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1973-03-05 SPM5 A Special Meeting of the Town Board of the Town of Wappinger was held on March 5, 1973, at the Town Hall, Mill Street, Wappingers Falls, New York. Notice of said meeting was mailed to each Board member on 'February 28th, 1973, calling the meeting for 5:00 P.M. March 5, 1973, for the purpose of considering a Resolution for the Consolidation of the Oakwood Water and Sewer District Bonds to be issued as Public Improvement (serial) Bonds. Present: Louis Clausen, Deputy Supervisor Harry Holt, Councilman Leif Jensen, Councilman Stephen Saland, Councilman Elaine H. Snowden, Town Clerk Absent: Louis Diehl, Supervisor Others Present: Allan Rappleyea, Attorney to the Town William Egan. Deputy Supervisor Clausen called the meeting to order at 5:25 P.M. The following Resolution was offered by COUNCILMAN -BOLT who moved its adoption, seconded by Councilman Jensen, to_wit::* BE IT RESOLVED, by the Town Board of the Tow/vof-Wappingeri, Dutchess County, New York, as follows: Section 1. Of the $40,000 serial bonds authorized by a bond resolution dated October 9, 1967 for the acquisition and reconstruc- tion of water supply and distribution facilitiesfor the Oakwood Knolls Water District of the Town of Wappinger, there are hereby authorized to be •issued and sold $36,800 serial bonds, which shall mature $800 in 1973, and $1,200 in each of the years 1974 to 2003, both inclusive, and ,shall be consolidated with!another issuelof bonds of said Town as hereinafter authorized. It is hereby deter- mined that the period ofiprobable uaefulness of the,aforesaid specific object or purpose is 40 years pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance Law and as determined by the provisions of Chapter 653 of the Laws of 1972, computed from November 30, 1967, the date of the first bond anti- cipation note issued therefor. It is hereby further determined that (i) the sum of $410 and the sum of $100 were paid from sources other than the proceeds of bonds or bond anticipation notes on November 30, 1969 and November 30, 1970, respectively, to partially reduce bond anticipation notes then outstanding issued in anticipation of the aforesaid serial bonds; (ii) that in accordance with the provisions of Chapter 653 of the Laws of 1972, on or before November 30, 1973, the additional sum of $1,890 will be paid from sources other than the proceeds of bonds or bond anticipation notes further to partially reduce bond anticipation notes now outstanding issued in anticipation of the aforesaid serial bonds; and (iii) that the aggregate sum of $3,200 consisting of the aforesaid payments together with the first prin- cipal installment on the bonds herein authorized to be issued equal at least the aggregate of amounts which should have been applied by said date for the payment of the first five installments of principal of the indebtedness evidenced by bond anticipation notes heretofore issued for said object or purpose. Section 2. Of the $60,000 serial bonds authorized by a bond resolution dated October 9, 1967, for the acquisition and recon- struction of sanitary sewer facilities and construction of addi- tions thereto for the Oakwood Knolls Sewer District of the Town of Wappinger, there are hereby authorized to be issued and sold $55,200 serial bonds, which shall mature $1,200 in 1973, and $1,800 in each of the years 1974 to 2003, both inclusive, and shall be consolidated with another issue of bonds 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 4 of paragraph a of Section 11.00 of the Local Finance Law and as determined by the provisions of Chapter 652 of the Laws of 1972, computed from November 30, 1967, the date of the first bond anticipation note issued therefor. It is hereby further determined that (i) the sum of $315 and the sum of $100 were paid from sources other than the proceeds of bonds or bond anticipation" notes -on November 30, 1969, and Novembet 30, 1970, respectively, to partially reduce bond anticipation notes then outstanding issued in anticipation of the aforesaid serial bonds; (ii) that in accordance with the provisions of Chapter 652 of the Laws of 1972, on or before November 30, 1973, the additional sum of $4,385 will be paid from sources other than the proceeds of bonds or bond anticipation notes further to partially reduce bond anticipation notes now outstanding issued in anticipation of the aforesaid serial bonds; and (iii) that the aggregate sum of $4,800 consisting of the aforesaid payments together with the first prin- cipal installment ,on the bonds herein authorized to be issued equal at least the aggregate of amounts which should have been applied by said date for the payment of the first five installments of principal of the indebtedness evidenced by bond anticipation notes heretofore issued for said object or purpose; and (iv) the Oakwood Knolls Sewer District has heretofore been dissolved and in accordance with a resolution of the Town Board of the Town of Wappinger, duly adopted on May 25, 1971, the principal and interest to be paid on the bonds herein authorized to be issued shall be ;paid for by' assessments levied on the several lots or parcels of land in the Wappinger- Sewer 'Improvement No. 1 Area in said Town. Section 3. The serial bonds described in the preceding sections hereof, are hereby authorized to be consolidated for sale into one bond issue aggregating $92,000. Such bonds shall be designated PUBLIC IMPROVEMENT (SERIAL) BONDS, 1973, shall be dated February 15, 1973, shall be of the denomination of $1,000 each, shall be numbered 52 1 to 92, both inclusive, and shall mature in numerical order in the amount of $2,000 on November 15,1973, and $3,000 on November 15 in each of the years 1974 to 2003; both inclusive, with interest thereon payable November 15, 1973 and semi-annually thereafter on May 14 and November 15, Such bonds shall bear interest at the rate of five per centum per annum. 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 ofthe United States of America at Marine Midland Bank -Southeastern, N.A., in. Poughkeepsie, New York, which by contract is the paying agent 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 section hereof. Such bonds shall be signed in the name of said Town of Wappinger, Dutchess County, New York, by its Supervisor, sealed with its corporate seal and attested by its Town Clerk. The form of the bonds authorized herein shall be as follows: (attached hereto and made part hereof) - Section 4. Allother matters, except as provided herein relating to such bonds, shall be determined by the Supervisor of said Town. Section 5. 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 bonds as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient topay the principal of and interest on such bonds becoming due and payable in such year. Section 6. In consideration of the purchase and acceptance of any and all of.the serial bonds herein' authorized -by those who.shall hold such bonds from.time to time,..said.Town of Wappinger-covenants (a) that it will issue -.and deliver -said bonds in accordance with the terms hereof Prior' to the last maturity date:of any bond antici- pation notes issued in.an.tieipation thereof,,includ.ing renewals thereof, in a principal amount_.at least equal to -the principal:. - amount of said notes then outstanding less : any amounts otherwise made available from other sources available for:the-redemption.:of such notes; and (b) that notwithstanding any other provisions of this resolution,. -(.i) it. will.:make. no -use of the proceeds of any such bonds which, if,such.use had been reasonably.expected on the date of issue of such bonds which would have caused such bonds to be "arbitrage bonds" within the meaning.of Section 103 '(d) of the Internal Revenue Code of 1954, as amended, and (ii) as:long as any: - of such bonds or notes are outstanding, it will comply with the requirements:of Section:1.03:(d) of-the::Internal Revenue Code of 1954, as amended, and with applicable regulations of the Department of the Treasury promulgated thereunder... Section 7. Pursuant to the provisions of paragraph b of Section 63..00 of the•Loca.l Finance -Law, as last. amended, said bonds are hereby sold to Marine Midland Bank-Southeastern,.N.A., in Poughkeepsie., New,York,.at par -and accrued interest,. if any, it having:been determined that the.; total amount of bonds being sold by said,Town at:pri.vate sale in accordance -with therprovisions of said paragraph -:b of Section 63.00 -of. the -.Local Finance:Law in its current fiscal year is-not;in excess of $100,000..:The receipt of the Supervisor -shall be the.:full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. 53 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: Supervisor Diehl Absent Councilman. Clausen Aye Councilman Holt Aye, Councilman Jensen Aye Councilman Saland Aye The resolution was thereupon declared duly adopted. The following Resolution was offered by: COUNCILMAN HOLT who moved its adoption: WHEREAS, the Town of Wappinger, in order to provide for a planning study contributing to an overall program for its future community development, desires to participate in the Federal -State. Comprehensive Planning and Management Assistance: Program as authorized by Section 701 of the Housing Act of_ 1954, as amended, and Article 26 of the New York State Executive Law, and WHEREAS, the New. York State Office of Planning Services, under authority of Article 26 of the New York State Executive Law, is the official State planning agency designated to administer FederaLand State funds under the provisions of Section 701 of the Housing Act of 1954, as amended, now therefore, be it RESOLVED, that the Town Board of the Town of Wappinger hereby requests the New York State Office of Planning Services to provide planning assistance under authority of Article. 26 of the New York State Executive Law, with such financial assistance as may be provided by the United States Department of Housing and Urban Development, under authority of Section 701 of the Housing Act of 1954, as amended. Such planning assistance is more particularly described in the project application. RESOLVED, that if the aforesaid application is approved and accepted by both the Director of the New York State Office of Planning Services and the Department of Housing and Urban Develop- ment, the Town of Wappinger shall enter into a formal agreement with the New York State Office of Planning Services to undertake the project described in the approved application 'and to pay to the State of New York its share of the estimated total cost of the said project, together with such othertermsand conditions as may be deemed necessary and appropriate to carry out the said project. RESOLVED, that the Town of Wappinger hereby agrees to have available, in the year the project is to be completed, the sum of one thousand, six hundred and nineteen dollars ($1,619). or so much thereof as may be necessary to contribute a sum not to exceed four and seven -tenths per centum (4.7%) of the total cost of said project, to be paid to .,the State of New York, on condition that the above-mentioned application is approved by both the Department of Housing and Urban Development and the Director of the New York State Office of Planning Services. • UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF DUTCHESS TOWN OF WAPPINGER PUBLIC IMPROVEMENT (SERIAL) BOND, 1973 .No. The Town of Wappinger, in the County of Dutchess, a municipality of the State pf New York, hereby acknowledges itself indebted and . for value received promises to pay to the bearer of this bond, or, if it be registered, to the registered holder, on the 15th day of November, 19 , the sum of ONE THOUSAND DOLLARS ($1,000) and to pay interest on such sum at the rate of five per centum (5%) per annum, on the 15th day of November 1973 and semi-annually thereafter on the 15th days of May and November in each year from the date of this bond until it matures, upon presentation and surrender, 'as they severally mature, of the coupons therefor annexed hereto, or, if this bond be registered, to the registered holder. Both principal of and interest on this bond will be paid in lawful money of the United States of America at Marine Midland Bank -Southeastern, N.A., in Poughkeepsie, New York. This bond may be converted into a registered bond in accordance with the provisions of the Local Finance Law. This bond is one of an authorized issue, the aggregate principal amount of which is $92,000, the bonds of which are of like date and tenor, except as to number and date of maturity, and are issued to pay part of the cost of the reconstruction of water supply and distribution facilities for the Oakwood Knolls Water District and acquisition and reconstruction of sanitary sewer facilities and construction of additions thereto for the Oakwood Knolls Sewer District pursuant to separate resolutions and a consolidating resolution entitled: "RESOLUTION DATED . March 5th , 1973. A RESOLUTION PROVIDING FOR THE CONSOLIDATION, DETAILS AND SALE OF $92,000 PUBLIC IMPROVEMENT (SERIAL) BONDS, 1973, OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, AND AUTHORIZING THE SALE OF SAID BONDS AT PRIVATE SALE."; $1,000 -2- 5 3 6 duly adopted by the Town Board of such Town on the day of 1973, and pursuant to other proceedings of the Town Board of such Town duly had and taken in all respects authorizing the same. The faith and credit of such Town of Wappinger, Dutchess County, New York, are hereby irrevocably pledged for the punctual payment 'of the prin,a1 of and interest on this bondaccording to its terms. It id hereby certified, recited and declared that all acts, . conditions and things required by the Constitution and statutes . of the State of New York to exist, to have happened and to have been performed precedent to and in the issuance of this bond, exist, have happened and have been performed; and that the issue of bonds of which this is one, together with all other indebtedness of such Town is within every debt and other limit prescribed by the Constitution and laws of the State of New York. IN WITNESS WHEREOF, the Town of Wappinger, Dutchess County, New York,has caused this bond to be signed'by its Supervisor and a facsimile of its corporate seal to be imprinted hereon and attested by its Town Clerk, and the interest coupons hereto attached to be authenticated by the facsimile signature of said Supervisor and this bond to bedated as of the 15th day of February, 1973. TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK By ATTEST: Town Clerk Supervisor CONVERSION CERTIFICATE I hereby certify that upon the presentation of the within bond with a written request by the holder thereof for its conversion into a bond registered as to both principal and interest, I have this day cut off and destroyed coupons attached thereto, of the aggregate amount and value of Dollars ($ being all the coupons for interest on the within bond payable after the date of this certificate, and that the interest at the rate and on the dates 'stated in the within bond and as was provided by the coupons, as well as the principal, is to be paid to the registered holder, his legal representatives, successors or transferees at the place stated in the within bond and as was stated in the coupons. This bond shall hereafter be transferable only upon presentation of the same with a written transfer of title. Such transfer shall be dated and signed by the registered holder, or his legal representatives and it shall be duly acknowledged or proved, or in the alternative, the signature thereto shall be certified as to its genuineness by an officer of a bank or trust company located and authorized to do business in this state. . Dated: , 19 • .... Town Clerk REGISTRATION CERTIFICATE It is hereby certified that the within bond has been registered as follows: Date of Registration Name of Registered Holder Registered By c• 53 D ( FORM OF COUPON ) No. $ May On the 15th day of November, 19•, the Town of Wappinger, in the County of Dutchess, a municipality of the State of New York, will pay to the bearer the sum of •• in lawful money of the United States of America at Marine Midland Bank -Southeastern, N.A., in Poughkeepsie, New York, being six** DOLLARS ($ months' interest then due on its PUBLIC IMPROVEMENT (SERIAL) BOND 1973, dated February 15, 1973, and bearing number Supervisor Note to Printer** First coupon covers nine months interest. ve 535 LEGAL OPINION It is hereby certified that the following is a true and correct copy of the complete final legal opinion of Messrs. Sykes, Galloway & Dikeman, Attorneys and Counsellors at Law, New York, New York, the original of which was manually executed, dated and issued as of the date •of delivery of and payment for the bonds, and a copy of which is on file with the paying agent. • 'Town of Wappinger, County of Dutchess, State of New. York TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW'YORK By (here insert same facsimile signature as appears on bond coupons) Supervisor TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK $92,000 PUBLIC IMPROVEMENT (SERIAL) BONDS, 1973 Dear Sirs: We have examined into the validity of an issue of $92,000 Public Improvement (Serial) Bonds, 1973, of the Town of Wappinger, in the County. of Dutchess, State of New. York, dated February 15, 1973, numbered from 1 to 92, both inclusive, of the denomination of $1,00.0 each, bearing interest at the rate of five per centum (5%) per annum, payable November 15, 1973, and semi-annually thereafter on May 14 and November 15, and maturing in numerical order in the amount of $2,000 on November 15, 1973, and $3,000 on November 15 in each of the years 1974 to 200.3, both inclusive.. We have examined the 'Constitution and statutes of the State of New: York and certified copy.of proceedings of the Town Board of said Town, and other proofs authorizing and relating to the issuance of said bonds; also executed bond numbered 1 of said issue.. In our opinion, said $92,000 bonds have been authorized and issued in accordance with the Constitution and statutes of the State of New York, and constitute valid and legally binding general'obligations of said Town of Wappinger., all the taxable real property within which is subject to the levy of ad valorem taxes'. to pay said bonds and interest thereon, without limitation as to rate or amount. Very truly yours, Galloway & Dikeman L L L L RESOLVED, that the Town of Wappinger shall assume the costs of operating and maintaining its own planning board or commission including such services as clerical personnel, office space, equip- ment, materials, communication and travel, as such costs cannot be charged to the Comprehensive Planning and Management Assistance Program. RESOLVED, that it is understood that current planning services may not be charged to the Comprehensive Planning and Management Assistance Program. RESOLVED, that the Supervisor of the Town of Wappinger be and hereby is authorized and empowered to execute in the name of the Town of Wappinger all necessary applications, contracts and agree- ments to implement and carry out the purposes specified in this resolution. Seconded by: Councilman Jensen Roll Call Vote: Supervisor Diehl Absent Councilman Clausen Aye Councilman Holt Aye Councilman Jensen Aye Councilman Saland Aye Resolution Duly Adopted MR. HOLT moved the meeting be adjourned, seconded by Mr. Jensen and unanimously carried. The meeting adjourned at 5:36 P.M. Spec. Mtg. 3/5/73 a_efu5&,6__ Elaine H. Snowden Town Clerk 54