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2003-145BOND RESOLUTION DATED MAY 27, 2003. NO. #145 A RESOLUTION AUTHORIZING THE ISSUANCE OF UP TO $3,300,000 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY THE COST OF THE PAVING, REPAVING OR RESURFACING OF VARIOUS TOWN ROADS LOCATED THROUGHOUT AND IN AND FOR SAID TOWN. 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, have been performed; and WHEREAS, it is now desired to authorize the financing of such capital project; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the class of objects or purposes of paying the cost of the paving, repaving or resurfacing of various Town roads located throughout and in and for the Town of Wappinger, Dutchess County, New York, including related curbing, sidewalks and drainage where determined to be appropriate, there are hereby authorized to be issued $3,300,000 serial bonds of the Town of Wappinger, Dutchess County, New York, pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that thee maximum estimated cost of such class of objects or purposes is $3,300,000, and the plan for the financing thereof is by the issuance of the $3,300,000 serial bonds of said Town authorized to be issued pursuant to this bond resolution. 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 of paragraph a 1207670.1 -2 - 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 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 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 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 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 she shall deem best for the interests of said Town; provided, however, that in the exercise of these delegated powers, she 1207670.1 -3 - 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 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 the 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 validity of such bonds and bond anticipation notes may be contested only if: 1207670.1 M 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 10. 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 11. Upon this resolution taking effect, the same shall be published in full in Poughkeepsie Journal Southern Dutchess News , the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Section 12. This resolution is adopted subject to permissive referendum in accordance with Section 35.00 of the Local Finance Law. 1207670.1 The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: SUPERVISOR RUGGIERO VOTING AYE COUNCILMAN VALDATI COUNCILMAN BETTINA COUNCILMAN COLSEY COUNCILMAN PAOLONI VOTING AYE VOTING AYE VOTING AYE VOTING AYE The resolution was thereupon declared duly adopted. 1207670.1 090427-00384P At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held at the Town Hall, in Wappinger Falls, New York, in said Town, on the May 27, 2003, at 7:30 o'clock P.M., Prevailing Time. The meeting was called to order by SUPERVISOR RUGGIEROI , and upon roll being called, the following were PRESENT: JOSEPH RUGGIERO, SUPERVISOR ROBERT VALDATI, COUNCILMAN VINCENT BETTINA, COUNCILMAN CHRISTOPHER COLSEY, COUNCILMAN JOSEPH PAOLONI, COUNCILMAN ABSENT: The following resolution was offered by Councilman Paoloni who moved its adoption, seconded by Councilman Bettina , to -wit: 1207670.1