1978-07-06 SPMA Special Meeting of the Town Board of the Town of Wappinger
was held on July 6, 1978, at the Town Hall, Mill Street,
Village of Wappingers Falls, Dutchess County, New York for
the purpose of considering & enacting a Resolution providing
for the Consolidation of Bonds into one issue namely; Ardmore
Water, Tall Trees Water, Wappinger Sewer II*provement #I,
Mid -Point Storm Drainage, Hunter's Creek Storm Drainage &
Wappinger Sewer Improvement #IV.
Notice of said meeting was mailed to each Board member on June
30, 1978, calling the meeting for 7:00 P.M. on July 6, 1978.
Notices were also given of said meeting to the Poughkeepsie
Journal, Southern Dutchess News (W&SD), and the Beacon Evening
News, Radio Stations WBNR, WHPN, WEOK;and WKIP. A notice
was posted on the Town Clerk's bulletin board on June 30,1978.
Supervisor Diehl opened the meeting at 7:00 P.M.
Present:
Louis Diehl, Supervisor
Nicholas Johnson, Councilman
Leif Jensen, Councilman
Janet Reilly, Councilwoman
Elaine H. Snowden, Town Clerk
Absent:
Bernice Mills, Councilwoman
The following resolution was offered by Councilman JOHNSON
who moved its adoption:
A RESOLUTION AUTHORIZING THE CONSOLIDATION AND
SALE OF $791,400 SERIAL BONDS OF THE TOWN OF
WAPPINGER, DUTCHESS COUNTY, NEW YORK, FOR
VARIOUS PUBLIC IMPROVEMENTS IN SAID TOWN.
BE IT RESOLVED, by the Town Board of the Town of Wappinger,
Dutchess County, New York, as follows:
Section 1. Of the $362,000 serial bonds authorized by
bond resolution dated October 12, 1976, for the construction
of a water supply, storage and distribution system in and for
Ardmore Hills Water Improvement Area in said Town, there shall
be issued and sold only $275,000 serial bonds which shall mature
$13,250 in 1979, $12,150 in 1980, $12,100 in each of the years
1981 to 1992, both inclusive, and $17,400 in each of the years
1993 to 1998, both inclusive, and shall be consolidated with
other issues of bonds of said Town as hereinafter authorized.
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, computed from May 5, 1977, the date of
the first bond anticipation note issued therefor. It is hereby
determified that the sum of $85,000 will be paid from a source
other than the proceeds of bonds or bond anticipation notes on
or before August 4, 1978, in partial payment of bond antici-
pation notes issued for such object or purpose, which amount
shall constitue the first installment of the principal amount
of such indebtedness.
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Section 2. Of the $80,000 serial bonds
authorized by bnn4 resolution dated September 9, 1974, for the
construction of aowater supply and distribution system for the
Tall Trees Water Improvement Area in said Town, there shall be
issued and sold only $55,000 serial bonds, which shall mature
$2,450 in each of the years 1979 to 1992, both inclusive, and
$3,450 in each of the years 1993 to 1998, both inclusive, and
shall be consolidated with other issues of bonds of said Town
as hereinafter authorized. 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 para-
graph a of Section 11.00 of the Local Finance Law, computed
from February 3, 1975, the date of the first bond anticipation
note issued therefore. It is hereby further determined that
principal payments in the respective amounts of $15,000, $3,700
and $3,700 have heretofore been made on February 3 in each of
the years 1976 to 1978, both inclusive, from sources other than
the proceeds of bonds or bond anticipation notes in partial re-
duction of outstanding bond anticipation notes issued for such
purpose, such amounts constituting the first three installments
of the principal amount of such indebtedness, and that on or
before February 2, 1979, a further principal payment in the
amount of $2,600, will bemade from sources other than the pro-
ceeds of bonds or bond anticipation notes, and such amount shall
constitute the fourth installment of the principal amount of
such indebtedness.
Section 3. Of the $3,963,320 serial bonds authorized by
bond resolution dated August 14, 1972, for the construction of
improvements in and for Wappinger Sewer Improvement No. 1 in
said Town, there shall be issued and sold as a third series
$200,000 serial bonds which shall mature $9,050 in 1979, $8,850
in each of the years 1980 to 1992, both inclusive, and $12,650
in each of the years 1993 to 1998, both inclusive, and shall be
consolidated with other issues of bonds of said Town as herein-
after authorized. It is hereby determined that the period of
probable usefulness of the aforesaid specific object or purpose
is forty years, pursuant to subdivision 4 of paragraph a of
Section 11.00 of the Local Finance Law, computed from December
27, 1972, the date of the first bond anticipation note issued
therefor. There have heretofore been issued and sold as a first
series of bonds pursuant to said resolution $500,000 serial bonds,
part of an issue of bonds in the aggregate amount of $1,275,000
designated Public Improvement (Serial) Bonds, 1974, dated March 1,
1974, and $2,635,000 serial bonds sold as a second series, part
of an issue of bonds in the aggregate amount of $6,035,000
designated Public Improvement (Serial) Bonds, 1977, dated May 1,
1977. It is hereby further determined that a $13,320 principal
payment was heretofore made in partial reduction of a series of
bond anticipation notes issued in anticipation of said first series
of bonds, and that $175,000 aggregate amount of principal payments
was heretofore made in partial reduction of a series of bond
anticipation notes issued in anticipation of said second series of
bonds, leaving a balance of serial bonds to be issued of $640,000.
The $200,000 serial bonds herein authorized to be issued and
consolidated as a third series are a part of said balance.
Section 4. The $220,400 serial bonds authorized by bond
resolution dated May 8, 1978, for the construction of necessary
works for drainage systems for surface waters for the protection
and maintenance of Town Highways with respect to Martin Drive,
(Mid -Point Park Subdivision Project) in said Town, shall mature
$9,950 in 1979, $9,750 in each of the years 1980 to 1992, both
inclusive, and $13,950 in each of the years 1993 to 1998, both
inclusive, and shall be consolidated with other issues of bonds
of said Town as hereinafter authorized. It is hereby determined
that the period of probable usefulness of the aforesaid specific
object or purpose is thirty years, pursuant to subdivision 3 of
paragraph a of Section 11.00 of the Local Finance Law, computed
from the date of said bonds, there being no bond anticipation
notes issued or to be issued prior to such date.
Section 5. The $19,000 serial bonds authorized by bond
resolution dated May 8, 1978, for the construction of necessary
works for drainage systems for surface waters for the protection
and maintenance of Town highways with respect to Myers Corners
Road (Hunter's Creek Realignment Project) in said town, shall
mature $800 in each of the years 1979 and 1980, $850 in each
of the years 1981 to 1992, both inclusive, and $1,200 in each
of the years 1993 to 1998, both inclusive, and shall be con-
solidated with other issues of bonds of said Town as herein-
after authorized. It is hereby determined that the period of
proable usefulness of the aforesaid specific object or purpose
is thirty years, pursuant to subdivision 3 of paragraph a of
Section 11.00 of the Local Finance Law, computed from the date
of said bonds, there being no bond anticipation notes issued
or to be issued prior to such date.
Section 6. The $22,000 serial bonds authorized by bond
resolution dated June 20, 1978, for the construction of a
sewer improvement in and for the Town of Wappinger Sewer Im-
provement No.IV in said Town, shall mature $900 in 1979, $1,000
in each of the years 1980 to 1992, both inclusive, and $1,350
in each of the years 1993 to 1998, both inclusive, and shall be
consolidated with other issues of bonds of said Town as here-
inafter authorized. It is hereby determined that the period of
probable usefulness of the aforesaid specific object or purpose
is forty years, pursuant to subdivision 4 of paragraph a of
Section 11.00 of the Local Finance Law, computed from the date
of said bonds, there being no bond anticipation notes issued
or to be issued prior to such date.
Section 7. The serial bonds described in the preceding
sections hereof are hereby authorized to be consolidated for
purposes of sale into one bond issue, aggregating $791,400.
Such bonds shall each be designated substantially PUBLIC IMPOVE-
MENT (SERIAL) BOND, 1978, shall be dated May 1, 1978, shall be
numbered from 1 to 159, both inclusive, shall be of the denomina-
tion of $5,000 each, except bond numbered 1, of the denomination
of $1,400, shall mature in numerical order in the amount of $36,400
on May 1, 1979, $35,000 on May 1 in each of the years 1980 to 1992,
both inclusive, and $50,000 on May 1 in each of the years 1993 to
1998, both inclusive, and shall bear interest payable on November
1, 1978, and semi-annually thereafter on May 1 and November 1.
and semi-annually thereafter on May 1 and November 1, Such bonds
shall bear interest at such rate as may be necessary to sell the
same, which rate shall be determined in the manner provided in
Section 59.00 of the Local Finance Law. Such bonds shall be in
bearer coupon form with the privilege of conversion into bonds
registered as to both principal and interest, and shall be payable
as to both principal and interest in lawful money of the United
States of America at Marne Midland Ban]g41 in Wappingers Falls,
New York, or, at the option of the holder, at Marine Midland Bank,
in New Yorlg, New York, which by contract are the paying agents of
the issuer. The aforesaid maturities constitute the aggregate of
the individual maturities of each separate issue, which individual
maturities are prescribed in the preceding sections hereof. Such
bonds shall be signed in the nae of said Town of Wappinger,
Dutchess County, New York, by its Supervisor, and a facsimile
of its corporate seal shall be imprinted thereon and attested by
its Town Clerk, and the interest coupons shall bear the facsimile
signature of said Supervisor.
Section 8. All other matters, except as provided herein,
relating to such bonds shall be determined by the Supervisor of
said 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.
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Section 9. The faith and credit of said Town of Wappinger,
Dutchess County, New York, are hereby irrevocabley pledged for
the payment of the principal of and interest on such bonds as
the same respectively become due and payable, An annual appro-
priation shall be made in each year sufficient to pay the prin-
cipal of and interest on such bonds becoming due and payable in
such year.
Section 10. 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 he
shall deem best for the interests of said Town, provided, however,
that in the exercise of these delegated powers, he 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 muni-
cipal bonds. The receipt of the Supervisor shall be a full acqit-
tance to the purchaser of such bonds, who shall not be obliged to
see to the application of the purchase money.
Section 11. This resolution shall take effect immediately.
The question of the adoption of the foregoing resolution was
duly put to a vote on roll call, which resulted as follows:
1
Supervisor Diehl voting Aye
Councilman Jensen " Ave
Councilman Johnson Aye
Councilwoman Mills Absent
Councilwoman Reilly " Ave
The resolution was thereupon declared duly adopted.
Seconded by Mr. Jensen Roll Call Vote --4 Ayes
Supervisor DIEHL moved to adjourn the meeting, seconded by
Nicholas Johnson.
The meeting adjourned at 7:15 P.M.
S 1. Meeting 7/6/78
7I-tcuLtteols_
Elaine H. Snowden
Town Clerk