Loading...
1995-02-06 (2)BOND RESOLUTION DATED p.��(_0Ct f �p 1995. T A RESOLUTION AUTHORIZING THE ISSUANCE OF AN ADDITIONAL $390,000 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY PART OF THE COST OF THE CONSTRUCTION OF AN EMERGENCY SERVICES BUILDING ON A PARCEL OF TOWN -OWNED LAND ON MIDDLEBUSH ROAD, IN WAPPINGERS FALLS, NEW YORK, INCLUDING ORIGINAL FURNISHINGS, EQUIPMENT, MACHINERY, APPARATUS, APPURTENANCES AND INCIDENTAL IMPROVEMENTS AND EXPENSES IN CONNECTION THEREWITH IN AND FOR SAID TOWN. WHEREAS, the capital project hereinafter described has been determined to be a Type I Action pursuant to Local Law No. 6 of 1992 of the Town of Wappinger and the regulations of the New York State Department of Environmental Conservation promulgated pursuant to the State Environmental Quality Review Act, the implementation of which as proposed, the Town Board has determined will not result in any significant environmental effects; and WHEREAS, by bond resolution dated July 26, 1993, the Town Board of the Town of Wappinger, Dutchess County, New York, authorized the issuance of $1,500,000 serial bonds of said Town to pay the cost of the construction of an Emergency Services Building on a parcel of Town -owned land on Middlebush Road, in Wappingers Falls, New York, including original furnishings, equipment, machinery, apparatus, appurtenances and incidental improvements and expenses in connection therewith, at a maximum estimated cost of $1,500,000, in and for the Town of Wappinger, Dutchess County, New York; WHEREAS, it has now been determined that the maximum estimated cost of such construction of an Emergency Services Building is $1,890,000, an increase of $390,000 over that previously authorized; and -2 - WHEREAS, it is now desired to authorize the issuance of an additional $390,000 serial bonds of said Town for such purpose; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the specific object or purpose of paying additional costs of the construction of an Emergency Services Building on a parcel of Town -owned land on Middlebush Road, in Wappinger Falls, New York, including original furnishings, equipment, machinery, apparatus, appurtenances and incidental improvements and expenses in connection therewith, there are hereby authorized to be issued an additional $390,000 serial bonds of the Town of Wappinger, Dutchess County, New York, pursuant to the provisions of the Local Finance Law. Section 2. It is hereby determined that the maximum estimated cost of such specific object or purpose is now determined to be. $1,890,000, and that the plan for the financing thereof is as follows: a. By the issuance of the $1,500,000 serial bonds of said Town authorized to be issued pursuant to bond resolution dated July 26, 1993; and b. By the issuance of the additional $390,000 serial bonds of said Town authorized to be issued pursuant to this bond resolution. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is thirty years, pursuant to subdivision 11(a) of paragraph a of Section 11.00 of the Local Finance Law, calculated from October 1, -3- 1994, the date of issuance of the first obligations for said specific object or purpose. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years. Section 4. 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 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 obligations 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 obligations 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 obligations as the same become due and payable. Section 6. Such bonds shall be in fully registered form and shall be signed in the name of the Town of Wappinger, Dutchess County, New York, by the manual or facsimile signature of the Supervisor and a facsimile of its corporate seal shall be imprinted -4 - or impressed thereon and may be attested by the manual or facsimile signature of the Town Clerk. Section 7. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds, are hereby delegated to the Supervisor, who shall advertise such bonds for, sale, conduct the sale, and award the bonds in such manner as she shall deem best for the interests of the Town; provided, however, that in the exercise of these delegated powers, she shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds. The receipt of the Supervisor shall be a full acquittance to the purchaser of such bonds, who shall not be obliged to see to the application of the purchase money. Section 8. All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds having substantially level or declining debt service and all matters related thereto, prescribing whether manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bonds are to be executed in the name of the Town by the facsimile signature of its Supervisor, providing for the manual countersignature of a fiscal agent or of a desicnated official of the Town), the date, denominations, maturities and interest payment dates, place or places of payment, and also including the consolidation with other issues, shall be -5 - determined by the Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such serial bonds any charges for mailing, shipping and insuring bonds transferred or exchanged by the fiscal agent, and, accordingly, pursuant to paragraph c of Section 70.00 of the Local Finance Law, no such charges shall be so collected by the fiscal agent. 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 52.00 of the Local Finance Law, as the Supervisor shall determine. Section 9. This resolution shall constitute a statement of official intent for purposes of Treasury Regulations Sections 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 10. 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, Me 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 11. Upon this resolution taking effect, the same shall be published in full iny I rr� c ►�C%PSS Nee the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Section 12. This resolution is adopted subject to permissive referendum in accordance with Section 35.00 of the Local Finance Law.