1999-05-240133891.01
90427-360
At a regular meeting of the Town Board of the Town of
wappinger, Dutchess County, New York, held at the Town Hall, in
wappinger Falls, New York, in said Town, on the 24th day of May
1999, at o'clock .M., Prevailing Time.
The meeting was called to order by
and upon roll being called, the following were
PRESENT:
ABSENT:
The following resolution was offered by Councilman
who moved its adoption, seconded by Councilman
to -wit:
90427-360
BOND RESOLUTION DATED MAY 24, 1999.
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$363,544 SERIAL BONDS OF THE TOWN OF
WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO
PAY THE COST OF THE PURCHASE OF VARIOUS
ITEMS OF EQUIPMENT AND VEHICLES IN AND FOR
THE TOWN.
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; and
WHEREAS, it is now desired to authorize the financing of such
capital project; NOW, THEREFORE,
BE IT RESOLVF.n, by the Town Board of the Town of Wappinger,
Dutchess County, New York, as follows:
Section 1. For the objects Or purposes of paying the cost of
(a) the purchase of equipment for construction and maintenance
Purposes, each item of which costs $15,000 or less, a class of
objects or purposes, at a maximum estimated cost of $43,105, (b)
the purchase of a pick-up truck, a specific object or purposc, at a
maximum estimated cost of $25,641, and (c) the purchase of
equipment for construction and maintenance purposes, each item of
which costs $30,000 or over, a class of objects or purposes, at a
maximum estimated cost Of $294,798, including, in each case,
original equipment and incidental expenses in connection therewith,
there are hereby authorized to be issued $363,544 serial bonds of
the Town of Wappinger, Dutchess County, New York, pursuant to the
provisions of the Local,Finance Law.
Section 2. It is hereby determined that the aggregate maximum
estimated cost of the aforesaid objects or purposes is $363,544,
and that the plan for the financing thereof is by the issuance of
the $363,544 serial bonds authorized to be issued therefor pursuant
to Section 1 hereof and hereby allocated to each object ar purpose
stated in Section 1 hereof in accordance with the maximum estimated
cost of each specified therein.
Section 3. It is hereby determined that the period of
probable usefulness of the aforesaid purchase of equipment for
construction and maintenance purposes, each item of which costs
$15,000 or less is five years, pursuant to subdivision 28 of
paragraph a of Section 11.00 of the Local Finance Law, and. that the
aforesaid purchase of a pick-up truck is ten years, pursuant to
subdivision 28 of paragraph a of Section 11.00 of the Local Finance
Law, and that the period of probable usefulness of the aforesaid
purchase of equipment for construction and maintenance purposes,
each item of which costs $30,000 or, over is fifteen years, pursuant
to subdivision 28 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. 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 S. The faith and credit of said Town of Wappinges•,
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 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
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 she
shall deem best for the interests of said Town; 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 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 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 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 shell 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 oz 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 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 11. This resolution, which takes effect immediately,
shall be published in full in
�Ii�r c; ..r•i� , 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:
VOTING
VOTING
VOTING
VOTING
VOTING
VOTING
VOTING
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 foregoing copy of the minutes
of the meeting of the members of the Town Board of said Town,
including the resolution contained therein, held on the 24th
day of May, 1999, with the original thereof on file in my
office, and that the same is a true and correct copy of said
original 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 and that, pursuant to Section 103
of the Public Officers Law (Open Meetings Law), said meeting
was open to the general public and that 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:
Newspapers and/or other news media Date given
and that I further 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 Posting
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the seal of said Town, this day of May, 1999.
Town Clerk
(SEAL)
LEGAL NOTICE
NOTICE IS HEREBY GIVEN that the resolution published herewith
has been adopted by the Town Board of the Town of Wappinger,
Dutchess County, New York, at a meeting held on May 24, 1999, and
the validity of the obligations authorized by such resolution may
be hereafter contested only if such obligations were authorized for
an object or purpose for which said Town is not authorized to
expend money, or if the provisions of law which should have been
complied with as of the date of publication of this notice were not
substantially complied with, and an action, suit or proceeding
contesting such validity is commenced within twenty days after the
date of publication of this notice, or such obligations were
authorized in violation of the provisions of the Constitution.
Dated: Wappinger Falls, New York
May , 1999
Town Clerk