RESOLUTION OF THE VILLAGE OF DERING HARBOR, NEW YORK, ADOPTED NOVEMBER 4, 2017, FURTHER AMENDING THE BOND RESOLUTION ADOPTED ON NOVEMBER 21, 2015 AND HERETOFORE AMENDED ON APRIL 16, 2016
Recitals
WHEREAS, the Board of Trustees of the Village of Dering Harbor, in the County of Suffolk, New York, has heretofore duly authorized the construction of improvements to the Village water system, including installation of a replacement water tank, installation of an emergency generator and other related improvements to preserve water capacity during storms, power outages and other emergencies, at the estimated maximum cost of $500,000, pursuant to the bond resolution adopted by the Board of Trustees on November 21, 2015; and
WHEREAS, on April 16, 2016 the Board of Trustees determined the estimated cost of said project was $600,000, and such amount was appropriated therefor pursuant to a bond resolution adopted by said Board of Trustees on April 16, 2016 as an amendment to the prior bond resolution adopted on November 21, 2015;
WHEREAS, it has now been determined that the estimated maximum cost shall be $800,000 and it is in the best interests of the Village to further amend said bond resolution to accurately reflect the revised estimated maximum cost of $800,000 and to authorize the issuance of bonds in the maximum amount of $800,000;
Now, therefore, be it
RESOLVED BY THE BOARD OF TRUSTEES OF THE VILLAGE OF DERING HARBOR, IN THE COUNTY OF SUFFOLK, NEW YORK (by the favorable vote of not less than two-thirds of all members of said Board of Trustees) AS FOLLOWS:
Section (A) The bond resolution of the Village of Dering Harbor duly adopted by the Board of Trustees on November 21, 2015 and heretofore amended on April 16, 2016, entitled:
“Bond Resolution of the Village of Dering Harbor, New York, adopted November 21, 2015 and amended April 16, 2016, authorizing the construction of improvements to the Village water system, stating the estimated maximum cost thereof is $600,000, appropriating said amount for such purpose, and authorizing the issuance of $600,000 bonds of said Village to finance said appropriation,”
is hereby amended to read as follows:
BOND RESOLUTION OF THE VILLAGE OF DERING HARBOR, NEW YORK, ADOPTED NOVEMBER 21, 2015, AMENDED APRIL 16, 2016 AND FURTHER AMENDED NOVEMBER 4, 2017, AUTHORIZING THE CONSTRUCTION OF IMPROVEMENTS TO THE VILLAGE WATER SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $800,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF $800,000 BONDS OF SAID VILLAGE TO FINANCE SAID APPROPRIATION
THE BOARD OF TRUSTEES OF THE VILLAGE OF DERING HARBOR, IN THE COUNTY OF SUFFOLK, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Board of Trustees) AS FOLLOWS:
Section 1. The Village of Dering Harbor, in the County of Suffolk, New York (herein called the “Village”), is hereby authorized to construct improvements to the Village water system, including installation of a replacement water tank, installation of an emergency generator and other related improvements to preserve water capacity during storms, power outages and other emergencies. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $800,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of bonds of the Village to finance said appropriation and the levy and collection of taxes upon all the taxable real property in the Village to pay the principal of said bonds and the interest thereon as the same shall become due and payable. It is expected that Federal and/or State aid shall be received by the Village to pay all or part of the cost of the project. Any aid or grant funds received from FEMA or from any other source are authorized to be used to pay all or part of the cost of the project or to pay debt service on any bonds or notes issued pursuant to this resolution.
Section 2. Bonds of the Village in the principal amount of $800,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the “Law”), to finance said appropriation.
Section 3. The following additional matters are hereby determined and declared:
(a) The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 1 of the Law, is forty (40) years.
(b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Village for expenditures made after the effective date of this resolution. The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.
(c) The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.
Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Village, payable as to both principal and interest by general tax upon all the taxable real property within the Village. The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Village by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.
Section 5. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 of the Law relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.0 to 60.00 and 168.00 of the Law, the powers and duties of the Board of Trustees relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and as to the execution of agreements for credit enhancements, are hereby delegated to the Village Treasurer, the chief fiscal officer of the Village.
Section 6. The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if:
(a) such obligations are authorized for an object or purpose for which the Village is not authorized to expend money, or
(b) the provisions of law which should be complied with at the date of the publication of such 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
(c) such obligations are authorized in violation of the provisions of the constitution.
Section 7. This bond resolution is subject to a permissive referendum and the Village Clerk is hereby authorized and directed, within ten (10) days after the adoption hereof, to cause to be published in the “Shelter Island Reporter,” a newspaper having a general circulation within said Village and hereby designated the official newspaper of the Village for such publication, and posted in at least six (6) public places and in each polling place in the Village, a Notice in substantially the following form:
VILLAGE OF DERING HARBOR, NEW YORK
PLEASE TAKE NOTICE that on November 4, 2017, the Board of Trustees of the Village of Dering Harbor, in the County of Suffolk, New York, adopted a resolution further amending the bond resolution adopted by said Board of Trustees on November 21, 2015 and heretofore amended on April 16, 2016, which bond resolution, as further amended, is entitled
“Bond Resolution of the Village of Dering Harbor, New York, adopted November 21, 2015, amended April 16, 2016 and further amended November 4, 2017, authorizing the construction of improvements to the Village water system, stating the estimated maximum cost thereof is $800,000, appropriating said amount for such purpose, and authorizing the issuance of $800,000 bonds of said Village to finance said appropriation,”
an abstract of such bond resolution concisely stating the purpose and effect thereof, being as follows:
FIRST: AUTHORIZING the Village of Dering Harbor to construct improvements to the Village water system, including installation of a replacement water tank, installation of an emergency generator and other related improvements to preserve water capacity during storms, power outages and other emergencies; STATING that the estimated maximum cost of the project, including preliminary costs and costs incidental thereto and the financing thereof, is $800,000; APPROPRIATING $800,000 for such purpose; STATING the plan of financing includes the issuance of bonds of the Village to finance said appropriation, and the levy of taxes upon all the taxable real property within the Village to pay the principal of said bonds and the interest thereon; and STATING that any aid or grant funds received from FEMA or from any other source are authorized to be used to pay all or part of the cost of the project or to pay debt service on any bonds or notes issued pursuant to this resolution;
SECOND: AUTHORIZING the issuance of $800,000 bonds of the Village pursuant to the Local Finance Law of the State of New York to finance said appropriation;
THIRD: DETERMINING and STATING the period of probable usefulness of the object or purpose for which said bonds are authorized is forty (40) years; the proceeds of said bonds may be applied to reimburse the Village for expenditures made after the effective date of said bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of the 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 Village; and PLEDGING to their payment the faith and credit of the Village;
FIFTH: DELEGATING to the Village Treasurer 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: November 4, 2017
Elizabeth Gilpin Village Clerk