2007-1682007-168 COPY
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A Resolution Authorizing, Subject to Permissive Referendum, the Reconstruction And/Or
Resurfacing of Streets Located Throughout and In and for the Town of Wappinger,
Dutchess County, New York, At a Maximum Estimated Cost of $435,000, and Authorizing
the Issuance of $435,000 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 August
27, 2007.
The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor - Joseph Ruggiero
Councilmembers - William H. Beale
Vincent F. Bettina
Joseph P. Paoloni (arrived at 7:38 PM)
Maureen McCarthy
ABSENT:
The following Resolution was introduced by Councilman Paoloni and seconded by
Councilwoman McCarthy.
WHEREAS, all conditions precedent to the financing of the capital project hereinafter
described, including compliance with the provisions of the State Environmental Quality Review
Act as a Type II Action, have been performed; and
WHEREAS, it is now desired to authorize such capital project and its financing;
NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of
Wappinger, Dutchess County, New York, as follows:
Section 1. The reconstruction and/or resurfacing of various Town streets located
throughout and in and for the Town of Wappinger, Dutchess County, New York, including
sidewalks, curbs, gutters, landscaping, grading or improving the rights of way, as well as
incidental improvements and expenses in connection therewith, is hereby authorized, subject to
permissive referendum, at a maximum estimated cost of $435,000.
Section 2. The plan for the financing of the aforesaid maximum estimated cost is by
the issuance of $435,000 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 fifteen years, pursuant to subdivision 20(c) of paragraph
a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum
maturity of the bonds herein authorized will exceed five years.
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 unless paid from other revenues. 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
bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor
,,,, of said Town, 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 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 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 if:
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. Upon this resolution taking effect, the same shall be published in full or
summary form in the official newspaper(s) 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.
Section 10. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE
REFERENDUM.
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
AYE
WILLIAM H. BEALE, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
AYE
Dated: Wappingers Falls, New York
8/27/2007
The Resolution is hereby duly declared adopted.
VOHNCAMASTERSON, TOWN CLERK