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1999-05-24 (2)0133891.01 90427-360 At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held at the Town Hall, in Wappinger Falls, New York, in said Town, on the 24th day of May 1999, at 7:30 o'clock p_.M., Prevailing Time. The meeting was called to order by Supervisn,- C_Smith and upon roll being called, the following were PRESENT: Supervisor Constance O. Smith Councilman Robert Valdati Councilman Vincent Bettina Councilman Joseph Ruggiero Councilman Joseph Paoloni ABSENT: NONE The following resolution was offered by Councilman Robert Valdati , who moved its adoption, seconded by Councilman 90427-360 BOND RESOLUTION DATED MAY 24, 1999. A RESOLUTION AUTHORIZING THE ISSUANCE OF $363,544 SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, TO PAY THE COST OF THE PURCHASE OF VARIOUS ITEMS OF EQUIPMENT AND VEHICLES IN AND FOR THE TOWN. 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, it is now desired to authorize the financing of such capital project; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. For the objects or purposes of paying the cost of (a) the purchase of equipment for construction and maintenance purposes, each item of which costs $15,000 or less, a class of objects or purposes, at a maximum estimated cost of $43,105, (b) the purchase of a pick-up truck, a specific object or purpose, at a maximum estimated cost of $25,641, and (c) the purchase of equipment for construction and maintenance purposes, each item of which costs $30,000 or over, a class of objects or purposes, at a maximum estimated cost of $294,798, including, in each case, original equipment and incidental expenses in connection therewith, there are hereby authorized to be issued $363,544 serial bonds of the Town of Wappinger, Dutchess County, New York, pursuant to the provisions of the Local Finance Law. -2 - Section 2. It is hereby determined that the aggregate maximum estimated cost of the aforesaid objects or purposes is $363,544, and that the plan for the financing thereof is by the issuance of the $363,544 serial bonds authorized to be issued therefor pursuant to Section 1 hereof and hereby allocated to each object or purpose stated in Section 1 hereof in accordance with the maximum estimated cost of each specified therein. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid purchase of equipment for construction and maintenance purposes, each item of which costs $15,000 or less is five years, pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law, and that the aforesaid purchase of a pick-up truck is ten years, pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of the aforesaid purchase of equipment for construction and maintenance purposes, each item of which costs $30,000 or over is fifteen years, pursuant to subdivision 28 of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will not 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 -3 - sold in such manner, as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law. Section S. 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 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 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 said 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 -4 - 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 annual 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 the Supervisor, providing for the manual countersignature of a fiscal agent or of a designated 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 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. -5 - Section 9. 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 10. 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 11. This resolution, which takes effect immediately, shall be published in full in Southern Dutchess Nswsthe official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Supervisor Smith VOTING AYE Councilman Valdati VOTING AYE Councilman Bettina VOTING AYE Councilman Ruggiero VOTING AYE Councilman Paoloni VOTING AYE VOTING VOTING The resolution was thereupon declared duly adopted. STATE OF NEW YORK ) ) ss.. COUNTY OF DUTCHESS ) I, the undersigned Clerk of the Town of Wappinger, Dutchess County, New York, DO HEREBY CERTIFY: That I have compared the foregoing copy of the minutes of the meeting of the members of the Town Board of said Town, including the resolution contained therein, held on the 24th day of May, 1999, with the original thereof on file in my office, and that the same is a true and correct copy of said original and of the whole of said original so far as the same relates to the subject matters therein referred to. I FURTHER CERTIFY that all members of said Board had due notice of said meeting and that, pursuant to Section 103 of the Public Officers Law (Open Meetings Law) , said meeting was open to the general public and that I duly caused a public notice of the time and place of said meeting to be given to the following newspapers and/or other news media as follows: Newspapers and/or other news media Poughkeepsie Journal Southern Dutchess News Radio Stations: WEOK WBNR WKIP Date given January 11, 1999 May 20, 1999