2007-064`+ a
2007-64
A Resolution Authorizing the Replacement of Fuel Tanks at Certain Town Facility Sites, in
and for the Town of Wappinger, Dutchess County, New York, at a Maximum Estimated
Cost of $40,000 and Authorizing the Issuance of $40,000 Serial Bonds of Said Town to Pay
the Cost Thereof.
At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on February
26`h, 2007.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT:
Joseph Ruggiero
William H. Beale
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Bettina.
BE IT RESOLVED, by the affirmative vote of not less than two-thirds of the total
voting strength of the Town Board of the Town of Wappinger, Dutchess County, New York, as
follows:
Section 1. The replacement of fuel tanks at certain Town facility sites, in and for the
Town of Wappinger, Dutchess County, New York, including removal of existing tanks and other
incidental expenses in connection therewith, is hereby authorized at a maximum estimated cost
of $40,000.
Section 2. It is hereby determined that the plan for the financing of the aforesaid
maximum estimated cost is by the issuance of $40,000 serial bonds of said Town hereby
authorized to be issued therefor pursuant to the provisions of the Local Finance Law.
Section 3. It is hereby determined that the period of probable usefulness of the
aforesaid class of objects or purposes is five years, pursuant to subdivision 32 of paragraph a of
Section 11.00 of the Local Finance Law.
Section 4. The faith and credit of said Town of Wappinger, Dutchess County, New
York, are hereby irrevocably pledged for the payment of the principal of and interest on such
bonds as the same respectively become due and payable. An annual appropriation shall be made
in each year sufficient to pay the principal of and interest on such bonds becoming due and
payable in such year. There shall annually be levied on all the taxable real property of said
Town, a tax sufficient to pay the principal of and interest on such bonds as the same become due
and payable.
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 be prescribed by said Supervisor, consistent with the
provisions of the Local Finance Law.
Section 6. All other matters except as provided herein relating to the serial bonds
herein authorized including the date, denominations, maturities and interest payment dates,
within the limitations prescribed herein and the manner of execution of the same, including the
consolidation with other issues, and also the ability to issue serial bonds with substantially level
or declining annual debt service, shall be determined by the Supervisor, the chief fiscal officer of
such Town. Such bonds shall contain substantially the recital of validity clause provided for in
Section 52.00 of the Local Finance Law, and shall otherwise be in such form and contain such
recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the
Supervisor shall determine consistent with the provisions of the Local Finance Law.
Section 7. The validity of such bonds and bond anticipation notes may be contested
only ii
1) Such obligations are authorized for an object or purpose for which said
Town 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 8. This resolution shall constitute a statement of official intent for purposes
of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies
are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set
aside with respect to the permanent funding of the object or purpose described herein.
Section 9. This resolution, which takes effect immediately, shall be published in full
or summary form in the official newspaper of said Town for such purpose, together with a notice
of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
Ave
WILLIAM H. BEALE, COUNCILMAN
Voting:
Ave
VINCENT F. BETTINA, COUNCILMAN
Voting:
Aye
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
Ave
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
Ave
Dated: Wappingers Falls, New York
2/26/2007
The Resolution is hereby duly declared adopted.
17OHN C. WASTERSON, TOWN CLERK