Bond Resolution of the Town of Southold, New York

LEGAL NOTICE - TOWN OF SOUTHOLD, NEW YORK

PLEASE TAKE NOTICE that on February 11, 2020, the Town Board of the Town of Southold, in the County of Suffolk, New York, adopted a bond resolution entitled:

“Bond Resolution of the Town of Southold, New York, adopted February 11, 2020, authorizing the construction of a new highway barn on Fishers Island, stating the estimated maximum cost thereof is $150,000, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of $150,000 to finance said appropriation,”

an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows:

FIRST:  AUTHORIZING said Town to construct a new highway barn on Fishers Island; STATING the estimated maximum cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $150,000; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the issuance of bonds in the principal amount of $150,000 to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon;

SECOND:  AUTHORIZING the issuance of bonds in the principal amount of $150,000 pursuant to the Local Finance Law of the State of New York to finance said appropriation;

THIRD:  DETERMINING and STATING that the period of probable usefulness applicable to the object or purpose for which said bonds are authorized to be issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purposes for which said bonds are authorized; and the proposed maturity of said bonds will exceed five (5) years;

FOURTH:  DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town;

FIFTH:  DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and

SIXTH:  DETERMINING that the bond resolution is subject to a permissive referendum.

DATED: February 11, 2020

Lynda M. Rudder

Deputy Town Clerk