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2001-2-12808172.1 90427-367P At a workshop meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held the Town Hall, 20 Middlebush Road, in Wappinger Falls, New York, in said Town, on Febr a r�r 1 ? _, 2001, at 7.3a . o'clock PM .M., Prevailing Time. and upon roll being The meeting was called to order by (+rm[`nc17 ClD cMTTu , called, the following were PRESENT: SUPERVISOR SMITH COUNCILMAN VALDATI COUNCILMAN BETTINA COUNCILMAN RUGGIERO COUNCILMAN PAOLONI ABSENT: The following resolution was offered by '' 011 C11 MAN 1AT T)ATT who moved its adoption, seconded by nou_N TT MAN BFTTTNA , to -wit: BOND RESOLUTION DATED FEBRUARY ! 12 '2001. RIAL A RESOLUTION AUTHORIZING �PINGER, DUTCHESSISSUANCE OF B,590,000 COUNTY, NEW BONDS OF THE TOWN O YORK, TO PAY THE COST WAPPINGER WATER IMPROVEMENT AREA 1999-2(R) OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK. WHEREAS, pursuant to proceedings heretofore had and taken in accordance with the provisions of Article 12-C of the Town Law, and more particularly a resolution of the Town Board of the Town of Wappinger dated October 23, 2000, said Town Board has determined it to be in the public interest to establish the Wappinger Water Improvement Area - 1999-2(R) and to provide a certain water improvement therefor at a maximum estimated cost of $8,590,000; and WHEREAS, by order dated January 23, 2001 the State Comptroller granted his approval to the Wappinger Water Improvement Area —1999-2(R) at a cost not to exceed $8,950,000; and WHEREAS, it is now desired to authorize the issuance of $8,590,000 serial bonds of said Town to pay the cost of the water improvement proposed for the Wappinger Water Improvement Area —1999-2(R); and WHEREAS, the aforesaid water improvement has been determined to be an Unlisted Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, the implementation of which as proposed, the Town Board of said Town has determined will not result in any significant environmental effects; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: -2 - Section 1. For the specific object or purpose of paying the cost of the water improvement proposed for Wappinger Water Improvement area 1999 — 2(R), consisting of the implementation of a cost-effective method of addressing existing source, supply and storage problems in specified areas of said Town, by the construction of new water wells together with interconnecting facilities, water mains and original furnishings, equipment, machinery, apparatus, appurtenances, and incidental improvements and expenses in connection therewith, to integrate certain specified existing Water Districts and Improvement Areas in said Town to form a connected system to serve a benefited area in said Town to be known as the Wappinger Water Improvement Area — 1999-2(R), at a maximum estimated cost of $8,590,000, there are hereby authorized to be issued $8,590,000 serial bonds of said Town pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that the plan for the financing of said specific object or purpose is by the issuance of the $8,590,000 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 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 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 -3- manner, as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law. Section 5. 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 its 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 its Town Clerk. Section 6. 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, including, but not limited to the power to sell said bonds to the New York State Environmental Facilities Corporation; provided, however, that in the exercise of these delegated powers, she 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 Town 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 7. 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 matter 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), -4 - 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 Town shall determine. Section 8. 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. Section 9. The Supervisor is hereby further authorized, at her sole discretion, to execute an application, 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 class of objects or purposes described in Section 1 hereof, or a portion thereof, by a serial bond or note issue of said Town in the event of the sale of same to the New York State Environmental Facilities Corporation. -5 - Section 10. The intent of this resolution is to give the Supervisor sufficient authority to execute those agreements, instruments or to do any similar acts necessary to effect the issuance of the aforesaid serial bonds or notes without resorting to further action of this Town Board. Section 11. 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 apportioned and assessed upon the several lots and parcels of land within said Wappinger Water Improvement Area - 1999-2(R) which the Town Board shall determine and specify to be especially benefited by the improvements, 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 12. 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 13. 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 MIC 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 14. This resolution which takes effect immediately shall be published in full in SOUTHERN DUTCHESS NEWSPAPER, 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. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: SUPERVISOR SMITH VOTING AYE COUNCILMAN VALDATT VOTING AYF ('01IN(_ T �T NAVY BETTI j4 VOTING AYE COUNCILMAN RUGGIERO VOTING AYE. COUNCILMAN PAOLONI VOTING AYE The resolution was thereupon declared duly adopted. STATE OF NEW YORK ) ) ss.: COUNTY OF DUTCHESS ) I, the undersigned Clerk of the Town of Wappinger, Dutchess County, New York, DO HEREBY CERTIFY: That I have compared the annexed extract of the minutes of the meeting of the Town Board of said Town, including the resolution contained therein, held on February 12 , 2001, with the original thereof on file in my office, and that the same is a true and correct transcript therefrom and of the whole of said original so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that all members of said Board had due notice of said meeting. I FURTHER CERTIFY that, pursuant to Section 103 of the Public Officers Law (Open Meetings Law), said meeting was open to the general public. I FURTHER CERTIFY that, PRIOR to the time of said meeting, I duly caused a public notice of the time and place of said meeting to be given to the following newspapers and/or other news media as follows: Newspaper and/or other news media Date given Southern Dutchess Newspaper 2/13/01 -2- I FURTHER CERTIFY that PRIOR to the time of said meeting, I duly caused public notice of the time and place of said meeting to be conspicuously posted in the following designated public location(s) on the following dates: Designated Location(s) of posted notice Date of Postinp, Sign Board in front of Town Hall February 13, 2001 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Town, on , 2001. Town Clerk (SEAL)