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
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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.
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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
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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
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