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2006-213copY 2006-213 A Resolution Authorizing, Subject to Permissive Referendum, the Reconstruction of the Buildings at Carnwath Farms, in and for the Town of Wappinger, Dutchess County, New York, at a Maximum Estimated Cost of $325,000 and Authorizing the Issuance of $325,000 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 September 25th, 2006. 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 Robert L. Valdati Vincent F. Bettina Joseph P. Paoloni Maureen McCarthy The following Resolution was introduced by Councilwoman McCarthy and seconded by Councilman Valdati. WHEREAS, all conditions precedent to the financing of the capital project hereinafter described, including compliance with the provisions of the State Environmental Quality Review Act, have been performed; and WHEREAS, the capital project hereinafter described, as proposed, has been determined to be a Type II Action pursuant to the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, which the regulations provide will not have a significant effect on the environment; and WHEREAS, it is now desired to authorize such capital project and its financing; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. The reconstruction of the buildings at Town -owned Carnwath Farms, in and for the Town of Wappinger, Dutchess County, New York, including original equipment, apparatus, facilities, site improvement, and incidental demolition and improvements and expenses, is hereby authorized, subject to permissive referendum, at a maximum estimated cost of $325,000. Section 2. It is hereby determined that the plan for the financing of the aforesaid specific object or purpose is by the issuance of $325,000 of serial bonds of the 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 specific object or purpose is fifteen years, pursuant to subdivision 12(a)(2) 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 in 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 bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor of said Town, 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 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 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 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 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. Upon this resolution taking effect, the same shall be published in full or summary form in the official newspapers 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. Section 10. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE REFERENDUM. The foregoing was put to a vote which resulted as follows: JOSEPH RUGGIERO, SUPERVISOR Voting: AYE ROBERT L. VALDATI, COUNCILMAN Voting: AYE VINCENT F. BETTINA, COUNCILMAN Voting: AYE JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE MAUREEN McCARTHY, COUNCILWOMAN Voting: AYE Dated: Wappingers Falls, New York 9/25/2006 The Resolution is hereby duly declared adopted. HN C. MOkSTERSON, TOWN CLERK