2008-2032008-203
A Resolution Amending the Bond Resolution Dated January 27, 2007, Authorizing the
Reconstruction of Buildings at Carnwath Farms, in and for the Town of Wappinger,
Dutchess County, New York, at a Maximum Estimated Cost of $4,000,000 and Authorizing
the Issuance of $4,000,000 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 June 23rd,
2008.
The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
ABSENT:
Christopher J. Colsey
William H. Beale
Vincent F. Bettina (departed at 9:55 PM)
Maureen McCarthy
Joseph P. Paoloni
The following Resolution was introduced by Councilman Beale and seconded by
Supervisor Colsey.
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, by a Bond Resolution dated January 27, 2007, the Town Board of the Town
of Wappinger, Dutchess County, New York, authorized the issuance of $4,000,000 serial bonds of
said Town to pay the cost of the reconstruction of buildings at Camwath Farms, in and for said
Town, including original furnishings, equipment, machinery, apparatus, appurtenances, and other
incidental improvements, expenses and emergency work in connection therewith, and determined
that the period of probable usefulness thereof was to be limited to five years; and
WHEREAS, it has now been determined that it is in the financial interest of said Town to
amortize such serial bonds over a period in excess of five years, the period of probable usefulness of
said class of objects or purposes being fifteen years in accordance with the applicable provisions of
the Local Finance Law; and
WHEREAS, it is now desired to amend such bond resolution dated January 27, 2007
accordingly
NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of
Wappinger, Dutchess County, New York, as follows:
Section 1. Section 3 of bond resolution dated January 27, 2007, more fully described in
the preambles hereof, is hereby amended to read as follows:
"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 12(a)(2) of paragraph a of Section
11.00 of the Local Finance Law. It is hereby determined that the
maximum maturity of the serial bonds herein authorized will
exceed five years."
Section 2. 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 3. Upon this resolution taking effect, the bond resolution of January 27, 2007,
as herein amended, or a summary thereof, shall be published in full 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 4. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE
REFERENDUM.
The foregoing was put to a vote which resulted as follows:
CHRISTOPHER COLSEY, SUPERVISOR
Voting:
AYE
WILLIAM H. BEALE, COUNCILMAN
Voting:
AYE
VINCENT F. BETTINA, COUNCILMAN
Voting:
AYE
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
AYE
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
NAY
Dated: Wappingers Falls, New York
6/23/2008
The Resolution is hereby duly declared adopted.
C
11r1
HN C. M STERSON, TOWN CLERK