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2007-064`+ a 2007-64 A Resolution Authorizing the Replacement of Fuel Tanks at Certain Town Facility Sites, in and for the Town of Wappinger, Dutchess County, New York, at a Maximum Estimated Cost of $40,000 and Authorizing the Issuance of $40,000 Serial Bonds of Said Town to Pay the Cost Thereof. At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on February 26`h, 2007. The meeting was called to order by Joseph Ruggiero, Supervisor, and upon roll being called, the following were present: PRESENT: Supervisor Councilmembers ABSENT: Joseph Ruggiero William H. Beale Vincent F. Bettina Joseph P. Paoloni Maureen McCarthy The following Resolution was introduced by Councilwoman McCarthy and seconded by Councilman Bettina. BE IT RESOLVED, by the affirmative vote of not less than two-thirds of the total voting strength of the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. The replacement of fuel tanks at certain Town facility sites, in and for the Town of Wappinger, Dutchess County, New York, including removal of existing tanks and other incidental expenses in connection therewith, is hereby authorized at a maximum estimated cost of $40,000. Section 2. It is hereby determined that the plan for the financing of the aforesaid maximum estimated cost is by the issuance of $40,000 serial bonds of said Town hereby authorized to be issued therefor pursuant to the provisions of the Local Finance Law. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is five years, pursuant to subdivision 32 of paragraph a of Section 11.00 of the Local Finance Law. Section 4. The faith and credit of said Town of Wappinger, 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 5. 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 6. All other matters except as provided herein relating to the serial bonds herein authorized including the date, denominations, maturities and interest payment dates, within the limitations prescribed herein and the manner of execution of the same, including the consolidation with other issues, and also the ability to issue serial bonds with substantially level or declining annual debt service, shall be determined by the Supervisor, the chief fiscal officer of such 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 consistent with the provisions of the Local Finance Law. Section 7. The validity of such bonds and bond anticipation notes may be contested only ii 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 or 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 8. 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 9. This resolution, which takes effect immediately, shall be published in full or summary form in the official newspaper of said Town for such purpose, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. The foregoing was put to a vote which resulted as follows: JOSEPH RUGGIERO, SUPERVISOR Voting: Ave WILLIAM H. BEALE, COUNCILMAN Voting: Ave VINCENT F. BETTINA, COUNCILMAN Voting: Aye JOSEPH P. PAOLONI, COUNCILMAN Voting: Ave MAUREEN McCARTHY, COUNCILWOMAN Voting: Ave Dated: Wappingers Falls, New York 2/26/2007 The Resolution is hereby duly declared adopted. 17OHN C. WASTERSON, TOWN CLERK