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1958-08-26At a Special Meeting of the Town Board of the Town of Wappinger held at the Town Office Building, Mill Street, Wappingers Falls, New York, on the 26th day of August, 1958 at 5 F.M. PRESENT: Supervisor Edward R. Scofield Justice Edward B. Beatty Councilman Emory J. Hager ABSENT: Justice Joseph F. Kelly Councilman Harold Mewkill The meeting was called to order by Supervisor Edward R. Scofield. The following Resolution was offered, to wit: Resolution by: JUSTICE EDWARD B. BEATTY Seconded by: COUNCILMAN EMORY J. HAGER SERIAL BOND RESOLUTION BOND RESOLUTION OF AUGUST 26th, 1958 AUTHORIZING THE ISSU- ANCE AND SALE OF SERIAL BONDS OF THE TOWN OF WAPPINGER, DUTCHESS COUNTY, NEW YORK, IN THE AMOUNT OF $6,000.00 FOR THE PURCHASE OF CERTAIN HIGHWAY MACHINERY, TO WIT: A FRONT END LOADER Dated: August 26, 1958 WHEREAS, the Town Board of the Town of Wappinger, New York, after advertisement for bids pursuant to law, by a Resolution duly adopted on the 10th day of July, 1958 authorized the Town Superin- tendent of Highways to purchase certain highway machiner, to wit: a front end loader, at a total cost of SIX THOUSAND FIVE HUNDRED DOLLARS ($6,500.00) subject to the approval of the County Superin- tendent of Highways, and provided that Six Thousand Dollars ($6,000) of such cost was to be paid from the proceeds of obligations to be issued pursuant to the Local Finance Law of the State of New York, and WHEREAS, a contract of purchase for such machinery was duly entered into by the Town Superintendent of Highways, which contract has been approved by the County Superintendent of Highways, NOW, THEREFORE, BE IT RESOLVED: 1. The specific object or purpose for which obligations are to be issued pursuant to this resolution is to finance the cost of one front end loader. 2. The maximum cost of such machinery if Six thousand five hundred Dollars ($6,500.00) and the plan of financing such cost is as follows: a down payment of Five Hundred.Dollars ($500.00) by current funds in that amount to be paid from the machinery fund; the balance of the cost is to be provided by the issuance of Serial Bonds in the amount of Six thousand dollars ($6,000) pursuant to this resolution. 3. The following determinations are hereby made: (a) The period of probable usefulness of such machinery is five (5) years. (b) The sub -division of paragraph "a" of Section 11.00 of the Local Finance Law which is applicable in the circum- stances is sub -division 28. (c) The proposed maturity of the obligations authorized by this resolution will not be in excess of five years. (d) That the total amount of bonds sold or to be sold at private sale in the current fiscal year of the Town of Wap- pinger, does not exceed in amount the sum of Twenty thousand dollars ($20,000). 4. That the Town of Wappinger shall issue its Serial Bonds in the amount of Six Thousand Dollars ($6,000) to finance such cost in accordance with the financial plan set forth above. Such bonds shall be dated approximately as of the date of delivery of such machinery, and the power to fix and determine the exact date of such bonds is hereby delegated to the Supervisor. 5. Such bonds shall be numbered "One" to "Three" inclusive, and shall be in the denomination of Two Thousand Dollars ($2,000) each, and the said bonds shall mature in numerical order in annual installments in the years and amounts as follows: March 15, 1959 Two thousand Dollars ($2,000); March 15, 1960 Two thousand Dollars ($2,000) and March 15, 1961 Two thousand dollars ($2,000). The bonds shall be issued in bearer form, without coupons, and shall not con- tain a power to convert to registered form. The bonds shall bear interest at a rate not exceeding two and one-half per centum (2-1/2%) per annum, payable annually. Payments of such interest shall be evidenced by notation thereof on the bonds at the time of payment. The bonds shall be in substantially the form of the Sample Bond annexed hereto and hereby made a part hereof. 6. The Supervisor is hereby delegated the power to prepare such Bonds and to sell the same at private sale, at not less than par and accrued interest, and at such sale to fix the interest rate to be borne by such bonds, within the limitations set forth in this resolution. The Supervisor shall deliver such Bonds to the purchaser thereof only against cash or a certified check. The proceeds of the sale of the Bonds shall be deposited in a Special Bank Account as required by Section 165.00 of the Local Finance Law. The powers delegated to the Supervisor by this resolution shall be exercised in conformity with the provisions of the said Local Finance Law of the State of New York. 7. This resolution shall take effect immediately. The foregoing resolution being put to a vote on roll call, was unanimously adopted. Motion by Councilman Hager, seconded by Justice Beatty that meeting adjourn. Carried unanimously.