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Attorney ?Ieumm rresented a resolution consolidating the several bond issues
greviov..slf a,.thorized as follows:
The _r'ol,lp;i_t_. re,olut`_on t•,-as offered by'Prustee Morton, ;•Tho noverl its adoption,
seconded by Trustee Catherxood, to -wit:
RE,60 "T=O DATED June 13, 1958.
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, ,i^E SEY:H!P'�'_ 3Y'i' =E TE.1tG'� Or As:HE tP2'r , , i{0!
Ct1Y! "': ` :r3_.::P_'5, Pg' orTp S CSI :,tTv� t7. RIO- S 7ITL: ^E Y.UHYCS?S.
r ;T }t::SOUE—D, by the Board of 'I'r'astees of the Village of Ca,Tuga.heights.
Tompkins County, ?Iew ' crk, as follows:
L . A :,
Section 1. Of the $57,000 serial bonds authorized by bond and capital note
resolution— 's late i July 5, 1955, to pay part of the cost of the construction and
equipment of a village fire station, including-necessary site imporvement, there
shall be issued $51,000 serial bonds. Said $51,000 serial bonds shall mature
$3,000 in each of the years 1959 to 1975, both inclusive and shall be consolidated
with other issues of bonds of said Village, as hereinafter authorized. It is hereby
determined that the period of probable usefulness of the aforesaid object or pur-
pose is twenty years pursuant to subdili.sion 11 (b) of paragraph a of Section 11.00
of the Local Finance Law, computed from October 1,1955 the date of the first bond
anticipation note issued in anticipation of such bonds. It is hereby further de-
termined and recited that on October 1, 1957s a payment in the amount of $3,000
from available current funds was made as a partial redemption of an outstanding bond
anticipation note issued in anticipation of such bonds, which payment was made
within two years from the date of the first stich bond anticipation note, and that
the Sum of $3,000 current funds is now available and ad.11 be applied prior to
October 1, 1958, for the partial redemption of the bond anticipation note'now out-
standing in anticipation of such bonds.
Section 2. Of the $269,000 serial bonds authorized by bond resolution dated
December 2 ,� 19552 for the construction of a sewage treatment plant and appurtenanc-
es for 6aid Village, there shall be issued $261,000 serial bonds. Said $2613000
serial bonds shall mature $8,000 in each of the years 1959 to 1975, both inclusive,
$1,000 in each of the years 1976 to 1982, both inclusive, and $12,000 in each of
the years 1983 to 1986, both inclusive, and shall be consolidated with other issues
Of bonds of said Village, as hereinafter authorized. It is hereby determined that
the period of probable usefulness of the aforesaid object or purpose is thirty years
pursuant to subdivision 4 of paragraph a of Section 11.00 of the Local-Finance Law,
computed from March 15, 1956, the date of the first bond anticipation note issued
in anticipation of such bonds. It is hereby further determined and recited that
on March 15, 1958, a payment in the amount of $8,000 from available current funds
was made as a partial redemption of an outstanding.bond.anticipation; note issued in
anticipation of such bonds, which payment was made within tiio''years. from the date of
such bond anticipation note..
Section 3. Of the $481,000 serial bonds auth6rited'by- bond'reso1ution dated
December 2', 19 , for the construction of an addition^.tb. the sanitary- sewage col-
lection system of said Village, there shall be issued'$It65,000 serial bonds. Said
i
$465,000 serial bonds shall mature $16,000 n the 'yW."1959, $14,000 in each of
the years, 1960 to 1971, both inclusive, $19,000 in' "edch'of- the years. 1972 to 1982,
both inclusive, and $18,000 in each of the years 1983'to'1986,,both inclusive, and
shall be consolidated with other issues of bonds'of said Village, as"hereinafter
authorized. It is hereby determined that the period of probable usefulness of the
aforesaid object or purpose is thirty years pursuant to.subdivision.4 of paragraph
a of Section 1.00 of the Local Finance Law, computed from I -lay 15; 1956, the date
of the first bond anticipation note issued in anticipation.of such bonds. It is'
hereby* further determined and recited that on May 15, 1958, a payment in the amount
of $16,000 from available current funds was made as a'partial redemption of an
outstanding bond anticipation note issued in anticipation. of such bonds, .which pay-
ment was made within two years from the date'of the first such bond anticipation
note.
Section 4. The serial bonds described in the preceding sections hereof, are
hereby authorized to be.consolidated for purposes of dale into one,bond issue,
aggregating $777,000. Such bonds shall each be designated substantlally PUBLIC
IMPROVEMENT (SERIAL) BOND, 1958, shall be dated duly. 15, 1958, of the denomina-
tion of $1,000 each, numbered from 1 to 777, bdth'inclusive, maturing in numerical
order in the amount of $27,000 on january 15, 1959, $25,000 on January 15 in each
of the years 1960 to 1971, both inclusive, and $30,000 on January 15 in each of the,
lq9 ,.
years 1972 to 1906, both inclusive and shall boar interest at a rate nct exceed-
ing five per ccntum per annum, payable semi - annually January 15 and July 15.
Such bonds shall be in bearer coupon form with. the privilege of conversion into
bonds registered as to both principal and interest, and shall be payable as to both
,principal and interest in lawful money of the United States of America at The
Chase Manhattan Bank, in clew York, New York, or,,at, the option of the holder, at
the First National Bank of Ithaca,in Ithaca,, AIeir,Yok'kjrhith-by contract are the
paying agents of the issuer. The aforesaid maturities constitute the aggregate of
the individual maturities of each separate issue, which individual maturities are
prescribed in the preceding sections hereof. Such bonds shall be signed in the
name of said Village of Cayuga Heights, New York, by its Mayor and its Village
Treasurer, sealed .,dth its corporate seal, attested by its Village Clerk,,and the
interest coupons shall bear the facsimile signature of said Village Treasurer.
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 Village Treasurer shall determine.
Section '6. The faith and credit of said Village of Cayuga Heights, New York,
are hereby irrevocably pledged to the payment of the principal of and interest on
such bonds as the same respectively become due and payable. An annual appropria-
tion shall be made in each year sufficient to pay principal of and interest on
such bonds becoming due and payable in such year.
Section 7. The pourers and duties of advertising such bonds for sale, con-
ducting the sale, a.d'atrarding the bonds, are hereby delegated to the Village
Treasurer, who shall advertise such bonds for sale, conduct the sale and award the
bonds in such manner as he shall deem best for the interests of said Village, pro-
, vided, however, that in the exercise of these delegated powers, he shall comply
fully with the provisions of the Local Finance Lahr and any order or rule of the
State Comptroller applicable to the sale of municipal bonds. The receipt of the
Village Treasurer shall be a full acquittance to the purchaser of such bonds, who
shall not be obliged to see to the application of the purchase money.
Section 0. This resolution shall take effect immediately.
The question of the adoption of tl.e foregoing resolution was duly put to a
vote on roll call, which resulted as follows:
Mayor Marcham voting Aye
Trustee J. H. Simpson voting pie.
Trustee Ai. E. Campbell voting Aye
Trustee L. M. Catherwood voting Aye
Trustee T. E. Norton voting Aye
Trustee Ii. Ii. Williams voting Aye
The resolution was thereupon declared duly adopted.
Meeting adjourned at 5.30 P.M.
F. G. I-iarcham
Mayor
Secretary protem