HomeMy WebLinkAboutSpec Mtg. Minutes 7/29/19606
A Special tfeetint, of the Board of Trustees was held on Priday, July 29, 1960 at
5:00 P.M. in the Village Xall.
PRESENT: Mayor F. O, Marcham;.Trustees Grant, McElwee, Norton.and OtConnor, .
Mayor Marcham was deputized as Clerk.' :.
VOTED to make, the following appropriation:
FROM '. AI401JNT .. . TO
G- 290460 60.00 G -290 -613
Contingent Account.. Refund of Sewer Rents
Motion proposed by Trusiee'McElwee, seconded by. Trustee'. Norton .to•.repeal the
Bond Resolution approved. on July 19, 1960. Carried unanimously.
The following resolution was offered by Trustee McElwee, who moved its
adoption., seconded-by Trustee.Norton, to wit:
=n � "BOND'RESOLUTICN DATED JULY 2931960.
A RESOLUTION AUTHORIZING THE ISSUANCE.OF 1423500
r fi SERIAL BONDS OF THC VILLAGE OF CAYUGA HEIGHTS,
TOMPKINS COUNTY, NE W YORK, TO PAY A PART OF THE
COST OF THE RESURFACING.OF VILLAGE STREETS. '
BE IT RESOLVED, by the Board of Trustees of the Village of
Cayuga deights,•Tompkins County, New York, as follows: ,:
Section 1., The class of objects or purposes for which the serial bonds herein-
after authorized are to'be issued is to pay part of the cost of the resurfacing
of public streets. in and for the Village of Cayuga Heights, Tompkins County, New
York,.including ,.incidental improvements in connection therewith.
Section 2. The maximum estimated cost of the aforesaid class of objects or pur-
poses is $150,000.and the plan for the financing of such maximum estimated cost
is as follows:.
(a) by the issuance.of not exceeding $142,500 serial bonds of the,
said village, hereby authorized to be issued pursuant to the
Local Finance Law; and
(b) by the expenditure of $7,530 current funds, of said village,.
which will be.provided as a down payment pursuant to Section
107.00 of the Local Finance Law.
Section 3. It is hereby.determined that subdivision 20 of paragraph (a) of.
Section 11.00 of the Lacal Finance Law applies to the aforesaid class of objects
or purposes, and that the period of probable usefulness thereof is ten years.
It is hereby further determined that the maximum maturity of the bonds herein
authorized will excaed five ;gears.
Section 4. The faith and credit of said.Village of Cayuga Heights, New York are
hereby irrevocable pledged to the pa3mtent, of the principal. of and interest ,on
said obligations as the same become due and payable., An annual appropriation
shall be made in each year sufficient to pay the principal of and interest on
such obligations becoming due and payable in such year. .
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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 serial bonds herein authorized, including renewals
of such notes, is hereby delegated to the Village Treasurer. Such notes shall
be of such terms, form and contents and shall be sold in such manner as maybe
prescribed by said village treasurer consistent with the provision of the Local
Finance Law.
Section 6. The validity of such bonds may be contested only if
(1) Such bonds are'authcrized for an object or purpose for which the
Village of Cayuga Heights, New York is not authorized to expend
money; or
(2) The provisions of law which should have been complied -with at the
date of publication of this resolution are not substantially
complied with
and an action, suit or proceding contesting such validity is commenced within
20 days after the date of such publication; or
(3) Such bonds are authorized in violation of the provisions of the
Constitution.
Section 7. This resolution is adopted subject to a permissive referendum in
accordance with the provisions of Article 5A of the Village Law.
The question of the adoption of the foregoing resolution was duly put to
a vote, which resulted as follows:
Frederick G. Marcham
voting
Aye
Thomas E. Norton
voting
Aye
Raymond F. McElwee
voting
Aye
James F. O'Connor
voting
Aye
Robert S. Grant
voting
Aye
The resoluti m was thereupon declared duly adopted."
ADJOURNED 5:45 P.M.
1
F. G. Marcham, Mayor
Acting as Clerk
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