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2000 $2,085,300. Greystone Property . . .. I. ' i . l . , ~ ~ o NOTICE OF ADOPTION NOTICE IS HEREBY GIVEN that the Town Board of the Town of Wappinger, Dutchess County, New York, at a meeting held on June~ 2000, duly adopted the resolution published herewith, subject to a pennissive referendum. Dated: Wappinger Falls, New York June& 2000 ~Cllw \-\ ~JAa~ Town Clerk I ': ...-~ ..~~ :-W'" ;... :,.... . :"1[/ ,...;.b 760303.1 , , , Q90427-00365P 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 26th day of June, 2000, at 7 : 30 o'clock l.M., Prevailing Time. The meeting was called to order by Supervisor Smith , and upon roll being called, the following were PRESENT: Supervisor Constance O. Smith I ' Councilman Robert Valdati Councilman Vincent Bettina Councilman Joseph Ruggiero Councilman Joseph Paoloni , ABSENT: NONE The following resolution was offered by Councilman Robert Valdati who moved its adoption, seconded by Councilman Vincent Bettina , to-wit: 760303.1 . , BOND RESOLUTION DATED JUNE ~ fP, 2000. A RESOLUTION AUTHORIZING THE ISSUANCE OF $2,085,300 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY THE. COST OF THE ACQUISITION OF A PARCEL OF LAND OF APPROXIMATELY 99.6 ACRES COMMONLY KNOWN AS THE "GREYSTONE PROPERTY" ON WHEELER HILL ROAD AND THE BUILDINGS THEREON IN AND FOR THE TO\VN. WHEREAS, the capital project hereinafter described has been determined to be an Unlisted Action pursuant to the regulations of the New York Stnte Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, a long form Environmental Assessment FOlm has been prepared in connection therewith and the Town Board has determined that the implementation of such capital project, as proposed, will not result in any significant environmental effects; and WHEREAS, it is now desired to authorize the financing of such capital project; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of .Wappinger, Dutchess County, New York, as follows: S~cti()n 1 For the objects or purposes of paying the cost of the acquisition of a parcel of land of approximately 99.6 acres commonly known as the "Greystone Property" on Wheeler Hill Road in and for the Tovm of Wappinger, Dutchess County, New York, a specific object or purpose, at a maximum estimated cost of $1,251,180, and the buildings thereon, a class of objects or purposes, at a maximum estimated cost of $834,120, for use as a recreational area and general municipal purposes, including, in each case, incidental expenses in connection therewith, there are hereby authorized to be issued $2,085,300 serial bonds of the Town of Wappinger, Dutchess COlmty, New York, pursuant to the provisions of the Local Finance Law. 760303.1 . , -2- ~ecti(m 2 I~ is hereby determined that the aggregate maximum estim.ated cost of such objects or purposes is $2,085,300, which such objects or purposes is hereby authorized at said maximum estimated cost, and that the plan for the financing thereof is by the issuance of the $2,085,300 serial bonds of said To\vn authorized to be issued pursuant to this bond resolution, allocated to each object or purpose in accordance 'with the maximum estimated cost of each stated in Section 1 hereof. ~ection i It is hereby determined that the period of probable usefulness of the aforesaid acquisition of land is thirty years, pursuant to subdivision 21(a) of paragraph a of Section 11.00 of the Local Finance Law and that the period of probable usefulness of the aforesaid acquisition of buildings is fifteen years, pursuant to subdivision 11(c) of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further detcrmined that the maximum maturity of the serial bonds herein authorized will exceed five years. ~ection 4 Subject to the provisions of the ]:.-ocal 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 Wappinger, Dutchess County, New York, are hereby irrevocably pledgcd 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 760303.1 -3- . , a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. Seetinn () Such bonds shall be in fully registered form and shall be signed in the name of the To\vn 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 m~I.Y be attested by the manual or facsimile signature of the To\'m Clerk. Se.rt; on 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. Sectinn R I 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, nnd also including the consolidation with other issues, shall be 760303.1 -4- 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 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 Supervisor shall determine. I S~dion 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 a...'1. action, suit or proceeding contesting such validity is commenced within twenty days after I the date of such publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. S~ction 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 arc, 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. 760303.1 -5- . . ~~~t;()n 11 Upon this resolution taking effect, the 'same shall be published in full in ~ern Duic.hl'S5. Nel1J~, the official newspaper, together with a notice of the Town Glerk in substantially the form provided in Section 81.00 of the Local Finance Law. ~p.~tinn 1? This resolution is adopted subject to permissive referendum in accordance with Section 35.00 ofthe Local Finance Law. 760303.1 The question of the adoption of the foregoing resolution was duly put ~? a vote on roll call, which resulted as follows: Constance O. Smith Robert Valdati . . Vincent Bettina . Joseph Ruggiero Joseph Paoloni VOTING AYE VOTING AYE VOTING AYE VOTING AYE VOTING AYE \rOTING VOTING The resolution was thereupon declared duly adopted. * * 760303.1 * * * * . . , ' A FFmA VTT OF PO~TTNG STATEOFNEWYORK ) ) ss.: COUNTY OF DUTCHESS ) I, the undersigned Clerk of the Town of Wappinger, Dutchess County, New York, DEPOSE AND SAY: That on the 28th day of JUNE , , 2000, I caused to be posted on the official signboard maintained by me pursuant to subdivision 6 of Section 30 of the Town Law, a Notice of Adoption of a resolution adopted by the Town Board of said Town on the 26th day of June, 2000. A true and correct copy of such Notice of Adoption is attached hereto. ~(J1All w.~ , Town Clerk Sworn to before me this ~ fl,JiJ day of Ame, 2000. Avqo~-r ~~I-f'd ro~A d Notary Public aotlSTAIOE O. SMITH MOTAlY 'UaLtO. STATE Of ..,_ ..tllt IUTO... ..1Ift G..'IOI El'.' ,. II... Q2..tJcJt) 760303.1 .. 203946.1 i!", ~ CERTIFICATE OF AWARD ST ATE OF NEW YORK ) ) ss.: COUNTY OF DUTCHESS ) I, Constance O. Smith, Supervisor of the Town of Wappinger, Dutchess County, New York, DO HEREBY CERTIFY: 1. That pursuant to a bond certificate dated September 26, 2000, there were duly advertised for sale $2,085,000 Public Improvement (Serial) Bonds, 2000, of the Town of Wappinger, Dutchess County, New York, to be dated October 1,2000, in the Poughkeepsie Journal, a newspaper published in Poughkeepsie, New York, on September 22, 2000, and circularized in accordance with the order of the State Comptroller relating to the sale of municipal bonds, sealed proposals to be received and considered by me at the Offices of Willkie Farr & Gallagher, 787 Seventh Avenue, 37th Floor, New York, New York 10022, untilll:OO o'clock, A.M., Prevailing Time, on September 26, 2000, and that pursuant to such Notice of Sale, bids were received for said bonds from the following: Roosevelt & Cross, Inc. & Associates Fleet Securities, Inc. 2. That a true and correct copy of each such bid and of the whole thereof is annexed hereto and hereby made a part of this certificate. -2- 3. That each of the aforesaid bids received for said bonds duly complied with the terms of such Notice of Sale and that of the bids so received the bid submitted by Roosevelt & Cross, Inc. & Associates, will produce the lowest true interest cost over the life of said bonds, after deducting the premium offered. 4. That, at the aforesaid time and place, I duly accepted such bid and awarded said $2,085,000 Public Improvement (Serial) Bonds, 2000, to Roosevelt & Cross, Inc. & Associates at a price of $2,085,000, with said bonds to bear interest at the following rates: Bonds maturing in each of the years 2001 to 2003, both inclusive: 6.50% Bonds maturing in each of the years 2004 and 2005: 6.00% Bonds maturing in each of the yeas 2006 to 2009, both inclusive: 4.75% Bonds maturing in the year 2010: 5.00% Bonds maturing in each of the years 2011 to 2013, both inclusive: 5.50% Bonds maturing in the year 2014: 5.1 0% Bonds maturing in each of the years 2015 to 2017, both inclusive: 5.25% Bonds maturing in the year 2018: 5-3/8% Bonds maturing in the year 2019: 5.40% Bonds maturing in the year 2020: 5.50% IN WITNESS WHEREOF, I have hereunto officially set my hand on September 26, 2~ ~({). l Supervisor . i .' PROPOSAL FOR BONDS Ms. Constance O. Smith Supervisor Town of Wappinger C/O Willkie Farr & Gallagher 787 Seventh Avenue New York, NY 10019-6099 Subject to the provisions and in accordance with the terms of the Notice of Bond Sale dated September 18,2000, which is hereby made a part of this proposal, we offer to purchase all of the $2,085,000 Public Improvement (Serial) Bonds, 2000 of the Town of Wappinger, New York, described in said Notice of Sale, and to pay therefor the price of $2,085,000 plus a premium of $ CJ ., plus interest accrued on said Bonds from their date to the date of their delivery, provided that the bonds, maturing in the several years set forth below, shall bear interest, from their date until maturity, at the respective rates of interest per annum stated in the following table. Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate 2001 $60,000 Co. 50 % 2011 $100,000 S.~'J % 2002 65,000 ~ 2012 110,000 ,I 2003 65,000 2013 115,000 2004 70,000 2014 120,000 5,(0 2005 75,000 ~ 2015 125,000 S.;t5 2006 80,000 2016 135,000 ~ 2007 80,000 =i= 2017 140,000 2008 85,000 2018 150,000 2009 90,000 2019 155,000 S. L./ () 2010 95,000 5 2020 170,000 5.<)""\) We enclose herewith a certified or cashier's check in the sum of $41 ,700 made payable to the order of the Town of Wappinger, New York, which check is to be retained by the Town as and for liquidated damages in case we should not take up and pay for the Bonds in accordance with the terms of this proposal. ~A ;:::::SOCIATES (OVER) 1 of 2 . I The following is our computation of the interest cost, made as provided in the above- mentioned Notice of Bond Sale, but not constituting any part of the foregoing Proposal, for the purchase of $2,085,000 Bonds under the foregoing Proposal: Par Amounts of Bonds $2,085,000.00 Add: Premium o Accrued Interest h14.1Lf $ ).. I (Jf~ , b.2~. i~ . Target Value for True Interest Calculation (a) True Interest Rate 51 3t~ % (four decimals) (a) (Par Bonds + Premium + Accrued Interest) (No addition or alteration is to be made to the above proposal) Receipt of the good faith check in the amount of $41,700 from the Town of Wappinger, New York, is hereby acknowledged: . ~ c? . , ~t'..4Z;~ t(J,_ 2 of 2 l' ~ PROPOSAL FOR BONDS Ms. Constance O. Smith Supervisor Town of Wappinger C/O Willkie Farr & Gallagher 787 Seventh Avenue . New York, NY 10019-6099 Subject to the provisions and in accordance with the terms of the Notice of Bond Sale dated September 18, 2000, which is hereby made a part of this proposal, we offer to purchase all of the $2,085,000 Public Improvement (Serial) Bonds, 2000 of the Town of Wappinger, New York, described in said ~tige.pf Sale, and to pay therefor the price of $ 2,085,000 plus a premium of $ / ~ r ~? , plus interest accrued on said Bonds from their date to the date of their delivery, provided that the bonds, maturing in the several years set forth below, shall bear interest, from their date until maturity, at the respective rates of interest per annum stated in the following table. Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate 2001 $60,000 ';;-IM% 2011 $100,000 ~S-tJ % 2002 65,000 2012 110,000 2003 65,000 2013 115,000 2004 70,000 2014 120,000 2005 75,000 2015 125,000 2006 80,000 2016 135,000 2007 80,000 2017 140,000 2008 85,000 2018 150,000 2009 90,000 2019 155,000 2010 95,000 2020 170,000 \V We enclose herewith a certified or cashier's check in the sum of $41,700 made payable to the order of the Town of Wappinger, New York, which check is to be retained by the Town as and for liquidated damages in case we should not take up and pay for the Bonds in accordance with the terms of this proposal. flEET SECURITIES, INe. MUNICIPAL DIVISION 14 WALL STREET NEW YORK. NY 10005 TEL: (2J2) 384-0826 f~(212)384.0933 By: w~a./~ (OVER) 1 of 2 " The following is our computation of the interest cost, made as provided in the above- mentioned Notice of Bond Sale, but not constituting any part of the foregoing Proposal, for the purchase of $2,085,000 Bonds under the foregoing Proposal: Par Amounts of Bonds $2,085,000.00 Add: Premium /ofr6S' ~ J 2. g? $ ~ 9'61 ~ t195; 3S- ~,1/78~ (four decimals) Accrued Interest Target Value for True Interest Calculation (a) True Interest Rate (a) (Par Bonds + Premium + Accrued Interest) (No addition or alteration is to be made to the above proposal) Receipt of the good faith check in the amount of $41,700 from the Town of Wappinger, New York, is hereby acknowledged: ~~:/: ~~.1;"1~-~!~ ~~ T}1 J1 ~: .....":';.'-'i .'.: - ~. :~~1 J:! :'.~ r',' ~{ ,-"~"\ i t....l)_:';# ~:: -:0; a,. .':'~ :~:~} .JH tt~.~.l' ~.!~ (~, .~, )II~ 2 of 2 PROPOSAL FOR BONDS Ms. Constance O. Smith Supervisor Town of Wappinger C/O WillkieFarr & Gallagher 787 Seventh Avenue New York, NY 10019-6099 Subject to the provisions and in accordance with the terms of the Notice. of Bond Sale dated September 18, 2000, which is hereby rnatfea part of this proposal, we offer to purchase all of the $2,085,000 Public:; Improvemef1t(Serial) Bonds, 2000 of the Town of. Wappinger, New York, descri.~.. ed. . in. said",otf~. of Sale, ~nd to pay therefor t~e price of $2,085,000 plus apremlumOf$>;;cf!l;,,,c, plus Interest accrued on said Bonds from their date to the date of their delivery, provided that the bonds, maturing in the several years set forth below, shall be.ar interest, from their date until maturity, at the respective rates of interest per annum stated in the following table. Year of Principal Interest Year of Principal Interest Maturity Amount Rate MaturitY Amount Rate 2001 $60,000 Co 50 % 2011 $100,000 S.!:D % 2002 65.000 ~ 2012 110.000 J 2003 65,000 2013 115,000 2004 70,000 2014 120,000 S,fO 2005 75,000 ~ 2015 125.000 ~ 2006 80,000 2016 135.000 2007 80,000 ~ 2017 140,000 2008 85,000 2018 150,000 ).17 2009 90,000 2019 155,000 r. L1~ 2010 95.000 2020 170,000 5.-rU We enclose herewith a certified.. or cashi.,'. check in the sum of $41.700 made payable to the orderofth.e Townof ""appin~rji tI~"" York, which check is to be retained by the Town as and for liquidatectdBmages in'case we should not take up and pay for the Bonds in accordance with the terms of this proposal. ROOSEVELT & CROSS, INC. AND ASSOCIATES 8~~~ (OVER) 1 of 2 ,~." The following is our computation of the interest cost, made as provided in the above- mentioned Notice of Bond Sale, but not constituting any part of the foregoing Proposal, for the purchase of $2,085,000 Bonds under the foregoing Proposal: Par Amounts of Bonds $2,085,000.00 Add: Premium o Accrued Interest h24.1'-l $ 1. 0(S- , ~.2~. tL . S,318t % (four decimals) Target Value for True Interest Calculation (a) True Interest Rate (a) (Par Bonds + Premium + Accrued Interest) (No addition or alteration is to be made to the above proposal) Receipt of the good faith check in the amount of $41,700 from the Town of Wappinger, New York, is hereby acknowledged: 2 of 2 PROPOSAL FOR BONDS Ms. Constance O. Smith Supervisor Town of Wappinger CIO Willkie Farr &. Gallagher 787 Seventh Avenue New York, NY 10019-6099 Subject to the provisions and in accordance with the terms of the Notice of Bond Sale dated September 18, 2000, which is hereby made a part of this proposal, we offer to purchase all of the $2,085,000 Public Improvement (Serial) Bonds, 2000 of the Town of Wappinger, New York, described in said ~tige...Df Sale, and to pay therefor the price of $2,085,000 plus a premium of $11) , I?~ , plus interest accrued on said Bonds from their date to the date of their delivery, provided that the bonds, maturing in the several years ~Et!f9J!~.~EtI;Qv,',l;~.~!Y;;;~!ltjjf!l!!~'~'!!9.mt~irdate until maturity, at the respective rates of interest perannum.$titfd;ln the followlngtabte. Year of Principal Interest Year of Principal Interest Maturity Amount Rate Maturity Amount Rate 2001 $60,000 1)'~% 2011 $100,000 ~S-O % 2002 66,000 2012 110,000 2003 66,000 2013 116,000 2004 70,000 ; 2014 120,000 2006 76,000 2016 126,000 2006 80,000 2016 136,000 2007 80,000 2017 140,000 2008 86,000 ; 2018 160,000 2009 90,000 2019 166,000 2010 96,000 \ I 2020 170,000 \l/ We enclose herewith a certified or cashier's check in the sum of $41,700 made payable to the order of the Town of Wappinger, New York, which check is to be retained by the Town as and for liquidated damages in ~Se we should not take up and pay for the Bonds in accorda.nce with the term...s.of this proposal... . . .......... ,- '-' .- " . ........ ,'. --"'~--". ., '\"<~-,; n.m SlCURI'fIS.IIC. MUMCtPAl OMSIOII 14 WAU. $Tam IItWlORK. NY 10001 tEL: <<212) 384.0821 'M:(212)384- By: Lu~a./~ (OVER) 1 of 2 ..,"<': The following is our computation of the interest cost, made as provided in the above- mentioned Notice of Bond Sale, but not constituting any part of the foregoing Proposal, for the purchase of $2,085,000 Bonds under the foregoing Proposal: Par Amounts of Bonds $2,085,000.00 Add: Premium /{ffrbS" ~J 2.gg $ ~ ~& ~ r;r?:>:: 3s-' 1),1/7B~ (four decimals) Accrued Interest Target Value for True Interest Calculation (a) True Interest Rate (a) (Par Bonds + Premium + Accrued Interest) (No addition or alteration is to be made to the above proposal) Receipt of the good faith check in the amount of $41,700 from the Town of Wappinger, New York, is hereby acknowledged: Jt;. tItt&L'/ ~ ,23ffmu:nt 0111 MOIlMO J^'U.1~~~U~ UllHZ JJ"W 11 fOOOr Vf! .ltW1Y W1M i~f,:J' N~t (tm :J]T eteG-.8t(tlS)J(AJ 2 of 2