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2002-24511 4 RESOLUTION NO. 2002- �f/), RESOLUTION OF INTENT REGARDING THE PROPOSED ISSUANCE AND SALE OF THE TOWN OF WAPPINGER'S GENERAL OBLIGATION BONDS FOR THE JOINT LANDFILL PROJECT The following Resolution was introduced by Mr _ co sey and seconded by Mr. Bettina WHEREAS, pursuant to the Local Finance Law of the State of New York, as amended (the "Act"), the Town of Wappinger (the "Town"), a municipal corporation of the State of New York, has the authority and power to issue its general obligation bonds for the purpose of, among other things, planning, constructing and financing the cost of any facility owned and operated by the Town; and WHEREAS, the Town has participated in a joint landfill project pursuant to an Agreement authorized under Article 5-G of the General Municipal Law of the State by and between the City and Towns of Poughkeepsie, Wappinger and LaGrange, and the Village of Wappingers Falls to lease, construct, operate, close and monitor a municipal landfill on property leased from the County of Dutchess located next to the Dutchess Airport and Route 376 in the Town of Wappinger (the "Joint Landfill"); and WHEREAS, the Town is considering a proposal that the Town issue its general obligation bonds and notes pursuant to the Act for the purposes of financing the Town's proportionate share of the cost of the planning and construction of the closure of the joint Landfill, including preclosure work, testing, site preparation (including removal of tires), design and construction of the closure and leachate collection facilities, in the aggregate principal amount not exceeding Eight Hundred and Fifty Thousand, Three Hundred and Sixty Eight Dollars ($850,368.00) (collectively, the "Project"); and O:\WAPPINGE\Town Board\RESOLUTION\JointLandfill.doc WHEREAS, the Town, by Resolution reasonably expected to be duly adopted in 2002, is expected to determine to proceed under the provisions of the Act to issue its general obligation bonds or notes for the purposes of financing its proportionate share of the costs of the Project, subject to the terms and conditions set forth in such Resolution; and WHEREAS, the Internal Revenue Code of 1986, as amended, and the United States Treasury Department regulations promulgated thereunder (together, the "Code") require that an issuer who intends to reimburse itself for monies to be advanced and expended for a capital project from the proceeds of a debt obligation of the issuer, adopt a Declaration of Official Intent to so reimburse not later than Sixty (60) days after the payment of any such original expenditures paid with such advanced monies; and WHEREAS, the Code provides that such Declaration may be made in the form of a Resolution of the issuer. NOW, THEREFORE, BE IT RESOLVED, as follows: The recitations above set forth are incorporated in this Resolution as if fully set forth and adopted herein. 2. The Town Board hereby finds and determines that: (a) the Town has been vested with all powers necessary and convenient to carry out and effectuate its proportionate share of the Project; (b) it is the intent of the Town to issue and sell its General Obligations Bonds (or notes in anticipation thereof) in the aggregate principal amount not exceeding Eight Hundred and Fifty Thousand, Three Hundred and Sixty Eight Dollars ($850,368.00) (the "Bonds") for the purpose of financing its proportionate share of the cost of the Project. O:\WAPPINGE\Town Board\RESOLUTION\JointLandfill.doc (c) It is expected that under Section 149(e) of the Code, interest on the Bonds will not be includable in gross income for federal income tax purposes. (d) In anticipation of the issuance of the Bonds, the Town hereby states its intention to reimburse monies of the Town hereafter expended in connection with the Project through the issuance of the Bonds, such reimbursement allocations to be made not later than Eighteen (18) months after the later of: • the date the original expenditure is paid; or the date of the Project is placed in service or abandoned but in no event more than Three (3) years after the original expenditure is paid. 3. A copy of this Resolution, shall be placed on file in the Office of the Town Clerk where the same shall be available for inspection during business hours. 4. This Resolution shall take effect immediately. 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 CHRISTOPHER J. COLSEY, Councilman Voting Aye Dated: Wappingers Falls, New York August 5, 2002 O:\WAPPINGE\Town Board\RESOLUTION\JointLandfill.�__ The Resolution is hereby duly declared adopted.