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2003-2673 .� E),D3 _ � b -7 090427-379P At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held at the Town Hall, 20 Middlebush Road, in Wappinger Falls, New York, in said Town, on November ]0, 2003, at 7 : 30 o'clock _ p .M., Prevailing Time. The meeting was called to order by Supervisor Ruggiero, and upon roll being called, the following were PRESENT: Joseph Ruggiero, Supervisor Robert Valdati, Councilman Christopher Colsey, Councilman Joseph Paoloni, Councilman P ABSENT: Vincent Bettina, Councilman The following resolution was offered by Councilman Colsey who moved its adoption, seconded by Councilman Valdati to -wit: 1277964.1 BOND RESOLUTION DATED NOVEMBER 10 , 2003. A RESOLUTION AUTHORIZING THE ISSUANCE OF $780,000 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY THE COST OF THE CONSTRUCTION OF IMPROVEMENTS FOR EXTENSION NO. I TO THE WAPPINGER PARK WATER DISTRICT OF SAID TOWN AND THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF THE WAPPINGER PARK WATER DISTRICT, AS EXTENDED. WHEREAS, pursuant to proceedings heretofore had and taken in accordance with the provisions of Article 12-A of the Town Law, and more particularly a Final Order dated November 10 , 2003, the Town Board of the Town of Wappinger, Dutchess County, New York, has established Extension No. 1 to the Wappinger Park Water District of the Town of Wappinger and approved the construction of improvements therefor; and WHEREAS, the improvements proposed for said Extension 1 to the Wappinger Park Water District shall consist of service connections proposed for each commercial property in Extension No. 1 from the proposed new water main, as described below, including corporation valves piping and individual curb valves and boxes, as more fully described in the aforesaid Final Order establishing said Extension No. 1 to the Wappinger Park Water District; and WHEREAS, the maximum amount proposed to be expended for said improvements specifically for said Extension No. 1 is $55,850; and WHEREAS, pursuant to the proceedings heretofore duly had and taken in accordance with the provisions of Section 202-b of the Town Law, and more particularly an order dated November 1 o , 2003, the Town Board of the Town of Wappinger, Dutchess County, New York, has determined it to be in the public interest to increase and improve the facilities of the Wappinger Park Water District in said Town, including Extension No. l; and 1277964.1 -2 - WHEREAS, the improvements proposed for the increase and improvement of the facilities of the Wappinger Park Water District in the Town of Wappinger, Dutchess County, New York, including said Extension No. 1, shall consist of the provision of a new water supply service, to include the purchase and installation of approximately 2,700 linear feet of eight inch diameter ductile iron pipe, constructed through a private easement from Route 9 to Old Route 9 and thence in a southerly direction along Old Route 9 to Old Hopewell Road and then over Old Hopewell Road and connecting to the existing Wappinger District Water Park system, construction of various "tie-ins", installation of pressure valves at appropriate locations, purchase and installation of water service connections, purchase of water meters and the abandonment of a portion of the existing Wappinger Park Water District system, together with incidental improvements and expenses in connection therewith; and WHEREAS, the maximum amount proposed to be expended for said increase and improvement of the facilities of the Wappinger Park Water District, including said Extension No. 1, is $724,150, of which amount it is anticipated a $102,150 Community Development Block Grant will be received; and WHEREAS, both the improvements specifically for Extension No. 1 and the improvements for the Wappinger Park Water District, as extended, have been determined to be a Type II Action pursuant to the regulations promulgated pursuant to the regulations promulgated pursuant to the State Environmental Quality Review Act, the implementation of which, as proposed, the Town Board has determined that no environmental review is required; WHEREAS, it is now desired to authorize the financing of each of said improvements; NOW, THEREFORE, BE IT 1277964.1 -3 - RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the specific objects or purposes of paying the cost of the construction of improvements in connection with the establishment of the Extension No. 1 to the Wappinger Park Water District and the construction of improvements in connection with the increase and improvement of the facilities of the Wappinger Park Water District, as extended, there are hereby authorized to be issued $780,000 serial bonds of the Town of Wappinger, Dutchess County, New York pursuant to the provisions of the Local Finance Law, of which amount $55,850 shall be allocated to such Extension No. 1 and of which amount $724,150 shall be allocated to the Wappinger Park Water District as extended, including Extension No. 1. Section 2. It is hereby determined that the maximum estimated cost of the aforedescribed improvements is $780,000 and that the plan for the financing thereof shall consist of the issuance of the $780,000 serial bonds of said Town to be issued pursuant to this bond resolution; provided, however, that the amount of obligations ultimately to be issued shall be reduced by the amount of the Community Development Block Grant referenced in the sixth preamble to this Bond Resolution, which monies shall be credited to the increase and improvement of the facilities of the Wappinger Park Water District. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific objects or purposes is forty years, pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years. Section 4. 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 1277964.1 IMAM 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 5. The faith and credit of said Town of Wappinger, Dutchess County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such bonds as the same respectively become due and payable. There shall be annually assessed upon and collected from the several lots and parcels of land within said Extension 1 to the Wappinger Park Water District in the manner provided by law, an amount sufficient to pay the principal and interest on said bonds as the same become due, but if not paid from such source, all the taxable real property in said Town shall be subject to the levy of ad valorem taxes without; limitation as to rate or amount sufficient to pay the principal of and interest on said bonds as the same shall become due. Section 6. Such bonds shall be in fully registered form and shall be signed in the name of the Town of Wappinger, Dutchess County, New York, by the manual or facsimile signature of the Supervisor and a facsimile of its corporate seal shall be imprinted or impressed thereon and may be attested by the manual or facsimile signature of the Town Clerk. Section 7. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Supervisor, who shall advertise such bonds for sale, conduct the sale, and award the bonds in such manner as he shall deem best for the interests of the Town, including, but not limited to, the power to sell said serial bonds to the New York State Environmental Facilities Corporation, provided, however, that in the exercise of these delegated powers, he shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds. The receipt of the Supervisor shall 1277964.1 be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section S. All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds having substantially level or declining annual debt service and all matters related thereto, prescribing whether manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bonds are to be executed in the name of the Town by the facsimile signature of its Supervisor, providing for the manual countersignature of a fiscal agent or of a designated official of the Town), the date, denominations, maturities and interest payment dates, place or places of payment, and also including the consolidation with other issues, shall be determined by the Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such serial bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and, accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be so collected by the fiscal agent. 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 52.00 of the Local Finance Law, as the Supervisor shall determine. Section 9. The power to issue and sell notes to the New York State Environmental Facilities Corporation pursuant to Section 169.00 of the Local Finance Law is hereby delegated to the Supervisor. Such notes shall be of such terms, form and contents as may be prescribed by said Supervisor consistent with the provisions of the Local Finance Law. 1277964.1 Section 10. The Supervisor is hereby further authorized, at his sole discretion, to execute a project financing and loan agreement, and any other agreements with the New York State Department of Environmental Conservation and/or the New York State Environmental Facilities Corporation, including amendments thereto, and including any instruments (or amendments thereto) in the effectuation thereof, in order to effect the financing or refinancing of the specific object or purpose described in Section 1 hereof, or a portion thereof, by a serial bond, and, or note issue of said Town in the event of the sale of same to the New York State Environmental Facilities Corporation. Section 11. The intent of this resolution is to give the Supervisor sufficient authority to execute those applications, agreements, instruments or to do any similar acts necessary to effect the issuance of the aforesaid serial bonds and, or notes without resorting to further action of this Town Board. Section 12. 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 13. 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 1277964.1 -7- 3) Such obligations are authorized in violation of the provisions of the Constitution. Section 14. This resolution, which takes effect immediately, shall be published in full in Southern Dutchess News Poughkeepsie Journal , the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 8 1. 00 of the Local Finance Law. 1277964.1 The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Joseph Ruggiero VOTING Aye Robert Valdati VOTING_ Aye Christopher Colsey VOTING Aye Vincent Bettina VOTING Absent Joseph Paoloni VOTING Aye The resolution was thereupon declared duly adopted. 1277964.1