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2004-070# 70 114643-00001P 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 Wappingers Falls, New York, in said Town, on the 26th __ day of January, 2004, at :3n __ o'clock P.M., Prevailing Time. and upon roll The meeting was called to order by being called, the following were PRESENT: Joseph Ruggiero, Supervisor Robert Valdati, Councilman Vincent Bettina, Councilman Maureen McCarthy, Councilwoman ABSENT: who moved The following resolution was offered by to -wit: its adoption, seconded by Ms 1314446.1 BOND RESOLUTION DATED JANUARY 26,_ 2004 No. 70 A RESOLUTION AUTHORIZING THE ISSUANCE OF $850,368 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY SAID TOWN'S SHARE OF THE COST IN THE OINT LANDFILL LOCATED AT HE DOF THE SO-CALLED UTCHESS EPSIE- WApPINGER J COUNTY AIRPORT. WHEREAS, by Intermunicipal Agreement dated January 19, 1970, as supplemented by Intermunicipal Agreement dated September 11, 2003, the Town of Poughkeepsie, the City of Poughkeepsie, the Town of Wappinger, the Village of Wappingers Falls and the Town of LaGrange operated and maintained a joint sanitary landfill located at the Dutchess County Airport, commonly known as the Poughkeepsie-Wappinger Joint Landfill; WHEREAS, each of the aforesaid municipalities have executed an Order on Consent with the New York State Department of Environmental Conservation, Department of Environmental Conservation Order On Consent File No. R3-20020628-75, pursuant to which such municipalities have agreed to undertake certain closure and remedial actions with respect to the Poughkeepsie-Wappinger Joint Landfill, all in accordance with a certain Closure Investigation Report approved by the Department of Environmental Conservation; and WHEREAS, all conditions precedent to compliance with the aforedescribed Order On Consent and actions to be undertaken in accordance therewith have been complied with or otherwise satisfied; and WHEREAS, it is now desired to authorize the issuance of serial bonds to pay the Town of Wappinger's share of the cost of undertaking the closure and remedial measures set forth in the aforesaid Order On Consent, which aggregate cost of such compliance is estimated to be $6,000,000 and said Town's share of such aggregate cost is estimated to be $850,368; NOW, THEREFORE, BE IT 1314446.1 -2 - 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 Town of Wappinger's share of the cost of the closure and remedial measures to be undertaken at the so-called Poughkeepsie- Wappinger Joint Landfill, in accordance with the Order On Consent described in the preambles hereof, in and for the Town of Wappinger, Dutchess County, New York, including incidental drainage and other incidental improvements and expenses in connection therewith, there are hereby authorized to be issued $850,368 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 the aforesaid specific object or purpose is $850,368, and that the plan for the financing thereof shall be by the issuance of the $850,368 serial bonds authorized 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 twenty years, pursuant to subdivision 6-b 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. 1314446.1 -3 - 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), 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 1314446.1 -4 - 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 his or 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. 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 obligations as 1314446.1 -5 - the same respectively become due and payable. An annual appropriation shall be made in each year est on such obligations becoming due and payable in such sufficient to pay the principal of and inter year. There shall annually be levied on all the taxable real property in said Town a tax sufficient to pay the principal of and interest on such obligations as the same become due and payable. 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, an d 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. Secti=3. 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. Sectio 4. This resolution, which takes effect immediately in accordance with the provisions of Section 35.00(b)(4) of the Local Finance Law and with the aforesaid Order On Poughkeepsie Journal & Consent described in the preambles hereof, shall be published in full, in 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. 1314446.1 The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Councilman Valdati Councilman Bettina Councilwoman Councilman Pao�oni — VOTING Aye VOTING oy VOTING a zp VOTING�—T--- VOTING Aye The resolution was thereupon declared duly adopted. 1314446.1 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 the 26th_ day of January, 2004, 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 Poughkeepsie Journal January 6, 2004 Southern Dutchess News January 6, 2004 1314446.1 1314446.1 I dul caused public notice I FURTHER CERTIFY that P_ to the time of said meeting, in designated public of the time and place of said meeting to be conspicuously posted in the following location(s) on the following dates: Designated Location(s) Date of Posting of posted notice sign Board 20 Middlebush Road Wappingers Falls, NY January 6, 2004 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said Town this" day of January, 2004. (SEAL) - 2 - J, To erk