resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or
action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued,
or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond
resolution, as so amended.
Section (C) Said bond resolution, as amended, is subject to a permissive
referendum. In the event that a valid petition protesting against said amended bond resolution
and requesting that it be submitted to the electors of said Town for their approval or disapproval
is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution
adopted March 9, 2010, shall not be in any way affected and shall remain in full force and effect.
Section (D) After said bond resolution, as amended, shall take effect, the Town
Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be
published, in summary, in substantially the form set forth in Exhibit A attached hereto and made
a part hereof, in "The Suffolk Times, " hereby designated the official newspaper for said
publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the
1..a4~a1 Finance Law of the State of New York.
Q~
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: William Ruland, Councilman
SECONDER: Albert Krupski Jr., Councilman
AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell
Generated May 11, 2010 Page 32
RESOLUTION 2010-350
s
ADOPTED DOC ID: 5897
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-350 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MAY 4, 2010:
RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MAY 4, 2010, AMENDING THE BOND
RESOLUTION ADOPTED MARCH 9, 2010
Recitals
WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk,
New York, has heretofore duly authorized the construction of improvements to various roads on
Fishers Island, including related drainage improvements, at the estimated maximum cost of
$500,000; and
WHEREAS, the estimated total cost thereof, including preliminary costs and
costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by
the Town Board on March 9, 2010, was $500,000; and
WHEREAS, it has now been determined that the estimated cost of such project
shall be $1,400,000, and it is in the public interest to increase the appropriation therefor by
$900,000;
Now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of
all members of said Town Boazd) AS FOLLOWS:
Section (A) The Bond Resolution of the Town of Southold adopted by the Town
Board on March 9, 2010, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010, authorizing the construction of improvements to
various roads on Fishers Island, including related drainage
improvemems, stating the estimated maximum cost thereof is
$500,000, appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of said Town to
finance said appropriation,"
is hereby amended to read as follows:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010 AND AMENDED MAY 4,
2010, AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING TI-IE ESTIMATED MAXIMUM
COST THEREOF IS $1,400,000, APPROPRIATING SAID
Resolution 2010-350 ~ B~d Meeting of May 4, 2010
AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE
ISSUANCE OF $1,400,000 SERIAL BONDS OF SAID TOWN
TO FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called the "Town"), is hereby authorized to construct improvements to various roads on Fishers
Island, including related drainage improvements. The estimated maximum cost thereof,
including preliminary costs and costs incidental thereto and the financing thereof, is $1,400,000
and said amount is hereby appropriated for such purpose. The plan of financing includes the
issuance of $1,400,000 serial bonds of the Town to finance said appropriation, and the levy and
collection of taxes on all the taxable real property in the Town to pay the principal of said bonds
and the interest thereon as the same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $1,400,000 are
hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the object or purpose for
which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 20 (c) of
the Law, is fifteen (15) 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 aze 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 exceed
five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency pursuant
to the provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
heretofore determined that the said specific object or purpose hereinabove described in Section 1
is a Type II Action as defined in said Act and the Regulations promulgated thereunder and no
further review is required.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in
anticipation of said bonds shall be general obligations of the Town, payable as to both principal
and interest by general tax upon all the taxable real property within the Town without limitation
of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
Updated: 5/4/2010 11:31 AM by Lynda Rudder Page 2
Resolution 2010-350 ~ B~d Meeting of May 4, 2010
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
Section 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said
bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements
for credit enhancements, 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, are not substantially
complied with, and an action, suitor proceeding contesting such validity is
commenced within twenty days after the date of such publication, or
(c) such obligations are authorized in violation of the provisions of the
constitution.
Section 7. This bond resolution is subject to a permissive referendum and the
Town Clerk is hereby authorized and directed, within ten (10) days after the adoption of this
resolution, to cause to be published in "The Suffolk Times, " a newspaper having a general
circulation within said Town and hereby designated the official newspaper of the Town for such
publication and posted on the sign board of the Town maintained pursuant to the Town Law, a
Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on May 4, 2010, the Town Board of the of Town
of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond
resolution adopted by said Town Board on March 9, 2010, which bond resolution, as amended, is
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010 and amended May 4, 2010, authorizing
the construction of improvements to various roads on Fishers
Island, including related drainage improvements, stating the
estimated maximum cost thereof is $1,400,000, appropriating
said amount for such purpose, and authorizing the issuance of
$1,400,000 serial bonds of said Town to finance said
appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof, being as
Updated: 5/4/2010 11:31 AM by Lynda Rudder Page 3
Resolution 2010-350 ~ B~d Meeting of May 4, 2010
follows:
FIRST: AUTHORIZING said Town to construct improvements to various roads
on Fishers Island, including related drainage improvements; STATING the estimated maximum
cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is
$1,400,000; APPROPRIATING said amount for such purpose; and STATING the plan of
financing includes the issuance of $1,400,000 serial bonds of the Town to finance said
appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the
principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $1,400,000 serial bonds of the Town
pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness
applicable to the purpose for which said serial bonds are authorized to be issued is fifreen (15)
years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof
may be applied to reimburse the Town for expenditures made after the effective date of this bond
resolution for the purpose for which said bonds are authorized; and the proposed maturity of said
$1,400,000 serial bonds will exceed five (5) years; and STATING that the Town Board, as Lead
Agency pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has determined that the specific object or purpose hereinabove described is a Type
II Action and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation notes
issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be
general obligations of the Town; and PLEDGING to their payment the faith and credit of the
Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or
the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive
referendum.
DATED: May 4, 2010
Elizabeth A. Neville
Town Clerk
Updated: 5/4/2010 ] 1:31 AM by Lynda Rudder Page 4
Resolution 2010-350 ~ Bd'drd Meeting of May 4, 2010
Section (B) The amendment of the bond resolution set forth in Section (A) of this
resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or
action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued,
or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond
resolution, as so amended.
Section (C) Said bond resolution, as amended, is subject to a permissive
referendum. In the event that a valid petition protesting against said amended bond resolution
and requesting that it be submitted to the electors of said Town for their approval or disapproval
is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution
adopted March 9, 2010, shall not be in any way affected and shall remain in full force and effect.
Section (D) After said bond resolution, as amended, shall take effect, the Town
Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be
published, in summary, in substantially the form set forth in Exhibit A attached hereto and made
a part hereof, in "The Suffolk Times, " hereby designated the official newspaper for said
publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the
Local Finance Law of the State of New York.
~ +
~Q.~.~.
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: William Ruland, Councilman
SECONDER: Albert Krupski Jr., Councilman
AYES: Ruland, Orlando, Talbot, ICrupski Jr., Evans, Russell
Updated: 5/4/2010 11:31 AM by Lynda Rudder Page 5
#9733
STATE OF NEW YORK)
SS:
COUNTY OF SUFFOLK)
Karen Kine of Mattituck, in said county, being duly sworn, says that she is
Principal Clerk of THE SUFFOLK TIMES, a weekly newspaper, published at
Mattituck, in the Town of Southold, County of Suffolk and State of New York, and that
the Notice of which the annexed is a printed copy, has been regularly published in
said Newspaper once each week for 1 week(s), successively, commencing on the
22nd day of April, 2010.
Principal Clerk
Sworn to before me this _ day of ~ ~ 2010.
LEf.AG~fVQT[CE
,The res~lutldn a ¢npuuary-gf x'hich ^w~Ae ~bJect or ¢turpose for w6to6 the n/ ~/J.
~~Pt~bhshe'd,here~th haSbeen'~9opied o eu ~t'`~`i3 ~rd3~t~Stlon tt; ~ Ci
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abbtrS2Th~reBf lias~eea Published and ->:gtish ~
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Posfedas requiied byj3w a~ld [he nod a e ~ 9vemGntsJ ate eS'tlihated
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of tunL has elapsed for the subm~SsPpn w~ ~ NOTARV PIJDIJC-STATE OF NEW YORK
ri9?l Filwgpf~,l petHtlon far a' ssive amount fbb7igR;~ons to be ~s= N~~, p7-V061 D5050
ndum~ nd a ~phd petitiq.",~tas'iTot s4ed ,Pro'bati a "#u~ss is 61ug1lPled in 5ufPOlk Courtly
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Clerk, at [he Town Hall; 53095 Main
IsoYl ,~}s ndtauthbttt~d (o e7cpend money S[ree[,Southold, New York.
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ELI7.ABETH A. NEVILLE, RMC, CMC h O Town Hall, 53095 Main Road
TOWN CLERK 1~I l~I P.O. Box 1179
REGISTRAR OF VITAL STATISTICS Southold, New York 11971
MARRIAGE OFFICER ~ • ~O Fax (631) 765-6145
FREE OM OF INFORMATION OFFICER OIyC~~IY ~ southo dtowtu.nor hfork.00t
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
April 20, 2010
Town of Southold, New York
$500,000 Serial Bonds for Road Improvements on Fishers Island
(Our File Designation: 2615/33923)
Mr Robert P. Smith
Hawkins, Delafield & Wood
One Chase Manhattan Plaza
New York, NY 10005
Deaz Mr. Smith:
Enclosed are the following documents in regard to the above referenced bond:
I . 15' Notice of publication with affidavit
2 2"d Notice of publication with no referendum certificate
3. Certified resolution
4. Extract of Minutes with certification
5. 151 Notice publication affidavit from Suffolk Times
6. Memorandum from LWRP Coordinator
7. SEQRA resolution
I will forward more documentation for your files as it becomes available.
Very truly yyo~urs,
~i ~ 1
Lynda M Rudder
Deputy Town Clerk
encs
OFFICE LOCATION: ~~OF SO(/jyO MAILING ADDRESS:
Town Hall Annex ti~ l0 P.O. Box 1179
54375 State Route 25 l~t Southold, NY 11971
(cor. Main Rd. & Youngs Ave.)
Southold, NY 11971 ~ Q Telephone: 631 765-1935
~ Fax: 631765-3136
~y00UNiV,~~
LOCAL WATERFRONT REVITALIZATION PROGRAM
TOWN OF SOUTHOLD
MEMORANDUM
To: Supervisor Scott Russell
Town of Southold Town Board
From: Mark Terry, Principal Planner
LWRP Coordinator
Date: March 9, 2010
Re: Fishers Island Road and Stormwater Improvement Project
The proposed local law has been reviewed to Chapter 268, Waterfront Consistency
Review of the Town of Southold Town Code and the Local Waterfront Revitalization
Program (LWRP) Policy Standards. Based upon the information provided to this
department as well as the rewrds available to me, it is my recommendation that the
proposed action is CONSISTENT with the LWRP Policy Standards and therefore is
CONSISTENT with the LWRP.
Pursuant to Chapter 268, the Town Board shall consider this recommendation in
preparing its written determination regarding the consistency of the proposed action.
Cc: Martin Finnegan, Town Attorney
EXTRACT OF MINUTES
Meeting of the Town Board of the
Town of Southold, in the
County of Suffolk, New York
March 9, 2010
~ ~ ~
A regular meeting of the Town Board of the Town of Southold, in the
County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold,
New York, on March 9, 2010.
There were present: Hon. Scott A. Russell, Supervisor; and
Councilmen: Christopher Talbot, Councilman
Albert Krupski, Jr, Councilman
William Ruland, Councilman
Vincent Orlando, Councilman
Justice Louisa Evans, Councilman
There were absent: None
Also present: Linda J. Cooper, Town Clerk
Martin D. Finnegan, Town Attorney
* ~ +
Councilman Christopher Talbot offered the following resolution and
moved its adoption:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED MARCH 9, 2010,
AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $500,000,
APPROPRIATING SAID AMOUNT FOR SUCH
PURPOSE, AND AUTHORIZING THE ISSUANCE OF
$500,000 SERIAL BONDS OF SAID TOWN TO
FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE
COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote
of not less than two-thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York
(herein called the "Town"), is hereby authorized to construct improvements to various
roads on Fishers Island, including related drainage improvements. The estimated
maximum cost thereof, including preliminary costs and costs incidental thereto and the
financing thereof, is $500,000 and said amount is hereby appropriated for such purpose.
The plan of financing includes the issuance of $500,000 serial bonds of the Town to
finance said appropriation, and the levy and collection of taxes on all the taxable real
property in the Town to pay the principal of said bonds and the interest thereon as the
same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $500,000
are hereby authorized to be issued pursuant to the provisions of the Local Finance Law,
constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein
called the "Law"), to finance said appropriation.
Section 3. The following additional matters are hereby determined and
declared:
(a) The period of probable usefulness applicable to the object or purpose
for which said bonds are authorized to be issued, within the limitations of Section 11.00
a. 20 (c) of the Law, is fifteen (15) 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, or for such expenditures made on or before such
effective date if the Town Board has made a prior declaration of intent to issue
indebtedness therefor. The foregoing statement of intent with respect to reimbursement
is made in conformity with Treasury Regulation Section 1.150-2 of the United States
Treasury Department.
(c) The proposed maturity of the bonds authorized by this resolution will
exceed five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency
pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has heretofore determined that the said specific object or purpose
hereinabove described in Section 1 is a Type II Action as defined in said Act and the
Regulations promulgated thereunder and no further review is required.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital
of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued
in anticipation of said bonds shall be general obligations of the Town, payable as to both
principal and interest by general tax upon all the taxable real property within the Town
without limitation of rate or amount. The faith and credit of the Town are hereby
irrevocably pledged to the punctual payment of the principal of and interest on said bonds
and any notes issued in anticipation of the sale of said bonds and provision shall be made
annually in the budget of the Town by appropriation for (a) the amortization and
redemption of the bonds and any notes in anticipation thereof to mature in such year and
(b) the payment of interest to be due and payable in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Sectio? 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 Section 168.00 of the Law, the powers and duties of the Town Boazd
relative to authorizing bond anticipation notes and prescribing the terms, form and
contents and as to the sale and issuance of the bonds herein authorized, and of any bond
anticipation notes issued in anticipation of said bonds, and the renewals of said bond
anticipation notes, and as to the execution of agreements for credit enhancements, are
hereby delegated to the Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of
any notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose for which
the Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of
the publication of such resolution, or a summazy thereof, are not
substantially complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty
days afrer the date of such publication, or
(c) such obligations are authorized in violation of the provisions of the
constitution.
Section 7. This bond resolution is subject to a permissive referendum and
the Town Clerk is hereby authorized and directed, within ten (10) days afrer the adoption
of this resolution, to cause to be published in "The Suffolk Times, " a newspaper having a
general circulation within said Town and hereby designated the official newspaper of the
Town for such publication and posted on the sign board of the Town maintained pursuant
to the Town Law, a Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the
Town of Southold, in the County of Suffolk, New York, adopted a bond resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010, authorizing the construction of
improvements to various roads on Fishers Island,
including related drainage improvements, stating the
estimated maximum cost thereof is $500,000,
appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of
said Town to finance said appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof,
being as follows:
FIRST: AUTHORIZING said Town to construct improvements to various
roads on Fishers Island, including related drainage improvements; STATING the
estimated maximum cost thereof, including preliminary costs, and costs incidental thereto
and the financing thereof, is $500,000; APPROPRIATING said amount for such purpose;
and STATING the plan of financing includes the issuance of $500,000 serial bonds of the
Town to finance said appropriation, and the levy of a tax upon all the taxable real
property within the Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $500,000 serial bonds of the
Town pursuant to the Local Finance Law of the State of New York to finance said
appropriation;
THIRD: DETERMINING and STATING that the period of probable
usefulness applicable to the purpose for which said serial bonds are authorized to be
issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes
issued in anticipation thereof may be applied to reimburse the Town for expenditures
made after the effective date of this bond resolution for the purpose for which said bonds
are authorized; and the proposed maturity of said $500,000 serial bonds will exceed five
(5) years; and STATING that the Town Boazd, as Lead Agency pursuant to the
provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
determined that the specific object or purpose hereinabove described is a Type II Action
and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation
notes issued in anticipation of said bonds and the renewals of said bond anticipation notes
shall be general obligations of the Town; and PLEDGING to their payment the faith and
credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said
bonds, or the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a
permissive referendum.
DATED: March 9, 2010
Linda J. Cooper
Deputy Town Clerk
Section 8. The Town Clerk is hereby authorized and directed to cause
said bond resolution to be published, in summary, in substantially the form set forth in
Exhibit A attached hereto and made a part hereof, after said bond resolution shall take
effect, in the newspaper referred to in Section 7 hereof, and hereby designated the official
newspaper for said publication, together with a Notice in substantially the form as
provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State of New York.
~ + ~
The adoption of the foregoing resolution was seconded by Councilman
William Ruland and duly put to a vote on roll call, which resulted as follows:
AYES: Scott A. Russell, Supervisor
Christopher Talbot, Councilman
Albert Krupski, Jr, Councilman
William Ruland, Councilman
Vincent Orlando, Councilman
Justice Louisa Evans, Councilman
NOES: None
The resolution was declared adopted.
•
c~~zu~~
DELAFIELD & WOOD~LP
PHONE (2121820-9300 ONE CHASE MANHATTAN PLPZ4 NEW YORH
FAX (2121 514-842 5 NEW YORK, NT 10005 WASHINGTON
NNJW.NAWNINS.COM NEWARK
HAFTFORD
(212) 820-9662 May 3, 2010 LOS ANGELES
SACRAMENTO
SAN RRANCISCO
Town of Southold, New York
Amending Bond Resolution for Road Improvements on Fishers Island
(Our File Designation: 2615/339231
Martin D. Finnegan, Esq.
Town Attorney
Town of Southold
P.O. Box 1179
Southold, New York 11971
Dear Martin:
Pursuant to your request, I have prepared the attached Extract of Minutes of a
Town Board meeting to be held on May 4, 2010, showing adoption of the above amending bond
resolution. Please note that the bond resolution is to be adopted by at least atwo-thirds vote of
the entire membership of the Town Board, without taking into consideration any temporary
vacancies.
The bond resolution contains the form of notice to be published in the official
Town newspaper and posted on the sign board of the Town maintained pursuant to the Town
Law within ten (10) days after adoption of the bond resolution. Section 7 of the bond resolution
contains the Notice of Permissive Referendum which is to be published in the official newspaper
of the Town. Also attached is the Affidavit of Posting to be executed by the Town Clerk. A
copy of the notice, as posted, should be attached to this Affidavit.
Please obtain and forward to me a certified copy of the Extract of Minutes, an
executed Affidavit of Posting and an original Affidavit of Publication. Upon receipt of same, we
will forward the additional documents required with respect to the final estoppel publication of
the resolution.
With best regards, I am
Very truly yours,
Robert P. Smith
RPS/ml
Enclosures
cc: John A. Cushman, Town Comptroller
. ~ • •
EXTRACT OF MINUTES
Meeting of the Town Board of the
Town of Southold, in the
County of Suffolk, New York
May 4, 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 May
4, 2010.
There were present: Hon. Scott A. Russell, Supervisor; and
Councilmen:
There were absent:
Also present: Elizabeth A. Neville, Town Clerk
Marlin D. Finnegan, Town Attorney
John A. Cushman, Town Comptroller
+ +
offered the following resolution and moved its
adoption:
• i
RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MAY 4, 2010, AMENDING THE BOND
RESOLUTION ADOPTED MARCH 9, 2010
Recitals
WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk,
New York, has heretofore duly authorized the construction of improvements to various roads on
Fishers Island, including related drainage improvements, at the estimated maximum cost of
$SOO,000;and
WHEREAS, the estimated total cost thereof, including preliminary costs and
costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by
the Town Board on March 9, 2010, was $500,000; and
WHEREAS, it has now been determined that the estimated cost of such project
shall be $1,400,000, and it is in the public interest to increase the appropriation therefor by
$900,000;
Now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN
THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of
all members of said Town Board) AS FOLLOWS:
Section (A) The Bond Resolution of the Town of Southold adopted by the Town
Board on March 9, 2010, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010, authorizing the construction of improvements to
various roads on Fishers Island, including related drainage
improvements, stating the estimated maximum cost thereof is
$500,000, appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of said Town to
finance said appropriation,"
is hereby amended to read as follows:
. ~ • •
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010 AND AMENDED MAY 4,
2010, AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED MAXIMUM
COST THEREOF IS $1,400,000, APPROPRIATING SAID
AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE
ISSUANCE OF $1,400,000 SERIAL BONDS OF SAID TOWN
TO FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called the "Town"), is hereby authorized to construct improvements to various roads on Fishers
Island, including related drainage improvements. The estimated maximum cost thereof,
including preliminary costs and costs incidental thereto and the financing thereof, is $1,400,000
and said amount is hereby appropriated for such purpose. The plan of financing includes the
issuance of $1,400,000 serial bonds of the Town to finance said appropriation, and the levy and
collection of taxes on all the taxable real property in the Town to pay the principal of said bonds
and the interest thereon as the same shall become due and payable.
. s •
Section 2. Serial bonds of the Town in the principal amount of $1,400,000 are
hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the object or purpose for
which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 20 (c) of
the Law, is fifteen (15) 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 exceed
five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency pursuant
to the provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
heretofore determined that the said specific object or purpose hereinabove described in Section 1
is a Type II Action as defined in said Act and the Regulations promulgated thereunder and no
further review is required.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in
anticipation of said bonds shall be general obligations of the Town, payable as to both principal
and interest by general tax upon all the taxable real property within the Town without limitation
of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
Section 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said
bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements
for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the
Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose for which the
Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the
publication of such resolution, 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 is subject to a permissive referendum and the
Town Clerk is hereby authorized and directed, within ten (10) days after the adoption of this
resolution, to cause to be published in "The Suffolk Times, " a newspaper having a general
circulation within said Town and hereby designated the official newspaper of the Town for such
publication and posted on the sign board of the Town maintained pursuant to the Town Law, a
Notice in substantially the following form:
• •
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on May 4, 2010, the Town Board of the of Town
of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond
resolution adopted by said Town Board on March 9, 2010, which bond resolution, as amended, is
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010 and amended May 4, 2010, authorizing
the construction of improvements to various roads on Fishers
Island, including related drainage improvements, stating the
estimated maximum cost thereof is $1,400,000, appropriating
said amount for such purpose, and authorizing the issuance of
$1,400,000 serial bonds of said Town to finance said
appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof, being as
follows:
FIRST: AUTHORIZING said Town to construct improvements to various roads
on Fishers Island, including related drainage improvements; STATING the estimated maximum
cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is
$1,400,000; APPROPRIATING said amount for such purpose; and STATING the plan of
financing includes the issuance of $1,400,000 serial bonds of the Town to finance said
appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the
principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $1,400,000 serial bonds of the Town
pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness
applicable to the purpose for which said serial bonds are authorized to be issued is fifteen (15)
years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof
may be applied to reimburse the Town for expenditures made after the effective date of this bond
resolution for the purpose for which said bonds are authorized; and the proposed maturity of said
$1,400,000 serial bonds will exceed five (5) years; and STATING that the Town Board, as Lead
Agency pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has determined that the specific object or purpose hereinabove described is a Type
II Action and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation notes
issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be
general obligations of the Town; and PLEDGING to their payment the faith and credit of the
Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or
the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive
referendum.
DATED: May 4, 2010
Elizabeth A. Neville
Town Clerk
Section (B) The amendment of the bond resolution set forth in Section (A) of this
resolution shall in no way affect the validity of the liabilities incurred, obligations issued, or
action taken pursuant to said bond resolution, and all such liabilities incurred, obligations issued,
or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond
resolution, as so amended.
Section (C) Said bond resolution, as amended, is subject to a permissive
referendum. In the event that a valid petition protesting against said amended bond resolution
and requesting that it be submitted to the electors of said Town for their approval or disapproval
is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution
adopted March 9, 2010, shall not be in any way affected and shall remain in full force and effect.
Section (D) After said bond resolution, as amended, shall take effect, the Town
Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be
published, in summary, in substantially the form set forth in Exhibit A attached hereto and made
a part hereof, in "The Suffolk Times, " hereby designated the official newspaper for said
publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the
Local Finance Law of the State of New York.
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.
**+~+rr+
• i
EXHIBIT A
NOTICE
The resolution, a summary of which is published herewith, has been adopted on
March 9, 2010 and amended on May 4, 2010, and an abstract thereof has been published and
posted as required by law and the period of time has elapsed for the submission and filing of a
petition for a permissive referendum and a valid petition has not been submitted and filed. The
validity of the obligations authorized by such resolution may be hereafrer 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 afrer the date of publication of the notice, or such obligations
were authorized in violation of the provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010 AND AMENDED MAY 4,
2010, AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS ISLAND,
INCLUDING RELATED DRAINAGE IMPROVEMENTS,
STATING THE ESTIMATED MAXIMUM COST THEREOF IS
$1,400,000, APPROPRIATING SAID AMOUNT THEREFOR, AND
AUTHORIZING THE ISSUANCE OF $1,400,000 SERIAL BONDS
OF SAID TOWN TO FINANCE SAID APPROPRIATION
The object or purpose for which the bond are authorized is the construction of improvements to
various roads on Fishers Island, including related drainage improvements, at the estimated
maximum cost of $1,400,000
The amount of obligations to be issued is $1,400,000.
"fhe period of probable usefulness is fifreen (15) 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.
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 May 4, 2010, has been compared by me with the original minutes as officially recorded in my
office in the Minute Book of said Town Board and is a true, complete and correct copy thereof
and of the whole of said original minutes so far as the same relate to the subject matters referred
to in said extract.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town of Southold this 4th day
of May, 2010.
(SEAL)
Town Clerk
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
AFFIDAVIT OF POSTING
ELIZABETH A. NEVILLE, being duly sworn, deposes and says:
That she is and at all times hereinafrer mentioned she was the duly elected,
qualified and acting Town Clerk of the Town of Southold, State of New York;
That on , 2010, she has caused to be conspicuously posted
and Fastened up a Notice setting forth an abstract of the bond resolution duly adopted by the
Town Board on May 4, 2010, a copy of which is annexed hereto and made a part hereof, on the
sign board of the Town maintained pursuant to the Town Law.
Town Clerk
Subscribed and sworn to before me
this day of May, 2010.
Notary Public, State of New York
i!
r ~ 1 'I
• NOTICE
The resolution, a summary of which is published herewith, has been
adopted on the 9th day of March, 2010, and an abstract thereof has been published and
I posted as required by law and the period of time has elapsed for the submission and filing
of a petition for a permissive referendum and a valid petition has not been submitted and
filed. The validity of the obligations authorized by such resolution may be hereafter
contested only if such obligations were authorized for an object or purpose for which the
Town of Southold, in the County of 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 afrer the date of
publication of the notice, or such obligations were authorized in violation of the
provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND KESOLU"PION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED MARCH 9, 2010, AUTHORIZING
THE CONSTRUCTION OF IMPROVEMENTS TO
VARIOUS ROADS ON FISHERS ISLAND, INCLUDING
RELATED DRAINAGE IMPROVEMENTS, STATING THE
ESTIMATED MAXIMUM COST THEREOF IS $500,000,
APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE,
AND AUTHORIZING THE ISSUANCE OF $500,000
SERIAL BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION
fhe object or purpose for which the bond are authorized is the construction of
improvements to various roads on Fishers Island, including related drainage
improvements, at the estimated maximum cost of $500,000.
The amount of obligations to be issued is $500,000.
fhe period of probable usefulness is fifreen (15) 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.
it
{ f • •
CERTIFICATE OF NO REFERENDUM
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY as follows:
That a resolution of the Town Board of the Town of Southold, in the County of
Suffolk, State of New York, entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010, authorizing the construction of improvements to
various roads on Fishers Island, including related drainage
improvements, stating the estimated maximum cost thereof is
$500,000, appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of said Town to
finance said appropriation,"
was adopted March 9, 2010, and that the notice setting forth the date of adoption of the
resolution and containing an abstract of said resolution which concisely stated the purpose and
effect thereof, was duly posted and published as required by law.
That no petition signed and acknowledged by the electors of the Town protesting
against said resolution and requesting that said resolution be submitted to the electors of the
Town for their approval or disapproval has been tiled with the Town Clerk within thirty days
after the date of the adoption thereof, or at any other time since said adoption.
[N WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this day of April,
2010.
(SEAL) Town Clerk
r
#9676
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
18fh day of March. 2010.
Principal Clerk
Sworn to before me this day of 2010.
TOWN OF SOUTFIOLD, " Y
LEGAL NOTICE ~
NEW YORK ~ I /~(i t
PLEASE TAKE NOTICE that on filly` J~IVA`~A°I
March 9, 2010, [he Town Board of the
Town of Southold, in the County of CHRISTINA VOLINSKI
Suffolk, New York. adopteda bond reso- ~ ;?AR`+ rt,OLIC-STATE OF NEW VORK
lotion entitled:
"Bond Resolution of the Town of tic. +?'-uOb105050
Southold, New York, adopted March 9, !~Ut71I Ysta~ !n SUftOlk COlinfy
2010, authorizing [he construction of im- My Cwmmrodon cxuirae F~bmbry 7a, 17t2
provemen[s to various roads on Fishers
Island, including related drainage im-
provements, slating the estimated maxi-
mum cost [hereof is $SW,000, appropri-
ating said amount for such purpose, and
authorizing the issuance of $SOD,000 se-
rial bonds of said Town to finance said
appmpria[ion,'
an abstract of which bond resolution
concisely staling the purpose and effect
thereof, being as follows:
FIRST: AUTHORIZING said Town
to construct improvements to various
roads on Fshers Island, including relat-
ed drainage improvements; STATING
the estimated maximum cos[ thereof,
including preliminary vests, and costs
incidental thereto and the financing ~
thereof, is $5(10,000; APPROPRIAT-
ING said amount for such purpose; and
STATING the plan of financing includes
the issuance of $500,000 serial bonds of
[he Town to finance said appropriation,
and the levy of a [ax upon all the taxable
real property within the Town to pay
the principal of said bonds and interest
thereon;
SECOND: AUTHORIZING the is-
suance of $500,000 serial bonds of [he
Town pursuant to the Local Finance
Law of the State of New York to finance
said appropriation;
THIRD: DETERMINING and
STATING that the period of probable
usefulness applicable to [he purpose for
which said serial bonds are authorized
[o be issued is 5fteen (15) years; the
proceeds of said bonds and any bond
anticipation notes issued in anticipation
[hereof may be applied [o reimburse the
Town for expenditures made after the
effective date of this bond resolution for
the purpose for which said bonds are au-
thorized; and [he proposed maturity of
said $500,000 serial bonds will exceed
five (5) years; and STATING that [he
Town Board, as Lead Agency pursuant
to the provisions of the New York State
Environmental Quality Review Act
("SEQRA"), has determined that the
specific object or purpose hereinabove
described is a Type II Action and no fur-
therreview is required;
FOURTH: DETERMINING that
said bonds and any bond anticipation
notes issued in anticipation of said bonds
and the renewals of said bond anticipa-
tion notes shall be general obligations of
[he Town; and PLEDGING [o their pay-
mentthe faith and credit of [he Town:
FIFTH: DELEGATING to the Su-
pervisor the powers and duties as to [he
issuance of said bonds and any bond an-
ticipation notes issued in anticipation of
said bonds, or [he renewals [hereof; and
SIXTH: DETERMINING that the
bond resolution is subject to a permis-
sive referendum.
DATED: March 9, 2010
Elizabeth A. Neville
Town Clerk
9676-] T 3/IS
• Page 1 of 1
Cooper, Linda
From: Candice Schott [legals@timesreview com]
Sent: Thursday, March 11, 2010 12:48 PM
To: Cooper, Linda
Subject: RE: Legal notices for 3/18/10 edition
Hi Linda,
I have received the two notices and we are good to go for the 3/18 issues.
Thanks and have a wondertul afternoon!
Candice
From: Cooper, Linda [mailto:Linda.Cooper@town.southold.ny.us]
Sent: Thursday, March 11, 2010 11:18 AM
To: Suffolk Times Legals
Subject: Legal notices for 3/18/10 edition
Good morning,
Here are 2 more legal notices of public hearings for the March 18, 2010 edition of the Suffolk Times. Both
are bond public hearings, one for the Peconic School and the other is for FI Road improvements.
Please confirm receipt of these notices.
Linda J. Cooper
Deputy Town Clerk
Town of Southold
631-765-1800
Life may not be fhe party we hoped for, but as long as we are here, we might as well dance
If you really want to be happy, nobody can stop you.
3/11/2010
_ i
11
i ~ •
II it
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the
II
Town of Southold, in the County of Suffolk, New York, adopted a bond resolution
I~
entitled:
I
~ "Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010, authorizing the construction of
improvements to various roads on Fishers Island,
i including related drainage improvements, stating the
~ estimated maximum cost thereof is $500,000,
appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of
said Town to finance said appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof,
~ ' being as follows:
li
I
~'I FIRST: AUTHORIZING said Town to construct improvements to various
roads on Fishers Island, including related drainage improvements; STATING the
estimated maximum cost thereof, including preliminary costs, and costs incidental thereto
i and the financing thereof, is $500,000; APPROPRIATING said amount for such purpose;
and STATING the plan of financing includes the issuance of $500,000 serial bonds of the
I'.
I . Town to finance said appropriation, and the levy of a tax upon all the taxable real
property within the Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $500,000 serial bonds of the
Town pursuant to the Local Finance Law of the State of New York to finance said
appropriation;
THIRD: DETERMINING and STATING that the period of probable
usefulness applicable to the purpose for which said serial bonds are authorized to be
issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes
issued in anticipation thereof may be applied to reimburse the Town for expenditures
made after the effective date of this bond resolution for the purpose for which said bonds
are authorized; and the proposed maturity of said $500,000 serial bonds will exceed five
(5) years; and STATING that the Town Board, as Lead Agency pursuant to the
provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
determined that the specific object or purpose hereinabove described is a Type II Action
and no further review is required;
i
ij - _
S ~
FOURTH: DETERMINING that said bonds and any bond anticipation
notes issued in anticipation of said bonds and the renewals of said bond anticipation nates
shall be general obligations of the Town; and PLEDGING to their payment the faith and
credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said
bonds, or the renewals thereof; and
SIX"rH: DETERMINING that the bond resolution is subject to a
j permissive referendum.
DATED: March 9, 2010
Elizabeth A. Neville
Town Clerk
Please publish on MARCH 18.2010 and forward three (3) affidavits of publication to
Elizabeth Neville, Town Clerk, Town Hall, P O Box 1179, Southold NY 11971.
Copies to the following:
I'he Suffolk Times Highway Dept
Town Board Accounting Dept.
Town Attorney
I
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
LINDA J. COOPER, being duly sworn, deposes and says:
That she is and at all times hereinafter mentioned she was the duly elected,
qualified and acting Deputy Town Clerk of the Town of Southold, State of New York;
That on March 10, 2010, she has caused to be conspicuously posted and
fastened up a Notice setting forth an abstract of the bond resolution duly adopted by the
Town Board on March 9, 2010, a copy of which is annexed hereto and made a part
hereof, on the sign board of the Town maintained pursuant to the Town Law.
D puty Town Clerk
Subscribed and sworn to before me
this 10`~ day of March, 2010.
Notary ublic, State of New York
NOTARY PUg
C Ste o{ Ne~ rk
No.Ots~g~?0932
Qualified in Saffolk County
Terre Excl ' ~ ~ .
I~
EXTRACT OF MINUTES
Meeting of the Town Board of the
Town of Southold, in the
County of Suffolk, New York
March 9, 2010
* ~
A regular meeting of the Town Board of the Town of Southold, in the
County of Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold,
New York, on March 9, 2010.
There were present: Hon. Scott A. Russell, Supervisor; and
Councilmen: Christopher Talbot, Councilman
Albert Krupski, Jr, Councilman
William Ruland, Councilman
Vincent Orlando, Councilman
Justice Louisa Evans, Councilman
There were absent: None
Also present: Linda J. Cooper, Town Clerk
Martin D. Finnegan, Town Attorney
Councilman Christopher Talbot offered the following resolution and
moved its adoption:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD,
NEW YORK, ADOPTED MARCH 9, 2010,
AUTHORIZING THE CONSTRUCTION OF
IMPROVEMENTS TO VARIOUS ROADS ON FISHERS
ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $500,000,
APPROPRIATING SAID AMOUNT FOR SUCH
PURPOSE, AND AUTHORIZING THE ISSUANCE OF
$500,000 SERIAL BONDS OF SAID TOWN TO
FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE
COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote
of not less than two-thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York
(herein called the "Town"), is hereby authorized to construct improvements to various
roads on Fishers Island, including related drainage improvements. The estimated
maximum cost thereof, including preliminary costs and costs incidental thereto and the
financing thereof, is $500,000 and said amount is hereby appropriated for such purpose.
The plan of financing includes the issuance of $500,000 serial bonds of the Town to
finance said appropriation, and the levy and collection of taxes on all the taxable real
property in the Town to pay the principal of said bonds and the interest thereon as the
same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $500,000
are hereby authorized to be issued pursuant to the provisions of the Local Finance Law,
constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein
called the "Law"), to finance said appropriation.
Section 3. The following additional matters are hereby determined and
declared:
(a) The period of probable usefulness applicable to the object or purpose
for which said bonds are authorized to be issued, within the limitations of Section 11.00
a. 20 (c) of the Law, is fifteen (15) 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, or for such expenditures made on or before such
effective date if the Town Board has made a prior declaration of intent to issue
indebtedness therefor. The foregoing statement of intent with respect to reimbursement
is made in conformity with Treasury Regulation Section 1.150-2 of the United States
Treasury Department.
(c) The proposed maturity of the bonds authorized by this resolution will
exceed five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency
pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has heretofore determined that the said specific object or purpose
hereinabove described in Section 1 is a Type II Action as defined in said Act and the
Regulations promulgated thereunder and no further review is required.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital
of validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued
in anticipation of said bonds shall be general obligations of the Town, payable as to both
principal and interest by general tax upon all the taxable real property within the Town
without limitation of rate or amount. The faith and credit of the Town are hereby
irrevocably pledged to the punctual payment of the principal of and interest on said bonds
and any notes issued in anticipation of the sale of said bonds and provision shall be made
annually in the budget of the Town by appropriation for (a) the amortization and
redemption of the bonds and any notes in anticipation thereof to mature in such year and
(b) the payment of interest to be due and payable in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the
authorization of the issuance of bond anticipation notes and Section 50.00 and Sections
56.00 to 60.00 and Section 168.00 of the Law, the powers and duties of the Town Board
relative to authorizing bond anticipation notes and prescribing the terms, form and
contents and as to the sale and issuance of the bonds herein authorized, and of any bond
anticipation notes issued in anticipation of said bonds, and the renewals of said bond
anticipation notes, and as to the execution of agreements for credit enhancements, are
hereby delegated to the Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this resolution, and of
any notes issued in anticipation of the sale of said bonds, maybe 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 is subject to a permissive referendum and
the Town Clerk is hereby authorized and directed, within ten (10) days after the adoption
of this resolution, to cause to be published in "The Suffolk Times, " a newspaper having a
general circulation within said Town and hereby designated the official newspaper of the
Town for such publication and posted on the sign board of the Town maintained pursuant
to the Town Law, a Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the
Town of Southold, in the County of Suffolk, New York, adopted a bond resolution
entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010, authorizing the construction of
improvements to various roads on Fishers Island,
including related drainage improvements, stating the
estimated maximum cost thereof is $500,000,
appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of
said Town to finance said appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof,
being as follows:
FIRST: AUTHORIZING said Town to construct improvements to various
roads on Fishers Island, including related drainage improvements; STATING the
estimated maximum cost thereof, including preliminary costs, and costs incidental thereto
and the financing thereof, is $500,000; APPROPRIATING said amount for such purpose;
and STATING the plan of financing includes the issuance of $500,000 serial bonds of the
Town to finance said appropriation, and the levy of a tax upon all the taxable real
property within the Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $500,000 serial bonds of the
Town pursuant to the Local Finance Law of the State of New York to finance said
appropriation;
THIRD: DETERMINING and STATING that the period of probable
usefulness applicable to the purpose for which said serial bonds are authorized to be
issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes
issued in anticipation thereof may be applied to reimburse the Town for expenditures
made after the effective date of this bond resolution for the purpose for which said bonds
are authorized; and the proposed maturity of said $500,000 serial bonds will exceed five
(5) years; and STATING that the Town Board, as Lead Agency pursuant to the
provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
determined that the specific object or purpose hereinabove described is a Type II Action
and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation
notes issued in anticipation of said bonds and the renewals of said bond anticipation notes
shall be general obligations of the Town; and PLEDGING to their payment the faith and
credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said
bonds, or the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a
permissive referendum.
DATED: March 9, 2010
Linda J. Cooper
Deputy Town Clerk
Section 8. The Town Clerk is hereby authorized and directed to cause
said bond resolution to be published, in summary, in substantially the form set forth in
Exhibit A attached hereto and made a part hereof, after said bond resolution shall take
effect, in the newspaper referred to in Section 7 hereof, and hereby designated the official
newspaper for said publication, together with a Notice in substantially the form as
provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the
Consolidated Laws of the State of New York.
The adoption of the foregoing resolution was seconded by Councilman
William Ruland and duly put to a vote on roll call, which resulted as follows:
AYES: Scott A. Russell, Supervisor
Christopher Talbot, Councilman
Albert Krupski, Jr, Councilman
William Ruland, Councilman
Vincent Orlando, Councilman
Justice Louisa Evans, Councilman
NOES: None
The resolution was declared adopted.
CERTIFICATE
I, LINDA J. COOPER, Deputy Town Clerk of the Town of Southold, in
the County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing
annexed extract from the minutes of a meeting of the Town Board of said Town of
Southold duly called and held on March 9, 2010, has been compared by me with the
original minutes as officially recorded in my office in the Minute Book of said Town
Board and is a true, complete and correct copy thereof and of the whole of said original
minutes so far as the same relate to the subject matters referred to in said extract.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town of Southold this
9th day of March, 2010.
(SEAL) ~~i'~(aJ0-l~tJ
eputy Town Clerk
•
RESOLUTION 2010-216
ADOPTED DOC ID: 5767
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-216 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MARCH 9, 2010:
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010, AUTHORIZING THE
CONS'fRUC"I'lON OF IMPROVEMENTS TO VARIOUS
ROADS ON FISHERS ISLAND, INCLUDING RELATED
DRAINAGE IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $500,000, APPROPRIATING
SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING
THE ISSUANCE OF $500,000 SERIAL BONDS OF SAID
TOWN TO FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called the "Town"), is hereby authorized to construct improvements to various roads on Fishers
Island, including related drainage improvements. The estimated maximum cost thereof,
including preliminary costs and costs incidental thereto and the financing thereof, is $500,000
and said amount is hereby appropriated for such purpose. The plan of financing includes the
issuance of $500,000 serial bonds of the Town to finance said appropriation, and the levy and
collection of taxes on all the taxable real property in the Town to pay the principal of said bonds
and the interest thereon as the same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $500,000 are
hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to
fnance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the object or purpose for
which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 20 (c) of
the Law, is fifteen (15) 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, or
for such expenditures made on or before such effective date if the Town Board has made a prior
declaration of intent to issue indebtedness therefor. The foregoing statement of intent with
respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the
United States Treasury Department.
Resolution 2010-216 • Bo• Meeting of March 9, 2010
(c) The proposed maturity of the bonds authorized by this resolution will exceed
five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency pursuant
to the provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
heretofore determined that the said specific object or purpose hereinabove described in Section 1
is a Type II Action as defined in said Act and the Regulations promulgated thereunder and no
further review is required.
Section 4. Each of the bonds authorized by this resolution and any bond
anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of
validity as prescribed by Section 52.00 of the Law and said bonds and any notes issued in
anticipation of said bonds shall be general obligations of the Town, payable as to both principal
and interest by general tax upon all the taxable real property within the Town without limitation
of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
Section 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said
bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements
for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the
Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized For an object or purpose for which the
Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the
publication of such resolution, or a summary thereof, are not substantially
complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days afer
the date of such publication, or
(c) such obligations are authorized in violation of the provisions of the
constitution.
Section 7. This bond resolution is subject to a permissive referendum and the
Town Clerk is hereby authorized and directed, within ten (]0) days after the adoption of this
resolution, to cause to be published in "The Suffolk Times, " a newspaper having a general
circulation within said Town and hereby designated the official newspaper of the Town for such
Updated: 3/10/2010 9:41 AM by Linda Cooper Page 2
Resolution 2010-216 ~ Bo~ Meeting of March 9, 2010
publication and posted on the sign board of the Town maintained pursuant to the Town Law, a
Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NO11CE that on March 9, 2010, the Town Board of the Town of
Southold, in the County of Suffolk, New York, adopted a bond resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010, authorizing the construction of
improvements to various roads on Fishers Island, including
related drainage improvements, stating the estimated maximum
cost thereof is $500,000, appropriating said amount for such
purpose, and authorizing the issuance of $500,000 serial bonds
of said Town to finance said appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof, being as
follows:
FIRST: AUTHORIZING said Town to construct improvements to vazious roads
on Fishers Island, including related drainage improvements; STATING the estimated maximum
cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is
$500,000; APPROPRIATING said amount for such purpose; and STATING the plan of
financing includes the issuance of $500,000 serial bonds of the Town to finance said
appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the
principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $500,000 serial bonds of the Town
pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness
applicable to the purpose for which said serial bonds are authorized to be issued is fifteen (15)
years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof
may be applied to reimburse the Town for expenditures made after the effective date of this bond
resolution For the purpose for which said bonds are authorized; and the proposed maturity of said
$500,000 serial bonds will exceed five (5) years; and STATING that the Town Board, as Lead
Agency pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has determined that the specific object or purpose hereinabove described is a Type
II Action and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation notes
issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be
general obligations of the Town; and PLEDGING to their payment the faith and credit of the
Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or
the renewals thereof; and
Updated: 3/10/2010 9:41 AM by Linda Cooper Page 3
Resolution 2010-216 ~ Bo~ Meeting of March 9, 2010
SIXTH: DF,TERMINING that the bond resolution is subject to a permissive
referendum.
DATED: March 9, 2010
Elizabeth A. Neville
Town Clerk
Section 8. The Town Clerk is hereby authorized and directed to cause said bond
resolution to be published, in summary, in substantially the form set forth in Exhibit A attached
hereto and made a part hereof, after said bond resolution shall take effect, in the newspaper
referred to in Section 7 hereof, and hereby designated the official newspaper for said publication,
together with a Notice in substantially the form as provided by Section 81.00 of the Local
Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York.
* * s
EXHIBIT A
NOTICE
The resolution, a summary of which is published herewith, has been adopted on
the 9th day of March, 2010, and an abstract thereof has been published and posted as required by
law and the period of time has elapsed for the submission and filing of a petition for a permissive
referendum and a valid petition has not been submitted and filed. The validity of the obligations
authorized by such resolution may be hereafter contested only if such obligations were
authorized for an object or purpose for which the Town of Southold, in the County of Suffolk,
New York, is not authorized to expend money or if the provisions of law which should have been
complied with as of the date of publication of this notice were not substantially complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days after
the date of publication of the notice, or such obligations were authorized in violation of the
provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010, AUTHORIZING THE
CONSTRUCTION OF IMPROVEMENTS TO VARIOUS ROADS
ON FISHERS ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED MAXIMUM
COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT
THEREFOR, AND AUTHORIZING THE ISSUANCE OF $500,000
SERIAL BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION
The object or purpose for which the bond are authorized is the construction of
improvements to various roads on Fishers Island, including related drainage
improvements, at the estimated maximum cost of $500,000
The amount of obligations to be issued is $500,000.
Updated: 3/10/2010 9:41 AM by Linda Cooper Page 4
Resolution 2010-216 ~ Boaid Meeting of March 9, 2010
The period of probable usefulness is fifteen (15) 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.
~Q~
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS
MOVER: Christopher Talbot, Councilman
SECONDER: William Ruland, Councilman
AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell
Updated: 3/10/2010 9:41 AM by Linda Cooper Page 5
s •
RESOLUTION 2010-220
a~N~P~ ADOPTED DOC ID: 5770
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION N0.2010-220 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MARCH 9, 2010:
RESOLVED that the Town Board of the fown of Southold hereby finds that the proposed
project entitled "Fishers Island Road and Stormwater Improvement Project" is classified as
an Unlisted Action pursuant to SEQRA Rules and Regulations, 6 NYCRR Section 617, and that
the Town Board of the Town of Southold hereby establishes itself as lead agency for the
uncoordinated review of this action and issues a Negative Declaration for the action in
accordance with the recommendation of Mark Terry dated March 9, 2009, and authorizes
Supervisor Scott A. Russell to sign the short form EAF in connection therewith, and is consistent
with the LWRP pursuant to Chapter 268 of the Town Code of the Town of Southold, Waterfront
Consistency Review.
Elizabeth A. Neville
Southold Town Clerk
RF,SULT: ADOPTED ~UNANIMOUS~
MOVER: Louisa P. Evans, Justice
SECONDER: Albert Krupski Jr., Councilman
AYES: Ruland, Orlando, Talbot, Krupski Jr., Evans, Russell
OFFICE LOCATION: SOOj~O
~ MAILING AllDRESS:
Town Hall Annex ~0 l0 ~ P.O. Boa 1179
54375 State Route 25 ~ # ~ ~ Southold, IVY 11971
f cor. Main Rd. & Youngs AveJ
Southold, NY 11971 G, Q Telephone: 631 765-1935
~ ~~,4 Fax: 631 766-3136
~~~~~UNTV N~~ti~
~
LOCAL WATERFRONT REVITALIZATION PROGRAM
TOWN OF SOUTHOLD
MEMORANDUM
RECEIVED
To: Supervisor Scott Russell MAR - 9 2010
Town of Southold Town Board
From: Mark Terry, Principal Planner N ~ Southold Town Cferk
LWRP Coordinator
Date: March 9, 2010
Re: Fishers Island Road and Stormwater Improvement Project
The proposed local law has been reviewed to Chapter 268, Waterfront Consistency
Review of the Town of Southold Town Code and the Local Waterfront Revitalization
Program (LWRP) Policy Standards. Based upon the information provided to this
department as well as the records available to me, it is my recommendation that the
proposed action is CONSISTENT with the LWRP Policy Standards and therefore is
CONSISTENT with the LWRP.
Pursuant to Chapter 268, the Town Board shall consider this recommendation in
preparing its written determination regarding the consistency of the proposed action.
Cc: Martin Finnegan, Town Attorney
(212) 820-9662 March 8, 2010
Town of Southold, New York
$500,000 Serial Bonds for Road Improvements on Fishers Island
(Our File Designation 2615/33923)
Martin D. Finnegan, Esq.
Town Attorney
Town of Southold
P.O. Box 1179
Southold, New York 11971
Dear Martin:
Pursuant to your request, I have prepared the attached Extract of Minutes of a
Town Board meeting to be held on March 9th, showing adoption of the above bond resolution.
Please note that the bond resolution is to be adopted by at least atwo-thirds vote of the entire
membership of the Town Board, without taking into consideration any temporary vacancies.
The bond resolution contains the form of notice to be published in the official
Town newspaper and posted on the sign board of the Town maintained pursuant to the Town
Law within ten 0) days after adoption of the bond resolution. Section 7 of the bond resolution
contains the Notice of Permissive Referendum which is to be published in the official newspaper
of the Town. Also attached is the Affidavit of Posting to be executed by the Town Clerk. A
copy of the notice, as posted, should be attached to this Affidavit.
Please obtain and forward to me a certified copy of the Extract of Minutes, an
executed Affidavit of Posting and an original Affidavit of Publication. Upon receipt of same, we
will forward the additional documents required with respect to the final estoppel publication of
the resolution.
With best regards, 1 am
Very truly yours,
Robert P. Smith
RPS/ml
Enclosures
cc: John A. Cushman, Town Comptroller
Error! Unknown document property name.
EXTRACT OF MINUTES
Meeting of the Town Board of the
Town of Southold, in the
County of Suffolk, New York
March 9, 2010
* ~ ~
A regular meeting of the Town Board of the Town of Southold, in the County of
Suffolk, New York, was held at the Town Hall, 53095 Main Road, Southold, New York, on
March 9, 2010.
There were present: Hon. Scott A. Russell, Supervisor; and
Councilmen:
There were absent:
Also present: Elizabeth A. Neville, Town Clerk
Martin D. Finnegan, Town Attorney
John A. Cushman, Town Comptroller
~ * «
offered the following resolution and moved its
adoption:
BOND RESOLUTION OF THF, TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010, AUTHORIZING THE
CONSTRUCTION OF IMPROVEMENTS TO VARIOUS
ROADS ON FISHERS ISLAND, INCLUDING RELATED
DRAINAGE IMPROVEMENTS, STATING THE ESTIMATED
MAXIMUM COST THEREOF IS $500,000, APPROPRIATING
SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING
THE ISSUANCE OF $500,000 SERIAL BONDS OF SAID
TOWN TO FINANCE SAID APPROPRIATION
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-
thirds of all the members of said Town Board) AS FOLLOWS:
Section 1. The Town of Southold, in the County of Suffolk, New York (herein
called the "Town"), is hereby authorized to construct improvements to various roads on Fishers
Island, including related drainage improvements. The estimated maximum cost thereof,
including preliminary costs and costs incidental thereto and the financing thereof, is $500,000
and said amount is hereby appropriated for such purpose. The plan of financing includes the
issuance of $500,000 serial bonds of the Town to finance said appropriation, and the levy and
collection of taxes on all the taxable real property in the Town to pay the principal of said bonds
and the interest thereon as the same shall become due and payable.
Section 2. Serial bonds of the Town in the principal amount of $500,000 are
hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting
Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to
finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness applicable to the object or purpose for
which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 20 (c) of
the Law, is fifteen (15) 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, or
for such expenditures made on or before such effective date if the Town Board has made a prior
declaration of intent to issue indebtedness therefor. The foregoing statement of intent with
respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the
United States Treasury Department.
(c) The proposed maturity of the bonds authorized by this resolution will exceed
five (5) years.
(d) The Town Board of the Town, acting in the role of Lead Agency pursuant
to the provisions of the New York State Environmental Quality Review Act ("SEQRA"), has
heretofore determined that the said specific object or purpose hereinabove described in Section 1
is a "I~ype II Action as defined in said Act and the Regulations promulgated thereunder and no
further review is required.
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 "Gown, payable as to both principal
and interest by general tax upon all the taxable real property within the Town without limitation
of rate or amount. The faith and credit of the Town are hereby irrevocably pledged to the
punctual payment of the principal of and interest on said bonds and any notes issued in
anticipation of the sale of said bonds and provision shall be made annually in the budget of the
Town by appropriation for (a) the amortization and redemption of the bonds and any notes in
anticipation thereof to mature in such year and (b) the payment of interest to be due and payable
in such year.
Section 5. Subject to the provisions of this resolution and of the Law and
pursuant to the provisions of Section 21.00 relative to the authorization of bonds with
substantially level or declining annual debt service, Section 30.00 relative to the authorization of
the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and
Section 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of
the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said
bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements
for credit enhancements, are hereby delegated to the Supervisor, the chief fiscal officer of the
Town.
Section 6. The validity of the bonds authorized by this resolution, and of any
notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose for which the
Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the
publication of such resolution, or a summary thereof, are not substantially
complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days afer
the date of such publication, or
(c) such obligations are authorized in violation of the provisions of the
constitution.
Section 7. "phis bond resolution is subject to a permissive referendum and the
Town Clerk is hereby authorized and directed, within ten (10) days after the adoption of this
resolution, to cause to be published in "The Suffolk Times, " a newspaper having a general
circulation within said Town and hereby designated the official newspaper of the Town for such
publication and posted on the sign board of the Town maintained pursuant to the Town Law, a
Notice in substantially the following form:
TOWN OF SOUTHOLD, NEW YORK
PLEASE TAKE NOTICE that on March 9, 2010, the Town Board of the Town of
Southold, in the County of Suffolk, New York, adopted a bond resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 9, 2010, authorizing the construction of
improvements to various roads on Fishers Island, including
related drainage improvements, stating the estimated maximum
cost thereof is $500,000, appropriating said amount for such
purpose, and authorizing the issuance of $500,000 serial bonds
of said Town to finance said appropriation,"
an abstract of which bond resolution concisely stating the purpose and effect thereof, being as
follows:
FIRST: AUTHORIZING said Town to construct improvements to various roads
on Fishers Island, including related drainage improvements; STATING the estimated maximum
cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is
$500,000; APPROPRIA"LING said amount for such purpose; and STATING the plan of
financing includes the issuance of $500,000 serial bonds of the 'town to finance said
appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the
principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $500,000 serial bonds of the Town
pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness
applicable to the purpose for which said serial bonds are authorized to be issued is fifreen (15)
years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof
may be applied to reimburse the Town for expenditures made afrer the effective date of this bond
resolution for the purpose for which said bonds are authorized; and the proposed maturity of said
$500,000 serial bonds will exceed five (5) years; and STATING that the Town Board, as Lead
Agency pursuant to the provisions of the New York State Environmental Quality Review Act
("SEQRA"), has determined that the specific object or purpose hereinabove described is a Type
II Action and no further review is required;
FOURTH: DETERMINING that said bonds and any bond anticipation notes
issued in anticipation of said bonds and the renewa]s of said bond anticipation notes shall be
general obligations of the Town; and PLEDGING to their payment the faith and credit of the
Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the
issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or
the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive
referendum.
DATED: March 9, 2010
Elizabeth A. Neville
Town Clerk
Section 8. The Town Clerk is hereby authorized and directed to cause said bond
resolution to be published, in summary, in substantially the form set forth in Exhibit A attached
hereto and made a part hereof; after said bond resolution shall take effect, in the newspaper
referred to in Section 7 hereof, and hereby designated the official newspaper for said publication,
together with a Notice in substantially the form as provided by Section 81.00 of the Local
Finance I,aw, constituting Chapter 33-a of the Consolidated Laws of the State of New York.
+ r
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.
*+*r~+~*
EXHIBIT A
NOTICE
The resolution, a summary of which is published herewith, has been adopted on
the 9th day of March, 2010, and an abstract thereof has been published and posted as required by
law and the period of time has elapsed for the submission and filing of a petition for a permissive
referendum and a valid petition has not been submitted and filed. The validity of the obligations
authorized by such resolution may be hereafter contested only if such obligations were
authorized for an object or purpose for which the Town of Southold, in the County of Suffolk,
New York, is not authorized to expend money or if the provisions of law which should have been
complied with as of the date of publication of this notice were not substantially complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days after
the date of publication of the notice, or such obligations were authorized in violation of the
provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010, AUTHORIZING THE
CONSTRUCTION OF IMPROVEMENTS TO VARIOUS ROADS
ON FISHERS ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING THE ESTIMATED MAXIMUM
COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT
THEREFOR, AND AiJTHORIZ.ING THE ISSUANCE OF $500,000
SERIAL BONDS OF SAID TOWN "f0 FINANCE SAID
APPROPRIATION
The object or purpose for which the bond are authorized is the construction of
improvements to various roads on Fishers Island, including related drainage
improvements, at the estimated maximum cost of $500,000
The amount of obligations to be issued is $500,000.
The period of probable usefulness is fifteen (l5) 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.
CERTIFICATE
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY that the foregoing annexed extract
from the minutes of a meeting of the Town Board of said Town of Southold duly called and held
on March 9, 2010, has been compared by me with the original minutes as officially recorded in
my office in the Minute Book of said Town Board and is a true, complete and correct copy
thereof and of the whole of said original minutes so far as the same relate to the subject matters
referred to in said extract.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town of Southold this 9th day
of March, 2010.
(SEAL)
Town Clerk
. • •
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
ELIZABETH A. NEVILLE, being duly sworn, deposes and says:
That she is and at all times hereinafter mentioned she was the duly elected,
qualified and acting Town Clerk of the Town of Southold, State of New York;
That on , 2010, she has caused to be conspicuously posted
and fastened up a Notice setting forth an abstract of the bond resolution duly adopted by the
Town Board on March 9, 2010, a copy of which is annexed hereto and made a part hereof, on the
sign board of the Town maintained pursuant to the Town Law.
Town Clerk
Subscribed and sworn to before me
this day of March, 2010.
Notary Public, State of New York
• i
(212) 820-9662 Apri] 9, 2010
Town of Southold, New York
$500,000 Serial Bonds for Road Improvements on Fishers Island
(Our File Designation: 2615/33923)
Martin D. Finnegan, F,sq.
Town Attorney
Town of Southold
N.O. Box 1179
Southold, New York 11971
Dear Martin:
The bond resolution authorizing the above bonds takes effect thirty (30) days afrer
its adoption and is to be published, in summary, in the official newspaper together with a
statutory form of notice thereby commencing a 20-day statute of limitations period pursuant to
the provisions of Section 80.00 et seq. of the Local Finance Law.
With reference thereto, [have prepared and enclose herewith the following:
(a) Certitcate of No Referendum
(b) Notice and Summary of the bond resolution in readiness for
publication.
Please do not hesitate to call if you have any questions regarding the enclosed
documents. Kindly send me an executed copy of the Certificate of No Referendum and an
original Affidavit of Publication, when available.
With best regards, I am
Very truly yours,
Robert P. Smith
RPS/ml
Enclosures
ce: John A. Cushman, Town Comptroller
CERTIFICATE OF NO REFERENDUM
I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the
County of Suffolk, State of New York, HEREBY CERTIFY as follows:
'That a resolution of the Town Board of the Town of Southold, in the County of
Suffolk, State of New York, entitled:
"Bond Resolution of the 'Town of Southold, New York, adopted
March 9, 2010, authorizing the construction of improvements to
various roads on Fishers Island, including related drainage
improvements, stating the estimated maximum cost thereof is
$500,000, appropriating said amount for such purpose, and
authorizing the issuance of $500,000 serial bonds of said Town to
finance said appropriation,"
was adopted March 9, 2010, and that the notice setting forth the date of adoption of the
resolution and containing an abstract of said resolution which concisely stated the purpose and
effect thereof, was duly posted and published as required by law.
That no petition signed and acknowledged by the electors of the Town protesting
against said resolution and requesting that said resolution be submitted to the electors of the
Town for their approval or disapproval has been filed with the Town Clerk within thirty days
after the date of the adoption thereof, or at any other time since said adoption.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this day of April,
2010.
(SEAL) Town Clerk
EXHIBIT A
NOTICE
The resolution, a summary of which is published herewith, has been adopted on
the 9th day of March, 2010, and an abstract thereof has been published and posted as required by
law and the period of time has elapsed for the submission and filing of a petition for a permissive
referendum and a valid petition has not been submitted and filed. The validity of the obligations
authorized by such resolution may be hereafter contested only if such obligations were
authorized for an object or purpose for which the Town of Southold, in the County of Suffolk,
New York, is not authorized to expend money or if the provisions of law which should have been
complied with as of the date of publication of this notice were not substantially complied with,
and an action, suit or proceeding contesting such validity is commenced within twenty days after
the date of publication of the notice, or such obligations were authorized in violation of the
provisions of the constitution.
ELIZABETH A. NEVILLE
Town Clerk
BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW
YORK, ADOPTED MARCH 9, 2010, AUTHORIZING THE
CONSTRUCTION OF IMPROVEMENTS TO VARIOUS ROADS
ON FISHERS ISLAND, INCLUDING RELATED DRAINAGE
IMPROVEMENTS, STATING 'fHE ESTIMATED MAXIMUM
COST THEREOF IS $500,000, APPROPRIATING SAID AMOUNT
FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF
$500,000 SERIAL BONDS OF SAID TOWN TO FINANCE SAID
APPROPRIATION
The object or purpose for which the bond are authorized is the construction of improvements to
various roads on Fishers Island, including related drainage improvements, at the estimated
maximum cost of $500,000.
The amount of obligations to be issued is $500,000.
The period of probable usefulness is fifteen (15) 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.
d S ~J
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a~ ~ ~ No. 7R-1 51,135,000 ~ -
z ` UNCFED STATES OF AMERICA ~r
;i„
STATE OF NEW YORK - ~'x,',
. COUNTY OF SUFFOLK ifs
,=ci TOWNOFSOUTHOLD
, BOND ANTICII'ATION NOTE FOR VARIOUS PURPOSES-2011 ! v¢ I ; '
~)~4. The Towo of Southold, in the County of Suffolk a municipal corporation of the State of New York, hereby r
' S)):' M' acknowledges itself indebted and for value received promises to pay to JPMorgan Chase Bank, N.A., Melville, New York, as ! llt?t ~
-.f+~#" w ~ registered owner, the sum of ONE MILLION ONE HUNDRED THIRTY-FIVE THOUSAND DOLLARS (51,135,000) on _
the 31st day of August, 2012, together with interest thereon from the date hereof at the rate of seventy-four hundredths of one I ~a=.
0~ per centum (0.74•/<) per annum, payable at maturity. Both principal of and interest on this Note will be paid in lawful money ~~3
of the United States of America, at JPMorgan Chase Bank, N.A., Melville, New York
~ .Both principal ~ of and interest on this Note shall be payable only to the registered holder, his legal t ~{r€
representatives, successors or vansferees. This Note shall be transferab]e only upon presentation to such Town Clerk with a I t>il : I
Y!C~• vvntten transfer of title and such Town Clerk shall thereupon register this Note in the name of the transferee in his books and sfiall i~r~~
~S A ~ endorse a certificate of such registration hereon. Such transfer shall be dated, and signed by the registered holder, or his legal i ~ ; a
- representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shai3 be certified as to its
genuineness by an officer of a bank or trust company located and authorized to do business in this State. "~~s~~f'',
af~ I
This Note is the only Note of an authorized combined renewal issue, the principal amount of which is S 1,135,000.
`t~Mio ~ ~ '
tt This Note is issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated ~ ;se '
t, t~.~ Laws of [he State of New York, various bond resolutions adopted by the Town Board on their respective dates, authorizing the '
,t"~y~"6: issuance of serial bonds for various purposes in said Town, and the Certificate of Determination executed by [he Supervisor on ~ t .r
~}F'~~ September 1, 20] 1. i~~~~~_
.n!In"? 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. x
~rifi,~ - The faith and credit of such Town are hereby irrevocably pledged for the punctual payment of the principal of and 'A
interest on this Note according to its terms. It is hereby certified and recited that all conditions, acts and things required by the , ~t~ rE.
~ Constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to and in the t4,lr
`~.~:,+"t~ issuance of this Note, exist, have happened and have been performed, and that this Note, together with all other indebtedness of f~> ,
~ ~ such Town, is within every debt and other limit prescribed by the Constitution and laws of such State. ( 41;,. ,
~ a
r,,~,<„ IN WITNESS WHEREOF, [he Town of Southold has caused this Note to be executed in its name by its Supervisor, /i'~
and its corporate seal (or a facsimile thereof) to be affixed,smprinted, impressed or otherwise reproduced hereon and attested by ~i
its Town Clerk and this Note to be dated as of the 1st day of September, 2011.
xi,."Y,!~: TO OF SOUTHOLD
Tx'9 P
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' - Supervisor ~ 1~~
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CERTIFICATE OF DETERMINATION BY THE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF THE $1,135,000 BOND ANTICIPATION
NOTE FOR VARIOUS PURPOSES-2011 OF THE TOWN OF
SOUTHOLD, NEW YORK.
I, Scott A. Russell, Supervisor of the Town of Southold, 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 the paragraphs below 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 $18,000
shall be issued to renew, in part, the $21,000 bond anticipation note dated September 2, 2010,
maturing September 2, 2011, and heretofore issued in anticipation ofthe sale ofthe serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
July 17, 2007, ratifying the appropriation of $30,000 to finance a
part ofthe cost of construction of improvements to certain highways
in the Hamlet of Orient, known as Ryder Farm Lane and Park View
Lane; stating the estimated maximum cost thereof is $180,000, with
$150,000 of said cost expected to be paid from other sources; and
authorizing the issuance of $30,000 serial bonds of said Town to
fmance said $30,000 appropriation,"
duly adopted by the Town Board on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 2, 2010, the redemption of said $21,000
bond anticipation note having been heretofore provided to the extent of $3,000 from a source
other than the proceeds of serial bonds.
2. A bond anticipation note ofthe Town in the principal amount of $165,000
shall be issued to renew, in part, the $315,000 bond anticipation note dated September 2, 2010,
maturing September 2, 2011, and heretofore issued in anticipation ofthe sale ofthe serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
June 17, 2008, appropriating $590,000 for the increase and
improvement of facilities of the Southold Solid Waste Management
District, in said Town, and authorizing the issuance of $590,000
serial 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 September 2, 2010, the redemption of said
$315,000 bond anticipation note having been heretofore provided to the extent of $150,000 from
a source other than the proceeds of serial bonds.
3. A bond anticipation note of the Town in the principal amount of $180,000
shall be issued to renew, in part, the $280,000 bond anticipation note dated September 2, 2010,
maturing September 2, 2011, and heretofore issued in anticipation ofthe sale ofthe serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
July 29, 2008, appropriating $400,000 to pay the cost of acquiring
the easterly half of the certain piece of parcel of land, containing
one half of one acre, more or less, situate adjacent to the Town Hall
property, and previously acquired by the town pursuant to the
eminent domain proceeding (Index No. 06-23054) commenced in
the Supreme Court of the State of New York, Suffolk County, on
August 3, 2006, and authorizing the issuance of $400,000 serial
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 September 2, 2010, the redemption of said
$280,000 bond anticipation note having been heretofore provided to the extent of $100,000 from
a source other than the proceeds of serial bonds.
4. A bond anticipation note of the Town in the principal amount of $82,000
shall be issued to renew, in part, the $1,400,000 bond anticipation note dated September 2, 2010,
maturing September 2, 2011, and heretofore issued in anticipation ofthe sale ofthe serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
March 9, 2010 and amended May 4, 2010, authorizing the
construction of improvements to various roads on Fishers Island,
includmg related drainage improvements, stating the estimated
maximum cost thereof is $1,400,000, appropriating said amount
for such purpose, and authorizing the issuance of $1,400,000 serial
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 September 2, 2010, the redemption of said
$1,400,000 bond anticipation note having been heretofore provided to the extent of $1,318,000
from a source other than the proceeds of serial bonds.
5. A bond anticipation note of the Town in the principal amount of $440,000
shall be issued to renew, in part, the $700,000 bond anticipation note dated September 2, 2010,
maturing September 2, 2011, and heretofore issued in anticipation ofthe sale ofthe serial bonds
authorized pursuant to the bond resolution entitled:
"Bond Resolution of the Town of Southold, New York, adopted
June 15, 2010 and amended May 4, 2010, appropriating $700,000
for the improvement of facilities ofthe Southold Town Wastewater
Disposal District, and authorizing the issuance of $700,000 serial
bonds ofsaid Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein refereed to, and the Certificate of
Determination executed by the Supervisor on September 2, 2010, the redemption of said
$700,000 bond anticipation note having been heretofore provided to the extent of $260,000 from
a source other than the proceeds of serial bonds.
6. A bond anticipation note of the Town in the principal amount of $250,000
shall be issued in anticipation of the sale of serial bonds authorized pursuant to the resolution
entitled:
"Bond Resolution of the Town of Southold, New York, adopted
June 21, 2011, authorizing the acquisition of equipment for use
by the Highway Department, stating the estimated maximum
cost thereof is $250,000, appropriating said amount for such
purpose, and authorizing the issuance of $250,000 bonds ofsaid
Town to finance said appropriation,"
duly adopted by the Town Board on the date therein referred to.
7. Said $18,000 note, said $165,000 note, said $180,000 note, said $82,000
note, said $440,000 and said $250,000 note shall be combined for the purpose of sale into a
single note issue in the aggregate principal amount of $1,135,000 (hereinafter referred to as the
"Note").
8. The terms, form and details ofsaid Note shall be as follows:
Amount and Title: $1,135,000 Bond Anticipation Note for Various Purposes-2011
Dated: September 1, 2011
Matures: August 31, 2012
Number and
Denomination: Number 7R-1, at $1,135,000
Interest Rate
per annum: 0.74%
Form of Note: Substantially in accordance with form prescribed by Schedule
B,2 ofthe Local Finance Law ofthe State ofNew York.
9. The respective amounts of bond anticipation notes originally issued in
anticipation of the issuance of the serial bonds authorized pursuant to the bond resolutions
referred to in paragraphs 1 to 6, inclusive, hereof, including the Note, are: (1) $150,000, (2)
$590,000, (3) $400,000, (4) $700,000, (5) $1,400,000 and (6) $250,000, and the respective
amounts of bond anticipation notes which will be outstanding after the issuance of the Note,
~ ~ ;
including said Note, will be: (1) $18,000, (2) $165,000, (3) $180,000, (4) $82,000, (5) $440,000
and (6) $250,000.
10. The serial bonds authorized pursuant to the resolution referred to in
paragraphs 1, 2 and 5 hereof, are for improvements which are assessable, and the serial bonds
authorized pursuant to the resolutions referred to in paragraphs 3, 4 and 6 hereof, are for
improvements which are non-assessable.
11. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Note to JPMorgan Chase Bank, N.A., Melville, New York, as
registered owner, for the purchase price of $1,135,000.00, plus accrued interest, if any, from the
date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that said Note
shall be payable as to both principal and interest at JPMorgan Chase Bank, N.A., Melville,
New York, and shall bear interest at the rate of seventy-four hundredths of one per centum
(0.74%) per annum, payable at maturity.
12. Said Note shall be executed in the name of the Town by the manual
signature of its Supervisor and the corporate seal of the Town will be affixed, imprinted,
impressed or otherwise reproduced thereon and attested by its Deputy Town Clerk.
1 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 this 1st day of
September, 2011.
Supervisor
. ;
DEPUTY CLERK'S CERTIFICATE
I, Linda Cooper, Deputy 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 Deputy Town Clerk on or before the
1st day of September, 2011, and
I FURTHER CERTIFY that no resolution electing to reassume any ofthe 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 this 1st day of
September, 2011.
~ih_!
Deput own Clerk'
(SEAL)
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Scott A. Russell, Supervisor of the Town of Southold, in the County of Suffolk,
New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the
issuance of the Issuer's $1,135,000 Bond Anticipation Note for Various Purposes-2011 (herein
referred to as the "Note" or "Notes"), dated and issued on September 1, 2011, as follows:
Unless the context cleazly requires otherwise, all capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Article II hereof or in the
Resolutions, the Code or the Regulations (each as defined below).
ARTICLE I
General
1.1. Authority ng atorv. I am an officer of the Issuer chazged 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.
1.2. Pumose 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.
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.
1.4. Composite Issue. No other governmental obligations have been sold
fewer than 15 days prior to, or will be sold fewer than 15 days after, 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.
1.5 No Federal Guazantee. The Issuer represents and covenants that, except
for the gross proceeds of the Note which aze: (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, 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 guazanteed"); 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.
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.
1.7. Additional Infonnation. 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.
1.8. Non-Puroose Investments. Not more than 50% of the proceeds of the
Note are being invested in investments not acquired to carry out the governmental purposes of
the issue at a guazanteed yield and having a term of 4 yeazs or more.
1.9 IRS Information Reporting. The Issuer will make a timely filing of the
appropriate IRS Form 8038G or 8038-GC.
ARTICLE II
Use of Project and Proceeds
2.1. Authorization. (a) The Note is authorized to be issued pursuant to
applicable provisions of the laws of the State of New York and various bond resolutions duly
adopted by the Town Boazd on their respective dates (the "Resolutions"), as referred to in the
Certificate of Determination executed by the Supervisor on September 1, 2011.
(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.
2.2. Purpose of Issue. The Note is being issued to provide funds for various
purposes in the Town (the "Project" or "Projects"), as further described in the Resolutions.
2.3. Use of Proceeds. A portion of the proceeds of sale of the Note in the
amount of $885,000 (the "Current Refunding Note") will be used, together with $4,339,000
available funds, to redeem prior issues of bond anticipation notes currently outstanding in the
aggregate principal amount of $5,224,000 (the "Prior Issues"), heretofore issued to finance the
Project. The balance of the proceeds of sale of the Note in the principal amount of $250,000
(the "New Money Note") will be used to provide original financing for the New Money Projects.
2.4. Ownership/Lease/Sale. The Projects will be owned by the Issuer or
another state or local governmental 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 aze allocable to an unrelated Private Use if such use is neither directly nor
operationally related to a governmental use and proceeds of the Note aze allocable to a
disproportionate related Private Use to the extent that the proceeds of the Note which are 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 are to be used for the governmental 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, guazantee contracts, take or pay contracts, or put or pay contracts, which
provides for a use of the Projects by a person or persons who are not State or local governments
on a basis different than the general public. Any management, or operations contract or
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 year 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 March 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 yeazs; (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 party;
(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 chazged, (i) the contract has a term (including renewal options) not exceeding two yeazs,
(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 dollaz aznount 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 dollaz 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 yeazs of the date hereof to make such loans. The payment of legal and
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 aze to be
used with respect to any output facility (other than a facility for the fiunishing 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 Temporazy 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
yeazs 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 Project cited in Section 2.2 hereof, and the amount of such
commitment(s) with respect to such New Money Project 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 Money Project has been completed, or, if such New Money
Project has not been completed, work on the acquisition, construction or accomplishment of such
New Money Project 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.
3.3 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;
(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 govenunental
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 calendaz yeaz in which the Prior Issue was issued and the current
calendaz 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
year 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 Re~avment 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 yeaz 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 Sinking 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 similaz fund which the Issuer reasonably expects to use to pay principal or interest on
the Note.
ARTICLE IV
Bank Qualification
4.1 Desi ng ation. 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 "qualifiedtax-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 yeazs 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 $30,000,000 of obligations issued by the Issuer during the
calendar yeaz in which the Prior Issue was issued were designated by the
Issuer as "qualified tax-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 calendaz yeaz does not as of this date, and including this
issue, exceed $10,000,000.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Town of Southold, as of the 1st
day of September, 2011.
(SEAL) Supervisor
,s r
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 and herein referred to as the "Town,"
HEREBY CERTIFY that on or before September 1, 2011, we officially signed and properly
executed by manual signatures the $1,135,000 Bond Anticipation Note for Various Purposes-
2011 (the "Note") of the Town, payable to JPMorgan Chase Bank, N.A., Melville, New York,
as registered owner, and as 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 are the duly chosen, qualified and acting officers of the Town authorized to
execute the 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 the Note or the levy or collection
of any taxes to pay the interest on or principal of the Note, or in any manner questioning the
authority or proceedings for the issuance of the Note or for the levy or collection of said taxes, or
relating to the 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 the Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon this certificate
(or a facsimile thereof) has been affixed, impressed, imprinted or otherwise reproduced upon the
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
September 1, 2011, I delivered or caused the delivery of the Note to JPMorgan Chase Bank,
N.A., Melville, New York„ 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
said Note, computed as follows:
Price ......................................................................................$1,135,000.00
Interest on said Note accrued to the
date of such delivery -0-
Amount Received ..................................................................$1,135,000.00
f
IN WITNESS WHEREOF, we have hereunto set our hands and said corporate
seal has hereunto been affixed this 1st day of September, 2011.
nature Term of Office Expires Title
~~,~,~7~~y ~ December 31, 2011 Supervisor
_ December 31, 2013 Deputy Town Clerk
(SEAL)
I HEREBY CERTIFY that the signatures of the officers of the above-named
Town, which appear above, are true and genuine an~d~that~I
know said officers and know them
to hold the offices set opposite their si n'tures. C/~~/G«-C
John A. Cushman, II
Town Comptroller
v
ATTORNEY'S CERTIFICATE
I, Martin 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 Attomey of the
Town of Southold, in the County of Suffolk, a municipal corporation of the State of New York
and 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 the $1,135,000 Bond Anticipation
Note for Various Purposes-2011 (the "Note") of the Town, payable to JPMorgan Chase Bank,
N.A., Melville, New York, as registered owner, and as otherwise described 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 the Note, or in any manner questioning the authority or
proceedings for the issuance of the Note or for the levy or collection of said taxes, or relating to
the 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 the Note has or have been repealed, revoked or rescinded.
I HEREBY FURTHER CERTIFY that there is no controversy or litigation of any
nature now pending or threatened by or against the Town wherein an adverse judgment or ruling
could have a material adverse impact on the financial condition of the Town or adversely affect
the power of the Town to levy, collect or enforce the collection of taxes or other revenues for the
payment of the Note, which has not been disclosed in the Official Statement relating to the Note.
IN WITNESS WHEREOF, I have hereunto set my hand this 1st day of
September 11.
Attomey
SCHEDULE A
Amount and Title: $1,135,000 Bond Anticipation Note for Various Purposes-2011
Dated: September 1, 2011
Matures: August 31, 2012
Number: 7R-1, at $1,135,000
Interest Rate
per annum: 0.74%
[ _
AFFIDAVIT AS TO NO CONFLICT OF INTEREST
STATE OF NEW YORK )
:ss:
COUNTY OF SUFFOLK )
Linda Cooper, being duly sworn upon her oath deposes and says:
1. I am the duly appointed, qualified and acting Deputy 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 the 1st day of September,
2011, to the financial institution indicated in such Certificate, I have made a careful 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 the 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 ofthe 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.
~.(/k ~ ~n.l7ihJ
~eputlY y Towri~ Clerk
Subscribed and sworn to before me
this day of September, 2011.
C~~e~
Notary Public, State ofNew York
10NN A GUSHMAN
Notary Cublic, State, or New York
No. 01CU6174322
QWIH1atl Ih Suffolk County
Commission Expires Saptembar 17, 20»'
'
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, preparation 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 board of the Town. Such written disclosure has been
made a part of and set forth in the official record of proceedings of the Town.
.d
a
~ No. 8R-1 $800,000
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
BOND ANTICII'ATION NOTE FOR VARIOUS PURPOSES-2012
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 pey to Bridgehampton National Bank, Bridgehampton, New
York, as registered owner, the sum of EIGHT HUNDRED THOUSAND DOLLARS ($800,000) on the 30th day of August,
2013, together with interest thereon from the dale hereof at the rate of fifty hundredths of one per centum (0.50%) per annum,
payable at maturity. Both principal of and interest on this Note will be paid in lawful money of the United Slates of America, at
Bridgehampton National Bank, Bridgehampton, New York
Both principal of and interest on this Note shall be payable only to the registered holder, his legal
representatives, successors or transferees. This Note shall be transferable only upon presentation to such Town Clerk with a
written transfer of title and such Town Clerk shall thereupon register this Note m 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 holder, or his legal '
representatives, and it shall be duly acknowledged or proved, or in the alternative the signature thereto shall be certified as to its
genuineness by an officer of a bank or tmst company located and authorized to do business in this State.
This Note is the only Note of an authorized combined new and renewal issue, the principal amount of which is
$800,000.
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, various bond resolutions adopted by [he Town Boazd on their respective dates, authorizing [he
issuance of serial bonds for various purposes in said Town, and the Certificate of Determination executed by the Supervisor on
August 30, 2012.
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 arc 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 and things required by the
Constitution and statutes of the State of New York ro exist, [o have happened and to have been performed precedent to and in the
r issuance of this Note, exist, have happened and have been performed, and that this Note, together with sll other indebtedness of
such Town, is within every debt and other limit prescribed by the Constltution and laws of such State.
IN WITNESS WHEREOF, the Town of Southold has caused this Note to be executed in its name by its Supervisor,
and its corporate seal (or a facsimile thereof) to be affixed, imprinted, impressed or otherwise reproduced hereon and attested by
its Town Clerk and this Note to be dated as of the 30th day of August, 2012.
T OFSOUTHOLD
(SEAL)
By
Supervisor
ATTEST:
~~~y//~~~,Q~{ t Ji . ~.iN/IJl
V Town Clerk
.
8
c
n ,i
A.
.ice I
- 1
CERTIFICATE OF DETERMINATION BY THE SUPERVISOR
RELATIVE TO AUTHORIZATION, SALE, ISSUANCE, FORM
AND CONTENTS OF THE $800,000 BOND ANTICIPATION
NOTE FOR VARIOUS PURPOSES-2012 OF THE TOWN OF
SOUTHOLD, NEW YORK
I, Scott A. Russell, Supervisor of the Town of Southold, 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 Boazd of the Town, pursuant to the bond
resolutions duly adopted and amended and as referred to in the pazagraphs below 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 $15,000
shall be issued to renew, in part, the $18,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, 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 17, 2007, ratifying the appropriation of $30,000 to finance a
part of the cost of construction of improvements to certain highways
in the Hamlet of Orient, known as Ryder Farm Lane and Pazk View
Lane; stating the estimated maximum cost thereof is $180,000, with
$150,000 of said cost expected to be paid from other sources; and
authorizing the issuance of $30,000 serial bonds of said Town to
finance said $30,000 appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 1, 2011, the redemption of said $18,000
bond anticipation note having been heretofore provided to the extent of $3,000 from a source
other than the proceeds of serial bonds.
2. A bond anticipation note of the Town in the principal amount of $15,000
shall be issued to renew, in part, the $165,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, 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
June 17, 2008, appropriating $590,000 for the increase and
improvement of facilities of the Southold Solid Waste Management
District, in said Town, and authorizing the issuance of $590,000
serial 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 September 1, 2011, the redemption of said
1193705.1
$165,000 bond anticipation note having been heretofore provided to the extent of $150,000 from
a source other than the proceeds of serial bonds.
3. A bond anticipation note of the Town in the principal amount of $90,000
shall be issued to renew, in part, the $180,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, 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 29, 2008, appropriating $400,000 to pay the cost of acquiring
the easterly half of the certain piece of parcel of land, containing
one half of one acre, more or less, situate adjacent to the Town Hall
property, and previously acquired by the town pursuant to the
eminent domain proceeding (Index No. 06-23054) commenced in
the Supreme Court of the State of New York, Suffolk County, on
August 3, 2006, and authorizing the issuance of $400,000 serial
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 September 1, 2011, the redemption of said
$180,000 bond anticipation note having been heretofore provided to the extent of $90,000 from a
source other than the proceeds of serial bonds.
4. A bond anticipation note of the Town in the principal amount of $41,000
shall be issued to renew, in part, the $82,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, 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
Mazch 9, 2010 and amended May 4, 2010, authorizing the
construction of improvements to various roads on Fishers Island,
including related drainage improvements, stating the estimated
maximum cost thereof is $1,400,000, appropriating said amount
for such purpose, and authorizing the issuance of $1,400,000 serial
bonds of said Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 1, 2011, the redemption of said $82,000
bond anticipation note having been heretofore provided to the extent of $41,000 from a source
other than the proceeds of serial bonds.
5. A bond anticipation note of the Town in the principal amount of $330,000
shall be issued to renew, in part, the $440,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, and heretofore issued in anticipation of the sale of the serial bonds
authorized pursuant to the bond resolution entitled:
1193705.1
"Bond Resolution of the Town of Southold, New York, adopted
June 15, 2010 and amended May 4, 2010, appropriating $700,000
for the improvement of facilities of the Southold Town Wastewater
Disposal District, and authorizing the issuance of $700,000 serial
bonds of said Town to finance said appropriation,"
duly adopted by the Town Board on the date therein refened to, and the Certificate of
Determination executed by the Supervisor on September 1, 2011, the redemption of said
$440,000 bond anticipation note having been heretofore provided to the extent of $110,000 from
a source other than the proceeds of serial bonds.
6. A bond anticipation note of the Town in the principal amount of $189,000
shall be issued to renew, in part, the $250,000 bond anticipation note dated September 1, 2011,
maturing August 31, 2012, 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
June 21, 2011, authorizing the acquisition of equipment for use
by the Highway Department, stating the estimated maximum
cost thereof is $250,000, appropriating said amount for such
purpose, and authorizing the issuance of $250,000 bonds of said
Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to, and the Certificate of
Determination executed by the Supervisor on September 1, 2011, the redemption of said
$250,000 bond anticipation note having been heretofore provided to the extent of $61,000 from a
source other than the proceeds of serial bonds.
7. A bond anticipation note of the Town in the principal amount of $120,000
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
June 19, 2012, authorizing the construction of vazious
improvements to Town-owned facilities located at the Town's
Highway Department yazd, at the estimated maximum cost of
$106,000 and to the Town's Police Department headquarters
building, at the estimated maximum cost of $14,000, stating the
estimated total cost thereof is $120,000, appropriating said
amount for such purposes, and authorizing the issuance of
$120,000 bonds of said Town to finance said appropriation,"
duly adopted by the Town Boazd on the date therein referred to.
8. Said $15,000 note, said $15,000 note, said $90,000 note, said $41,000
note, said $330,000 note, said $189,000 note and said $120,000 shall be combined for the
1193705.1
purpose of sale into a single note issue in the aggregate principal amount of $800,000
(hereinafter referred to as the "Note").
9. The terms, form and details of said Note shall be as follows:
Amount and Title: $800,000 Bond Anticipation Note for Vazious Purposes-2012
Dated: August 30, 2012
Matures: August 30, 2013
Number and
Denomination: Number 8R-1, at $800,000
Interest Rate
per annum: 0.50%
Form of Note: Substantially in accordance with form prescribed by Schedule
B,2 of the Local Finance Law of the State of New York.
10. The respective aznounts of bond anticipation notes originally issued in
anticipation of the issuance of the serial bonds authorized pursuant to the bond resolutions
referred to in pazagraphs 1 to 7, inclusive, hereof, including the Note, aze: (1) $150,000, (2)
$590,000, (3) $400,000, (4) $1,400,000, (5) $700,000, (6) $250,000 and (7) $120,000, and the
respective amounts of bond anticipation notes which will be outstanding after the issuance of the
Note, including said Note, will be: (1) $15,000, (2) $15,000, (3) $90,000, (4) $41,000, (5)
$330,000, (6) $189,000 and (7) $120,000.
11. The serial bonds authorized pursuant to the resolutions referred to in
pazagraphs 1, 2 and 5 hereof, are for improvements which aze assessable, and the serial bonds
authorized pursuant to the resolutions referred to in pazagraphs 3, 4, 6 and 7 hereof, aze for
improvements which are non-assessable.
12. Pursuant to said powers and duties delegated to me, I DO HEREBY
AWARD AND SELL said Note to Bridgehampton National Bank, Bridgehampton, New
York, as registered owner, for the purchase price of $800,000.00, plus accrued interest, if any,
from the date of said Note to the date of delivery thereof, and I FURTHER DETERMINE that
said Note shall be payable as to both principal and interest at Bridgehampton National Bank,
Bridgehampton, New York, and shall beaz interest at the rate of fifty hundredths of one per
centum (0.50%) per annum, payable at maturity.
13. Said Note shall be executed in the name of the Town by the manual
signature of its Supervisor and the corporate seal of the Town will be affixed, imprinted,
impressed or otherwise reproduced thereon and attested by its Town Clerk.
1193705.1
I HEREBY FURTHER CERTIFY that the powers and duties delegated to me to
issue and sell the Note hereinabove referred to aze in full force and effect and have not been
modified, amended or revoked.
IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of
August, 2012.
l~..~r1
Supervisor
1193705.1
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 the 30th
day of August, 2012, 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 Boazd.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of said Town this 30th day of August,
2012.
~~l~ai~ ~ ~..,~1~
`Mown Clerk
(SEAL)
1193705.1
/ ,
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 the 30th day of August, 2012,
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 the 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.
~a / ~,.,.~~e
Town Clerk
Subscribed and sworn to before me
this day of August, 2012.
G'CL~kcG ~ l9-ts,OlJ[~
Notazy Publi ,State of New York
LINDA J COOPER
NOTARY Pi~P; LIC, 5'. a°;a cf New York
N O.O~C0~~5225~,3, Sul Falk Coin y
Term Expire:; December u1, 20~~
1193705.1
JI ~
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 board of the Town. Such written disclosure has been
made a part of and set forth in the official record of proceedings of the Town.
1193705.1
• ~
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 and herein referred to as the "Town,"
HEREBY CERTIFY that on or before August 30, 2012, we officially signed and properly
executed by manual signatures the $800,000 Bond Anticipation Note for Various Purposes-2012
(the "Note") of the Town, payable to Bridgehampton National Bank, Bridgehampton, New
York, as registered owner, and as 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 are the duly chosen, qualified and acting officers of the Town authorized to
execute the 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 the Note or the levy or collection
of any taxes to pay the interest on or principal of the Note, or in any manner questioning the
authority or proceedings for the issuance of the Note or for the levy or collection of said taxes, or
relating to the 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 the Note has or have been repealed, revoked or rescinded.
WE FURTHER CERTIFY that the seal which is impressed upon this certificate
(or a facsimile thereof) has been affixed, impressed, imprinted or otherwise reproduced upon the
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
August 30, 2012, I delivered or caused the delivery of the Note to Bridgehampton National
Bank, Bridgehampton, New York„ 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 said Note, computed as follows:
Price .........................................................................................$800,000.00
Interest on said Note accrued to the
date of such delivery -0-
Amount Received .....................................................................$800,000.00
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IN WITNESS WHEREOF, we have hereunto set our hands and said corporate
seal has hereunto been affixed this 30th day of August, 2012.
/S~i~~a~~,~,re Term of Office Expires Title
~~~2~`°g,~~ December 31, 2013 Supervisor
December 31, 2013 Town Clerk
(SEAL)
I 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 offices set opposite their 'gnatu
John A. Cushman, II
Town Comptroller
1193705.1
ATTORNEY'S CERTIFICATE
I, Martin 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
and 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 the $800,000 Bond Anticipation
Note for Various Purposes-2012 (the "Note") of the Town, payable to Bridgehampton National
Bank, Bridgehampton, New York, as registered owner, and as otherwise described 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 the Note, or in any manner questioning the authority or
proceedings for the issuance of the Note or for the levy or collection of said taxes, or relating to
the Note or affecting the validity thereof or the lery 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 the Note has or have been repealed, revoked or rescinded.
I HEREBY FURTHER CERTIFY that there is no controversy or litigation of any
nature now pending or threatened by or against the Town wherein an adverse judgment or ntling
could have a material adverse impact on the financial condition of the Town or adversely affect
the power of the Town to levy, collect or enforce the collection of taxes or other revenues for the
payment of the Note, which has not been disclosed in the Official Statement relating to the Note.
IN WITNESS WHEREOF, I have hereunto set my hand this 30th day of
August, 2012.
orney
1193705.1
SCHEDULE A
Amount and Title: $800,000 Bond Anticipation Note for Various Purposes-2012
Dated: August 30, 2012
Matures: August 30, 2013
Number: 8R-1, at $800,000
Interest Rate
per annum: 0.50%
1193705.1
- -
ARBITRAGE AND USE OF PROCEEDS CERTIFICATE
I, Scott A. Russell, Supervisor of the Town of Southold, in the County of Suffolk,
New York (the "Issuer"), HEREBY CERTIFY and reasonably expect with respect to the
issuance of the Issuer's $800,000 Bond Anticipation Note for Various Purposes-2012 (herein
referred to as the "Note" or "Notes"), dated and issued on August 30, 2012, as follows:
Unless the context clearly requires otherwise, all capitalized terms used but not
otherwise defined herein shall have the meanings set forth in Article II hereof or in the
Resolutions, the Code or the Regulations (each as defined below).
ARTICLE I
General
I.1. Authority of Signatory. I am an officer of the Issuer chazged 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.
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
consfitute a contractual obligation of the Issuer in consideration for the purchase of and payment
for the Note by the purchaser(s) thereof.
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.
1.4. Composite Issue. No other governmental obligations have been sold
fewer than 15 days prior to, or will be sold fewer than 15 days after, 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.
1.5 No Federal Guazantee. 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
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Act, as amended by Section 511(a) of the Financial Institutions Reform, 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.
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.
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.
1.8. Non-Purpose Investments. Not more than 50% of the proceeds of the
Note are being invested in investments not acquired to carry out the governmental purposes of
the issue at a guazanteed yield and having a term of 4 yeazs or more.
1.9 IRS Infonnation Reporting. The Issuer will make a timely filing of the
appropriate IRS Form 8038G or 8038-GC.
ARTICLE II
Use of Project and Proceeds
2.1. Authorization. (a) The Note is authorized to be issued pursuant to
applicable provisions of the laws of the State of New York and various bond resolutions duly
adopted by the Town Boazd on their respective dates (the "Resolutions"), as referred to in the
Certificate of Determination executed by the Supervisor on August 30, 2012.
(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.
2.2. Purpose of Issue. The Note is being issued to provide funds for various
purposes in the Town (the "Project" or "Projects"), as further described in the Resolutions.
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2.3. Use of Proceeds. A portion of the proceeds of sale of the Note in the
amount of $680,000 (the "Current Refunding Note") will be used, together with $455,000
available funds, to redeem prior issues of bond anticipation notes currently outstanding in the
aggregate principal amount of $1,135,000 (the "Prior Issues"), heretofore issued to finance the
Project. The balance of the proceeds of sale of the Note in the principal amount of $120,000
(the "New Money Note") will be used to provide original financing for the New Money Projects.
2.4. Ownership/Lease/Sale. The Projects will be owned by the Issuer or
another state or local governmental 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 duectly
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 are 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 are to be used for the governmental 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, guazantee 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
1193705.1
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 year 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 March 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 yeazs; (ii) the issuer may terminate such contract (without penalty)
at the end of the second year 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 party;
(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 year, 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 standazd;
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
1]93705.1
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 are to be used (directly or
indirectly) for the acquisition of a nongovernmental output facility.
ARTICLE III
Arbitrage/Rebate Exemption
3.1 Temporary Period-Refundinc. 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 yeazs 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 Project cited in Section 2.2 hereof, and the amount of such
commitment(s) with respect to such New Money Project 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 Money Project has been completed, or, if such New Money
Project has not been completed, work on the acquisition, construction or accomplishment of such
New Money Project 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 years or more.
3.3 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:
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(i) the Issuer was or is a governmental unit with general taxing powers;
(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 yeaz in which the Prior Issue was issued and the current
calendaz year 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 calendar
year 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 yeaz 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 Sinking 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.
1193705.1
ARTICLE IV
Bank Qualification
4.1 Desi nation. 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 yeazs 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
calendaz yeaz in which the Prior Issue was issued were designated by the
Issuer as "qualified tax-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
yeaz will exceed $10,000,000; and
(ii) the amount of "qualified tax-exempt obligations" issued by the Issuer
during the current calendar year does not as of this date, and including this
issue, exceed $10,000,000.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
corporate seal of the Town of Southold, as of the
30th day of August, 2012.
Q
(SEAL) Supervisor
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