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Home My WebLink AboutDebt StatementELIZABETH A. NEVILLE, RMC, CMC TOWN CLERK I{H(;ISTRAR OF VIIAI, STATISTICS MARRIAGE OFFI( ER Tawn Hall. 53095 Main Road PO Box 1179 Nouthold, New York 11971 Fax {631) 765-6145 Telephone /63I I 765-1800 sfmtholdtown north fork.net OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD June 3. 2011 Robert P. Smith, Esq. Hawkins. Delafield & Wood LLP One Chase Manhattan Plaza 42na Floor New York, NY 10005 Town of Southold, NY $13,175,000 Public Improvements Serial Bonds 2011 Dear Mr. Smith: I hcreb.~ certify that on this date I have caused to be filed in the Town Clerk's office thc Debt Statemenl prepared as of June 1,2011 in connection with the sale of the above referenced bond issue. Lyndfi M. Rudder Deputy Town Clerk (seal) cc: Comptroller Munistat file SUGGESTED FORM OF CLERK'S CERTIFICATION LETTER (LETTERHEAD) (Date) Robert P. Smith, Esq. Hawkins Delafield & Wood LLP One Chase Manhattan Plaza 42nd Floor New York, NY 10005 Town of Southold, NY $13,175,000 Public Improvements Serial Bonds - 2011 Dear Mr. Smith: ! hereby certify that on this date I have caused to be filed in my office the Debt Statement prepared as of June 1,2011 in connection with the sale of the above referenced bond issue. (SEAL) SCOTT A. RUSSELL SUPERVISOR CC: AC 973 (Rev. 7/85) Cities under 125,000 population Counties Towns Villages STATE OF NEW YORK OFFICE OF THE STATE COMPTROLLER ALBANY, NEW YORK 12236 DEBT STATEMENT OF TOWN OF SOUTHOLD SUFFOLK COUNTY, NEW YORK PREPARED AS OF JUNE 1, 2011 THE FOLLOWING IS A STATEMENT OF THE TOWN OF SOUTHOLD IN THE COUNTY OF SUFFOLK, NEW YORK, TO CONTRACT INDEBTEDNESS, AND IS PREPARED AS OF JL.rNE 1, 2011 PURSUANT TO TITLE 8, ARTICLE II OF THE LOCAL FINANCE LAW. DEBT LIMIT Counties (except Nassau), cities, towns and villages .................................................................................... $ 732,276,451 Multiply "Average Full Valuation" (page 5), Line 7 by .07 (Nassau County. 10) TOTAL NET INDEBTEDNESS Total Inclusions (page 5) ............................................................................................................................... Less: Total Exclusions (Page 6) .................................................................................................................... Total Net Indebtedness .................................................................................................................................. $ 38,481,000 771,000 $ 37.710.000 NET DEBT-CONTRACTING MARGIN Debt Limit (Above) ....................................................................................................................................... $732,276,451 Less: Total Net Indebtedness (Above) .......................................................................................................... 37,710,000 Net Debt-Contracting Margin ....................................................................................................................... $ 694.566.451 PERCENTAGE OF DEBT-CONTRACTING POWER EXHAUSTED Divide "Total NetIndebtedness" by "Debt Limit" and enter result here ...................................................................................................................................................... 5.15% PROPOSED BOND ISSUE The amount of bonds proposed to be sold at public sale on June 15, 2011 in connection with which this statement is made and filed is ........................................................................................... $ The amount of bond anticipation notes heretofore issued in anticipation of the sale and issuance of such bonds and included at "Borrowings" at Item 1 of Inclusions at page 5 is ....... $ 13,175,000 3,175,000 -I- STATEMENT OF TOTAL DEBT AVERAGE FULL VALUATION OF TAXABLE REAL ESTATE Computation of Average Full Valuation Based on Last Five Completed Assessment Polls (1) (2) (3) Taxable Assessed Line For Fiscal Valuation of Final State No. Year Ending Real Estate Equalization Rate Full Valuation of Taxable Real Estate (Column 1 - Column 2) 1. 12-31-07 106,950,027 1.04 10,283,656,442 2. 12-31-08 108,292,749 0.95 11,399,236,736 3. 12-31-09 108,991,562 1.05 10,380,148,761 4. 12-31-I0 109,089,429 1.06 10,291,455,566 5. 12-31-11 108,465,500 1.09 9,950,963,303 6. Total of Lines 1 to 5 Inclusive .................................................................................. $52,305,460,810 7. Average Full Valuation (1/5 of TotaI of Column 3 ............................................. 10.461.092.162 INCLUSIONS 1. Borrowings. Sec. I35.00(a)(I) ................................................................................... 2. Real Property Liabilities. Sec. 135.00(a)(2) ............................................................... 3. Contract Liabilities. Sec. 135.00(a)(3) ....................................................................... Cities, Towns and Villages: Contract Liabilities: Housing Guarantees; Subsidies. Sec. 135.00(a)(4),(a)(4-a),(a)(4-b) ........................................................................ Cities, Towns, Villages: State Loans to Certain Housing Authorities and Municipalities. Sec. I35.00(a)(5) .......................................................................... 6. Judgments, Claims, Awards and Determinations. Sec. 135.00(a)(6) ................................................................................................... Cities, Towns, Villages: Indebtedness Contracted by Certain District Corporations. Sec. 135.00(a) (7) .................................................................................................. Indebtedness Contracted or incurred Pursuant to Article II, Title 1-A of the Local Finance Law in relation to a Joint Service of Joint Water, Sewage, or Drainage Project: (See Instruction 5, Page 2.) (a) Borrowings: Several Indebtedness ....................................................................... (b) Borrowings: Allocated or Apportioned Joint Indebtedness ..................................................................................... (c) Real Property Liabilities ....................................................................................... (d) Contract Liabilities ............................................................................................... (e) Judgments, Claims, Awards and Determinations ................................................. $ 37,710,000 TOTAL INCLUSIONS ................................................................ $37.710.000 -2- GROSS JOINT INDEBTEDNESS The aggregate gross amount of all joint indebtedness before apportionment of allocation is ........................................................................................... (See Instruction 6, page 3.) $ $. $ 771,000 EXCLUSIONS 1. Tax and Revenue Obligations. Sec. 136.00(I) ......................................................................... 2. Obligations Issued for other than Capital Improvements. Sec. 136.00(1-a) ....................................................................................................................... 3. Waterlndebtedness. Sec. 136.00(2) ......................................................................................... 4. Indebtedness Contracted for Self-Liquidating Projects. Sec. 136.00(3) .......................................................................................................................... 5. Sewer Indebtedness Contracted on or at~er January 1, 1962, and prior to January 1, 1994. Sec. 136.00(4-a) ......................................................................... 6. Bonds for Pensions. Sec. 136.00(4) .......................................................................................... 7. Cities and Villages with Population of 5,000 or More: Indebtedness for Housing and Urban Renewal Purposes. Sec. 136.00(8) .......................................................................................................................... (See also, if applicable, indebtedness for housing or urban renewal purposes (Sec. 136.00(8-a)). 8. Towns and Villages with Population of Less than 5,000: Subsidies or Guarantees for Housing Purposes. Sec 136.00(9) ............................................... 9. Assets of Sinking Funds. Sec. 136.00(10) ................................................................................ 10. Refunded and Refunding bonds. Sec. I36.00(10-a)(10-b) ....................................................... 11. Cash on Hand for Debts. Sec. 136.00(11) ................................................................................ 12. Appropriations. Sec. 136.00(12) .............................................................................................. 13. Cities Only: School Indebtedness. Sec. 136.00(I3) ..................................................................................... 14. (a) Several Indebtedness Contracted in relation to a Joint Water Project. Sec. 15.50 .................................................................................................. (b) Joint Indebtedness Contracted for such Purpose ................................................................ 15. (a) Several Indebtedness Contracted for a Joint Service and Excluded Pursuant to Local Finance Law, Sec. 15.20 and 123.00 ................................................................................................................................ (b) The Apportioned or Allocated Amount of any such Joint Indebtedness so Excluded .................................................................................................. 16. (a) Several Indebtedness Contracted for a Joint Sewage and/or Drainage Project and Excluded Pursuant to Local Finance Law, Sec. 123.00 and 124.10 ..................................................................... (b) The Apportioned or Allocated Amount of any such Joint Indebtedness so Excluded .................................................................................................. (a). (b). (a). (b). (a) (b)_ TOTAL EXCLUSIONS ..................................................................................... $ 771.000 PART 1. SCHEDULE A The following obligations will be sold at the sale in connection with which this debt statement is filed: Date Type Amount Object or Purpose of of to be for which Authorization Obligation Sold Authorized 02-27-07 SB 10,000,000 05-04-10 SB 960,000 05-22-I0 SB 2,215,000 Open Space Preservation Fishers Island Road Improvements Construction of an Animal Shelter Total ..................................... $13.17~5.00~0 PART2. Date of Note 09-02-11 The following bond anticipation notes have been issued in anticipation of the bonds listed in PART I above, and are now outstanding. Amount $5,224,000 Object or Purpose for which Authorized Various Purposes Total The following symbols may be used: Serial Bond-SB; Statutory Installment Bond-SIB; Bond Anticipation Note BAN; Capital Note-CN; Tax Anticipation Note-TAN; Revenue Anticipation Note-RAN; Budget Note-BN; Certificate of indebtedness-CI; Sinking Fund Bonds-SFB. SCHEDULE B PART 1. The following obligations are authorized, unissued and will be sold prior to the sale of the obligations listed in Schedule A, PART i. Date Type Amount Object or Purpose of of to be for which Authorization Obligation Issued Authorized Total ............................................ $ -0- PART 2. The following obligations are authorized, unissued and will not be sold prior to the sale of the obligations listed in Schedule A, PART I. Date Type Amount Object or Purpose of of for which for which Authorization Obligation Authorized Authorized 02-25-03 SB 82,750 02-27-07 SB 10,000,000 08-28-07 SB 3,100,000 Mattituck Inlet Shore Erosion Study Open Space Preservation* Open Space Preservation - Agric. Lands Total $13.182.750 *To be funded in whole by the issuance of the Bonds in connection with which this Debt Statement is being filed. VERIFICATION BY CHIEF FISCAL OFFICER State of New York County of Suffolk SS: Scott A. RusselI, being duly sworn, deposes and says: That he is the duly qualified, and acting chief fiscal officer of the Town of Southold, in the County of Suffolk, New York; that he prepared and has read the foregoing debt statement and knows the contents thereof; that the same is tree to his own knowledge except as to the matters therein stated to be alleged upon information and belief, and that as to those matters he believes it to be true. Supervisor TITLE Town Hall - 53095 Main Road Southold, N.Y. 11971 MAIL ADDRESS SUBSCRIBED AND SWORN TO BEFORE ME THIS ~ DAY OF ~ · ,2..._011 ~ TARY PUBLIC LYNDA M. ~ NOTARY PUBLIC, State of New York No. 01BO6020932 Qualified in S?olk County Term Expires March 8, 20 ~