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2002-168BOND RESOLUTION DATED MAY 28, 2002. NO. 168 A RESOLUTION AUTHORIZING THE ISSUANCE OF $205,000 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF THE OAKWOOD KNOLLS WATER DISTRICT IN SAID TOWN. 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 May 28, 2002, 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 Oakwood Knolls Water District in said Town, at a maximum estimated cost of $205,000; and WHEREAS, said capital project, as proposed, has been determined to be a Type II Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, which regulations state that Type II Actions will not have a significant effect on the environment; and WHEREAS, it is now desired to authorize the financing of such capital project; and NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the specific object or purpose of paying the cost of the increase and improvement of the facilities of the Oakwood Knolls Water District in the Town of Wappinger, Dutchess County, New York, consisting of the purchase and installation of an eight inch ductile iron pipe water main from the interconnection of Spookhill Road and Myers Corners Road to the intersection of Roberts Lane and Myers Corners Road, for the purpose of connecting the Oakwood Knolls Water District to the Central Wappinger Water Improvement Area to provide a new source 986739.1 -2 - of water supply for the Oakwood Knolls Water District, including the purchase and installation of pressure reducing facilities, interconnections and new residential water meters and the disconnection and abandonment of the existing components of the Oakwood Knolls source supply and storage systems, including incidental expenses in connection therewith, there are hereby authorized to be issued $205,000 serial bonds of said Town pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that the maximum estimated cost of said specific object or purpose is $205,000, and that the plan for the financing of the aforesaid specific object or purpose is by the issuance of the $205,000 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 specific object or purpose is 40 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 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 obligations as the same respectively become due and payable. An annual appropriation shall be made in each year 986739.1 -3 - sufficient to pay the principal of and interest on such obligations becoming due and payable in such year. 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; 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 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 8. 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 986739.1 0 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: 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 Sections 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. This resolution which takes effect immediately shall be published in the 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. 986739.1