1977-04-13STATE OF NEW YORK )
) ss.:
COUNTY OF DUTCHESS )
I, the undersigned Supervisor of the Town of Wappinger,
Dutchess County, New York, pursuant to power vested in me by
resolution dated April 13, 1977, authorizing the issuance of
$6,035,000 Public Improvement (Serial) Bonds, 1977, of said
Town, DO HEREBY APPROVE the attached as the form of the bonds
authorized thereby.
WITNESS my signature this ,day of , 1977.
Supervisor
An executed counterpart of the foregoing certificate and
attached bond form were filed with the Town Clerk of said
Town, ..
this : jj' day of � ' ` , 1977.
A
Town Clerk
(SEAL)
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF DUTCHESS
TOWN OF WAPPINGER
$6,035,000 PUBLIC IMPROVEMENT (SERIAL) BOND, 1977
$5F000,
No.
The Town of Wappinger, in the County of Dutchess, a
municipality of the State of New York, hereby acknowledges
itself indebted and for value received promises to pay to the
bearer of this bond, or, if it be registered, to the registered
holder, on the 1st day of May, 19_, the sum of FIVE THOUSAND
DOLLARS ($5,000), and to pay interest on such sum at the rate
of
per centum (% ) Per annum,
on the 1st day of November, 1977, and semi-annually thereafter
on the 1st days of May and November in each year from the date
of this bond until it matures, upon presentation and surrender,
as they severally mature, of the coupons therefor annexed hereto,
or, if this bond be registered, to the registered holder®
Both
principal of and interest on this bond will be paid in lawful
money of the United States of America at Marine Midland Bank
in Wappingers Falls, New York, or, at the option of the holder,
at Marine Midland Bank in New York, New York.
This bond may be converted into a registered bond in accordance
with the provisions of the Local Finance Law.
This bond is one of an authorized issue, the aggregate principal
amount of which is $6,035,000, the bonds of which are of like
date and tenor, except as to number and date of maturity, and
are issued pursuant to separate bond resolutions and pursuant
to a consolidating resolution entitled:
"RESOLUTION DATED APRIL 13, 1977.
A RESOLUTION PROVIDING FOR THE CONSOLIDATION INTO
ONE ISSUE OF SERIAL BONDS OF THE TOWN OF WAPPINGER,
DUTCHESS COUNTY, NEW YORK, AGGREGATING $6,035,000
HERETOFORE SEPARATELY AUTHORIZED BY SAID TOWN FOR
VARIOUS TOWN PURPOSES, AND PROVIDING FOR THE DETAILS
AND SALE THEREOF.",
duly adopted by the Town Board of such Town on the 13th day of
April, 1977, and pursuant to other proceedings of the Town
Board of such Town duly had and taken in all respects authorizing
the same.
The faith and credit of such Town of Wappingers, Dutchess
County, New York, are hereby irrevocably pledged for the punctual
payment of the principal of and interest on this bond according
to its terms.
It is hereby certified, recited and declared that all acts,
conditions and things required by the Constitution and statutes
of the State of New York to exist, to have happened and to have
been performed precedent to and in the issuance of this bond,
exist, have happened and have been performed; and that the issue
of bonds of which this is one, together with all other indebtedness
of such Town is within every debt and other limit prescribed
by the Constitution and laws of the State of New York.
IN WITNESS WHEREOF, the Town of Wappingers, Dutchess County,
New York, has caused this bond to be signed by its Town Supervisor,
and a facsimile of its corporate seal to be imprinted hereon
and attested by its Town Clerk, and the interest coupons hereto
attached to be authenticated by the facsimile signature of said
Supervisor, and this bond to be dated as of the lst day of
May, 1977.
TOWN OF WAPPINGER, DUTCHESS COUNTY,
NEW YORK
B
Y
---Supervisor
ATTEST:
Town C er
(FORM OF COUPON)
No.
November
On the 1st day of May, 19_, the Town of Wappinger, in
the County of Dutchess, a municipality of the State of New York,
will pay to the bearer the sum of
DOLLARS ($) in lawful money of the United States of America
at Marine Midland Bank in Wappingers Falls, New York, or, at
the option of the holder, at Marine Midland Bank in New York,
New York, being six months' interest then due on its Public
Improvement (Serial) Bond, 1977, dated May 1, 1977, and bearing
number
upery sor
CONVERSION CERTIFICATE
I hereby certify that upon the presentation of the within bond
with a written request by the holder thereof for its conversion
into a bond registered as to both principal and interest, I have
this day cut off and destroyed !� coupons attached thereto,
of the amount and value of
Dollars ($...... ) each, being all the coupons for interest on the
within bond payable after the date of this certificate, and that the
interest at the rate and on the dates stated in the within bond and
as was provided by the coupons, as well as the principal, is to be
paid to the registered holder, his legal representatives, successors
or transferees at the places stated in the within bond and as was
stated in the coupons. This bond shall hereafter be transferable only
upon presentation of the same with a written transfer of title.
Such
transfer shall be dated and signed by the registered holder, or his
legal representatives, and it shall be duly acknowledged or proved,
or in the alternative, the signature thereto shall be certified as
to its genuineness by an officer of a bank or trust company located
and authorized to do business in this state.
Dated 19
. _ r.
Supervisor
REGISTRATION CERTIFICATE
it is hereby certified that the within bond has been registered
as follows:
e o
stration Name of Registered Holder Registers
LEGAL OPINION
It is hereby certified
copy of the complete final
Gallagher (Sykes, Galloway
at Law, New York, New York,
executed, dated and issued
payment for the bonds, and
paying agents.
Town of Wappinger,
County of Dutchess,
State of New York
that the following is a true and correct
legal opinion of Messrs. Willkie Farr &
& Dikeman) Attorneys and Counsellors
the original of which was manually
as of the date of delivery of and
a copy of which is on file with the
TOWN OF WAPPINGER, DUTCHESS COUNTY,
NEW YORK
By (here insert same facsimile signature
as appears on bond coupons)
upery sor
TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK
$61035,000 PUBLIC IMPROVEMENT (SERIAL) BONDS, 1977
Dear Sirs:
We have examined into the validity of an issue of
$6,035,000 Public Improvement (Serial) Bonds, 1977, of the
Town of Wappinger, in the County of Dutchess, State of New York,
dated May 1, 1977, numbered from 1 to 1,207, both inclusive,
of the denomination of $5,000 each, bearing interest at the
rate of per centum ( %) per
annum, payible November lo, 1977,79d semi-annually thereafter
on May 1 and November 1, and maturing in numerical order in
the amount of $2100000 on May 1 in each of the years 1978 and
19790 $215,000 on May 1 in 1980, and $225,000 on May 1 in each
of the years 1981 to 2004, both inclusive.
We have examined the Constitution and statutes of the State
of New York and the Internal Revenue Code of 19 54, as amended,
including particularly Section 103 (c) thereof, and the final,
temporary and proposed regulations of the United States Treasury
Department thereunder. We also have examined a certified copy
of the proceedings of the Town Board of said Town, and other
proofs authorizing and relating to the issuance of said bonds,
including executed bond numbered 1 of said issue.
In our opinion, said $6,035,000 bonds have been authorized
and issued in accordance with the Constitution and statutes
of the State of New York and constitute valid and legally binding
general obligations of said Town, all the taxable real property
within which is subject to the levy of ad valorem taxes to pay
said bonds and interest thereon, without limitation as to rate
or amounts provided, however, that the enforceability (but not
the validity) of said bonds may be limited by any applicable
bankruptcy, insolvency or other law now existing or hereafter
enacted by said State or the Federal government affecting the
enforcement of creditors' rights.
Interest on said bonds is exempt under existing statutes
and court decisions from Federal income taxes, from New York
State income taxes, and from the New York City "personal income
tax on residents" and "earnings tax on nonresidents".
The scope of our engagement in relation to the issuance
of said bonds has extended solely to the examination of the
facts and law incident to rendering the opinions expressed herein.
While we have participated in the preparation of the Official
Statement prepared by said Town in relation to said bonds, we
have not verified the accuracy, completeness or fairness of
the factual information contained therein and, accordingly,
we express no opinion as to whether said Town, in connection
with the sale of said bonds, has made any untrue statement of
a material fact or omitted to state a material fact necessary
in order to make any statements made, in the light of the cir-
cumstances under which they were made, not misleading.
Very truly yours,
/s/ Willkie Farr & Gallagher