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HomeMy WebLinkAboutPeconic School PropertyELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK REGISTRAR OE VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.north fork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD April 27, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Mr. Robert P. Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed are documents pertaining to the above referenced bond for the Town of Southold. They are as follows: 1. The Affidavit of Publication If you need anything else for you records please contact me. Very truly yo~s, Lynda M. Rudder Deputy Town Clerk encs cc: Town Attorney file Page I of 1 Rudder, Lynda From: Rudder, Lynda Sent: Wednesday, April 27,2011 11:04 AM To: 'Candice Schott' Subject: RE: for publication may 5,2011 you too thanks again From: Candice Schott [mailto:cschott@timesreview.com] ~ent: Wednesday, April 27, 2011 10:58 AM To: Rudder, Lynda Subject: RE: for publication may 5, 2011 Hi Lynda, I have received the notices and we are good to go for the 5/5 issue, Thanks and have a great afternoon! Candice From: Rudder, Lynda [mailto:lynda.rudder@town.southold.ny.us] Sent: Wednesday, April 27, 2011 10:46 AM To: Candice Schott Subject: for publication may 5, 2011 Please publish the attached on My 5, 2011 4/28/2011 10216 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 5th day of May, 2011. Sworn to before me this Principal Clerk 2011. PUBLIC NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008, amended on March 9, 2010, and further amended on March 15, 2011 and an abstract thereof has been published and posted as required by law and the period of time has elapsed fur the submission and filing of a peti- tion 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, 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 pub- lication of this notice were not substan- tially complied with. and an acfiom 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 C~TOWN'), ADOPTED FEBRU ARY 26, 2008, AMENDED MARCH 9. 2010 AND FURTHER AMENDED ON MARCH 15. 2011, AUTHORIZ ING THE TOWN TO lA) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT. FOR USE AS A TOWN RECREATION CEN- TER AND FOR OTHER TOWN PUR- POSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECON1C SCHOOL PROP ERTY," LOCATED AT 1170 PECaN- lC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00- 01.00-01.3.00{), INCLUDING THE PE- CONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IM- PROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCI'I PE CONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTI- MATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, IN- CLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTH- ER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION: AND AUTHORIZING THE ISSU- ANCE OF $1,350~0(Y0 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIA- TION The object or purpose for which the bonds are authorized is to: (a) acquire from the Southold Union Free School District. for use as a Town Recreation Center and for other Town Purposes. the certain parcel of land. containing 4.3 acres more or less, in the Town, known as the "Peconic School Property." located at 1170 Peconic Lane, and designaled on the Suffolk County Land and Tax Map as 1000-075.00-0L00 013.000, includ- ing the Peconic School Building and all other buildings and improvements thereon, at the estimated maximuln cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improve- ments''). The estimated total cost is $1,592,500. The amount of obligations to be is sued is $1,350,(1t)0, with the balance of $242,500 to be paid from grant funds and other available fundx The period of probable usefulness is thirty (30) years for the land acquisition and twenty-five (25) years for the build- ing improvements; however, the maxi mum maturity of all bonds issued pursu ant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolu- tion summarized above shall be avail- able for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15,2011 Southold, New York C Hr~ISTINA VOLINSKI ~'~ NOTARY PUgLIC-STA1E OF NEW YORK r~o, 01-V06105050 Qualified ~n ~uffolk County ELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD April 27, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Mr. Robert P. Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed are documents pertaining to the above referenced bond for the Town of Southold. They are as follows: A copy of the public notice that will appear in the May 5,2011 edition of the Suffolk Times Certificate of No Referendum Affidavit of publication on Town Clerk Bulletin Board I will forward the affidavit of publication in the newspaper as soon as it is received. If you need anything else for you records please contact me. Very truly yours, Lynda M. Rudder Deputy Town Clerk encs cc: Town Attorney file PUBLIC NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008, amended on March 9, 2010, and further amended on March 15, 2011 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 ora 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 ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND 1N THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON TIlE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDiNGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATiNG SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"). The estimated total cost is $1,592,500. The amount of obligations to be issued is $1,350,000, with the balance of $242,500 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty- five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15,2011 Southold, New York PLEASE PUBLISH ON May 5, 2011, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO ELIZABETH A. NEVILLE, TOWN CLERK, TOWN HALL, P.O. BOX 1179, SOUTHOLD, NY 11971 Copies to the following: Suffolk Times Town Attoiney Bond Council Town Board Members Accounting Town Clerk's Bulletin Board CERTIFICATE OF NO REFERENDUM 1, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suflblk, State of New York, ItEREBY CERTIFY as follo~vs: 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 Eown of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000- 075.00-0l .00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of$1,350,000 serial bonds of said Town to finance the balance of said appropriation," was adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 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, 2011. (SEAL) Town Clerk STATE OF NEW YORK ) SS: COUNTY OF SUFFOLK) ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, New York being dulyswom, says that on the oQ'~ dayof (]).4q.c~ ,2011, she affixed a notice of which the annexed printed notice is a true copy, in a proper and substantial manner, in a most public place in the Town of Southold, Suflblk County, New York, to wit: Town Clerk's Bulletin Board, 53095 Main Road, Southold, New York. Summary for amending bond resolution for Peconic School Property -- - -ffliz~beth Ak. Neville Southold Town Clerk Sworn before me this 9qq day of ~k~ ,2011. Public DE LAF'IELD &WOOD LLP (212) 820-9662 April 14, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Martin D. Finnegan, Esq. Town Attorney Town of Southold P.O. Box 1179 Southold, New York 11971 Dear Martin: The above-referenced amending bond resolution takes effect thirty (30) days after its adoption and is to be published, in summary, in the official newspaper together with a statutory form of notice, thereby commencing a 20-day statute of limitations period pursuant to the provisions of Section 80.00 et seq. of the Local Finance Law. With reference thereto, I have prepared and enclose herewith the following: (a) Certificate of No Referendum (b) Summary of the amending bond resolution with the prescribed form of Clerk's statutory notice affixed 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 RPS/ml Enclosures Robert P. Smith cc: John A. Cushman (NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION) NOTICE The resolution, a summary of which is published herewith, has been adopted on February 26, 2008, amended on March 9, 2010, and further amended on March 15, 2011 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 Suflblk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of the notice, or such obligations were authorized in violation of the provisions of the constitution. ELIZABETH A. NEVILLE Town Clerk BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $I,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suflblk County Land and Tax Map as 1000-075.00-01.00-013.000, inclu, ding the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"). The estimated total cost is $1,592,500. The amount of obligations to be issued is $1,350,000, with the balance of $242,500 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty-five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15, 2011 Southold, New York CERTIFICATE OF NO REFERENDUM I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suffolk, State of New York, HEREBY CERTIFY as follows: That a resolution of the Town Board of the Town of Southold, in the County of Suflblk, State of New York, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," was adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 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, 2011. (SEAL) Town Clerk ELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD March 31, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Mr. Robert P. Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed are documents pertaining to the above referenced bond for the Town of Southold. They are as follows: 1. Affidavit of publication Please forward, at your earliest convenience, additional documents required with respect to the final estoppel publication of resolution to me. Very truly yours, LyndaM. Rudder encs cc: Town Attorney file 10163 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 24th day of March, 2011. Principal Clerk Sworn to before me this LEGAL NOTICE TOVYN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 15, 2011, the Town Board of the of Town of Southold. in the County of Suffolk, New York~ adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, and previously amended on March 9~ 2010, which bond resolution, as further amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (al acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, con- taining 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Puconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, includ- ing the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1 ~031,400, and (b) construct improve- ments to such Peconic School Building and all other binldings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation: and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereoL being as follows: FIRST: AUTHORIZING said Town to (al acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes. the certain parcel of land, contathing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00- 0L00-013.1X)0, including the Puconic School Building and all other buildings and improvements thereon, at the esti mated maximum cost of $1.031.400 (the "Land Acquisition"). and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"): STAT lNG the estimated total cost thereof, in cluding prelgninary costs, and costs inci- dental thereto and the financing thereof. is $1.592,5(~-I; APPROPRIATING said day of amount therefor, including the expendi ture of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said ap- propriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable: SECOND: AUTHORIZING the is- suance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the pe- riod of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorlzed, is thirty (30) years; however the maturity of said bonds shall not exceed twenty- five (25) years; and the period of proba- ble usefulness applicable to the Building Improvements, for which $541,100 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the pur- poses for which said bonds are autho- rized; STATING that the Town Board of the Town. acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Qual- ity Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y. CR.R.. Regulations Part 617 ("SEQRA') has heretofore determined that: (il the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA,which will not result in any sig- nificant adverse environmental impact and a negative declaration has been ad- opted and filed and (ii) the Building Im- provements are a'l~pe Il Action pursu- ant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipa tion notes shall be general obligations of the Town; and PLEDGING to their pay- ment the faith and credit of the Town; FIFTH: DELEGATING to the Su- pervisor the powers and duties as to the issuance of said bonds and any bond an- ticipation notes issued in anticipation of said bonds, or the renewals thereofg and SIXTH: DETERMINING that the bond resolution is subject to a permis sire referendum. DATED: March 15. 201 [ Elizabeth A. Neville Town Clerk 10A63-1T 3/24 2011. 2HRISTINA VOL,N.c K~ ,e, pv ;~Ugt-lC-$TATE OF NEW YORK No. 01-VG6~05050 )~oilfiod in Suffolk COunty ELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK REGISTRAR OF VITAL STATISTICS MARRIAGE OFFICER RECORDS MANAGEMENT OFFICER FREEDOM OF INFORMATION OFFICER Town Hall, 53095 Main Road P.O. Box 1179 Southold, New York 11971 Fax (631) 765-6145 Telephone (631) 765-1800 southoldtown.northfork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD March 17, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Mr. Robert P. Smith Hawkins, Delafield & Wood, LLC One Chase Manhattan Plaza New York, NY 10005 Dear Mr. Smith: Enclosed are documents pertaining to the above referenced bond for the Town of Southold. They are as follows: Certified resolution adopting the bond Notice of posting on Town Clerk bulletin board The Extract of Minutes I will forward the affidavit of publication as soon as I receive it. It will be published in the March 24, 2011 edition of the Suffolk Times. Very truly yours, Lynda M. Rudder encs cc: Town Attorney file Page 1 of l From: Candice Schott [cschott@timesreview.com] [~'¢ ~o+,'¢~ Sent: Thursday, March 17, 2011 9:21 AM To: Rudder, Lynda Subject: RE: for publication on 3/24/11 Good morning Lynda, I have received the notice and we are good to go. Thanks and have a great Thursday[ Candice From: Rudder, Lynda [mailto:lynda.rudder@town.southold.ny.us] Sent: Thursday, Harch 17, 2011 8:16 AM To: alkrupskitown@yahoo.com; Andaloro, Jennifer; Beltz, Phillip; Cushman, John; Finnegan, Martin; Krauza, Lynne; Candice Schott; Ipevans@fishersisland.net; Orlando, Vincent; Russell, Scott; Talbot, Christopher; William Ruland Subject: for publication on 3/24/11 Please provide 3 affidavits of publication after published, thanks L ynda /FI Rudder' Lynda M Rudder Deputy Southold Town Clerk 53095 Main Road PO Box 1179 Southold, NY 11971 (631)765-1800 ext 265 3/17/2011 EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffblk, New York March 15, 2011 A regular meeting of the Town Board of the Town of Southold, in the County of Suftblk, New York, was held at the Human Resource Center, 750 Pacific Street, Mattituck, New York, on March 15,2011. There were present: Hon. Scott A. Russell, Supervisor; and Councilpersons: Councilman William Ruland Councilman Albert Krupski, Jr Councilman Christopher Talbot Justice Louisa Evans There were absent: Councilman Vincent Orlando Also present: Elizabeth A. Neville, Town Clerk Martin D. Finnegan, Town Attorney Councilman Albert Krupski, Jr. offered the following resolution and moved its adoption: RESOLUTION OF THE TOWN OF SOUTHOLD (THE ;'TOWN"), NEW YORK, ADOPTED MARCH 15, 2011, FURTHER AMENDING THE BOND RESOLUTION HERETOFORE ADOPTED BY THE TOWN BOARD OF THE TOWN ON FEBRUARY 26, 2008 AND PREVIOUSLY AMENDED ON MARCH 9, 2010, RELATING TO THE PECONIC SCHOOL BUILDING PROJECT Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized (a) the acquisition from the Southold Union Free School District, for use as a Town Recreation Center and fbr other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, kno~vn as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all othcr buildings and improvements thereon, at the estimated maximmn cost of $1,100,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; WHEREAS, it was heretofbre determined that the estimated maximum cost of the Land Acquisition was $1,031,400, that the scope of the work to be performed in connection with the Building Improvements had been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, was $468,600; WHEREAS, on March 9, 2010, the Town Board determined that it was necessary and in the public interest to amend the bond resolution adopted on February 26, 2008 to (a) decrease the appropriation tbr the Land Acquisition by $68,600 and increase the appropriation for the Building Improvements by $68,600 and (b) appropriate an additional $150,000 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects described herein; WHEREAS, the Town Board has determined that the scope of the work to be performed in connection with the Building Improvements will need to be increased to include additional required improvements including, but not limited to, the installation of public watcr, a handicapped accessibility ramp, and paving of parking lots, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof; is now determined to be $561,100; WHEREAS, the Town Board expects that the increase in the estimated maxilnum cost of the Building hnprovement will be paid from other available funds in connection with such project; WHEREAS, the Town Board has now determined that it is necessary and in the public interest to further amend the bond resolution adopted on February 26, 2008 and previously amended on March 9, 2010 to (a) increase the appropriation for the Building hnprovements by $92,500 and (b) appropriate an additional $92,500 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects describcd herein; Now, therdbre, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution of the Town of Southold adopted by the Town Board on February 26, 2008 and amended on March 9, 2010, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount theretbr, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," is hereby amended to read as fbllows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECON1C SCHOOL BU1LDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAX1MUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE iSSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Town Board) AS FOLLOWS: The Town of Southold, in the County of Suffolk, New York (herein called the ~'Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and fbr other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building hnprovements"). The estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $1,592,500 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Authorizing any funds to be received from the United States of America, State of New York or any other sources to be expended towards the cost of the Building hnprovements or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an oft~et to the taxes to be collected fbr the payment of the principal of and interest on said bonds or notes. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance a part of said appropriation. Thc fbllowing additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be improved are of Class "A" construction as defined by Section 11.00 a. ll(a) of the Law and the period of probable usefulness applicable to the Building Improvements, lbr which $561,100 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)(1) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town tbr expenditures made after the effective date of this resolution ibr the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofbre determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse envirolunental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type II Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. 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 prcscribed 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. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, fbnn and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only iff (a) (b) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this resolution, in "The Suffblk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town fbr 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 15, 2011, the Town Board of the of Town of Southold, in the County of Suflblk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, and previously amended on March 9, 2010, which bond resolution, as further amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (a) acquire from the Southold Union Free School District, fbr use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000- 075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximmn cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount thereibr, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in thc Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $1,592,500; APPROPRIATING said amount theretbr, including the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the stone shall become due and payable; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building hnprovements, for which $541,100 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution fbr the purposes fbr which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofbre determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type II Action pursuant to SEQRA and no further review is required; and thc proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: March 15,2011 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 February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the fbrm set forth in Exhibit A attached hereto and made a part hereof, in "The SqfJblk Times," hereby designated the official newspaper for said publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. Section (E) This amending resolution shall take effect immediately. Thc adoption of the fbregoing resolution was seconded by Councilman Christopher Talbot and duly put to a vote on roll call, which resulted as/bllows: AYES: Supervisor Scott A. Russell Councilman William Ruland Councihnan Albert Krupski, Jr Councihnan Christopher Talbot Justice Louisa Evans NOES: None The resolution was declared adopted. EXHIBIT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UN[ON FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND iMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STAT1NG THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and tbr other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suf~blk County Land and Tax Map as 1000- 075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; the estimated total cost thereof being $1,592,500. The amount of obligations to be issued is $1,350,000, with the balance of $242,500 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty-five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15,2011 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 15, 2011, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. 1N WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 15th day of March, 2011. (SEAL) TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 15, 2011, the Town Board of the ot Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, and previously amended on March 9, 2010, which bond resolution, as further amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, ka~own as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and alt other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $1,592,500; APPROPRIATING said amount therefor, including the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $541,100 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and negative declaration has been adopted and filed and (ii) the Building Improvements are a Type II Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond amicipation 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 15,2011 Elizabeth A. Neville Town Clerk PLEASE PUBLISH ON March 24, 2011, AND FORWARD THREE (3) AFFIDAVITS OF PUBLICATION TO ELIZABETH A. NEVILLE, TOWN CLERK, TOWN HALL, P.O. BOX 1179, SOUTHOLD, NY 11971 Copies to the following: Suffolk Times Town Attorney Bond Council Town Board Members Accounting Town Clerk's Bulletin Board AFFIDAVIT OF POSTING STATE OF NEW YORK ) :SS: COUNTY OF SUFFOLK ) ELIZABETH A. NEVILLE, being duly sworn, deposes and says: That she is and at all times hereinafter mentioned she was the duly elected. qualified and acting Town Clerk of the Town of Southold, State of New York; That on March 16, 2011, she has caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the amending bond resolution duly adopted by the Town Board on March 15, 2011, 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. ' To~vn Clerk Subscribed and sworn to before me this 16th day of March, 20l 1. Notary Public, State of New York LYNDA M ~ NOTARY PUBLIC, State of New York NO. 01RO6020932, Suffolk County Term Expires March 8, 20 [;5 Southold Town Board - Letter Board Meeting of March 15,2011 RESOLUTION 2011-250 ADOPTED Item # 5.32 DOC ID: 6735 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2011-250 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON 1¥1~1~.~ 1~1 ~ ~t~ 1 1: RESOLUTION OF THE TOWN OF SOUTHOLD (THE "TOWN"), NEW YORK, ADOPTED MARCH 15,2011, FURTHER AMEND1NG THE BOND RESOLUTION HERETOFORE ADOPTED BY THE TOWN BOARD OF THE TOWN ON FEBRUARY 26, 2008 AND PREVIOUSLY AMENDED ON MARCH 9, 2010, RELAT1NG TO THE PECONIC SCHOOL BUILDING PROJECT Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized (a) the acquisition from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less~ it3 the Town, known as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; WHEREAS, it was heretofore determined that the estimated maximum cost of the Land Acquisition was $1,031,400, that the scope of the work to be performed in connection with the Building Improvements had been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, was $468,600; WHEREAS, on March 9, 2010, the Town Board determined that it was necessary and in the public interest to amend the,bond resolution adopted on February 26, 2008 to (a) decrease the appropriation for the Land Acquisition by $68,600 and increase the appropriation for the Building Improvements by $68,600 and (b) appropriate an additional $150,000 to reflect the revised costs as required pursuant to applicable ;law, and to fully fund the projects described Generated March 16, 2011 Page 44 Southold Town Board - Letter Board Meeting of March 15, 2011 herein; WHEREAS, the Town Board has determined that the scope of the work to be performed in connection with the Building Improvements will need to be increased to include additional required improvements including, but not limited to, the installation of public water, a handicapped accessibility ramp, and paving of parking lots, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thoronf_._.~v., .~i~ ..v"""~.. determined to be $561 ,!00; WHEREAS, the Town Board expects that the increase in the estimated maximum cost of the Building Improvement will be paid from other available funds in connection with such project; WHEREAS, the Town Board has now determined that it is necessary and in the public interest to further amend the bond resolution adopted on February 26, 2008 and previously amended on March 9, 2010 to (a) increase the appropriation for the Building Improvements by $92,500 and (b) appropriate an additional $92,500 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects described herein; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution:'of the Town of Southold adopted by the Town Board on February 26, 2008 and amended on March 9, 2010, entitled: "Bond Resolution of the Town of S0uthold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to Generated March 16, 2011 ; Page 45 Southold Town Board - Letter Board Meeting of March 15, 2011 pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15,2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED oN THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00~013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00- 01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"). The estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, is $1,592,500 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $242,500 grant funds and other available funds to Generated March 16, 2011 Page 46 Southold Town Board - Letter Board Meeting of March 15, 2011 pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Authorizing any funds to be received from the United States of America, State of New York or any other sources to be expended towards the cost of the Building Improvements or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an offset to the taxes to be collected for the payment of the principal of and interest on said bonds or notes. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance a part of said appropriation. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be inlproved are of Class "A" construction as defined by Section 11.00 a. 11 (a) of the Law and the period of probable usefulness applicable to the Building Improvements, for which $561,100 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)(1) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type II Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. Each of the bonds authoriZed by thi~ 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 Generated March 16,2011 Page 47 Southold Town Board - Letter Board Meeting of March 15,2011 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. Subject to the provisions of this r6solution and of the Law and pursuant to the declining ~ual debt service, Section 30.00 relative to the authorization of the issuance of bond ~ticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Tom Bo~d relative to authorizing bond ~ticipation notes and prescribing the te~s, fo~ and contents and as to the sale ~d issuance of the bonds herein authorized, and of any bond anticipation notes issued in ~ticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supe~isor, the chief fiscal officer of the Tom. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if: (a) such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this resolution, in "The Suffolk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following form: TOWN OF SOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 15,2011, the Town Board of the of Town of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, and previously amended on March 9, 2010, which bond resolution, as further amended, is entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15,2011 authorizing the Town to (a) acquire from the Southold Generated March 16, 2011 Page 48 Southold Town Board - Letter Board Meeting of March 15, 2011 Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING said Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $1,592,500; APPROPRIATING said amount therefor, including the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $541,100 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Generated March 16, 2011 Page 49 Southold Town Board - Letter Board Meeting of March 15, 2011 Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type II Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be ...... 1 obligations of the Town; ,n~l Pt V~DGING ~,r~ lheir navment 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 15,2011 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 February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, in "The 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. Section (E) This amending resolution shall take effect immediately. EXHIBIT A BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK Generated March 16, 2011 Page 50 Southold Town Board - Letter Board Meeting of March 15,2011 ~ ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 201 I, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-0!3.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000~075.0Q~-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; the estimated total cost thereof being $1,592,500. The amount of obligations to be issued is $1,350,000, with the balance of $242,500 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty- five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15,2011 Southold, New York Generated March 16, 2011 Page 51 Southold Town Board - Letter Board Meeting of March 15,2011 Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANZMOUS] MOVER: Albert Krupski .~r., Councilman SECONDER: Christopher Talbot, Councilman ABSENT: Vincent Orlando Generated March 16, 2011 Page 52 DELAFIELD &WOOD LLP (212) 820-9662 March 1, 2011 Town of Southold, New York Further Amending Bond Resolution for Peconic School Property (Our File Designation: 2615/31289) Martin D. Firmegan, Esq. Town Attorney Town of Southold P.O. Box 1179 Southold, New York 11971 Dear Martin: Pursuant to your recent email correspondence, I have prepared the attached Extract of Minutes of a Town Board meeting to be held on March 1,2011, showing adoption of the above amending bond resolution. Section 7 of the bond resolution contains the form of notice to be published in the official Town newspaper and posted on the sign board of the Town maintained pursuant to the Town Law within ten (10) days after adoption of the bond resolution. Please note that the bond resolution is to be adopted by at least a two-thirds vote of the entire membership of the Town Board. Also attached is the draft Affidavit of Posting to be executed by the Town Clerk. A copy of the notice, as posted, should be attached to this Affidavit. Please obtain and forward to me a certified copy of the Extract of Minutes, an executed Affidavit of Posting and an original Affidavit of Publication. Upon receipt of same, we will forward the additional documents required with respect to the final estoppel publication of the resolution. With best regards, I am Very truly yours, RPS/ml Enclosures cc: John A. Cushman Robert P. Smith EXTRACT OF MINUTES Meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York March 15, 2011 A regular meeting of the Town Board of the Town of Southold, in the County of Suffolk, New York, was held at the Human Resource Center, 750 Pacific Street, Mattituck, New York, on March 15,2011. There were present: Hon. Scott A. Russell, Supervisor; and Councilmen: There were absent: adoption: Also present: Elizabeth A. Neville, Town Clerk Martin D. Finnegan, Town Attorney John A. Cushman, Town Comptroller offered the following resolution and moved its RESOLUTION OF THE TOWN OF SOUTHOLD (THE "TOWN"), NEW YORK, ADOPTED MARCH 15, 2011, FURTHER AMENDING THE BOND RESOLUTION HERETOFORE ADOPTED BY THE TOWN BOARD OF THE TOWN ON FEBRUARY 26, 2008 AND PREVIOUSLY AMENDED ON MARCH 9, 2010, RELATING TO THE PECONIC SCHOOL BUILDING PROJECT Recitals WHEREAS, the Town Board of the Town of Southold, in the County of Suffolk, New York, has heretofore duly authorized (a) the acquisition from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,100,000 (the "Land Acquisition") and (b) the construction of improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $250,000 (the "Building Improvements"); WHEREAS, the estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereof, as stated in the bond resolution adopted by the Town Board on February 26, 2008, was $1,350,000; WHEREAS, it was heretotbre determined that the estimated maximum cost of the Land Acquisition was $1,031,400, that the scope of the work to be performed in connection with the Building Improvements had been increased to include asbestos and lead remediation, installation of restrooms, installation of a heating, ventilation and air condition system and other related work, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, was $468,600; WHEREAS, on March 9, 2010, the Town Board determined that it was necessary and in the public interest to amend the bond resolution adopted on February 26, 2008 to (a) decrease the appropriation for the Land Acquisition by $68,600 and increase the appropriation for the Building Improvements by $68,600 and (b) appropriate an additional $150,000 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects described herein; WHEREAS, the Town Board has determined that the scope of the work to be performed in connection with the Building Improvements will need to be increased to include additional required improvements including, but not limited to, the installation of public water, a handicapped accessibility ramp, and paving of parking lots, and the estimated maximum cost of the Building Improvements, including preliminary costs and costs incidental thereto and the financing thereof, is now determined to be $561,100; WHEREAS, the Town Board expects that the increase in the estimated maximum cost of the Building Improvement will be paid from other available funds in connection with such project; WHEREAS, the Town Board has now determined that it is necessary and in the public interest to further amend the bond resolution adopted on February 26, 2008 and previously amended on March 9, 2010 to (a) increase the appropriation for the Building Improvements by $92,500 and (b) appropriate an additional $92,500 to reflect the revised costs as required pursuant to applicable law, and to fully fund the projects described herein; Now, therefore, be it RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK (by favorable vote of not less than two-thirds of all members of said Town Board) AS FOLLOWS: Section (A) The Bond Resolution of the Town of Southold adopted by the Town Board on February 26, 2008 and amended on March 9, 2010, entitled: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008 and amended March 9, 2010, authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffblk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $468,600; stating the estimated total cost thereof is $1,500,000; appropriating said amount therefor, including the expenditure of $150,000 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," is hereby amended to read as follows: BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDING THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two- thirds of all the members of said Town Board) AS FOLLOWS: The Town of Southold, in the County of Suffolk, New York (herein called the "Town"), is hereby authorized to: (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00- 01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"). The estimated total cost of said specific objects or purposes, including preliminary costs and costs incidental thereto and the financing thereot; is $1,592,500 and the said amount is hereby appropriated therefor. The plan of financing includes the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable. Authorizing any funds to be received from the United States of America, State of New York or any other sources to be expended towards the cost of the Building Improvements or redemption of the Town's bonds or notes issued therefor, or to be budgeted as an offset to the taxes to be collected for the payment of the principal of and interest on said bonds or notes. Serial bonds of the Town in the principal amount of not to exceed $1,350,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the "Law"), to finance a part of said appropriation. The following additional matters are hereby determined and declared: (a) The period of probable usefulness applicable to the Land Acquisition, ibr which $1,031,400 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 21(a) of the Law, is thirty (30) years; however, the maturity of said bonds shall not exceed twenty-five (25) years. The building or buildings to be improved are of Class "A" construction as defined by Section 11.00 a. 1 l(a) of the Law and the period of probable usefulness applicable to the Building Improvements, for which $561,100 serial bonds are authorized to be issued, within the limitations of Section 11.00 a. 12(a)(l) of the Law, is twenty-five (25) years. (b) The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution tbr the purpose for which said bonds are authorized. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department. (c) The Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements described herein are a Type II Action pursuant to SEQRA and no further review is required. (d) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years. 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. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 relative to the authorization of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, tbrm and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. 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 fbr an object or purpose for which the Town is not authorized to expend money, or (b) the provisions of law which should be complied with at the date of the publication of such resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or (c) such obligations are authorized in violation of the provisions of the constitution. This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of Southold is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this resolution, in "The Suffblk Times," a newspaper having general circulation in the Town and hereby designated the official newspaper of said Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the tbllowing form: TOWN OFSOUTHOLD, NEW YORK PLEASE TAKE NOTICE that on March 15, 201I, the Town Board of the of To~vn of Southold, in the County of Suffolk, New York, adopted a resolution amending the bond resolution adopted by said Town Board on February 26, 2008, and previously amended on March 9, 2010, which bond resolution, as further amended, is entitled: an abstract of follows: "Bond Resolution of the Town of Southold, New York ("Town"), adopted February 26, 2008, amended March 9, 2010, and further amended on March 15, 2011 authorizing the Town to (a) acquire from the Southold Union Free School District, for use as a Town Recreation Center and for other Town purposes, the certain parcel of land in the Town, containing 4.3 aces more or less, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100; stating the estimated total cost thereof is $1,592,500; appropriating said amount therefor, including the expenditure of $242,500 grant funds and other available funds to pay a part of said appropriation; and authorizing the issuance of $1,350,000 serial bonds of said Town to finance the balance of said appropriation," which bond resolution concisely stating the purpose and effect thereof, being as FIRST: AUTHORIZING said Town to (a) acquire t¥om the Southold Union Free School District, for use as a Town Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at I 170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400 (the "Land Acquisition"), and (b) construct improvements to such Peconic School Building and all other buildings, at the estimated maximum cost of $561,100 (the "Building Improvements"); STATING the estimated total cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof; is $1,592,500; APPROPRIATING said amount therefor, including the expenditure of up to $242,500 grant funds and other available funds to pay a part of said appropriation, the issuance of not to exceed $1,350,000 serial bonds of the Town to finance the balance of said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; SECOND: AUTHORIZING the issuance of $1,350,000 serial bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance a part of said appropriation; THIRD: DETERMINING the period of probable usefulness applicable to the Land Acquisition, for which $1,031,400 serial bonds are authorized, is thirty (30) years; however the maturity of said bonds shall not exceed twenty-five (25) years; and the period of probable usefulness applicable to the Building Improvements, for which $541,100 serial bonds are authorized, is twenty-five (25) years; STATING that the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; STATING that the Town Board of the Town, acting in the role of Lead Agency pursuant to the provisions of the New York State Environmental Quality Review Act, constituting Article 8 of the Environmental Conservation Law, and 6 N.Y.C.R.R., Regulations Part 617 ("SEQRA") has heretofore determined that: (i) the Land Acquisition described herein is an Unlisted Action pursuant to SEQRA, which will not result in any significant adverse environmental impact and a negative declaration has been adopted and filed and (ii) the Building Improvements are a Type II Action pursuant to SEQRA and no further review is required; and the proposed maturity of said $1,350,000 serial bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: March 15,2011 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 ali such liabilities incurred, obligations issued, or action taken shall be deemed to have been incurred, issued or taken pursuant to said bond resolution, as so amended. Section (C) Said bond resolution, as amended, is subject to a permissive referendum. In the event that a valid petition protesting against said amended bond resolution and requesting that it be submitted to the electors of said Town for their approval or disapproval, is filed and the Proposition submitted therefor is defeated, the validity of the bond resolution adopted February 26, 2008, shall not be in any way affected and shall remain in full force and effect. Section (D) After said bond resolution, as amended, shall take effect, the Town Clerk is hereby authorized and directed to cause said bond resolution, as amended, to be published, in summary, in substantially the form set forth in Exhibit A attached hereto and made a part hereof, in "7'he Suffblk Times," hereby designated the official newspaper for said publication, together with a Notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. Section (E) This amending resolution shall take effect immediately. 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. CERTIFICATE I, ELIZABETH A. NEVILLE, Town Clerk of the Town of Southold, in the County of Suflblk, 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 15,2011, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said Town of Southold this 15th day of March, 2011. (SEAL) Town Clerk AFFIDAVIT OF POSTING STATE OF NEW YORK ) 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 ,2011, she has caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the amending bond resolution duly adopted by the Town Board on March 15, 2011, a copy of which is annexed hereto and made a part hereof, on the sign board of the Town maintained pursuant to the Town Law. Subscribed and sworn to before me this day of March, 2011. Town Clerk Notary Public, State of New York EXH1BITA BOND RESOLUTION OF THE TOWN OF SOUTHOLD, NEW YORK ("TOWN"), ADOPTED FEBRUARY 26, 2008, AMENDED MARCH 9, 2010 AND FURTHER AMENDED ON MARCH 15, 2011, AUTHORIZING THE TOWN TO (A) ACQUIRE FROM THE SOUTHOLD UNION FREE SCHOOL DISTRICT, FOR USE AS A TOWN RECREATION CENTER AND FOR OTHER TOWN PURPOSES, THE CERTAIN PARCEL OF LAND IN THE TOWN, CONTAINING 4.3 ACES MORE OR LESS, KNOWN AS THE "PECONIC SCHOOL PROPERTY," LOCATED AT 1170 PECONIC LANE, AND DESIGNATED ON THE SUFFOLK COUNTY LAND AND TAX MAP AS 1000-075.00-01.00-013.000, INCLUDFNG THE PECONIC SCHOOL BUILDING AND ALL OTHER BUILDINGS AND IMPROVEMENTS THEREON, AT THE ESTIMATED MAXIMUM COST OF $1,031,400, AND (B) CONSTRUCT IMPROVEMENTS TO SUCH PECON1C SCHOOL BUILDING AND ALL OTHER BUILDINGS, AT THE ESTIMATED MAXIMUM COST OF $561,100; STATING THE ESTIMATED TOTAL COST THEREOF IS $1,592,500; APPROPRIATING SAID AMOUNT THEREFOR, INCLUDING THE EXPENDITURE OF $242,500 GRANT FUNDS AND OTHER AVAILABLE FUNDS TO PAY A PART OF SAID APPROPRIATION; AND AUTHORIZING THE ISSUANCE OF $1,350,000 SERIAL BONDS OF SAID TOWN TO FINANCE THE BALANCE OF SAID APPROPRIATION The object or purpose for which the bonds are authorized is hereby authorized to (a) acquire from the Southold Union Free School District, tbr use as a To~vn Recreation Center and for other Town Purposes, the certain parcel of land, containing 4.3 acres more or less, in the Town, known as the "Peconic School Property," located at 1170 Peconic Lane, and designated on the Suffolk County Land and Tax Map as 1000-075.00-01.00-013.000, including the Peconic School Building and all other buildings and improvements thereon, at the estimated maximum cost of $1,031,400, and (b) construct improvements to such Peconic School Building and ail other buildings, at the estimated maximum cost of $561,100; the estimated total cost thereof being $1,592,500. The amount of obligations to be issued is $1,350,000, with the balance of $242,500 to be paid from grant funds and other available funds. The period of probable usefulness is thirty (30) years for the land acquisition and twenty- five (25) years for the building improvements; however, the maximum maturity of all bonds issued pursuant to this resolution shall be twenty-five (25) years. A complete copy of the bond resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, at the Town Hall, 53095 Main Street, Southold, New York. Dated: March 15,2011 Southold, New York