2007-12720071160161019.01 42305-2-24
BOND RESOLUTION
At a Special meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at the Town Hall, in Wappinger, New York, in said Town, on the 27th day of
January, 2007, at 9 o'clock A.M., Prevailing Time.
The meeting was called to order by Supervisor Ruggiero, and upon roll being called, the
following were
PRESENT: Supervisor
Councilmembers
ABSENT:
Joseph Ruggiero
William H. Beale
Vincent F. Bettina
Joseph P. Paoloni
Maureen McCarthy
The following resolution was offered by Councilwoman McCarthy, who moved its
adoption, seconded by Supervisor Ruggiero, to -wit:
BOND RESOLUTION DATED JANUARY 27TH, 2007.
A RESOLUTION AUTHORIZING THE RECONSTRUCTION OF BUILDINGS
AT CARNWATH FARMS, IN AND FOR THE TOWN OF WAPPINGER,
DUTCHESS COUNTY, NEW YORK, AT A MAXIMUM ESTIMATED COST
OF $4,000,000 AND AUTHORIZING THE ISSUANCE OF $4,000,000 SERIAL
BONDS OF SAID TOWN TO PAY THE COST THEREOF.
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;
NOW, THEREFORE, BE IT RESOLVED, by the affirmative vote of not less than
two-thirds of the total voting strength of the Town Board of the Town of Wappinger, Dutchess
County, New York, as follows:
Section 1. The reconstruction of buildings at Carnwath Farms, in and for the Town of
Wappinger, Dutchess County, New York, including original furnishings, equipment, machinery,
apparatus, appurtenances, and other incidental improvements, expenses and emergency work in
connection therewith, is hereby authorized at a maximum estimated cost of $4,000,000.
Section 2. It is hereby determined that the plan for the financing of the aforesaid
maximum estimated cost is by the issuance of $4,000,000 serial bonds of said Town hereby
authorized to be issued therefor pursuant to the provisions of the Local Finance Law.
Section 3. It is hereby determined that the period of probable usefulness of the
aforesaid class of objects or purposes is thirty years, pursuant to subdivision 12(a)(2) 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 not exceed five years.
Section 4. 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 5. 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 6. All other matters except as provided herein relating to the serial bonds
herein authorized including the date, denominations, maturities and interest payment dates,
within the limitations prescribed herein and the manner of execution of the same, including the
consolidation with other issues, and also the ability to issue serial bonds with substantially level
or declining annual debt service, shall be determined by the Supervisor, the chief fiscal officer of
such Town. 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 51.00 of the Local Finance Law, as the
Supervisor shall determine consistent with the provisions of the Local Finance Law.
only if-
Section 7. The validity of such bonds and bond anticipation notes may be contested
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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 8. 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 9. This resolution, which takes effect immediately, shall be published in full
or summary form in the official newspaper of said Town for such purpose, together with a notice
of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law.
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The question of the adoption of the foregoing resolution was duly put to a vote on roll
call, which resulted as follows:
JOSEPH RUGGIERO, SUPERVISOR
Voting:
Aye
WILLIAM H. BEALE, COUNCILMAN
Voting:
Aye
VINCENT F. BETTINA, COUNCILMAN
Voting:
Aye
JOSEPH P. PAOLONI, COUNCILMAN
Voting:
Nay
MAUREEN McCARTHY, COUNCILWOMAN
Voting:
Aye
The resolution was thereupon declared duly adopted.
Q, P— r N, 3 �t� "
HN C. ASTERSON, TOWN CLERK