Loading...
1977-04-13 SPMA Special Meeting of the Town Board of the Town of Wappinger was held on April 13, 1977 at the Town Hall, Mill Street, Wappingers Falls, New York. Notice of said meeting was mailed to each Board member on April 7, 1977, calling, the meeting for 7:00 P.M., April 13, 1977 for the purpose,of consider- ing the conversion of most of the Town of Wappinger Short Term INTOtes.to one. issue of Long Term Serial Bonds, amounting to $6,035,000, as prepared by the Consultants for the Town of Wappinger, Wilke, Farr and Gallagher. Notice of said meeting was also given to the Poughkeepsie Journal, Southern Dutchess News (W & S D News) and the Beacon Evening News; and the Radio Stations, WBNR, WKIP, WHFN and WEOK on April 8, 1977, and a Notice of said meeting was posted in the Town of Wappinger Town Hall and on the Town of Wappinger Town Clerks Bulletin Board on April 8, 1977. Supervisor Diehl called the meeting to order at 7:35 P.M. Present: Louis D. Diehl, Supervisor Leif W. Jensen, Councilman Nicholas Johnson, Councilman Elaine H. Snowden, Town Clerk Absent: Louis Clausen, Councilman Frank Versace, Councilman Others Present: Allan E. Rappleyea, Attorney to the Town Matthew Ryan, Comptroller 218 The following resolution was offered bv Councilman LEIF W. JENSEN, who moved its adoption, seconded by SUPERVISOR LOUIS D. DIEHL to -wit: RESOLUTION DATED APRIL 13 1977. A RESOLUTION PROVIDT.IG FOR THE CONSOLIDATION INTO ONE ISSUE OF SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YO1U, AGGREGATING $6,035,000 HERETOFORE SEPARATELY AUTHORIZED BY SAID TONfl FOR • VARIOUS TOWN PURPOSES, AND PROVIDI70 FOR Tun DETAILS AND SALE THEREOF. BE IT RESOLVED, by the Town Board of the Town of Wappinger, Dutchess County, New York, as follows: Section 1. Of the $3,200,000 serial bonds authorized by bond resolution dated October 10, 1971., for the construction of a water system consisting of water supnlv, water storage acilities, water mains, pumping stations and associated fAf'ilifi4"4 4-n carve the remntral Wappinr 14=4-nr Area in said Town, there shall he issuld and sold $2,630,030 • 2 !serial bonds as a second series of bonds, which shall mature x$89,000 in 1978, $93,000 in each of the years 1979 an&41.980, t, .$98.,000 in each of the years 1981 to 2003, both inclusive, and ;$101,000 in 2004, and shall be consolidated with other issues of Fmonds of said Town as hereinafter authorized. It is hereby i.etermined that the period of probable usefulness of the aforesaid specific object or purpose is forty years pursuant to subdivision a of paragraph a of Section 11.00 of the Local Finance Lasa, c:ormputed from July 5, 1973, the date of the first bond anticipation mote issued therefor. It is hereby further determined that $$400,000 serial bonds were issued pursuant to said authorization aus a first series as a part of a consolidated issue of $1,275,000 IPublic Improvement (Serial) Bonds, 1974, dated March 1, 1974. lit is hereby further determined that funds of said Town, available from a source other than the proceeds of bonds or bond anticipation notes in the amount of $70,000 were paid on May 17, 1976, and that further funds of said Town, available tfrom a source other than the proceeds of bonds or bond antici- Fpation notes, in the amount of $100,000 will be paid on or ?before May 17, 1977, to partially reduce outstanding bond anticipation notes of said Town for such purpose, such amounts constituting the first two installments of the principal amount of such indebtedness. After the payment of such amounts, the total amount of serial bonds which may be issued for the aforesaid object or purpose is $2,630,000. The $2,630,000 serial bonds herein authorized to be issued and consolidated as a second series constitute all of such balance. !220 3 Section 2. Of the $3,963,320 serial bonds authored by bond resolution dated August 14, 1972, for the construction off improvements in and for Wappinger Sewer. Improvement No. 1 i n said Town, there shall be issued and sold $2,635,000 serial blonds as a second series of bonds, which shall mature $91,000 in 1978, $90,000 in 1979, $95,000 in 1980, $100,000 in each of the years 1981 and 1982, $99,000 in each of the years 1983 t:o 1985, both inclusive, and $98,000 in each of the years 1986 tr.() 2004, both inclusive, and shall be consolidated with other iaGsues of bonds of said Town as hereinafter authorized. It is hlinreby determined that the period of probable usefulness of the afforesaid specific object or purpose is forty years pursuant to saubdivi.sion 4 of paragraph a of Section 1.1.00 of the Local Finance Law, computed from December 27, 1972, the date of the first bond anticipation note issued therefor. It is hereby (further determined that $500,000 serial bonds were issued pursuant to said authorization as a first series as a part of ai consolidated issue of $1,275,000 Public Improvement (Serial) Bonds, 1974, dated March 1, 1974, and a $13,320 principal. r ayment was heretofore made in partial reduction of a series cof bond anticipation notes issued in anticipation of said first series of bonds. It is hereby further determined that funds :of. said Town available from a source other than the proceeds of bonds or bond anticipation notes in the amount of $75,000 were paid on 4ay 17, 1976, and that further funds of said Town, available from a source other than the proceeds of bonds or bond anticipation notes, in the amount of $100,11n will be paid on or before May 17, 1977, to partially reduce outstanding bona anticipation notes of said. Town for such purpose, such amounts constituting the first two installments of. the principal of 221 4 such indebtedness. After the paynent of such amounts, the totalramount of serial bonds whin may be issued for Y2 afore- '•. said object or purpose is 3,275,000. The $2,35,')O() serial bonds herein authorized to be issued and consoli2ated as a second series are a part of saif'. balance. Section 3. Of the $412,500 serial bonds authorized by bond resolution dated November 13, 1972, for the construction of a sewer system, consisting of main sewers, manholes, lateral lines and a sewage disposal plant to serve the Wildwood Sewer District in said Town, there shall he issued and sold $370,000 serial bonds, which shall mature $13,000 in ease of the years 1978 to 1985, bot'l inclusive, and $14,0^0 in eac'i of the years 1986 to 2004, both inclusive, and shall be consolidated with other issues of bonds of said Tom as hereinafter authorized. It is hereby determined that the period of prolAe usefulness of the aforesaid specific object or purpose is forty years pursuant to subdivision 4 of paragraph a of Section 11.00 of the Local Finance Law, computerl. from January 27, 1975, the date of the first bond anticipation note issued therefor. It is hereby further determined that funds of said Town available: from a source other than the proceeds of the bonds or bond anticipation notes in the amount of $15,000 were paid on January 27, 1977, and that further funds of said Town, available from a source other than the proceeds of bonds or bond antici- pation notes, in the amount of $15 000 will be paid on or before May 17, 1977, to partially reduce outstanding bond anticipation notes of said Town for such purpose, such amounts constituting the first two installments of the principal amount of such indebtedness. - 5 ONO 222 Section 4. Of the $173,373 serial bonds authorized by at bond resolution dated July 14, 1975, for the constion cif additions to the surface drainage system of said Town, there shall be issued and sold $155,000 serial bonds, which shall mature $5,400 in 1978, $5,500 in each of the years 1979 to 1982, both inclusive, and $5,300 in each of t'ie years 1983 to 2004, both inclusive, and shall be consolidated with other .Issues of bonds of said Town as hereinafter authorized. It is h ereby determined that the period of probable usefulness of the aiforesaid class of objects or purposes is forty years, pursuant tzo subdivision 4 of paragraph a of Section 11.00 of the Local Flinance Law, computed from December 24, 1975, the date of the fiirst bond anticipation note issued therefor. It is hereby further determined that funds of said Town, availaLle from a source other than the proceeds of bonds or bond a.ticipation motes, in the amount of $15,000 will be paid on or before :lay 17, 1977 to partially reduce outstanding bond anticipation notes .of said Town for such purposes, such amount constituting t he first installment of the principal amount of such indebtedness. rt is hereby further stated that on December 24, 1976 a payment • the amount of $3,375 was applied in reduction of bond anticipation notes then outstanding in anticipation of bonds authorized for said project, thus reducirg the amount of bonds t :o be issued? thereafter. Section 5. Of the $475,00fl serial bonds authorized by mond and capital note resolution dated Noveriber 13, 1972, for the construction of necessary works for a drainage system for the protection and maintenance of Town highways, there shall 223 be issued and sold $80,000 serial bonds as a second se4es of bonds, which shall mature $5,500 in 1978, $2,500 in 1979, and $3,000 in each of the years 1980 to 2003, both inclusive, and shall be consolidated with other issues of bonds of said Town as hereinafter authorized. It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is thirty years pursuant to subdivision 3 of paragraph a of Section 11.00 of the Local Finance Law, computed from August 28, 1973, the date of the first bond anticination note issued therefor. It is hereby further determined that $375,000 serial bonds were issued pursuant to said authorization as a first series as a part of a consolidated issue of $1,275,000 Public Improvement (Serial) Bonds, 1974, date !arch 1, 1971. It is hereby further determined that funds of said Town available from a source other than the proceeds of bonds or bond anticination notes in the amount of $10,000 were paid on October 1, 1975, and that further funds of said Town, available from a source other than the proceeds of bonds or bond anticipation notes, in the amount of $10,000 will he paid on or before May 17, 1977, to partially reduce outstanding bond anticipation notes of said Town for such purposes, such amounts constituting the first two installments of the principal amount of such indebtedness. After such payments, the total amount of serial bonds which may be issued for the aforesaid objects or purposes is $80,000. The $80,000 serial bonds herein authorized to be issued and consolidated as a second s-lries constit-ate all of said balance. 7 Section 6e Of the $190,000 serial bonds authorized bar .Rig b)ond resolution dated June 11, 1973, for the construt*tn of dirainage facilities in and for said Town, there shall be -ix.ssued and sold $165,000 serial bonds, which shall nature $6,100 in 1973, $6,000 in 1979, $5,500 in each of the years 'x1980 to 1982, both inclusive, and $6,200 in each of the years 1983 to 2004, both inclusive, and shall be consolidated with other issues of bonds of said Town as hereinafter authorized. Et is hereby determined that the period of probable usefulness off the aforesaid class of objects or purposes is thirty years, pursuant to subdivision 3 of paragraph a of Section 11.00 of the Local Finance Law, computed from July 3, 1974, the date of tlhe first bond anticipation note issued therefor. It is hereby 'fiurther determined that funds of said Town, available from a source other than the proceeds of bonds or bond anticipation. notes, in the amount of $10,000 were paid. on May 17, 1976, and. ithat further funds of said. Town, available from a source other than the proceeds of bonds or bond anticipation notes, in the amount of $15,000 will be paid on or before May 17, 1977 to partially reduce outstanding bond anticipation notes of said :gown for such purposes, such amounts constituting the first two installments of the principal amount of such indebtedness. Section 7. The serial bonds described in the preceding sections hereof are hereby authorized to be consolidated for purposes of sale into one bond issue, aggregating $6,035,000. Such bonds shall each he designated substantially PTIBLIC I"_- PROVEmElr (SERIAL) BCNL), 1977, shall be dated lay 1, 1977, shall be of the denomination of $3,000 each, shall be num`lered 1 to 1,207, both inclusive, and shall mature ir numerical order 224 225 in the amount of $210,000 on May 1 in each of tie year, 978 and 1979, $215,000 on May 1 in 1980, and $225,000 on Nay 1 in each of the years 1981 to 2004, both inclusive, with interest thereon payable November 1, 1977, and semi-annualll thereafter on May 1 and November 1. Such bonds shall bear interest at such rate as may be necessary to sell the same, which rate shall be determined in the manner provided in Section 59.n0 of the Local Finance Law. Such bonds shall he in bearer coupon form with the privilege of conversion into bonds registered as to both principal and interest, and shall be payable as to both. -)rincinal and. interest in lawful money of the United States of America at Marine Ilidland Bank in Wappingers Falls, New York, or, at the option of the holder, at Marine Midland Bank in New Yorl:, New York, which by contract are the oava.....g agents of the issuer. The aforesaid maturities constitute the aggregate of the individual maturities of each separate iasue, maturities are prescribed in the precelin7 section Such bonds shall be signed in the name of said Town Dutchess County, New York, by its Supervisor, and a indivival hereof. of Wappinger, facsimile of its corporate seal shall be imprinted thereon and attested by its Town Clerk, and the interest coupons shall hear the facsimile signature of said Supervisor. Section 8. All other natters, except as provided herein relating to such bonds, shall be determine:: by the Supervisor. Such bonds shall contain substantially the recital of validitv clause provided for in Section 52.00 of the Local Finance Law and shall otherwise be in such form a-10 contain such recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the Supervisor shall determine. Section 9© The faith and credit of ai Town of Wappinger, Dutchess County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such bonds as reop2ctivcly bccome du2 and payahlc. An annual appropriation shall be made in each year su47ficient to pay the principal of and interest on such bonds becoming due and payahle in such year. Section 1i. The powers and duties of advertising such bonds for sale, conducting the sale and awarding the bonds are thir, hereby delegated to the Supervisor who shall advertise such bonds for sale, conduct the sale and award the bonds in such manner thre as he shall deem best for the interests of said Town provided, however, that in the exercise of these delegated powers, he 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 11. This resolution shall tal-.1 effect immediately. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Councilman Jensen VOTI1G AYE Councilman Johnson VOTING Aye Supervisor Diehl VOTING AYE Councilman Clausen VOTING ABSENT COUNCILMAN VERSACE VOTING ABSENT The resolution was thereupon declared duly adopted. * * * There being no other business to come beforS,the Board, Supervisor Diehl entertained a motion to adjournthe meeting. Mr. Johnson moved the meeting be adjourned, seconded by Mr. Jensen, add Carried. Meeting adjourned at V:41 P.M. obi 4/13/77 LLLQk Elaine H. Snowden Town Clerk 226.