A RESOLUTION
AUTHORIZING THE construction of an addition to and reconstruction of the town
highway barn, IN AND FOR THE TOWN OF CANDOR, TIOGA COUNTY, NEW YORK, AT A
MAXIMUM ESTIMATED COST OF $1,350,000, AND AUTHORIZING THE ISSUANCE OF $550,000
BONDS OF SAID TOWN TO PAY part of THE COST THEREOF.
WHEREAS, the capital project hereinafter described has been
determined to be a Type II Action pursuant to the provisions of the New York
State Environmental Quality Review Act (“SEQRA”) and the regulations of the
Department of Environmental Conservation promulgated pursuant thereto, which as
provided therein will not result in a significant impact on the environment;
and
WHEREAS, it is now desired to authorize said capital project
and the financing thereof; NOW, THEREFORE,
BE IT RESOLVED, by the Town Board of the Town of Candor,
Tioga County, New York, as follows:
Section 1. The
construction of an addition to and reconstruction of the Town Highway Barn
located on Humiston Street, in Candor, New York, in and for the Town of Candor,
Tioga County, New York, including original equipment, machinery, apparatus,
appurtenances and incidental improvements and expenses in connection thereto,
is hereby authorized at a maximum estimated cost of $1,350,000.
Section 2. The
plan for the financing of the aforesaid maximum estimated cost is as follows:
a) by
the issuance of $550,000 serial bonds of said Town, hereby authorized to be
issued therefor pursuant to the provisions of the Local Finance Law; and
b) by
the expenditure of not to exceed $800,000 available funds of the Town, which
funds are hereby appropriated therefor.
Section 3. It
is hereby determined that the period of probable usefulness of the aforesaid
specific object or purpose is twenty-five years, pursuant to subdivision
12(a)(1) 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 exceed five years.
Section 4. The
faith and credit of said Town of Candor, Tioga 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 in said Town, a tax
sufficient to pay the principal of and interest on such bonds as the same
become due and payable.
Section 5. 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 bonds herein authorized, including renewals of such notes, is hereby
delegated to the Supervisor of said Town, the chief fiscal officer. Such notes shall be of such terms, form and
contents, and shall be sold in such manner, as may be prescribed by said
Supervisor, consistent with the provisions of the Local Finance Law.
Section 6. All
other matters except as provided herein relating to the bonds herein authorized
including the date, denominations, maturities and interest payment dates, within
the limitations prescribed herein and the manner of execution of the same,
including the consolidation with other issues, and also the ability to issue
bonds with substantially level or declining annual debt service, shall be
determined by the Supervisor, the chief fiscal officer of such Town. 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 51.00 of the Local Finance Law, as the Supervisor
shall determine consistent with the provisions of the Local Finance Law.
Section 7. 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 8. 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 9. Upon
this resolution taking effect, the same shall be published in full or summary
form in the official newspaper(s) of said Town, together with a notice of the
Town Clerk in substantially the form provided in Section 81.00 of the Local
Finance Law.
Section 10. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE REFERENDUM.
