HomeMy WebLinkAboutTranscript + 081517. 302P
At a regular meeting of the Board of
Park Commissioners of the Mattituck Park District in the
Town of Southold, Suffolk County, New York, held at
Mattituck, in said Town, on the 4th day of Aurust, 1980,
at 7:30 o'clock P .M. , Prevailing Time.
The meeting was called to order by
Commissioner Francis J. Murphy and the roll being called,
there were
PRESENT:' Francis J. Murphy, Chairman
Lawrence P. Reeve
Gerard P. Goehringer
ABSENT:
The following resolution was offered by
Commissioner Murphy who moved its adoption,
seconded by Comaissioner Reeve to-wit:
RESOLUTION DATED AUGUST 4, 1980
A RESOLUTION AUITORIZING THE ACQUISITION OF CERT M
REAL PROPERTY IN AND FOR THE MATrITUCK PARK DISTRICT
IN THE MM CF SOUTH=, Summ OOUNTY, NEW YORK,
AT A M UGHM ESTI MATED COST, MIMING INCIDENTAL
EX )MSES, of $22,000.
BE IT RESOLVED, by tete Board of Park Commissioners of
the Mattituck Park District in the Town of Southold, Suffolk County,
New York, as follows:
Section 1. Pursuant to the provisions of Section 3
of Chapter 924 of the Laws of 1941, as ameryded, the acquisition of
the following described property for the Mattituck Park District in
the Town of Southold, Suffolk County, New York, is hereby authorized
at a maximum estimated cost, including expenses, of $22,000. Said
property is bounded and described as follows:
ALL that certain plot, piece or parcel of land,
situAtte, lying and being in the Town of Southold,
County of Suffolk and State of New York, more
particularly bounded and described as follows:
BEGINNIbG at a point on the easterly side of Aldrich
Lane at the southwest corner of the hereindescribed
premises where the same is intersected by the northerly
side of land now cr formerly of Laurel Commn School
District, said point or place of beginning being also
distant the following 3 courses and distances as
measured along the easterly side of Aldrich Lane from
the corner formed by the intersection of the northerly
side of Main Road with the easterly side of Aldrich
Lane:
(1) North 20 degrees 07 minutes 20 seconds West 354.20
feet;
(2) North 21 degrees 22 minutes 50 seconds West 303.33
feet;
(3) North 20 degrees 31 minutes 20 seconds West 54.89
feet to the true point or place of beginning;
uming mance frau said true point or place of
beginning along the easterly side of Aldrich Lane
North 20 degrees 31 minutes 20 seconds West 452.87
feet; thence North 69 degrees 28 minutes 40 seconds
East 578.10 feet; thence South 20 degrees 16 minutes
30 seconds East 452.87 feet to land now or formerly
of Laurel Cannon School District, first above men-
tioned; and thence along said last mentioned land,
South 69 degrees 28 minutes 40 seconds West 576.14
feet to the easterly side of Aldrich Lane at the
point or place of BEGINNIM.
Section 2. The Town Board of the Town of Southold,
Suffolk County, New York, is hereby requested to authorize the
issuance of $15,000 serial bonds of said Town pursuant to the
provisions of the Local Finance Law to pay part of the maximum
estimated cost of such object or purpose.
Section 3. A certified copy of this resolution shall
be filed with the Tawn Board of said Town.
Section 4. This resolution shall take effect im ediately.
-T
STATE OF NEW YORK )
) ss. .
COUNTY OF SUFFOLK )
I, the undersigned Secretary of the Board of
Commissioners of Mattituck Park District, Suffolk County,
New York, DO HEREBY CERTIFY:
That I have compared the annexed extract of the
minutes of the meeting of the members of said Board,
including the resolution contained herein, held on the
4th day of August,1980, with the original thereof on file
in my office, and that the same is a true and correct
transcript therefrom and of the whole of said original
so far as the same relates to the subject matters therein
referred to.
I FURTHER CERTIFY that all members of said Board
had due notice of said meeting and that, pursuant to Section
99 of the Public Officers Law (Open Meetings Law) , said
meeting was open to the general public and that I duly caused
a public notice of the time and place of said meeting to be
given to the following newspapers and/or other news media as
follows:
Newspapers and/or other news media Date given
Suffolk Times, Inc. Thursday, July 31, 1980
and that I further duly caused public notice of the time and
place of said meeting to be conspicuously posted in the
following designated public location (s) on the following dates :
Designated Location (s)
of posted notice Date of Posting
iHatttituck High School
Main load, Mattituck, New York July 29, 1980
The North Fork Bank & Trust Cc).
245 Love Lane, Mattituck, New York July 29, 1980
IN WITNESS WHEREOF, I have hereunto set my hand
this 4th day of ' August , 1980.
District Se retary
Madeline Haas
STATE OF NEW YORK )
) ss. .
COUNTY OF SUFFOLK )
I, the undersigned Town Clerk of the Town of
Southold, Suffolk County, New York, DO HEREBY CERTIFY:
That I have compared the foregoing copy of the
resolution of the Board of Park Commissioners of the Mattituck
Park District dated August 4 , 1980, with the original
thereof which was filed in my office on the day
.of august, 1980, and that the same is a true and correct copy
of said original and of the whole of said original so far
as the same relates to the subject matters therein referred
to.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of said Town this -1s) "J. day of
�, 1980.
Town Clerk
(S E A L )
815713 .302P
At a regular meeting of the Town Board of the Town of
Southold, Suffolk County, New York , held at Southold, New York ,
in said Town, on the 12th day of August, 1980 , at 7: 30 o'clock
P.M. , Prevailing Time.
The meeting was called to order by Supervisor Pell , and upon
roll being called, the following were:
PRESENT: Supervisor William R. Pell III
Councilman Henry W. Drum
Councilman John J. Nickles
Councilman Lawrence Murdock, Jr.
Councilman George R. Sullivan
Town Clerk Judith T. Terry
ABSENT: Justice Francis T. Doyen
The following resolution was offered by Councilman Drum ,
who moved its adoption, seconded by Councilman Murdoclx to-wit:
BOND RESOLUTION DATED AUuUST 12, 1980.
A RESOLUTION AUTHORIZING THE ISSUANCE OF $15, 000
SERIAL BONDS OF THE TOWN OF SOUTHOLD, SUFFOLK
COUNTY, NEW YORK, TO PAY PART OF THE COST OF THE
ACQUISITION OF CERTAIN REAL PROPERTY IN AND FOR
THE MATTITUCK PARK DISTRICT IN SAID TOWN.
WHEREAS, the Board of Park Commissioners of the
Mattituck Park District in the Town of Southold, Suffolk
County, New York, duly adopted a resolution on 'the" ' 4th
day of Aligust, 1980 , authorizing the acquisition of certain
real property, as therein described, in and for said Park
District, at a maximum estimated cost, including incidental
expenses, of $22 , 000, which resolution requests this Town Board
to authorize the issuance of $15, 000 serial bonds of said Town
to pay part of said maximum estimated cost; NOW, THEREFORE BE IT
RESOLVED, by the Town Board of the Town of Southold,
Suffolk County, New York, as follows:
Section 1. For the specific object or purpose of
paying part of the cost of the acquisition of the real property
referred to in the preambles hereof in and for the Mattituck
Park District in the Town of Southold, Suffolk Countv, New
York, there are hereby authorized to be issued $15 , 000 serial
bonds of said Town pursuant to the Local Finance Law.
Section '2. The maximum estimated cost of such
specific object or purpose, including incidental expenses ,
is $22, 000 , and the plan for the financing of such maximum
estimated cost consists of the issuance and sale of $15, 000
serial bonds of said Town herein authorized, and the appropria-
tion and expenditure of $5 , 000 current funds of said Town
heretofore authorized therefor.
2
tie • •
Section 3. It is hereby determined that the
period of probable usefulness -of such object or purpose,
pursuant to subdivision 21 of paragraph a of Section 11. 00
of the Local Finance Law, is thirty years, and that the
maximum maturity of the bonds herein authorized will exceed
five years.
Section 4. The faith and credit of the Town of
Southold, Suffolk County, New York, are hereby irrevocably
pledged for the payment of said bonds and the interest
thereon. To pay said bonds and the interest thereon, there
shall annually be levied and assessed against the taxable
real property of said Park District, and collected in the
same manner, at the same time, and by the same officers
as the taxes of said Town are levied, assessed and collected,
an amount sufficient to pay such principal and interest as
the same respectively become due and payable, but if not
paid from such source, all the taxable real property within
the Town will be subject to the levy of ad valorem taxes to
pay said bonds and interest thereon without limitation as to
rate or amount.
Section 5. Subject to the provisions of the Local
Finance Law, the power to authorize the issuance of and to
sell bond anticipation notes in anticipation of the issuance
and sale of the serial bonds herein authorized, including
renewals of such notes, is hereby delegated to the Supervisor,
the chief fiscal officer. Such notes shall be of such terms,
form and contents , and shall be sold in such manner, as may
- 3 -
be prescribed by said Supervisor, consistent with the
provisions of the Local Finance Law.
Section 6. The validity of such bonds and bond
anticipation notes may be contested only if:
1) Such obligations are authorized for an
object or purpose for which said Town of
Southold is not authorized to expend money,
or
2) The provisions of law which should be
complied with at the date of publication
of this 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
3) Such obligations are authorized in violation
of the provisions of the Constitution.
Section 7 . This resolution, which takes effect
immediately, shall be published in full in the Long Island
Traveler - Mattituck Watchman, a newspaper published at
Southold, Town of Southold, New York, and in the Suffolk
/ Times , published at Greenport, Town of Southold, New York,
both papers having a general circulation within the Town of
Southold , together with a notice of the Town Clerk in
substantially the form provided in Section 81. 00 of the
Local Finance Law.
t - 4 -
t
STATE OF NEW YORK
COUNTY OF SUFFOLK ss: This is to certify that I, Judith T. Terry, Clerk of the Town of Southold, in
Office of the Clerk of the
TOWN OF SOUTHOLD the said County of Suffolk, have compared the foregoing copy of resolution
with the original resolution now on file in this office, and which was passed
by the Town Board of the town of Southold in said County of Suffolk, on
( SEAL ) 12th Au ust 80
the ................ day of ..............�.................... 19........, and that the some is
a correct and true transcript of such original resolution and the whole thereof.
In Witness Whereof, I have hereunto set my hand and affixed the seal
of said Town this ...13th... day of ..........August............... 19.80..
..........rNy
-
Clerk of the Town Board, own�of Southold, County of Suffl
The question of the adoption of the foregoing resolution
was duly put to a vote on roll call, which resulted as follows:
Supervisor William R. Pell, III VOTING aye
Councilman Henry W. Drum VOTING aye
Councilman John J. Nickles VOTING aye
Councilman Lawrence Murdock,Jr. VOTING aye
Councilman George R. Sullivan VOTING aye
The resolution was thereupon declared duly adopted.
STATE OF NEW YORK )
} ss. •
COUNTY OF SUFFOLK )
I , the undersigned Clerk of the Town of Southold, Suffolk County,
New York, DO HEREBY CERTIFY:
That I have compared the annexed extract of the minutes of the
meeting of the Town Board of said Town, including the resolution
contained therein, held on the 12th day of August, 1980, with the
orig-inal thereof on file in my office , and that the same is a true
and correct transcript therefrom and of the whole of said original so
far as the same relates to the subject matters therein referred to.
I FURTHER CERTIFY that all members of said Board had due notice
of said meeting , and that, pursuant to Section 99 of the Public
Officers Law (Open Meetings Law) , said meeting was open to the
general public, and that I duly caused a public notice of the time
and place of said meeting to be given to the following newspapers
and/or other news media as follows :
Newspaper and/or other news media Date given
The Suffolk Times August 5, 1980
The Long Island Traveler-Watchman, Inc. August 5, 1980
Newsday, Inc. August 5, 1980
and that I further duly caused public notice of the time and place of
said meeting to be conspicuously posted in the following designated
public location (s) on the following dates:
Town Clerk Bulletin Board, Town Hall, Main Road, Southold, New York
August 5, 1980-August 12, 1980
Designated Location(s)
of posted notice Date of Posting
Town Clerk's Bulletin Board August 5, 1980-August 12, 1980
Town Hall, Main Road
Southold, New York 11971
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of said Town this 9th day of October, 1980.
Town Clerk
(CORPORATE Judith T. Terry
SEAL)
LEGAIA TICE,
` COUNTY OF SUFFOLK
NOVICE ' >IS HEREBY STATE OF NEW YORK ss:
GIVFN= 4a't the resolution
publi 44fibipiVfthk,has been
adopted'by the''1rovn Board of
thq Town of,Southold, Suffolk
'County,New Vbik„on the 12th Patricia Wood, being duly sworn, says that she is the
day of August, Y980, and the Editor, of THE LONG ISLAND TRAVELER-WATCHMAN,
validity of the obligations
authorized by such resolution a public newspaper printed at Southold, in Suffolk County;
may be here !,contested
only if such o' ons were and that the notice of which the annexed is a printed copy,
authorized fo ;';. ::'object or
purpose for wh :laid Town is hos been published in said Long Island Traveler-Watch-
not authorized to expend man once each week for ........................................ weeks
money, or if the, provisions of
law which shed have been successively, commencing on the ... .................................
complied with as`of the date of ��,,1l
publication of this notice were ............. .... .................... 19.x.`!....
not substantially complied
with, and an action, suit or
proceeding contesting such
.. ....... ............................................................. ........
validity isy$coYm��.ymme,.n;�{cie��d�lwa`Li^tthin
L�IC-3 1110 ��iLnu oy jf�e �
same officers as the taxes of
said Town are levied, assessed
And collected, an amount Sworn to before me. this .. day of
sufficient to pay such principal
and interest as the same 19
respectively become due and """ ""'•
payable, but if not paid from
such source, all the taxable
real property within the Town -
will be subject to the levy of ad C
valorem taxes to pay said 3 r
bonds and interest thereon f Nota blit
without limitation as to rate or S_
amount.
Section 5. Subject to the �r i1j.4y'; nLa� uk,t��6 ,�
and an acl.—, _- ;F;
0( proceeding contesting such ass lir
idwcNilRu ii,>?I
Pill validity is commenced within ane+a i1�Si,i7 ExV'W mw A
ioq twenty days after the date of Z—
Suc such publication, or
281 3) Such obligations are
3o authorized in violation of the
provisions of the Constitution.
111 Section 7. This resolution,
which takes effect immediate-
ly,shall be published in full in
111A "the Long Island Traveler-
sod Mattituck Watchman, a news-
IM paper published at Southold,
Town of Southold, New York,
a8 and in 'the Suffolk Times,
isu.1 published at Greenport, Town
Gama of Southold, New York, both
IgWa papers having a general
sus circulation within the Town of
Iuisq Southold, together with a
;usi. notice of the Town Clerk in
Is AVI substantially the form pro-
duisH vided in Section 81.00 of the
Local Finance Law.8/21/80(19)
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81517. 302P
BOND ANTICIPATION NOTE CERTIFICATE DATED NOVEMBER 6 , 1980.
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A
$15, 000 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY PART OF
THE COST OF THE ACQUISITION OF CERTAIN REAL PROPERTY IN AND
FOR THE MATTITUCK PARK DISTRICT IN SAID TOWN.
I , the undersigned Supervisor of the Town of Southold, Suffolk
County, New York, DO HEREBY CERTIFY:
1. Pursuant to a bond resolution dated August 12 , 1980 , duly
adopted by the Town Board of said Town on said date, authorizing the
issuance of $15 , 000 serial bonds of said Town to pay part of the
cost of the acquisition of certain real property, as therein
described , in and for said Park District in said Town, which is an
assessable improvement, and delegating to me, as chief fiscal
officer , power to authorize the issuance of and to sell bond
anticipation notes, including renewals thereof, in anticipation of
the issuance and sale of said bonds, which power is in full force
and effect and has not been modified, amended or revoked, I HEREBY
AUTHORIZE the issuance of a bond anticipation note of said Town in
the principal amount of $15, 000 in anticipation of the sale of said
bonds. Said note shall be dated November 6 , 1980 , shall be numbered
1, shall bear interest at the rate of six and forty-five hundredths
per centum (6 .45$) per annum, payable at maturity, shall mature on
November 5, 1981, with prepayment reserved, and both principal of
and interest on said note shall be payable in lawful money of the
-2- •
United States of America at The Bank of New York, Valley-Long Island
Region, in Greenport , New York. Such note is not a renewal note.
2 . The specific object or purpose for which said note is hereby
authorized to be issued is to pay part of the cost of the aforesaid
specific object or purpose. The amount of serial bonds to be issued
therefor is $15,000.
3. No other bond anticipation notes are presently outstanding
in anticipation of the sale of such bonds.
4 . Such note shall be executed in the name of said Town of
Southold, Suffolk County, New York, by its Supervisor , sealed with
its corporate seal, attested by its Town Clerk, and the same shall
be in substantially the form attached hereto. Such note is hereby
sold at private sale to The Bank of New York, Valley-Long Island
Region, in Greenport, New York, at a price of not less than par and
accrued interest, if any. To the best of my knowledge and belief,
no officer or employee of said Town has an interest in the sale of
said note prohibited by Article 18 of the General Municipal Law, as
amended.
Dated: Southold, New York,
November 6 , 1980.
cam; ,,
Supervisor
• -3- •
An executed counterpart of the foregoing certificate, with form
of note attached was filed with the Town Board of said Town of
Southold, New York, this 6th day of November, 1980 .
Town Clerk
(CORPORATE
SEAL)
i
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i
,i
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_ UNITED' STATES OF AMERICA
STATE OF NEW YORK
• COUNTY OF SUFFOLK •
TOWN OF SOUTHOLD
BOND ANTICIPATION NOTE, 1980
No. 1 $15,000
The Town of Southold, in the County of Suffolk, a municipality
of the . State of New York (herein called the "Obligor" ) , hereby
acknowledges itself indebted and for value received promises to
pay to the bearer of this note the sum of FIFTEEN THOUSAND DOLLARS
($15,000) on the 5th day of November , 1981, together with interest
thereon from the date hereof at the rate of six and forty-five
hundredths per centum (6.45%) per annum, payable at maturity.
Both principal of and interest on this note will be paid in lawful
money of the United States of America at The Bank of New York,
Valley-Long Island Region, - in Greenport , New York.
This note may be redeemed at any time prior to maturity by
said Obligor, upon giving written notice to the holder, and
interest shall cease as of the date fixed for redemption.
This note may not be converted into registered form.
This note is one of a total authorized issue of $15, 000 issued
pursuant to proceedings duly adopted by the Finance Board of the
Obligor, on August 12, 1980 , and also pursuant to: , "BOND
ANTICIPATION NOTE CERTIFICATE DATED NOVEMBER 6 , 1980 . CERTIFICATE
OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD, SUFFOLK COUNTY, NEW
YORK, AUTHORIZING THE ISSUANCE OF A $15,000 BOND ANTICIPATION NOTE
OF SAID TOWN TO PAY PART OF THE COST OF THE ACQUISITION OF CERTAIN
REAL PROPERTY IN AND FOR THE MATTITUCK PARK DISTSICT IN SAID TOWN. "
The faith and credit of the Obligor are hereby irrevocably
pledged for the punctual payment of the principal of and interest
on this note according to its terms.
It is certified and recited that all conditions, acts and
things required by the Constitution and statutes of the State of
New York to exist, to have happened and to have been performed
precedent to and in the issuance of this note, exist, have
happened and have been performed, and that this note, together
with all other indebtedness of the Obligor is within every debt
and other limit prescribed by the Constitution and laws of such
State.
IN WITNESS WHEREOF, the Obligor, in accordance with the
proceedings authorizing this note, has caused this note- to be
signed and its corporate seal to be hereunto affixed and attested
as appears below, and this note to be dated as the 6th day of
November, 1980 .
TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK
(SEAL)
ATTEST:
By
Town Clerk r i r
CLOSING CERTIFICATE
We, the undersigned do hereby certify:
That we are the officers of the Town of Southold, Suffolk
County, New York, (hereinafter called the "Obligor" ) indicated by
the official title set opposite our respective signatures to this
certificate.
That we did officially execute a $15, 000 Bond Anticipation Note,
1980 , of said Obligor, dated November 6 , 1980 , numbered 1, of the
denomination of $15 , 000 , bearing interest at the rate of (6 . 45$) per
annum, payable at maturity and maturing November 5, 1981, with
prepayment reserved.
That no litigation of any nature is now pending or , to our
knowledge, threatened (a) to restrain or enjoin the issuance or
delivery of said obligations or the levy and collection of taxes or
assessments to pay the same , (b) in any manner questioning or
affecting , directly or indirectly, the validity of said obligations
or the proceedings or authority for the issuance thereof, or (c)
contesting the corporate existence or boundaries of the Obligor or
the title of the undersigned officers to their respective offices;
that no authority or proceedings for the issuance of said
obligations has been repealed, revoked or rescinded , that the
corporate seal of the Obligor, or a facsimile thereof, has been
impressed or imprinted on all of said obligations; and that on the
date of the execution of said obligations and on the date set forth
below, we were and are the duly chosen, qualified and acting
officers indicated therein and on this certificate and duly
authorized to execute said obligations.
That on the date of this certificate, said obligations were
actually delivered to the purchaser thereof against receipt of the
purchase price as follows :
Official Check #VA 109991 of The Bank of New York in the sum of $15,000.00
dated November 6, 1980 to the order of Mattituck Park District.
• -2- •
Principal (par value) : $15,000 .00
Premium: $ -0-
Accrued interest from date of said
obligations to date of delivery : $ -0-
TOTAL: $15,000 .00
WITNESS our official signatures the '6th day of November , 1980 ,
being the date of the actual delivery of said obligations, as
aforesaid.
Official Term of Office
Signature Title Expires
Supervisor bee.ems►k'/e
�. , Town Clerk
I hereby certify that the signatures of the officers above
subscribed are true and genuine.
(Name of Bank) SIGNATURE GUARANTEED
14ORTH FORK BANK AND TR661 "0.
(Signature and Title
By N.Y.Corr.Manufacturers Hanover .
81517. 302P
Arbitrage Certificate
$15 , 000 Bond Anticipation Note, 1980
The undersigned certified that he is the chief fiscal officer of
the Town of Southold, Suffolk County, New York, (the "Issuer") and
that, in his capacity as such, he, among others, is charged with the
responsibility for issuing the above-mentioned obligation of the
Issuer (the "Obligation" ) being issued on the date hereof, and
further certifies as follows:
1. The facts and circumstances set forth below are in existence
on the date hereof. The Issuer ' s expectations as to future events
are also set forth below and include the expectation that the
proceeds of the Obligation will not be used in a manner that would
cause the Obligation to be an "arbitrage bond" within the meaning of
Section 103 of the Internal Revenue Code of 1954 , as amended, (the
"Code" ) and the applicable regulations promulgated by the Department
of the Treasury thereunder. To the best of my knowledge and belief,
the Issuer ' s expectations are reasonable.
2. $15,000 of the proceeds of the Obligation will be used to
pay the cost' of the project set forth in the bond anticipation note
certificate of the Supervisor , dated November E, 1980 , which is
incorporated herein by reference. Such proceeds will be expended
prior to November 6 , 1983 , and the issuer expects that binding
contracts or commitments obligating the expenditure, for work on the
• • -2-
project, of not less than 2-1/2% of the cost of the project, have
been or will be entered into prior to May 7 , 1981. After a contract
or commitment has been entered into for the project, work thereon
will proceed with due diligence to full completion.
3 . $15, 000 of the Obligation proceeds will be invested without
restriction as to yield.
4 . Within one year of receipt all amounts earned from
investment of proceeds of the Obligation will be expended to pay
debt service on the Obligation or on obligations issued to refund
the Obligation.
5. There is not expected to be any fund not described above
that will (a) be needed to pay principal or interest on the
Obligation, (b) replace funds that will be used to pay principal or
interest on the Obligation, or (c) be pledged to secure the
Obligation.
6. This arbitrage certificate describes the issuer ' s
expectations with regard to all governmental obligations (a) issued
at substantially the same time as the Obligation, (b) sold pursuant
to a common plan of financing with the Obligation, and (c) to be
paid out of substantially the same source of funds (or that will
have substantially the same claim to be paid out of substantially
the same source of funds) as will be used to pay the Obligation.
7 . The Issuer has not received notice that it,s certificate as
to arbitrage may not be relied upon with respect to its issues, nor
has it been advised that any such adverse action is contemplated by
the Commissioner of Internal Revenue.
To the best of my knowledge and belief , there are no other
t r •
facts, estimates or circumstances that would change the foregoing
matters.
IN WITNESS WHEREOF, I have hereunto set my hand this 6th day of
November , 1980 .
Supervisor
THE BANK OF NEW YORK
NEW YORK'S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON
238 MAIN STREET, GREENPORT,N.Y. 11944
VALLEY-LONG ISLAND REGION
October 30y 1980
Abigail A, Wickham
Attorney at Law
Main Road
Poo, Box 1+24
Mattituck, New York 11952
Re: MATTITUCK PARK DISTRICT
t 159000 - B/ALN
Dear Gail:-
On behalf of The Bank of New York, I would like to offer a
bid of 6.45 % on the above Note.
I would appreciate your response as to tha results of the
bidding, when convenient, for our records,
Very truly yours,
WJK:mw3 WALTER J. PSKI, J R,
Assistant Treasurer
X77-/7��
VA 109991 .
OFFICIAL. ITHE : 0 0 =
, i CHECK
NEW YORK.DT Y_
NOVeMber 6. 1980 1-1'
- - -
5 - "� 210
�: ;� $15,000.00PaY 11 ��
8 ,15
- Fox: One. Year B/A/a
_ � C
A; - - - -
TO THE MA.TTITUCK PARK DISTRICT""�
- n
a7 -of -
IZED IGNAT E /
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P
WI LLKI E FARR 8, GALLAGHER
ONE CITICORP CENTER
ROBERT S.AMDURSKY PETER H.JAKES 153 EAST 53RD STREET ETHAN ALLEN
KENNETH J.SIALKIN PETER J.KENNY WALSTON S.BROWN
JOSEPHL.BROADWIN ROBERT J.KHEEL NEW YORK N. Y 10022
JAMES S.BROWN,JR. CHARLES I.KINGSON WALTER H.BROWN,JR.
THOMAS L.BRYAN ARTHUR D.KOWALOFF HAROLD J. GALLAGHER
HOWARD C.BUSCHMAN III JAY F.LEARY MARK F. HUGHES
DALE S.COLLINSON IRA H.LUSTGARTEN (212) 935-8000
ALLAN F.CONWILL MICHAEL G.MARKS HELMER R.JOHNSON
PHILIP D.CORSI ROBERT W.MARSHLOW SIDNEY L.SMITH
LOUIS A.CRACO RAYMOND W.MERRITT
JOHN S.D'ALIMONTE THOMAS S.MONFRIED CHARLES S.SYKES
ROSWELL C.DIKEMAN JACK H.NUSBAUM THOMAS N.TARLEAU
JAMES N.EDGAR BRIAN M.O'BRIEN .. COUNSEL
THORNTON G.EDWARDS ANTHONY F. PHILLIPS _
DWIGHT W.ELLIS]I[ DAVID B. F.
STEPHEN S.FLOOD THOMAS M.ROTHMAN p CABLE"CONVEYANCE NEW YORK"
DAVID L.FOSTER PATRICIA S.SKIGEN November 14, 1980 TELEX:233780 (RCA)
ALEXANDER T.GALLOWAY U HARVEY L.SPERRY
WILLIAM J.GRANT,JR. DUNCAN J.STEWART 12-7679(WU)
STEPHEN W.GREINER CHESTER J.STRAUB -
ROBERT B.HODES WILLIAM T.SULLIVAN
LOUIS L.HOYNES,JR. C.SCOTT SYKES,JR. EUROPEAN OFFICE
RANDALL A.HUFFMAN ALLAN TRUMBULL 16,AVENUE PIERRE IC-..SERBIE
75116 PARIS,FRANCE
TELEPHONE 723•5156
Town of Southold,
CABLE"CONVEYANCE PARIS"
TELEX:842-620080
County of Suffolk,
State of New York
Town of Southold, Suffolk County, New York
$15,000 Bond Anticipation Note, 1980
Dear Sirs:
We have been requested to render our opinion as to the
validity of a $15,000 Bond Anticipation Note, 1980 (the "Note") ,
of the Town of Southold, County of Suffolk, New York_ (the
"Issuer") , dated November 6, 1980 , numbered 1, of the
denomination of $15 ,000, bearing interest at the rate of 6. 45%
per annum, payable at maturity, and maturing November 5 , 1981,
with prepayment reserved.
We have examined the Constitution and statutes of the State
of New York and the Internal Revenue Code of 1954 , as amended,
including particularly Section 103 thereof , and the regulations
of the United States Treasury Department thereunder. We have
also examined a certified copy of proceedings of the finance
board of the Issuer and other proofs authorizing and relating to
the issuance of the Note, including the form of the Note. In
rendering the opinions expressed herein we have assumed the
accuracy and truthfulness of all public records, documents and
proceedings examined by us which have been executed or certified
by public officials acting within the scope of their official
capacities, and have not verified the accuracy or truthfulness
thereof. We also have assumed the genuineness of the signatures
appearing upon such public records , documents and proceedings
and the certifications thereof.
In our opinion:
(a) The Note has been authorized and issued in accordance with
the Constitution and statutes of the State of New York and
. •
Town of Southold • -2- *d'ovember 14 , 1980
constitutes a valid and legally binding general obligation
of the Issuer , all the taxable real property within which is
subject to the levy of ad valorem taxes to pay the Note and
interest thereon, without limitation as to rate or amount;
provided, however , that the enforceability (but not the
validity) of the Note may be limited by any applicable
bankruptcy, insolvency or other law now existing or
hereafter enacted by said State or the Federal government
affecting the enforcement of creditors' rights; and
(b) The Note is not an "arbitrage bond" and interest on the Note
is exempt under existing statutes and court decisions from
Federal income taxes, from New York State income taxes, and
from the New York City "personal income tax on residents"
and "earnings tax on nonresidents" .
The scope of our engagement in relation to the issuance of
the Note has extended solely to the examination of the facts and
law incident to rendering the opinions expressed herein. Such
opinions are not intended and should not be construed to express
or imply any conclusion that the amount of real property subject
to taxation within the boundaries of the Issuer , together with
other legally available sources of revenue, if any, will be
sufficient to enable the Issuer to pay the principal of or
interest on the Note as the same respectively become due and
payable. We have not examined, reviewed or passed upon the
accuracy, completeness or fairness of any factual information
which may have been furnished to any purchaser of the Note by or
on behalf of the Issuer and, accordingly, we express no opinion
as to whether the Issuer, in connection with the sale of the
Note, has made any untrue statement of a material fact or
omitted to state a material fact necessary in order to make any
statements made, in the light of the circumstances under which
they were made, not misleading.
Very truly yours,
dpc
� q V �
81517. 302P
BOND ANTICIPATION RENEWAL NOTE CERTIFICATE DATED NOVEMBER
5, 1981.
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A
$15,000 BOND ANTICIPATION RENEWAL NOTE OF SAID TOWN TO PAY
PART OF THE COST OF THE ACQUISITION OF CERTAIN REAL
PROPERTY IN AND FOR THE MATTITUCK PARK DISTRICT IN SAID
TOWN.
I, the undersigned Supervisor of the Town of Southold, Suffolk
County , New York, DO HEREBY CERTIFY: i
1. Pursuant to a bond resolution dated August 12, 1980, duly
adopted by the Town Board of said Town on said date, authorizing the
issuance of $15, 000 serial bonds of said Town to pay part of the
cost of the acquisition of certain real property , as therein
described, in and for said Park District in said Town, which is an
assessable improvement, and delegating to me, as chief fiscal
officer, power to authorize the issuance of and to sell bond =
anticipation notes, including renewals thereof , in anticipation of
the issuance and sale of said bonds, which power is in full force
and effect and has not been modified, amended or revoked, I HEREBY
AUTHORIZE the issuance of a bond anticipation renewal note of said
Town in the principal amount of $15, 000 in anticipation of the sale
of said bonds. Said renewal note shall be dated November 5, 1981,
shall be numbered 1-R, shall be of the denomination of $15,000,
a -2- i
shall bear interest at the rate of Ten and one-quarter
per centum (10-1/4 %) per annum, payable at maturity, shall mature on
November 4, 1982, with prepayment reserved, and both principal of
and interest on said note shall be payable in lawful money of the
United States of America at The North Fork Bank & Trust Company ,
in Mattituck , New York. Such note is a renewal note.
2. The specific object or purpose for which said note is hereby
authorized to be issued is to pay part of the cost of the aforesaid
specific object or purpose. The amount of serial bonds now
remaining to be issued therefor is $15,000.
3. The note herein authorized is issued for the purpose of
renewing the outstanding $15,000 Bond Anticipation Nate, 1980, of
said Town, dated November 6, 1980, numbered 1, and maturing November
5, 1981, which is the only bond anticipation note presently
outstanding in anticipation of the sale of said bonds. The date of
the first bond anticipation note issued in anticipation of the sale
of said bonds was November 6, 1980.
4. Such renewal note shall be executed in the name of said Town
of Southold, Suffolk County , New York, by its Supervisor, sealed
with its corporate seal, attested by its Town Clerk, and the same
shall be in substantially the form attached hereto. Such note is
hereby sold at private sale to The North Fork Bank & Trust Company
in Mattituck , New York, at a price of not less than par and accrued
interest, if any. To the best of my knowledge and belief, no
officer or employee of said Town has an interest in the sale of said
note prohibited by Article 18 of the General Municipal Law, as-
.amended.
4
~ -3- .
Dated: Southold, New York
November 5, 1981.
Supervisor - William R. Pell, III
An executed counterpart of the foregoing certificate, with form
of note attached, was filed with the Town Board of said Town of
Southold, this 5th day of November, 1981.
Town Clerk - Judith Teay
CORPORATE
SEAL
UNITED STATES OF AMERICA
STATE OF NEW YORK
.COUNTY OF SUFFOLK S
TOWN OF SOUTHOLD I�
BOND ANTICIPATION NOTE, 1981 (RENEWAL) f
No. 1-R $15,000
The Town of Southold, in the County of Suffolk, a t
municipality of the State of New York (herein called the
"Obligor" ) , hereby acknowledges itself indebted and for value
received promises to pay to the bearer of this note the sum of
FIFTEEN THOUSAND DOLLARS ($15, 000) on the 4th day of November,
1982, together with interest thereon from the date hereof at the
rate of Ten per centum
( 10-1/4%) per annum, payabie at maturity . Both principal of and
interest on this note will be paid in lawful money of the United
States of America at The North Fork Bank & Trust Company
in Mattituck , New York.
This note may be redeemed at any time prior to maturity by
said Obligor upon giving written notice to the holder and
interest shall cease as of the date fixed for redemption.
This note may not be converted into registered form.
This note is one of a total authorized issue -of $15,000
issued pursuant to proceedings duly adopted by the Finance Board
of the Obligor, on August 12, 1980, and also pursuant to: "BOND
ANTICIPATION RENEWAL NOTE CERTIFICATE DATED NOVEMBER 5, 1981.
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD, SUFFOLK
COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A $15, 000 BOND
ANTICIPATION RENEWAL NOTE OF SAID TOWN TO PAY PART OF THE COST OF
THE ACQUISITION OF CERTAIN REAL PROPERTY IN AND FOR THE MATTITUCK
PARK DISTRICT IN SAID TOWN. "
The faith and credit of the Obligor are hereby irrevocably
pledged for the punctual payment of the principal of and interest
on this note according to its terms.
It is certified and recited that all conditions, acts and
things required by the Constitution and statutes of the State of
New York to exist, to have happened and to have been performed
precedent to and in the issuance of this note, exist, have
happened and have been performed, and that this note, together
with all other indebtedness of the Obligor is within every debt
and other limit prescribed by the Constitution and laws of such
State.
IN WITNESS WHEREOF, the Obligor, in accordance with the
proceedings authorizing this note, has caused this note to be
signed and its corporate seal to be hereunto affixed and attested
as appears below, and this note to be dated as the 5th day of
November, 1981.
TOWN OF SOUTHOLD, .
SUFFOLK COU YORK
(SEAL)
ATTEST: , ]
B
Town Clerk - Judith Terry Supervisor - William R. Pell, III
CLOSING CERTIFICATE
We, the undersigned do hereby certify :
That we are the officers of the Town of Southold, Suffolk
County, New York, (hereinafter called the "Obligor") indicated by
the official title set opposite our respective signatures to this
certificate.
That we did officially execute a $15, 000 Bond Anticipation Note,
1981 (Renewal) , of said Obligor , dated November 5, 1981, numbered
1-R, of the denomination of $15, 000, bearing interest at the rate
of 10-1/4 % per annum, payable at maturity and maturing November 4,
1982;with prepayment reserved.
That no litigation of any nature is now pending or, to our
knowledge, threatened (a) to restrain or enjoin the issuance or
delivery of said obligations or the levy and collection of taxes or
assessments to pay the same, (b) in any manner questioning or
affecting, directly or indirectly, the validity of said obligations
or the proceedings or authority for the issuance thereof, or (c)
contesting the corporate existence or boundaries of the Obligor or
the title of the undersigned officers to their respective offices;
that no authority or proceedings for the issuance of said
obligations has been repealed, revoked or rescinded, that the
corporate seal of . the Obligor, or a facsimile thereof, has been
impressed or imprinted on all of said obligations; and that on the
date of the execution of said obligations and on the date set forth
below, we were and are the duly chosen, qualified and acting
officers indicated therein and on this certificate and duly
authorized to execute said obligations.
That on the date of this certificate, said obligations were
actually delivered to the purchaser thereof against receipt of the
purchase-price as follows:
Principal (par value) : $15,000.00 t
Premium: $ -0- !
Accrued interest from date of said
obligations to date of delivery : $ -0-
TOTAL: $15,000. 00
WITNESS our official signatures the 5th day of November, 1981,
being the date of the actual delivery of said obligations, as
aforesaid.
Official Term of Office
Signature Title Expires
Supervisor
Town Clerk
I hereby certify that the signatures of the officers above
subscribed are true and genuine.
tu
WI '. BAJVa IV TRUST CO.
( P and- Title)
N.Y.Corr. Manufacturers Hanover
81517. 302P
Arbitrage Certificate
$15,000 Bond Anticipation Note, 1981 (Renewal)
I certify that I am the Supervisor of the Town of Southold,
Suffolk County , New York (the "Issuer") ; that as such officer I am
responsible, with others, for issuing the above-mentioned Note of .
the Issuer; and that:
1. Set forth below are the Issuer' s expectations on the date of
issue of the Note regarding the amount and use of the proceeds of
the Note and the facts and estimates on which they are based. To
the best of my knowledge and belief, the Issuer ' s expectations are
reasonable. Based on these expectations, the proceeds of the Note
will not be used in a manner that would cause them to be an
"arbitrage bond" under Section 103 (c) of the Internal Revenue Code
of 1954, as amended (the "Code") and the Treasury Regulations
thereunder (the "Regulations") .
2. $15,000 of the proceeds of the Note will be used to redeem,
at its maturity, the Issuer ' s outstanding bond anticipation note j
(the "Prior Issue") which were issued to finance, or to refund
obligations issued to finance, the project set forth in the bond
anticipation note certificate of the Supervisor , dated November 5,
1981, which is incorporated herein by reference. Such project is
hereinafter referred to as the "Refunded Project" .
-2-
3. All of such $15, 000 proceeds will be expended to discharge
the Prior Issues on or prior to November 5, 1981 and until that time
will not be invested.
}
4. All proceeds of all obligations originally issued to finance
the "Refunded Project" and directly or indirectly refunded by the
Note, have been or will be expended within three years of their
respective date of issue. Such expenditures have been or will be
recorded in the Issuer ' s financial records.
1
5. Within one year of receipt all amounts earned from
investment of proceeds of the Note will be expended to pay debt
service on the Note or on obligations issued to refund the Note.
6. There is not expected to be any fund not described above
that will (a) be needed to pay principal or interest on the Note,
(b) replace funds that will be used to pay principal or interest on
the Note, or (c) be pledged to secure the Note.
7. This arbitrage certificate describes the issuer ' s
expectations with regard to all governmental obligations (a) issued
at substantially the same time as the Note, (b) sold pursuant to a
common plan of financing with the Note, and (c) to be paid out of
substantially the same source of funds (or that will have
substantially the same claim to be paid out of substantially the
same source of funds) as will be used to pay the Note.
8. The Issuer has not received notice that its certificate as
to arbitrage may not be relied upon with respect to its issues, nor
has it been advised that - any such adverse action is contemplated by
the Commissioner of Internal Revenue.
-3
v
To the best of my knowledge and belief, there are no other
i
facts, estimates or circumstances that would change the foregoing I
matters.
IN WITNESS WHEREOF, I have hereunto set my hand this 5th day of
November, 1981.
Supervisor - Willem R. poll, III
i
LAW OFFICES
WICKHAM, WICKHAM & BRESSLER, P.c.
MAIN ROAD, P.O. BOX 1424
MATTITUCK LONG ISLAND
NEW YORK 11952
WILLIAM WICKHAM
ERIC J. BRES5LER 516-298-8353
ABIGAIL A.WICKHAM
ALIX T.EHLERS
November 5, 1981
Mrs. Judith Terry, Town Clerk
Town of Southold
Main Road
Southold, New York 11971
Re: $15,000 Bond Anticipation Note 1981 - Renewal
Mattituck Park District
Dear Mrs. Terry:
This is to confirm the execution by Supervisor Pell and you of the following
documents, and of your retention of executed copies of those documents today:
1) Bond Anticipation Renewal Note - the original will be forwarded
to North Fork Bank & Trust Co. , a copy of the executed note was retained by
you.
2) Bond Anticipation Renewal Note Certificate of the Supervisor, with
form of note attached.
3) Closing Certificate.
4) Arbitrage Certificate.
We are forwarding executed counterparts of the above Bond Anticipation Renewal
Note Certificate, Closing Certificate and Arbitrage Certificate to our New York
Bond Counsel and will forward an approving opinion from them upon receipt.
This is also to confirm that the Mattituck Park District forwarded its check to
the Town of Southold today in payment of the 1980 Bond Anticipation Note in the
amount of $15,000.00 to Bank of New York, together with interest. I understand
that the Town of Southold then forwarded its check in payment of the principal
and interest to the Bank of New York.
This is also to confirm that the Mattituck Park District, in its budget for 1982,
included items for the payment of interest on the Bond Anticipation Renewal Note
and for the payment of a $5,000.00 reduction in 1982.
Cont'd. . . . . . . . . . . . . . . . . . .
Mrs. Judith Terry, Town Clerk
Re: Mattituck Park District
November 5, 1981
Page #2
If there is any additional information which you require, please feel free
to contact me.
Sincerely yours,
Abigail A. Wickham
AAW:ab /
cc: Willkie Farr & Gallagher is
Frank Murphy, Park Commissioner
Robert Tasker, Esq.
WI LLKI E FARR & GALLAGHER
ONE CITICORP CENTER
ROBERT S.AMDURSKY** PETER H.JAKES 153 EAST 53RD STREET ETHAN ALLEN
ARMANDO T.BELLY PETER J.KENNY WALSTON S.BROWN
KENNETH J.BIALKIN ROBERT J.KHEEL
JOSEPH L.BROADWIN CHARLES I.KINGSON NEW/ YORK, N. Y. 10022 WALTER H.BROWN,JR.
JAMES S.BROWN,JR. ARTHUR O.KOWALOFF HAROLD J.GALLAGHER
THOMAS L.BRYAN JAY F.LEARY MARK F.HUGHES
HOWARD C.BUSCHMAN III BURTON M.LEIBERT** (212) 935-8000 SIDNEY L.SMITH
DALE S.COLLINSON IRA H.LUSTGARTEN COUNSEL
ALLAN F.CONWILL MICHAEL G.MARKS
PHILIP D.CORSI RAYMOND W.MERRITT
LOUIS A.CRACO THOMAS S.MONFRIED CABLE"CONVEYANCE NEW YORK"
JOHN S.D'ALIM O NTE JACK H.NUSBAUM TELEX:233780(RCA)
STEPHEN I.DANZANSKY* BRIAN M.O'BRIEN 12-7879(WU)
ROSWELL C.DIKE MAN** ANTHONY F.PHILLIPS - 1
JAM ES N.EDGAR DAVID B.REA 818 CONNECTICUT AVENUE,N.W.
THORNTON G.EDWARDS ROBERT F.ROLNICK*
DWIGHT W.ELLIB III THOMAS M.ROTHMAN WASHINGTON,D.C.20006
CORNELI US T.FINNEGAN III DAVID H.SCHWARTZ** TELEPHONE:(202) 328-8000
STEPHEN B.FLOOD PATRICIA S.SKIGEN -
DAVID L.FOSTER HARVEY L.SPERRY 16,AVENUE PIERRE I--OE SERBIE
ALEXANDER T.GALLOWAY 11 OUNCAN J.STEWART 75116 PARIS,FRANCE
WILLIAM J.GRANT,JR. CHESTER J.STRAUB
STEPHEN W.GREINER WILLIAM T.SULLIVAN p TELEPHONE:PARIS 723-5156
ROBERT B.HODES C.SCOTT SYKES,JR. November r 17, 19 81 CABLE"CONVEYANCE PARIS"
LOUIS L.HOYNES,JR. ALLAN TRUMBULL TELEX:842-620080
RANDALLA.HUFFMAN
*MEMBER OF DISTRICT Of COLUMBIA BAR
*-MEMBER OF NEW YORK AND D.C.BARS
OTHERS ADMITTED IN NEW YORK
Town of Southold
County of Suffolk
State of New York
Town of Southold, Suffolk County , New York
$15, 000 Bond Anticipation Note , 1981 (Renewal)
Dear Sirs:
We have been requested to render our opinion as to the
validity of a $15 , 000 Bond Anticipation Note, 1981 (Renewal) (the
"Note" ) , of the Town of Southold, County of Suffolk, New York (the
"Issuer" ) , dated November 5, 1981, of the denomination of $15,000,
numbered 1-R, bearing interest at the rate of 10-1/4% per annum,
payable at maturity , and maturing November 4, 1982, with
prepayment reserved.
We have examined the Constitution and statutes of the State of
New York and the Internal Revenue Code of 1954 , as amended,
including particularly Section 103 thereof, and the regulations of
the United States Treasury Department thereunder. We have also
examined a certified copy of proceedings of the finance board of
the Issuer and other proofs authorizing and relating to the
issuance of the Note, including the form of the Note. In
rendering the opinions expressed herein we have assumed the
accuracy and truthfulness of all public records, documents and
proceedings examined by us which have been executed or certified
by public officials acting within the scope of their official
capacities, and have not verified the accuracy or truthfulness
thereof. We also have assumed the genuineness of the signatures
appearing upon such public records, documents and proceedings and
the certifications thereof .
In our opinion:
Town of Southold -2- November 17, 1981
(a) The Note has been authorized and issued in accordance with the
Constitution and statutes of the State of New York and
constitutes a valid and legally binding general obligation of
the Issuer, all the taxable real property within which is
subject to the levy of ad valorem taxes to pay the Note and
interest thereon, without limitation as to rate or amount;
provided, however , that the enforceability (but not the
validity) of the Note may be limited by any applicable
bankruptcy , insolvency or other law now existing or hereafter
enacted by said State or the Federal government affecting the
enforcement of creditors ' rights; and
(b) The Note is not an "arbitrage bond" and interest on the Note
is exempt under existing statutes and court decisions from
Federal income taxes, from New York State income taxes, and
from the New York City "personal income tax on residents" and
"earnings tax on nonresidents" .
The scope of our engagement in relation to the issuance of the
Note has extended solely to the examination of the facts and law
incident to rendering the opinions expressed herein. Such
opinions are not intended and should not be construed to express
or imply any conclusion that the amount of real property subject
to taxation within the boundaries of the Issuer , together with
other legally available sources of revenue, if any, will be
sufficient to enable the Issuer to pay the principal of or
interest on the Note as the same respectively become due and
payable. We have not examined, reviewed or passed upon the
accuracy, completeness or fairness of any factual information
which may have been furnished to any purchaser of the Note by or
on behalf of the Issuer and, accordingly , we express no opinion as
to whether the Issuer, in connection with the sale of the Note,
has made any untrue statement of a material fact or omitted to
state a material fact necessary in order to make any statements
made, in the light of the circumstances under which they were
made, not misleading .
Very truly yours,
dpc
a9,l�
81517.3O2P
POND ANTICIPATION RENEWAL NOTE CERTIFICATE DATED NOVEMBER
4 , 1982.
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK , AUTHORIZING TETE ISSUANCE OF A
$10 ,000 BCND ANTICIPATION RENE-WAL NOTE OF SAID TOWN TO PAY
FART OF THE COST OF THE ACQUISITION OF CERTAIN REAL
rROPERTY IN AND FOR THE MATTITUCK PARK DISTRICT IN SAID
TOWN.
I , the urdersigned Supervisor of the Town of Southold, Suffolk
County, New Ycrk, LO HEREBY CERTIFY:
1 . Pursuant tc a bond resolution dated August 12, 1980, duly
adcpted by the Town Board of said Town on said date, authorizing the
issuance of 515 ,000 serial bonds of said Town to pay part of the
cost of the acquisition of certain real property, as therein
described , in and for said Park District in said Town , which is an
assessable imrrcvement, and delegating to me, as chief fiscal
officer , power to authorize the issuance of and to sell bond
anticipaticn notes, including renewals thereof, in anticipation of
the issuance and sale of said bonds, which pcwer is in full force
and effect ar.d has not been modified , amended or revoked, I HEREBY
AUTHORIZE the issuance of a bond anticipation renewal note of said
Town in the Principal amount of $10 ,000 in anticipation of the sale
of said bonds. Said renewal note shall be dated November 4, 1982,
shall be numbered 2-R , shall be of the denomination of $10,000,
It
t 0 -2- 0
shall tear interest at the rate of __Seven and 00 _____ hundredths
per centum (_� �) per annum, payable at maturity, shall mature on
Novenber 4, 1583 , With prepayment reserved and both principal of and
interest on said note shall be payable in lawful money of the United
States of America at The North Fork Bank & Trust Company , in
Mattituck, New York. Such note is a renewal note.
2 . The specific object or purpose for which said note is hereby
authorized tc to issued is to pay part of the cost of the aforesaid
specific object or purpose. The amount of serial bonds now
remaining -to be issued therefor is $10,000.
3 . The note herein authorized is issued for the purpose of
renewing in part the outstanding $15,000 Bond Anticipation Note,
1981 (Renewal ) , of said Town, dated November 5, 1981, numbered 1-R,
and maturing November 4, 1982 , which is the only bond anticipation
note presently outstanding in anticipation of the sale of said
bonds . The balance of said outstanding note in the amount of
.$5 ,000, will be paid from available current funds appropriated
therefor, and shall constitute the second installment of the
principal arcunt of such indebtedness. The date of the first bond
anticipation note issued in anticipation of the sale of said bonds
was November 6 , 1980.
4 . Such renewal note shill be executed in the name of said Town
of Southold , Suffolk County, New York, by its Supervisor, sealed
with its corporate seal, attested by its Town Clerk, and the same
shall - be in substantially the form attached hereto. Such note is
hereby sold at private sale to The North Fork Bank S Trust Company,
x t ! -3- •
in Mattituck , New York, at a price of not less than par and accrued
interest, if any. To the best of my knowledge and belief , nc
cfficer or earlcyee of said Town has an interest in the sale of said
note prohibited by Article 18 of the General Municipal Law, as
amended .
rated : Scuthcld , New York
Ncvemrer 4, 1982.
Supervisor
An executed counterpart of the foregoing certificate, with form
cf ncte attached, was filed with the Town Board of said Town of
Southold on hcvember 4 , 1982 .
Town Clerk
CORPCRATF
SEAI
UNITED STATES OF AMERICA
STATE OF NEW YORK •
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
POND ANTICIPATION NOTE, 1982 (RENEWAL)
No . 2-R $10,000
The Tcwn of Southold , in the County of Suffolk, a
municipality of the State of New York (herein called the
"Otligor") , hereby acknowledges itself indebted and for value
received promises to pay to the bearer of this note the sum of
TEN THOUSAND DOLLARS ($10,000) on November 4, 1983, together with
interest thereon from the ' date hereof at the rate
Cf Seven and 00 hundredths per centum (__2.
) per
annum , payable at maturity. Both principal of and interest on
this note will be paid in lawful money of the United States of
America at The North Fork Bank & Trust Company, in Mattituck , New
York .
This note say be redeemed at any time prior to maturity by
said Obligor upon giving written notice to the holder and
interest shall cease as of the date fixed for redemption.
This note may not be converted into registered form.
This note is one of a total authorized issue of $10,000
issued pursuant to proceedings duly adopted by the Finance Board
cf the Obligcr , en August 12, 1980 , and also pursuant to: "BOND
ANTICIPATICN RENEWAL NOTE CERTIFICATE DATED NOVEMBER 4, 1982.
CERTIFICATE CF THE SUPERVISOR OF THE TOWN OF SOUTHOLD, SUFFOLK
COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A $10,000 BOND
ANTICIPATICN RENEWAL NOTE OF SAID TOWN TO PAY PART OF THE COST OF
THE ACQUISITICN OF CERTAIN REAL PRCPERTY IN AND FOR THE MATTITUCK
PARK DISTRICT IK SAID TOWN . "
The faith and credit of the Obligor are hereby irrevocably
pledged fcr the punctual payment of the principal of and interest
cn this note according to its terms .
It is certified and recited that all conditions, acts and
things required by the Constitution and statutes of the State of
New York to exist, to have happened and to have been performed
precedent tc and in the issuance of this note, exist, have
happened and have been performed, and that this note, together
with all other indebtedness of the Obligor is within every debt
and other limit prescribed by the Constitution and laws of such
State .
IN WITNESS WHEREOF, the Obligor , in accordance with the
proceedings authorizing this note, has caused this note to be
signed and its corporate seal to be hereunto affixed and attested
as appears below , and this note to be dated as of November 4 ,
1982.
TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK
(SEAL )
ATTEST :
_. Lj
--- -- ---------- By ----------------------
Clerk Supervisor
CLOSING CERTIFICATE
We, the undersigned do hereby certify :
That we are the officers of the Tcwn of Southold, Suffolk
County, New Ycrk , (hereinafter called the "Obligor") indicated by
the official title set opposite our respective signatures to this
certificate .
That we did officially execute a $10,000 Bond Anticipation Note,
1982 (Renewal ) , of said Obligor, dated November 4, 1982, numbered
2-R , of the denomination of $10 ,000, bearing interest at the rate
cf 7 R Fer annum, payable at maturity and maturing November 4,
1983 , with prerayment reserved.
That no litigation of any nature is new pending or, to our
knowledge, threatened (a) to restrain or enjoin the issuance cr
delivery of said obligations or the levy and collection of taxes or
assessments tc pay the same, (b) in any manner questioning or
affecting, directly or indi-rectly, the validity of said obligations
cr the proceedings or authority for the issuance thereof , or (c)
contesting the corporate existence or boundaries of the Obligor or
the title cf the undersigned officers to their respective offices;
that nc authority or proceedings for the issuance of said
obligations has been repealed, revoked or rescinded , that the
corporate seal of the Obligor, or a facsimile thereof, has been
impressed or imprinted on all of said obligations; and that on the
date of the execution of said obligations and on the date set forth
below , we were and are the duly chosen, qualified and acting
officers indicated therein and on this certificate and duly
authcr12ed tc execute said obligations.
That cn the date of this certificate, said obligations were
actually delivered to the purchaser thereof against receipt of the
purchase price as follows:
_2-
Principal (par value) : $10,000.00
zremium : $ -0-
Accrued interest from date of said
cbligaticns to date of delivery : $ -0-
TOTAL:
0-TOTAL: $10,000.00
NITNESS cur cfficial signatures on November 4, 1982, being the
date of the actual delivery of said obligations, as aforesaid.
Official Term of Office
�3gnaare Title Egpires__
Supervisor
Town Clerk
I hereby certify that the signatures of the officers above
subscrired are true and genuine .
IRS. C�U;,u 2L?W
v i.LI'���yy t1T B1'�►
_ � a
frg lQ• l�fr£�°L iMM
� ti 1 e)-
81517.302P
Arbitrage Certificate
$1C ,000 Bond Anticipation Note, 1982 (Renewal)
I certify that I am the Supervisor of the Town of Southold,
Suffclk County, Nen York (the "Issuer") ; that as such officer I am
responsible, with others, for issuing the above-mentioned Note of
the Issuer; and that:
1 . Set forth below are the Issuer 's expectations on the date of
issue of the Ncte regarding the amount and use of the proceeds of
the Note and the facts and estimates on which they are based. To
the rest of my knowledge and belief, the Issuer 's expectations are
reascnahle. Eased on these expectations, the proceeds of the Note
will not be used in a manner that would cause them to be an
"arbitrage bond" under Section 103 (c ) of the Internal Revenue Code
cf 1954 , as amended ( the "Code") and the Treasury Regulations
thereunder (the "Regulations" ) .
2 . $10,C00 cf the proceeds of the Note will be used to redeem,
at its maturity, the Issuer 's outstanding bond anticipation rote
(the "Prior Issue") which were issued to finance, or to refund
obligations issued to finance, the project set forth in the bond
anticipation note certificate of the Supervisor , dated November 4,
1982 , which is incorporated herein by reference. Such project is
hereinafter referred to as the "Refunded Project".
• -2- •
3 . All cf such $10,000 proceeds will be expended to discharge
the Prior Issues cn or prior to November 4, 1982 and until that time
will not be invested.
4 . All proceeds of all obligaticns originally issued to finance
the "Refunded Frcject" and directly or indirectly refunded by the
Note , have been or will be expended within three years of their
respective date of issue. Such expenditures have been or will be
recorded in the Issuer's financial records.
5 . Within one year of receipt all amounts earned from
investment cf proceeds of the Note will be expended to pay debt
service cn the Ncte or on obligations issued to refund the Note.
60 It is reasonably expected that all payments of principal or
interest on the Note (other than those described in paragraph 5 and
other than those made from refunding obligations) shall be made from
the current annual revenues of the Issuer.
7 . The Issuer has not received notice that its certificate as
to arbitrage may not be relied upon with respect to its issues, nor
has it been advised that any such adverse action is contemplated by
the Commissioner of Internal Revenue .
F . There is not expected to be any fund not described above
that will (a ) be needed to pay principal or interest on the Note,
(b ) replace funds that will be used to pay principal or interest on
the Note, or (c) be pledged to secure the Note.
9 . This arbitrage certificate describes the Issuer 's
expectations with regard to all governmental obligations (a) issued
at substantially the same time as the Note, (b) sold pursuant to a
common plan cf financing with the Note, and (c) to be paid out of
0
suhstantially the same source of funds (or that Will bave
substantially the same claim to be paid out of substantially the
same source cf funds) as will be used to pay the Note.
To the best of my knowledge and belief, there are no ether
facts, estimates or circumstances that would change the foregoing
hatters .
IN WITNESS WHEREOF, I have hereunto set my hand on November 4,
1982.
Supervisor
WILLKIE FARR a GALLAGHER
ONE CITICORP CENTER
ROBERT S.AMDU RSKY*• CHARLES I.KING5ON 153 EAST 53RD STREET ETHAN ALLEN
ARMANDO T.BELLY ARTHUR D.KOWALOFF WALSTON S.BROWN
JOSEPH L.BROADROADWIN BURTON
EM...EIBERT
KENNETHJ. N BUTENEW YORK, N.Y. 10022 WALTER H.BROWN,JR.
S �•
JAMES S.BROWN,JR. IRA H.LUSTGARTEN ROSWELL C.DIKEMAN
THOMAS L.BRYAN MICHAEL O.MARKSMARK F.HUGHES
HOWARD C.BUSCHMAN III RAYMOND W.MERRITT (212) 935-8000 MI LLARD L.MIDONICK
DALE S.COLLINSON THOMAS S.MONFRIED - SIDNEY L.SMITH
ALLAN F.CONWILL PAULA J.MUELLER COUNSEL
PH ILIP D.CORSI JACK H.NUSBAUM _
LOUIS A.CRACO BRIAN M.O'BRIEN CABLE"CONVEYANCE NEW YORK"
JOHN S.D'ALIMONTE ANTHONY F.PHILLIPS
STEPHEN I.DANZANSKYDAVID B.REA TELEX:233780(RCA)
JAMES N.EDGAR ROBERT F.ROLNICK• 12-7679(W U)
THORNTON G.EDWARDS THOMAS M.ROTHMAN -
DWIGHT W.ELLIS III DANIEL SCHLOENDORN 818 CONNECTICUT AVENUE,N.W.
CORNELIUST.FINNEGAN III PETER W.SCHMIDT WASHINGTON,D.C.20006
STEPHEN B.FLOOD DAVID H.SCHWARTZ A• TELEPHONE:(202) 328-8000
DAVID L.FOSTER IVAN SHAPI RO TELEX:89-2762
ALEXANDER T.GALLOWAY 11 PATRICIA S.SKIGEN
WILLIAM J.GRANT,JR. HARVEY L.SPERRY (]p
STEPHEN W.GREINER DUNCAN J.STEWART November 1 !^7, 19 s 2 16,AVENUE PIERRE1KR DE SERBIE
PHILLIP H.HARRIS CHESTER J.STRAUB 75116 PARIS,FRANCE
ROBERT B.HODES WILLIAM T.SULLIVAN TELEPHONE:PARIS 723-5156
LOUIS L.HOYNES,JR. C.SCOTT SYKES,JR. CABLE"CONVEYANCE PARIS"
RANDALL A.HUFFMAN SUSAN P.THOMASES TELEX:842-620080
PETER H.JAKES ALLAN TRUMBULL
PETER J.KENNY BRENT W.WHITE
ROBERT J.KNEEL
•MEMBER OF DISTRICT OF COLUMBIA BAR
•�MEMBER OF NEW YORKAND D.C.BARS
OTHERS ADMITTED IN NEW YORK
Town of Southold
County of Suffolk
State of New York
Town of Southold, Suffolk County, New York
$10, 000 Bond Anticipation Note, 1982 (Renewal)
Dear Sirs:
We have been requested to render our opinion as to the
validity of a $10, 000 Bond Anticipation Note, 1982 (Renewal) ( the
"Note" ) , of the Town of Southold, County of Suffolk, New York (the
"Issuer") , dated November 4, 1982, numbered 2-R, of the
denomination of $10, 000, bearing interest at the rate of 7% per
annum, payable at maturity , and maturing November 4, 1983, with
prepayment reserved.
We have examined the Constitution and statutes of the State of
New York and the Internal Revenue Code of 1954, as amended,
including particularly Section 103 thereof , and the regulations of
the United States Treasury Department thereunder. We have a'-so
examined a certified copy of proceedings of the finance board of
the Issuer and other proofs authorizing and relating to the
issuance of the Note, including the form of the Note. In
rendering the opinions expressed herein we have assumed the
accuracy and truthfulness of all public records, documents and
proceedings examined by us which have been executed or cezti-ied
by public officials acting within the scope of their official
capacities, and have not verified the accuracy or truthfulness
thereof. we also have assumed the genuineness ct the sicnat..res
appearing upon such public records, documents and proceedings and
the certifications thereof .
• •
Town of Southold,
Suffolk County , New York November 17, :9c2
In our opinion:
(a) The Note has been authorized and issued in accordance wit-h t:.e
Constitution and statutes of the State of New York and
constitutes a valid and legally binding general obligation of
the Issuer , all the taxable real property within which is
subject to the levy of ad valorem taxes to pay the Note and
interest thereon, without limitation as to rate or amount;
provided, however , that the enforceability (but not the
validity) of the Note may be limited by any applicable
bankruptcy, insolvency or other law now existing or herea:te:
enacted by said State or the Federal government affecting —e
enforcement of creditors' rights ; and
(b) The Note is not an "arbitrage bond" and interest on the Lote
is exempt under existing statutes and court decisions frcr,
Federal income taxes, from New York State income taxes, and
from the New York City "personal income tax on residents' ant
"earnings tax on nonresidents" .
The scope of our engagement in relation to the issuance cf t.;-Le
Note has extended solely to the examination of the facts and law
incident to rendering the opinions expressed herein. Such
opinions are not intended and should not be construed to express
or imply any conclusion that the amount of real property subect
to taxation within the boundaries of the Issuer, together with
other legally available sources of revenue, if any, will be
sufficient to enable the Issuer to pay the principal of or
interest on the Note as the same respectively become due and
payable. We have not examined , reviewed or passed upon the
accuracy, completeness or fairness of any factual information
which may have been furnished to any purchaser of the Note by cr
on behalf of the Issuer and, accordingly, we express no opinion as
to whether the Issuer , in connection with the sale of the Note,
has made any untrue statement of a material tact or omitted to
state a material fact necessary in order to make any statements
made, in the light of the circumstances under which they we_e
nave, not misleading .
Very truly yours,
nr �� ;�
81517 .302P
BOND ANTICIPATION RENEWAL NOTE CERTIFICATE DATED NOVEMBER
4 , 1983 .
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A
$5 , 000 BOND ANTICIPATION RENEWAL NOTE OF SAID TOWN TO PAY
PART OF THE COST OF THE ACQUISITION OF CERTAIN REAL
PROPERTY IN AND FOR THE MATTITUCK PARK DISTRICT IN SAID
TOWN.
I , the undersigned Supervisor of the Town of Southold, Suffolk
County, New York, DO HEREBY CERTIFY:
1 . Pursuant to a bond resolution dated August 12, 1980 , duly
adopted by the Town Board of said Town on said date, authorizing the
issuance of $15, 000 serial bonds of said Town to pay part of the cost
of the acquisition of certain real property, as therein described, in
and for said Park District in said Town, which is an assessable
improvement, and delegating to me, as chief fiscal officer , power to
authorize the issuance of and to sell bond anticipation notes ,
including renewals thereof, in anticipation of the issuance and sale
of said bonds , which power is in full force and effect and has not
been modified, amended or revoked, I HEREBY AUTHORIZE the issuance of
a bond anticipation renewal note of said Town in the principal amount
of $5, 000 in anticipation of the sale of said bonds . Said renewal
note shall be dated November 4 , 1983 , shall be numbered 3-R, shall be
of the denomination of $5, 000, shall bear interest at the rate
of six and 00 per centum ( 6 %) per annum,
payable at maturity, shall mature on November 2, 198-4 , with
prepayment reserved, and both principal of and interest on said note
• -2- •
shall be payable in lawful money of the United States of America
at The North Fork Bank & Trust Company . Mattituck in New York . Such note
,
is a renewal note .
2 . The specific object or purpose for which said note is hereby
authorized to be issued is to pay part of the cost of the aforesaid
specific object or purpose . The amount of serial bonds now remaining
to be issued therefor is $5 , 000 .
3 . The note herein authorized is issued for the purpose of
renewing, in part , the outstanding $10 , 000 Bond Anticipation Note,
1982 (Renewal) , numbered 2-R, dated November 4 , 1982 and maturing
November 4 , 1983 , which is the only bond anticipation note presently
outstanding in anticipation of the sale of said bonds . The balance
of said outstanding note, in the amount of $5 , 000 , will be paid from
available current funds appropriated therefor , and shall constitute
the second installment of the principal amount of such indebtedness ,
the sum of $5 , 000 has heretofore been paid from a source other than
the proceeds of bonds or bond anticipation notes on November 4 , 1982 ,
which amount constituted the first installment of the principal
amount of such indedtedness . The date of the first bond anticipation
note issued in anticipation of the sale of said bonds was November 6 ,
1980 .
4 . Such note shall be executed in the name of said * Town of
Southold, Suffolk County, New York, by its Supervisor , sealed with
its corporate seal , attested by its Town Clerk, and the same shall be
in substantially the form attached hereto . Such note is hereby sold
at private sale t o The North Fork Bank & Trust Compainy i n Mattituck , New
York, at a price of not less than par and accrued interest , if any.
To the best of my knowledge and belief, no officer or employee of
said Town has an interest in the sale of said note prohibited by
Article 18 of the General Municipal Law, as amended.
Dated: Southold, New York
November 4 , 1983 .
Supervisor
An executed counterpart of the foregoing certificate, with form
of note attached, was filed with the Town Board of said Town of
Southold, New York on November 4 , 1983 .
wn Clerk
(CORPORATE
SEAL)
UNITED-STATES-OF AMERICA
• STATE OF NEW YORK .
COUNTY OF SUFFOLK
TOWN OF SOUTHOLD
BOND ANTICIPATION NOTE, 1983 (RENEWAL)
No . 3-R $5 , 000
The Town of Southold, in the County of Suffolk, a
municipality of the State of New York (herein called the'
"Obligor" ) , hereby acknowledges itself indebted and for the value
received promises to pay to the bearer of this note the sum. of
FIVE THOUSAND DOLLARS ($5, 000) on November 2 , 1984 , together with
interest t�ereon from the date hereof at the rate of
six an 0 per centum ( 6 %) per annum, payable at - -
maturity. Both principal of and interest on this note will be
paid in lawful money of the United States of America at The North Fork Bank &
Trus t Company in Mattituck New York.
This note may be redeemed at any time prior to maturity by
said Obligor upon giving written notice to the holder , and
interest shall cease as of the date fixed for redemption.
This note may not be converted into registered form.
This note is one of a total authorized issue of $5 , 000 ,
issued pursuant to proceedings duly adopted by the Finance Board
of-the Obligor , on August 12, _ 1980 , and also pursuant. to "BOND, _ _
ANTICIPATION RENEWAL NOTE CERTIFICATE DATED NOVEMBER 4 , 1983 :
CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF SOUTHOLD, SUFFOLK
-
COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A $5 , 000 BOND
ANTICIPATION RENEWAL NOTE OF SAID TOWN TO PAY PART OF THE COST OF
THE ACQUISITION OF CERTAIN REAL PROPERTY IN AND FOR THE MATTITUCK
PARK DISTRICT IN SAID TOWN. "
The faith and credit of the Obligor are hereby irrevocably
pledged for the punctual payment of the principal of and interest
on this note according to its terms .
It is certified and recited that all conditions, acts and
things required by the Constitution and statutes of the State of
New York to exist, to have happened and to have been. performed
precedent to and in the issuance of this note, exist , have
happened and have been performed, and that this note, together.
with all other indebtedness of the Obligor is within every debt
and other limit prescribed by the Constitution and laws of such
State.
IN WITNESS WHEREOF, the Obligor, in accordance with the
proceedings authorizing this note, has caused this note to be
signed and its corporate seal to be hereunto affixed and attested
as appears below, and this note to be dated as of November 4 , 1983 .
TOWN OF SOUTHOLD,
SUFFOLK COUNTY, NEW YORK
(SEAL)
ATTEST:
By
Town Clerk Supervisor
CLOSING CERTIFICATE
We the undersigned do hereby certify:
That we are the officers of Town of Southold, Suffolk County,
New York, (hereinafter . called the ''Obligor" ) indicated by the
official title set opposite our respective signatures to this
certificate .
That we did officially execute a $5 , 000 Bond Anticipation Note,
1983 (Renewal ) , of said Obligor , dated November 4 , 1983 , numbered
3-R, of the denomination of $5 , 000 , bearing interest at the rate
of 6 % per annum, payable at maturity and maturing November 2 ,
1984 , with prepayment reserved.
That no' litigation of any nature is now pending or , to our
knowledge, threatened (a) to restrain or enjoin the issuance or
delivery of said obligations or the levy and collection of taxes or
assessments to pay the same, (b) in any manner questioning or
affecting, directly or -indirectly, the validity of said obligations
or the proceedings or authority for the issuance thereof , or (c)
contesting the corporate existence or boundaries of the Obligor or
the title of the undersigned officers to their respective offices ;
that no authority or proceedings for the issuance of said
obligations has been repealed, revoked or rescinded, that the
corporate seal of the Obligor , or a facsimile thereof , has been
impressed or imprinted on all of said obligations; and that on the
date of the execution of said obligations and on the date set forth
below, we were and are the duly chosen, qualified and acting
officers indicated therein and on this certificate and duly
authorized to execute said obligations .
That on the date of this certificate , said obligations were
actually delivered to the purchaser thereof against receipt of the
purchase price as follows :
-2-
Principal (par value) : $5, 000 . 00
Premium: $ -0-
Accrued interest from date of said
obligations to date of delivery: $ -0-
TOTAL: $5 , 000 . 00
WITNESS our official signatures on November 4 , 1983 , being the
date of the actual delivery of said obligations , as aforesaid.
Official Term of Office
Signature Title Expires
Supervisor kee-em,0e2 03/, 1C/ J'
Town Clerk
I hereby certify that the signatures of the officers above
subscribed are true and genuine . �y
NORfi IZIL 8T CO.
6y (S i nat
H.Y.Cort.Manufacturers Hanov
81517 . 302P
Arbitrage Certificate
$5 , 000 Bond Anticipation Note, 1983 (Renewal)
I certify that I am the Supervisor of the Town of Southold,
Suffolk County, New York (the " Issuer" ) ; that as such officer I am
responsible, with others , for issuing the above-mentioned Note of
the Issuer; and that :
1 . Set forth below are the Issuer ' s expectations on the date of
issue of the Note regarding the amount and use of the proceeds of
the . Note and the facts and estimates on which they are based. To
the best of my knowledge and ' belief, the Issuer ' s expectations are
reasonable. Based on these expectations , the proceeds of the Note
will . not be used in a manner that would cause them to be an
"arbitrage bond" under Section 103(c) of the Internal Revenue Code
of 1954 , as amended (the "Code" ) and the Treasury Regulations
thereunder (the "Regulations" ) .
2 . $5 , 000 of the proceeds of the Note will be used to redeem,
at its maturity, the Issuer ' s outstanding bond anticipation note
(the "Prior Issue" ) which was issued to finance, or t:.) refund
obligations issued to finance, the project set forth in the bond
anticipation renewal note certificate of the Supervisor , dated
November 4 , 1983 , which is incorporated herein by reference. Such
project is hereinafter referred to as the "Refunded Project" .
-2- _
3 . All of such $5 , 000 proceeds will be expended to discharge
the Prior Issue on or prior to November 4 , 1983 and until that time
will not be invested.
4 . All proceeds of all obligations originally issued to finance
the "Refunded Project" and directly or indirectly refunded by the
Note, have been or will be expended within three years of their
respective date of issue . Such expenditures have been or will be
recorded in the Issuer ' s financial records .
5 . Within one year of receipt all amounts earned from
investment of proceeds of the Note will be expended to pay debt
service on the Note or on obligations issued to refund the Note.
6 . It is reasonably expected that all payments of principal or
interest on the Note (other than those described in paragraph 5 and
other than those made from refunding obligations) shall be made from
the current annual revenues of the Issuer .
7 . The Issuer has not received notice that its certificate as
to arbitrage may not be relied upon with respect to its issues , nor
has it been advised that any such adverse action is contemplated by
the Commissioner of Internal Revenue.
8 . There is not expected to be any fund not described above
that will (a) be needed to pay principal or interest on the Note,
(b) replace funds that will be used to pay principal or interest on
the Note, or (c) be pledged to secure the Note.
9 . This arbitrage certificate describes the Issuer ' s
expectations with regard to all governmental obligations (a) issued
at substantially the same time as the Note, (b) sold pursuant to a
common plan of financing with the Note, and (c) to be paid out of
-3-
substantially the same source of funds (or that will have
substantially the same claim to be paid out of substantially the
same source of funds) as will be used to pay the Note.
To the best of my knowledge and belief , there are no other
facts , estimates or circumstances that would change the foregoing
matters .
IN WITNESS WHEREOF, I have hereunto set my hand on November 4 ,
1983 .
rT
Supervisor
WILLKIE FARR a GALLAGHER
ONE CITICORP CENTER
ROBERT S.AMDURSKY*' CHARLES I.KINGSON 153 EAST 53RD STREET ETHAN ALLEN
AR MANDO T.BELLY ARTHUR D.KOWALOFF WALSTON S.BROWN
KENNETH J.BIALKIN JAY F.LEARY ' NEW YORK, N. Y. 10022 WALTER H.BROW N,JR.
ROGER D.BLANC BURTON M.LEISERT• ROSWELL C.DIKEMAN
JOSEPH L.BROADWIN IRA H.LUSTGARTEN MARK F.HUGHES
JAM ES S.BROWN,JR. MICHAEL G.MARKS (212) 935-8000 MILLARD L.MIDONICK
THOMAS L.BRYAN RAYMOND W.MERRITT
COUNSEL
DALE S.COLLINSON THOMAS S.MONFRIED
ALLAN F.CONWILL BRUCE M.MONTGOMERIE
CABLE"CONVEYANCE NEW YORK"
PHILIP D.CORSI PAULA J.MUELLER
LOUIS A.CRACO JACK H.NUSBAUM TELEX:233780-7679(RCA)
JOHN S.D'ALIMONTE BRIAN M.O'BRI EN 12-7879 (W U)
STEPHEN I.DANZANSKY• ANTHONY F.PHILLIPS
JAMES N.EDGAR DAVID B.RFA BIB CONNECTICUT AVENUE,N.W.
DWIGHT W.ELLIS M ROBERT F.ROLNICK• WASHINGTON,D.C.20006
CORNELIUS T.FINNEGAN III THOMAS M.ROTHMAN TELEPHONE:(202)328-8000
JOHN D.FITZSIMMONS PHILIPPE M.SALOMON TELEX:89-2762
STEPHEN B.FLOOD DANIEL SCHLOENDORN -
DAVID L.FOSTER PETER W.SCHMIDT 16,AVENUE PIERRE 1-DE SERBIE
ALEXANDER T.GALLOWAY U DAVID H.SCHWARTZ#
WILLIAM J.GRANT,JR. IVAN SHAPIRO p 75118 PARIS,FRANCE
STEPHEN W.GREINER PATRICIA S.SKIGEN November 21 , 19 8 3 TELEPHONE:PARI5 723-5158
R
PHILLIP H.HARRIS* HARVEY L.SPERRY CABLE"CONVEYANCE PARIS"
ROBERT B.HODES DUNCAN J.STEWART TELEX:842-620080
LOUIS L.HOYN ES,JR. CHESTER J.STRAUB -
RANDALLA.HUFFMAN SUSAN P.THOMASES
PETER H.JAKES ALLAN TRUMBULL
PETERJ.KENNY PHILIP L.VERVEER•
ROBERT J.KNEEL*' BRENT W.WHITE
•MEMBER OF DISTRICT OF COLUMBIA BAR
••MEMBER OF NEW YORK AND D.C.BARS
OTHERS ADMITTED IN NEW YORK
Town of Southold
County of Suffolk
State of New York
Town of Southold , Suffolk County, New York
$5,000 Bond Anticipation Note , 1983 (Renewal)
Dear Sirs:
We have been requested to render our opinion as to the
validity of a $5 ,000 Bond Anticipation Note, 1983 (Renewal) (the
"Note" ) , of the Town of Southold, County of Suffolk, New York (the
"Issuer" ) , dated November 4 , 1983, numbered 3-R, of the
denomination of $5 ,000, bearing interest at the rate of 6 .00% per
annum, payable at maturity , and maturing November 2 , 1984 , with
prepayment reserved.
We have examined the Constitution and statutes of the State of
New York and the Internal Revenue Code of 1954, as amended,
including particularly Section 103 thereof , and the regulations of
the United States Treasury Department thereunder. We have also
examined a certified copy of proceedings of the finance board of
the Issuer and other proofs authorizing and relating to the
issuance of the Note, including the form of the Note. In
rendering the opinions expressed herein we have aasumed the
accuracy and truthfulness of all public records, documents and
proceedings examined by us which have been executed or certified
by public officials acting within the scope of their official
capacities, and have not verified the accuracy or truthfulness
thereof. We also have assumed the genuineness of the signatures
appearing upon such public records, documents and proceedings and
the certifications thereof .
Town of Southold ,
Suffolk County, New York -2- November 21 , 1983
In our opinion:
(a) The Note has been authorized and issued in accordance with the
Constitution and statutes of the State of New York and
constitutes a valid and legally binding general obligation of
the Issuer , all the taxable real property within which is
subject to the levy of ad valorem taxes to pay the Note and
interest thereon, without limitation as to rate or amount;
provided, however , that the enforceability (but not the
validity) of the Note may be limited by any applicable
bankruptcy, insolvency or other law now existing or hereafter
enacted by said State or the Federal government affecting the
enforcement of creditors' rights; and
(b) The Note is not an "arbitrage bond" and interest on the Note
is exempt under existing statutes and court decisions from
Federal income taxes, from New York State income taxes, and
from the New York City "personal income tax on residents" and
"earnings tax on nonresidents" .
The scope of our engagement in relation to the issuance of the
Note has extended solely to the examination -of the facts and law
incident to rendering the opinions expressed herein. Such
opinions are not intended and should not be construed to express
or imply any conclusion that the amount of real property subject
to taxation within the boundaries of the Issuer , together with
other legally available sources of revenue , if any, will be
sufficient to enable the Issuer to pay the principal of or
interest on the Note as the same respectively become due and
payable. We have not examined , reviewed or passed upon the
accuracy, completeness or fairness of any factual information
which may have been furnished to any purchaser of the dote by or
on behalf of the Issuer and, accordingly, we express no opinion as
to whether the Issuer, in connection with the sale of the Note,
has made any untrue statement of a material fact or omitted to
state a material- fact necessary in order to make any statements
made, in the light of the circumstances under which they were
made, not misleading.
Very truly yours,
hm
c