HomeMy WebLinkAboutSpec Mtg. Minutes- 11/14/1928134
Special Meeting,of the Board of Trustees
of the Village of Cayuga Heights
held on November 14, 1928.
Present :
W. L. Williams, Mayor
S. S. Garrett, Trustee
W. A, Hagan, Trustee
K, M. Wiegand, Trustee
L. P. Wilson (absent from
Mayor. W. L. Williams presiding.
Upon motion
ing'nreamble and
duly made, seconded and unanimously carried the follow -
resolutions were adopted
WHEREAS heretofore and at a meeting of the Board of Trustees
of the Village of Cayuga Heights held on May 14th, 1928, it was
RESOLVED that this Village borrow on bonds or other
obligations of the Village a sum of money not to exceed 20,000.00
for the purpose of improving East Upland-Road., Irqquois. oad,
Oak Hill Road and Oak Hill Place according to specifications
prepared by Engineer Carl Crandall, and
WHEREAS the work mentioned in said resolution has proceeded
according to such specifications and the said roads have been
improved at a considerable cost to said Village but the funds to
pay the expense of such improvements are not available, and
WHEREAS this Board of Trustees deems it unadvisable at the
_present time to issue a long term bond issue -to cover the cost of
such improvements and believes it to the best interests of said
Village to borrow the expense of said improvements as enumerated
in the above mentioned resolution of May 14th, 1928, from the
Ithaca Savings Bank of Ithaca, N. Y., on a note or certificate of
indebtedness, a sum of money not to exceed $18,000.00 payable not
over one year from the date of execution of-such temporary note or
certificate of indebtedness and bearing interest at the rate.of
5,% per annum, and
WHEREAS the assessed valuation of property in said Village
is over $2,000,000.00 and the existing indebtedness of said .Village
is not over $12,000.00, which with the addition of the indebtedness
herein contemplated will not exceed the legal debt limit of..said
Village, and the loan- contemplated'herein will not.exceed•any
limitation prescribed by law in said Village,.
NOW THEREFORE be it
RESOLVED that the Village of Cayuga Heights, a municipal. ,
corporation of,the State -of New York borrow.from the Ithaca
1
13.5
Savings Bank of Ithaca, N. Y., the sum of $18,000.00, which sum
the Trustees of said Village deem necessary to accomplish the
purposes of said resolution of May 14th, 1928, interest on said
loan to be at the rate.of 5% per annum payable semi - annually, and
said loan to be due and payable one year from the date of the
execution of said temporary note or certificate of indebtedness,
or sooner at the option of said Village of Cayuga Heights, and be
it further
RESOLVED that the Mayor execute for and in behalf of-said
Village and in its name, the note or certificate of indebtedness
of said Village in•'the sum of $18,000.00 on the terms'as aforesaid,
and that the Village Clerk affix the corporate seal,to said
instrument and attest it, and be it.further
RESOLVED that at the present time the said Village borrow
the sum of $18,000.00 on its said note or obligation from the
Ithaca Savings Bank of Ithaca, 14. Y., and that the Treasurer of
said Village, A. J. Heinicke, is hereby authorized to receive
such sum and to give the receipt of said Village therefor, such
advance now being necessary, and be it further
RESOLVED that.the Treasurer of this Village is hereby
authorized to pay the proper expenses in connection with obtain-
ing such loan from the said.lthaca Savings Bank.
The following bills were approved and ordered paid
LIGHT FUND
New York State l;lectric Corporation, October Lights - - -- $64.00
HIGHWAY FUND
Carl Crandall, Road contract --------------------- - - - - -- 75.00
SEWER FUND ----------------------------
Carl Crandall ------------------------------------------
25.00
ohn Collins, Mooring grass - 49.50
GENERAL FUND
Frank Hanshaw, Registrar Vital Statistics -------- - - - - -- 24.25
Adjourned.
Clerk