2006-174:i
3
COPY
2006-174
A Resolution Authorizing the Reconstruction of Roads throughout and in and for the Town
of Wappinger, Dutchess County, New York, at a Maximum Estimated Cost of $402,000
and Authorizing, Subject to Permissive Referendum, the Issuance of $402,000 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 July 8th,
2006.
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
Robert L. Valdati
Joseph P. Paoloni
Maureen McCarthy
Vincent F. Bettina
The following Resolution was introduced by Councilwoman McCarthy and seconded by
Councilman Valdati.
WHEREAS, all conditions precedent to the financing of the capital projects hereinafter
described, including compliance with the provisions of the State Environmental Quality Review
Act, have been performed;
NOW, THEREFORE, 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 construction of roads throughout and in and for the Town of
Wappinger, Dutchess County, New York, including drainage, sidewalks, curbs, gutters,
landscaping, grading or improving rights-of-way, as well as and other incidental improvements
and expenses in connection therewith, is hereby authorized, at a maximum estimated cost of
$402,000.
Section 2. The plan for the financing of the aforesaid maximum estimated cost is by
the issuance of $402,000 bonds of said Town, hereby authorized to be issued therefore pursuant
to the provisions of the Local Finance Law; PROVIDED, HOWEVER, that to the extent that
any Federal or State grants-in-aid are received for such class of objects or purposes, the amount
of bonds to be issued pursuant to this resolution shall be reduced dollar for dollar.
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. 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,
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 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 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.
Section 10. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE
REFERENDUM.
D
The foregoing was put to a vote which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
AYE
ROBERT L. VALDATI, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
ABSENT
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
AYE
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
AYE
Dated: Wappingers Falls, New York
7/8/2006
The Resolution is hereby duly declared adopted.
9'�' C' ;A, gi21��
�O-HN C. M&TERS
•TOWN CLERK