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2006-215COPY 2006-215 A Resolution Amending the Bond Resolution Dated May 12th, 2003, Authorizing the Issuance of Not Exceeding $200,000 Serial Bonds of the Town of Wappinger, Dutchess County, New York, to Pay the Cost of the Purchase of Various Equipment for Use by the Highway Department and the Recreation Department, in and for Said Town. 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, by a Bond Resolution dated May 12th, 2003, the Town Board of the Town of Wappinger, Dutchess County, New York, authorized the issuance of not exceeding $200,000 serial bonds of said Town to pay the cost of the purchase of various equipment for use by the highway department and the recreation department in and for said Town, and determined that the period of probable usefulness thereof is five years; and WHEREAS, it has now been determined that it is in the financial interest of said Town to amortize such serial bonds over a period in excess of five years, the period of probable usefulness of certain of said class of objects or purposes being ten years and fifteen years in accordance with the applicable provision of the Local Finance Law; and WHEREAS, it is now desired to amend such bond resolution dated May 12th, 2003, accordingly; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. Section 3 of bond resolution dated May 12th, 2003, more fully described in the preambles hereof, is hereby amended to read as follows: "Section 3. It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is five years as to equipment with a cost of $8,000 thereof, ten years as to equipment with a cost of $22,000 thereof, and fifteen years as to equipment with a cost of $170,000 thereof, all pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law." only if: Section 2. The validity of such bonds and bond anticipation notes may be contested 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 3. Upon this resolution taking effect, the bond resolution of May 12th, 2003, as herein amended, or a summary thereof, shall be published in full 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. Section 4. 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. 4H C. ASTERSON, TOWN CLERK