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HomeMy WebLinkAbout1990-02-26 57 TOWN B O A R D MEETING FEBRUARY CG , 1990 PUBLIC HEARING - ('WED EXEMPT / ON Deputy Supv Hatfield called the meeting to order at 12 noun Members and guests participated in the Pledge of Allegiance . Roll call was by the Town Clerks Present : Deputy Supv Hatfield , Clm Walbridge , and Clm Corrigan Absent : Supv Sch 'ig , Clm Roberts and Atty Perkins Deputy Hatfield read the notice that was published in the newspaper concerning the aged exemptions eligibility Level . ( copy of notice in minute book ) QUESTIONS AND / OR COMMENTS --- Closed public hearing TOWN BOARD MEETING RESOLUTION #99 FISCAL AGENT Clm Corrigan offered the following resolution and asked for its adoption ; . RESOLVED , that Town Board appoint Chase Lincoln Fires Bank , N . A . in Rochester as the fiscal agent . ( copy in minute book ) and Clm Walbridge Roll call vote - all voting Yes RESOLUTION 0100 IMPROVEMENT SERIAL_.. BONDS Clm Walbridge offered the following resolution and asked for its adoption : ( copy in minute book ) 2nd Clm Corrigan Roll call vote - all voting Yes RESOLUTION . # 101 AGED EXEMPTION LIMITATION Clm 1Walbridge offered the following resolution and asked for its adoption : ( copy in minute book ) Adjourned : 1 c : 3OPM .„>444-acee dr f usanne L 1 oy s Jr� .. Town Clerk No , 1cR of PUBLIC REARING OR PROPOSED TOM OP DRYS ReSOLOTION PLEASE TAKE NOTICE that the Town Board of the Town of Dryden wit ). hold a public hearing on a proposed Resolution pursuant to Beal Property Tax Law , Section 467 which will provide for senior citizen or aged exemptions based on income eligibility levels . Copies of the Resolution are available at the Town Clerk ' s Office . The public hearing on the proposed Resolution will be held at 12 : 00 noon prevailing time at the Town Hall , 65 East Main Street , Dryden , New York , on February 26 , 1990 , at which time interested parties will be heard . Susanne Lloyd Town Clerk II 1P - . � .v. �. . -- -- - .. - - :-- n- - - RESOLUTION NO . 101 1990 ® Coun ci leers o n Walbridge offered the following • resolution and asked for its adoption : WHEREAS , by resolution adopted February 14 , 1989 the r Town of Dryden adopted a formula which would partially exempt certain real property within the Town owned by persons sixty - five ( 65 ) years of age or over , and WHEREAS , certain amendments to the Real Property Tax Law have provided for the option to the Town to increase c ease the income eligibility levels , and NOW , THEREFORE , be it resolved as follows : 1 . Real property owned by one or more persons , each of whom is 65 years of age or over , or real property owned by a '41 husband and wife , one of whom is 65 years of age or over , shall be exempt by taxation by the Town of Dryden to the extent set forth in the following formula : Percentage Income Ran e _ � of Exemption Up to $ 12 , 025 50 % $ 12 , 025 . 00 to $ 12 , 625 . 00 45 % $ 12 , 625 . 00 to $ 13 , 225 . 00 40 % $ 13 , 225 . 00 to $ 13 , 825 . 00 35 % $ 13 , 825 . 00 to $ 14 , 425 . 00 30 % $ 14 , 425 . 00 to $ 15 , 025 . 00 25% $ 15 , 025 . 00 to $ 15 , 625 . 00 20 % Over $ 15 , 625 . 00 0 % 2 . Any exemption provided in this resolution shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed . 3 . The real property tax exemption on real property owned by a husband and wife , one of wham is 65 e ears of age g r or over , once granted , shall not be resci nded solely because o f the death of the older spouse so long as the surviving ID spouse is at least 62 years of age . 4 . No exemption shall be granted : ( a ) if the income of the owner or the combined income i of the owners of the property for the income tax year immediately preceding the date of making application for e xemption exceeds the amounts set forth in the formula in t his resolution . Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return , or if no such return is filed , t he calendar year . Where title is vested in either the hus band or the wife , their combined income may not exceed such sum . Such income shall include social security and ✓ etirement benefits , interest , dividends , total gain from • the sale of exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in t he same income tax year , net rental income , salary or e arnings , and net income from self - employment . but shall not include a return of capital , gifts or inheritances . In computing net rental income and net income from self - employment no depreciation deduction shall be allowed for the exhaustion , wear and tear of real or personal property held for the production of income ; ( b ) Unless the title of the property shall have been ves ted in the owner or one of the owners of the property for at least twenty - four consecutive months prior to the date of • making application for exemption , provided , however , that in - - • the event of the death of either a husband or wife in whose ® name title of the property shall have been vested at the time of death and then becomes vested solely in the survivor by virtue of devise by or descent from the deceased husband or wife , the time of ownership of the property by the deceased husband or wife shall be deemed also a time of ownership by the survivor and such ownership shall be deemed continuous for the purposes of computing such period of twenty -four consecutive months . In the event of a transfer by either a husband or wife to the other spouse of all or part of the title to the property , the time of ownership of the property by the transferor spouse shall be deemed also a time of ownership by the transferee spouse and such ownership shall be deemed continuous for the purposes of computing such period of twenty - four consecutive months . Where property of the owner or owners has been acquired to ✓ eplace property formerly owned by such owner or owners and t aken by eminent domain or other involuntary proceedings , e xcept a tax sale , the period of ownership of the former property shall be combined with the period of ownership of the property for which application is made for exemption and such periods of ownership shall be deemed to be consecutive for purposes of this section . Where a residence is sold and replaced with another within one year and both residences are within the state , the period of ownership of both properties shall be deemed consecutive for purposes of this resolution . Where the owner or owners transfer title to ® property which as of the date of transfer was exempt from • taxation under the provision of this resolution , the reacquisition of title by such owner of owners within nine months of the date of transfer shall be deemed to satisfy the requirement of this paragraph that the title of the property shall have been vested in the owner or one of the t owners for such period of twenty - four consecutive months . Where , upon or subsequent to the death of an owner or owners , title to property which as of the date of such death was exempt from taxation under such provisions , becomes vested , by virtue of devise or descent from the deceased owner or owners , or by transfer by any other means within nine months after such death , solely in a person or persons who , at the time of such death , maintained such property as a primary residence , the requirement of this paragraph that t he title of the property shall have been vested in the • owner or one of the owners for such period of twenty -four consecutive months shall be deemed satisfied ; ( c ) Unless the propety is used exclusively for ✓ esidential purposes , provided , however , that in the event any portion of such property is not so used exclusively for ✓ esidential purposes but is used for other purposes , such portion shall be subject to taxation and the remaining portion only shall be entitled to the exemption provided by t his section ; ( d ) Unless the real property is the legal residence of and is occupied in whole or in part by the owner or by all o f the . owners of the property , provided that an owner who is • absent while receiving health - related care as an inpatient - of a residential health care facility , as defined in section twenty - eight hundred one of the public health law , shall be deemed to remain a legal resident and an occupant of the property while so confined and income accruing to that person shall be income only to the extent that it exceeds the amount paid by such owner , spouse , or co -owner for care in the facility ; and provided further , that during such confinement such property is not occupied by other than the spouse or co - owner of such owner . 5 . The Town shall notify or cause to be notified , each person owning residential real property in the Town of the provisions of this resolution . This may be met by a notice or legend sent on or with each tax bill to such persons reading You may be eligible for senior ci tizen tax exempt ions . Senior ci tizens have until ( month ) ® ( day )Y ( year ) __ to apply for such exemptions . For information please call or write , " followed by the name , telephone number and /or address of a person or department selected to explain the provisions of this section . Failure to not if y , or cause to be notified any person who is in fact , eligible to receive the exemption provided by this section or the failure of such person to receive the same shall not prevent the levy , collection and enforcement of the payment of the taxes on property owned by such person . 6 . Application for such exemption must be made by the owner . or all of the owners of the property , on fairs prescribed by the State Board of Equalization and Assessment • and shall furnish the information and be exeucted in the manner required or prescribed in such forms , and shall be filed in such assessor ' s office on or before the taxable status date . 7 . At least sixty days prior to the taxable status r date , there shall be mailed to each person who was granted an aged exemption on the latest completed assessment roll an application form and a notice that such application ' must be filed on or before the taxable status date and be approved in order for the exemption to be granted . Within three days o f the ccanpletion and filing of the tentative assessment ✓ oll , notice by mail shall be given to any applicant who has included with his application at least one self - addressed , pre - paid envelope , of the approval or denial of the application ; provided , however , that upon the receipt and • f i li ng of the applicat ion there shall be sent by mail n otification of receipt of the same to any applicant who has i ncluded two of such envelopes with the application . Where an applicant is entitled to a notice of denial such notice shall be on a form prescribed by the State Board of Equalization and Assessment and shall state the reasons for such denial and shall further state that the applicant may have such deterninat ion reviewed in the manner provided by law . Failure to mail any such application form or notices or the failure of such person to receive any of the same shall not prevent the levy , collection and enforcement of the payment of the taxes on property owned by such person . • • 8 . Any conviction of having made any wilful false statement in the application for such exemption . shall be punishable as set forth in Real Property Tax Law section 467 ( 7 ) . 9 . This resolution shall supercede and replace Resolution No . 67 ( 1989 ) adopted February 14 , 1989 . r Seconded by Councilperson Corrigan Roll call vote - all voting Yes • ID l • 20127 - ® At a special meeting of the Town Board of the Town of Dryden , Tompkins County , New York , held at the Town Hall , 65 East Main Street , in Dryden New York , in said Town , on February 26 , 1990 , at 12 : 00 ( Noon ) o ' clock P . M . , Prevailing Time . The meeting was called to order by Deputy Supervisor , and Hatfield upon roll being called , the following were PRESENT : Deputy Supervisor Hatfield Councilperson Walbridge Councilperson Corrigan ABSENT : Supervisor Schug Councilperson Roberts • The following resolution was offered by Councilman Walbridgg who moved its adoption , seconded by Councilman Corrigan , to -wit : I RESOLUTION DATED FEBRUARY 26 , 1990 . A RESOLUTION PROVIDING FOR THE CONSOLIDATION , DETAILS AND SALE OF $ 1 , 719 , 975 PUBLIC IMPROVEMENT ( SERIAL ) BONDS , 1990 , OF THE TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK , FOR CERTAIN PURPOSES IN AND FOR SAID TOWN . BE IT RESOLVED , by the Town Board of the Town of Dryden , Tompkins County , New York , as follows : Section 1 . Of the $ 116 , 975 serial bonds authorized by bond resolution dated January 6 , 1987 , for the construction of improvements for the Snyder Hill Water District of the Town of Dryden , Tompkins County , New York , there shall be issued and sold $ 106 , 975 serial bonds which shall mature $ 7 , 975 in the year 1990 , $ 10 , 000 in the year 1991 , $ 4 , 000 in the year 1992 , and $ 5 , 000 in each of the years 1993 to 2009 , both inclusive , and shall be consolidated with other issues of bonds of said Town as hereinafter authorized . It is hereby determined that the period of probable usefulness of the aforesaid specific o bject or purpose is forty years pursuant to subdivision 1 of paragraph a of Section 11 . 00 of the Local Finance Law , computed from April 11 , 1988 , the date of the first bond anticipation n ote issued therefor . It is hereby further determined that the sum of $ 10 , 000 , from a source other than the proceeds of bonds o r bond anticipation notes , will be used on or before April 9 , 1990 to reduce outstanding bond anticipation notes of said Town for such purpose , such amount constituting the first installment of the principal amount of such indebtedness . Section 2 , Of the $ 680 , 000 serial bonds authorized by bond 411 resolution dated July 14 , 1987 , for the purchase and installation of approximately 13 , 000 linear feet of 12 inch - 2 - water main , together with pump stations , gate valves , necessary appurtenances and land and rights in land in and for the Monkey Run Water District ( No . 2 ) of the Town of Dryden , Tompkins County , New York , there shall be issued and sold as a first series of bonds $ 650 , 000 serial bonds which shall mature $ 25 , 000 in each of the years 1990 and 1991 , $ 26 , 000 in the year 1992 , $ 30 , 000 in each of the years 1993 to 1996 , both inclusive , $ 29 , 000 in the year 1997 , $ 30 , 000 in each of the years 1998 and 1999 , $ 37 , 000 in each of the years 2000 to 2002 , both inclusive , $ 36 , 000 in each of the years 2003 to 2007 , both inclusive , and $ 37 , 000 in each of the years 2008 and 2009 , and shall be consolidated with other issues of bonds of said Town as hereinafter authorized , It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is forty years pursuant to subdivision 1 of ® paragraph a of Section 11 . 00 of the Local Finance Law , computed from November 1 , 1988 , the date of the first bond anticipation note issued therefor . Section 3 . Of the $ 680 , 000 serial bonds authorized by bond resolution dated July 14 , 1987 , for the purchase and installation of approximately 13 , 000 linear feet of 12 inch water main , together with pump stations , gate valves , necessary appurtenances and land and rights in land in and for the Monkey Run Water District ( No . 2 ) of the Town of Dryden , Tompkins County , New York , there shall be issued and sold as a second series of bonds $ 30 , 000 serial bonds which shall mature $ 2 , 000 in each of the years 1990 to 1999 , both inclusive , and $ 1 , 000 in each of the years 2000 to 2009 , both inclusive , and shall be consolidated with other issues of bonds of said Town as -- 3 - hereinafter authorized . It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is forty years pursuant to subdivision 1 of paragraph a of Section 11 . 00 of the Local Finance Law , computed from November 1 , 1988 , the date of the first bond anticipation n ote issued for such purpose . The date of the first bond anticipation note issued in anticipation of this second series of bonds was December 4 , 1989 . Section 4 . Of the $ 933 , 000 serial bonds authorized by bond ✓ esolution dated April 12 , 1988 ( superceding bond resolution dated July 14 , 1987 ) , for the purchase and installation of approximately 8 , 000 linear feet of 8 inch sewer main and approximately 6 , 450 linear feet of 10 inch sewer main , together w ith pump stations , gate valves , necessary appurtenances and land and rights in land in and for the Monkey Run Sewer District ( No • 4 ) of the Town of Dryden , Tompkins County , New York , ' there shall be issued and sold as a first series of bonds $ 650 , 000 serial bonds which shall mature $ 25 , 000 in the year 1990 , $ 26 , 000 in the year 1991 , $ 31 , 000 in each of the years 1992 to 1996 , both inclusive , $ 32 , 000 in the year 1997 , $ 31 , 000 in each of the years 1998 to 2002 , both inclusive , $ 37 , 000 in each of the years 2003 to 2007 , both inclusive , and $ 36 , 000 in e ach of the years 2008 and 2009 , and shall be consolidated with o ther issues of bonds of said Town as hereinafter authorized . It is hereby determined that the period of probable usefulness o f the aforesaid specific object or purpose is forty years pursuant to subdivision 4 of paragraph a of Section 11 . 00 of Sthe Local Finance Law , computed from November 1 , 1988 , the date o f the first bond anticipation note issued therefor - 4 - Section 5 . Of the $ 933 , 000 serial bonds authorized by bond resolution dated April 12 , 1988 ( superceding bond resolution dated July 14 , 1987 ) , for the purchase and installation of approximately 8 , 000 linear feet of 8 inch sewer main and approximately 6 , 450 linear feet of 10 inch sewer main , together with pump stations , gate valves , necessary appurtenances and land and rights in land in and for the Monkey Run Sewer District ( No . 4 ) of the Town of Dryden , Tompkins County , New York , there shall be issued and sold as a second series of bonds $ 283 , 000 serial bonds which shall mature $ 15 , 000 in the year 1990 , $ 12 , 000 in each of the years 1991 to 1999 , both inclusive , and $ 16 , 000 in each of the years 2000 to 2009 , both incvlusive , and shall be consolidated with other issues of bonds of said Town as hereinafter authorized . It is hereby determined that the period of probable usefulness of the ® aforesaid specific object or purpose is forty years pursuant to subdivision 4 of paragraph a of Section 11 . 00 of the Local Finance Law , computed from November 1 , 1988 , the date of the first bond anticipation note issued for such purpose . The date of the first bond anticipation note issued in anticipation of this second series of bonds was December 4 , 1989 . Section 6 . The serial bonds described in the preceding sections hereof are hereby authorized to be consolidated for purposes of sale into one bond issue aggregating $ 1 , 719 , 975 . Such bonds shall each be designated substantially PUBLIC IMPROVEMENT ( SERIAL ) BOND , 1990 , shall be dated April 1 , 1990 , shall be of the denomination of $ 5 , 000 each or any integral multiple thereof not exceeding the principal amount of each respective maturity , except for one bond including the amount o f $ 4 , 975 . Bonds may be transferred or ecchanged at any time 410 prior to maturity at the Corporate Trust Department o f Chase Lincoln first Bank , N . A . , in kochester r New York , ( the " Fiscal Agent " ) , or any successor Fiscal Agent , Ear bonds o f the same maturity of any authorized denomination or denominations in the same aggregate principal amount . The bonds shall mature in the amount of $ 74 , 975 on November 1 , 1990 , $ 75 , 000 on November 1 in each of the years 1991 and 1992 , $ 80 , 000 on November 1 in each of the years 1993 to 1999 , both inclusive , $ 90 , 000 on November 1 in each of the years 2000 to 2002 . both inclusive , and $ 95 , 000 on November 1 in each of the years 2003 to 2009 , both inclusive , and shall bear interest payable on November 1 , 1990 and semi - annually thereafter on May 1 and November 1 . Such bonds shall bear interest at such rate as may be necessary to sell the same , which rate shall be determined in the manner provided in Section 59 . 00 of the Local Finance Law . Such bonds shall be in registered farm and shall n ot be registrable to bearer or convertible into bearer coupon form . Principal of the bonds will be payable to the registered owners upon surrender of the bonds at the Rochester , New York Office of the Fiscal Agent for the bonds . Interest on the bonds will be payable by check o r draft mailed by the Fiscal Agent to the registered owners of t he bonds , as shown an the registration hocks of the town maintained by the Fiscal Agent • as of the close of business on the fifteenth day of the calendar month proceeding the date of 410 the interest payment . Principal of and interest on the bonds w ill be payable in lawful money of the United States of - b - : America . The aforesaid maturities constitute the aggregate of the individual maturities of each separate issue , which individual maturities - are prescribed in the preceeding sections hereof . Such bonds shall be executed in the name of said Town by the manual or facsimile signature of the Supervisor , and a facsimile of its corporate seal shall be imprinted thereon and attested by the manual or facsimile signature of its Town Clerk . The bonds shall be authenticated by the manual countersignature of an authorized officer or employee of the Fiscal Agent . It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners any charges for mailing , shipping and insuring bonds transferred or exchanged by the Fiscal Agent , and , accordingly , pursuant to paragraph c of Section 70 . 00 of the Local Finance Law , no such charges shall be so collected by ® the Fiscal Agent . Section 7 . The Supervisor , as chief fiscal officer of the Town , is hereby authorized and directed to enter into an agreement with a bank or trust company located or authorized to do business in the State of New York for the purpose of having such bank or trust company act , in connection with the obligations herein described , as the Fiscal Agent for said Town to perform the services described in Section 70 . 00 of the Local Finance Law , and to execute such agreement on behalf of the Town Board of said Town . Section 8 . All other matters , except as provided herein , relating to such bonds shall be determined by the Supervisor . 411 Such bonds shall contain substantially the recital of validity clause provided for in Section 52 . 00 of the Local Finance Law - 7 — f and shall otherwise be in such form and contain such recitals , in addition to those required by Section 51 . 00 of the Local SFinance Law , as the Supervisor shall determine . Section 9 . The faith and credit of said Town of Dryden , Tompkins 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 . Section 10 . The powers and duties of advertising such bonds for sale , conducting the sale and awarding the bonds , are hereby delegated to the Supervisor , who shall advertise such bonds for sale , conduct the sale and award the bonds in such Smanner as he shall deem best for the interests of said Town , provided , however , that in the exercise of these delegated powers , he shall comply fully with the provisions of the Local Finance Law and any order or rule of the State Comptroller applicable to the sale of municipal bonds , The receipt of the Supervisor 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 11 . This resolution shall take effect immediately . - 8 — : The question of the adoption of the foregoing resolution was duly put to a vote on roll call , which resulted as follows : ® VOTING Yes Deputy Supervisor NaCFied Councilperson Walbridge VOTING Yes Councilperson Corrigan VOTING Yes VOTING VOTING The resolution was thereupon declared duly adopted . 410 * 411 - 9 - . .. f 0 STATE OF NEW YORK ) ) ss . : COUNTY OF TOMPKINS ) I , the undersigned Clerk of the Town of Dryden , Tompkins County , New York , DO HEREBY CERTIFY : That I have compared the annexed extract of the minutes of the meeting of the Town Board of said Town , including the resolution contained therein , held the 26th day of February , 1990 , with the original thereof on file in my office , and that the same is a true and correct transcript therefrom and of the whole of said original so far as the same relates to the subject matters therein referred to . I FURTHER CERTIFY that all members of said Board had due notice of said meeting . • I FURTHER CERTIFY that , pursuant to Section 103 of the Public Officers Law ( Open Meetings Law ) , said meeting was open to the general public . I FURTHER CERTIFY that , PRIOR to the time of said meeting , I duly caused a public notice of the time and place of said meeting to be given to the following newspapers and / or other news media as follows : Newspaper and / or other news media Date given The Ithaca Journal February 16 , 1990 411 - 10 - I FURTHER CERTIFY that PRIOR to the time of said meeting , I � j duly caused public notice of the time and place of said meeting 4 to be conspicuously posted in the following designated public location ( s ) on the following dates : Designated Location ( s ) of posted notice Date of Posting Town Signboard February 16 , 1990 Vestibule Town Hall 65 East Main Street D . ydeIN VITNESS WHEREOF , I have hereunto set my hand and affixed the seal of said Town this 26th day of February , 1990 . Town Clerk � . ( CORPORATE SEAL ) • • ■ • ; 1 , 719 , 975 TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK PUBLIC IMPROVEMENT ( SERIAL ) BONDS . 1990 NOTICE OF BOND SALE Sealed proposals will be received and considered by the Supervisor of the Town of Dryden , Tompkins County , New York , at Tompkins County Trust Company , Treasurer ' s Office Conference Room . 1st Floor , The Commons , Ithaca , New York 14851 , at 11 : 30 o ' clock AIM , . Prevailing Time , on the 19th day of March , 1990 , at which time and place the bids will be opened , for the purchase at not less than par and accrued interest of $ 1 , 719 , 975 Public Improvement ( Serial ) Bonds , 1990 , of said 0 Town , of the denomination of $ 5 , 000 each or any integral multiple thereof not exceeding the principal amount of each respective maturity , except for one bond including the amount of $ 4 ', 975 , dated April 1 , 1990 , and maturing $ 74 , 975 on November 1 , 1990 , $ 75 , 000 on November 1 in each of the years 1991 and 199d , $ 60 , 000 an November 1 in each of the years 1993 to 1999 , both inclusive , $ 94 , 000 on November 1 in each of the years 2000 to 9002 , both inclusive , and $ 95 , 000 on November 1 in each of the years 2003 to 2009 , both inclusive , with interest thereon payable on November 1 , 1990 and semi - annually thereafter on May 1 and November 1 . Principal of said bands will be payable at the Corporate frost Department of the Fiscal Agent , Chase Lincoln First Bank , N . A . in Rochester , New York , or a successor Fiscal Agent . Interest on the bonds will be payable by . check or draft - 2 - • mailed by the Fiscal Agent to the registered owners of the bonds , as shown on the registration books of the Town 410 maintained by the Fiscal Agent as of the close of business on the Record Date , being the fifteenth business day of the calendar month preceding each interest payment date . Principal and interest will be payable in lawful money of the United States of America , Bonds will be fully registered and will be valid and legally binding general obligations of said Town , all the taxable real property within which will be subject to the levy of ad valorem taxes to pay said bonds and interest thereon , without limitation as to rate or amount . Bonds may be exchanged at any time prior to maturity at the Rochester , New York office of the Fiscal Agent for bonds of the same maturity of any authorized denomination or denominations in the same aggregate principal amount . The . bonds may not be converted into coupon bonds or be registered to bearer . The State Constitution requires the Town to pledge its faith and credit for the payment of the principal of the bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of such bonds . The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the bonds and certain other obligations of the Town , a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes ; also that the 0 fiscal officer of the Town may be required to set apart and - 3 - apply such revenues as aforesaid at the suit of any holder of such obligations . 410 Each bid must be for all of said $ 1 , 719 , 975 bonds and state a single rate of interest therefor . Unless all bids are ✓ ejected , the award will be made to the bidder complying with the terms of sale and offering to purchase said bonds at the lowest rate of interest , stated in a multiple of one - eighth or o ne- hundredth of one per centum per annum , computed in accordance with the net interest cost method of calculation , that being the rate of interest which will produce the least interest cast over the life of the bonds , after accounting for t he premium offered , if any . If two or more such bidders offer to purchase the bonds at the same lowest rate of interest , computed as described above , the bonds will be awarded to the bidder whose bid offers to purchase the bonds at the highest premium dollar amount , The right is reserved to reject any or all bids , and any bid not complying with this Notice of Sale will be rejected . Each bid must be enclosed in a sealed envelope addressed to the undersigned Supervisor' , and should be marked on the outside " Proposal for Bonds " and should be accompanied with a certified or cashier ' s check drawn upon an incorporated bank or trust company to the order of said Town , for $ 34 , 399 . 50 as a good faith deposit to secure the Town against any loss resulting from the failure of the bidder to comply with the terms of his bid . No interest will be allowed o n the amount of the good faith deposit . Said bonds are issued pursuant to the Constitution and statutes of the State of New SYork , including , among others , the Town Law and the Local Finance Law , for the following purposes and in the following amounts : for the construction of improvements for the Snyder Hill Water District ( $ 106 , 975 ) ; Car the purchase and installation of approximately 13 , 400 linear feet of 12 inch water main , together with pump stations , gate valves , necessary appurtenances and land and rights in land in and for the Monkey Run Water District { No , 2 ) ( $ 650 , 000 ) ( $ 30 , 000 ) ; for the purchase and installation of approximately 8 , 000 linear feet of 8 inch sewer main and approximately 6 , 450 linear feet o f 10 inch sewer main , together with . pump stations . gate ✓ alves , necessary appurtenances and land and rights in land in and for the Monkey Run Sewer district ) No . 4 ) ( $ 650 , 000 ) ( $ 283 , 000 ) , all in and for said Town . THE TOWN RESERVES THE MIGHT TO CHANGE THE TIME • AND / OR DATE FOR THE OPENING OF BIDS , NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN 48 HOURS PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF BIDS BY MEANS OF A SUPPLEMENTAL NOTICE OF SALE TO BE TRANSMITTED OVER THE MUNIFAOTS WIRE , If the bands qualify for issuance of any policy of municipal band insurance or commitment therefor at the option o f a bidder . the purchase of any such insurance policy or the issuance of any such commitment therefor shall be at the sole option and expense of such bidder and any increased costs of issuance of the bonds resulting by reason of the same , unless o therwise paid , shall be paid by such bidder : Any failure of the bonds to he an insured or of any such policy of insurance to he issued , shall not constitute cause for a failure or ✓ efusal by the purchaser of the bonds to accept delivery of and pay for said bonds in accordance with the terms of the purchase contract . - 5 - In the event that prior to the delivery of the bonds , the income received by owners thereof from bonds of the same type . and character becomes includable in the gross income of such owners for Federal income tax purposes , the successful bidder may , at his election . be relieved of his obligations under the contract to purchase the bonds , and in such case , the deposit accompanying his bid will be returned . Said bonds will be delivered at the offices of Willkie Farr & Gallagher , One Citicorp Center , 153 East 53rd Street , New York , New York , on or about April 9 , 1990 . The purchase price of the bonds , in accordance with the purchaser ' s bid , shall be paid IN FEDERAL FUNDS or other funds available for immediate credit on said delivery date , in an amount equal to the par amount of such bonds , plus the premium , if any , plus accrued interest from the date of such bonds until said day of delivery , less the amount of the good faith deposit submitted with the bid . It is anticipated that CUSIP identification numbers will be printed on said bonds , but neither the failure to print such number on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said bonds in accordance with the terms of the purchase contract . All expenses in relation to the printing of CUSIP numbers on said bonds shall be paid for by the issuer ; provided , however , that the CCJSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the purchaser , - 5 - The purchaser shall be required to deliver a typewritten list of names and respective denominations of the initial registered owners to the Fiscal Agent ( with a copy thereof to Bond Counsel mentioned below ) not later than 12 : 00 Noon , Prevailing Time , on the fifth business day preceding the date set for the delivery of the bonds . If such list is not so delivered , the bonds will be issued initially in denominations corresponding to the principal amount of each respective maturity in the name of the purchaser as registered owner , The bands will be available for inspection by the purchaser at the International Office of the Fiscal Agent in New York , New York , not less than 24 hours prior to the time set for the delivery thereof . It shall be the responsibility of the purchaser to verify the names of the respective initial registered owners , denominations and CUSIP numbers at such time . 411 As a condition to the purchaser ' s obligation to accept delivery of and pay for the bands . the purchaser will be furnished , without cost . the following , dated as of the date of the delivery of and payment for the bonds : ( 1 ) a certificate of the Supervisor certifying that ( a ) as of the date of the Official Statement furnished by the Town in relation to said bonds . which Official Statement is deemed by the Town to be final for purposes of Securities and Exchange Commission Rule 15c2 - 12 , except for the omission therefrom of those items allowable under said Rule ) . said Official Statement did not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements therein , in the light of the circumstances under which they were made , - 7 - not misleading , subject to the condition that while information in said Official Statement obtained from sources other than the Town is not guaranteed as to accuracy , completeness or fairness , he has no reason to believe and does not believe that such information is materially inaccurate or misleading , and ( b ) to his knowledge , since the date of said Official Statement , there have been no material transactions not in the ordinary course of affairs entered into by the Town and no material adverse changes in the general affairs of the Town or in its financial condition as shown in said Official Statement other than as disclosed in or contemplated by said Official Statement ; ( ii ) a Closing Certificate , constituting receipt for the bond proceeds and a signature certificate , which will include a statement that no litigation is pending or , to the knowledge of the signers , threatened affecting the bonds ; ( iii ) 411 an arbitrage certificate executed on behalf of the Town which includes , among other things , covenants , relating to compliance with the Internal Revenue Code of 1986 ( the " Code " ) , with the owners of the bonds that the Town will , among other things . ( A ) t ake all actions an its part necessary to cause interest on the bonds not to be includable in the gross income of the owners thereof for Federal income tax purposes , including , without limitation , restricting , to the extent necessary , the yield on investments made with the proceeds of the bonds and investment e arnings thereon , making required payments to the Federal government , if any . with regard to both the bonds and any o bligations refunded with proceeds of the bonds , and 0 maintaining books and records in a specified manner , where appropriate . and ( B ) refrain from taking any action which would - 8 - cause interest on the bonds to be includable in the gross income of the owners thereof for Federal income tax purposes , Sincluding , without limitation , refraining from spending the proceeds of the bonds and investment earnings thereon on certain specified purposes ; and ( iv ) the unqualified Legal o pinion as to the validity of the bands of 4 illkie Farr & G allagher , New York , New York , Bond Counsel . Reference should be made to said Official Statement for a description of the scope of Band Counsel ' s engagement in relation to the issuance o f the bonds and the matters covered by such legal opinion . Furthermore , reference should be made to the information under the heading ' Legal Matters " in the Official Statement . The bonds will be " qualified tax- exempt obligations " pursuant to Section 265 ( b ) ( 3 ) of the Internal Revenue Code of 1986 . 410 Following the sale of the bonds , the successful bidder will be required to provide to the Town certain information ✓ egarding the reoffering price to the public of each maturity o f the bonds . The successful bidder shall furnish to the Town a certificate acceptable to Bond Counsel , dated as of the day o f closing for the bonds . stating the initial prices at which a bona fide public offering of all of the bonds was made and stating that 10 % or more of the bonds of each maturity were in fact sold to the public ( excluding bond houses , brokers and other intermediaries ) at or below such initial respective public offering prices . Such certificate shall state that it is made on the best knowledge , information and belief of the 410 successful bidder after appropriate investigation . - 9 - Any party executing and delivering a bid for the bonds agrees , if its bid is accepted by the Town , to provide to the 410 Town , in writing , within two business days after the data of such award , all information which said successful bidder determines is necessary for it to comply with SEC Rule 15c2 - 12 . including all necessary pricing and sale information , information with respect to the purchase of municipal bond insurance , if any , and underwriter identification . Within Live business days following receipt by the Town thereof the Town will furnish to the successful bidder , in reasonable quantities as requested by the successful bidder , copies of said Official Statement . updated as necessary , and supplemented to include said information , Failure by the successful bidder to provide such information will prevent the Town from furnishing such Official Statement as described above , The Town shall not be 410 responsible or liable in any manner for the successful bidder ' s determination of information necessary to comply with SEC Rule 15c2 - 12 or the accuracy of any such information provided by the successful bidder or for failure to furnish such Official Statements as described above which results from a failure by the successful bidder to provide the aforementioned information w ithin the time specified . Acceptance by the successful bidder o f such final Official Statements shall be conclusive evidence o f the satisfactory completion of the obligations of said Town w ith respect to the preparation and delivery thereof , The population of the Town as shown by the 1980 U . S . Census is 12 , 155 + The Debt Statement to be filed , pursuant to Section 410 109 , 00 of the Local Finance Law in connection with the sale of - 10 - 0 the bonds herein described , prepared as of March 5 , 1990 , will show the average full valuation of real estate subject to taxation by the Town to be $ 250 , 471 , 025 , its debt limit to be $ 17 , 532 , 971 , and its total net indebtedness subject to the debt limit to be $ 1 , 040 , 123 . The proceeds of such bonds , together with current funds appropriated therefor in the amount of $ 10 , 000 , will be used to retire outstanding indebtedness of $ 1 , 729 , 975 , evidenced by bond anticipation notes . The indebtedness to be evidenced by such bonds will not increase such net indebtedness . A detailed Official Statement will be furnished to any interested bidder upon request . Dated : Dryden , New York , March 5 , 1990 . c: LAcL r/ Deputy Supervisor 410 } e 4 it GENERAL CERTIFICATE 4 STATE OF NEW YORK ss . : COUNTY OF TOMPKINS ) 1 , the undersigned Town Clerk of the Town of Dryden , Tompkins County . New York , DO HEREBY CERTIFY : 1 , That the ,- names of the Supervisor , members of the Town Board and Town Clerk of said Town from January 1 : 1987 to December 31 , 1987 , and the times when their terms of office respectively expire , or expired , are as follows : NAME OFFICE TERM EXPIRES Clinton E . Cotterill Supervisor December 31 , 1989 Merton Webb Councilman December 31 , 1987 George Schlecht U Councilman December 31 , 1957 Charles Evans Councilman December 31 , 1989 Karl Garlock Councilman December 31 , 1989 Susanne Lloyd Town Clerk December 31 , 1989 21 That the names of the Supervisor , members of the Town Board and Town Clerk of said Town from January 1 , 1988 to December 31 , 1988 : and the times when their terms of office respectively expire . or expired , are as follows : NAME OFFICE TERM EXPIRES Clinton E . Cotterill Supervisor December 31 , 1989 ( resigned - 12 / 31 / 88 ) James Schug Supervisor December 31 , 1989 Charles Evans Councilman December 31 , 1989 Karl Garlock Councilman . December 3 ]. , 1989 Charles Hatfield Councilman December 31 , 1991 George Schlecht Councilman December 31 , 1991 ( resigned- 4 / 28 / 88 ) James Crawford Councilman may 10 , 1988 to December 31 , 1988 Susanne Lloyd Town Clerk December 31 , 1989 r - 2 - r. - . Jr 1 7 % 3 . That the names of the Supervisor , members of the Town Board and gown Clerk of said Town from January 1 , 1989 to December 31 , 1989 , and the times when their terms of office respectively expire , or expired , are as follows : NAME OFFICE TERM EXPIRES James Schug Supervisor December 31 , 1991 Margaret Walbridge Councilman December 31 , 1991 CharJ, es Hatfield Councilman December 31 , 1991 Char, les Evans Councilman December 31 , 1989 Karl Oarlock Councilman December 31 , 1989 Susanne Lloyd Town Clerk December 31 , 1991 4 , That the names of the Supervisor , members of the Town Board and Town Clerk of said Town since January 1 . 1990 , and the times when their terms of office respectively expire are as follows : NAME OFFICE TERM EXPIRES James Schug Supervisor December 31 , 1991 Margaret Walbridge Councilman Y December 31 , 1991 Charles Hatfield Councilman December 31 , 1991 Elizabeth an Councilman 17 December 31 , 1993 Ronald Roberts Councilman December 31 , 1993 J Susanne Lloyd Town Clerk December 31 , 1991 5 , That the duly designated newspaper of said Town since January 1 . 1987 , has been The Ithaca Journal 6d That the time appointed for holding regular meetings of the Town Board since January 1 , 1987 has been as follows : The second Tuesday of every month at 7 ; 30 P . M . .I I i t _ -a • +4sL i - 3 - 1 • 7 . That the territorial limits of said Town are not ® coterminous with the territorial limits of any existing school district . IN WITNESS WHEREOF.., I have hereunto officially set my hand and the corporate seal' ' of said Town this c2 0 day of February , r 1990 . Town Clerk ( CORPORATE SEAL ) 411 • 111 i 101 RESOLUTION NO . - 1990 Counciiperson offered the following resolution and asked for its adoption : WHEREAS , by resolution adopted February 14 , 1989 the Town of Dryden adopted a formula which would partially e xempt certain real property within the Town owned by . persons sixty - five ( 65 ) years of age or over , and WHEREAS , certain amendments to the Real Property Tax Law have provided for the option to the Town to increase the income eligibility levels , and NOW , THEREFORE , be it resolved as follows : 1 . Real property owned by one or more persons , each of w hom is 65 years of age or over , or real property owned by a 410 husband and wife , one of whom is 65 years of age or over , shall be exempt by taxation by the Town of Dryden to the e xtent set forth in the following formal , : Percentage Income Ra n cue of Ex em p i on Up to $ 12 , 025 50 % $ 121025 . 00 to $ 12 , 625 . 00 45 % $ 12 , 625 . 00 to $ 13 , 225 . 00 40 % $ 13 , 225 . 00 to $ 13 , 825 . 00 35 % $ 13 , 825 . 00 to $ 14 , 425 . 00 30 % $ 14 , 425 . 00 to $ 15 , 025 . 00 25% $ 15 , 025 . 00 to $ 15 , 625 . 00 20 % Over $ 15 , 625 . 00 0 % 2 . Any exemption provided in this resolution shall be computed after all other partial exemptions allowed by law have been subtracted from the total amount assessed . 3 . The real property tax exemption on real property 411 owned by a husband and wife , one of whom is 65 years of age i i 7 1 5 a o r over , once granted , shall not be resci nded solely because o f the death of the older spouse so long as the surviving spouse is at least 62 years of age . 4 . No exemption shall be granted : ( a ) if the income of the owner or the combined income ( of the owners of the property for the income tax year immediately preceding the date of making application for e xemption exceeds the amounts set forth in the formula in this resolution . Income tax year shall mean the baelve month period for which the owner or owners filed a federal personal income tax return , or if no such return is filed , the calendar year . Where title is vested in either the husband or the wife , their combined income may not exceed such sum . Such income shall include social security and retirement bene € its , interest , dividends , total gain from the sale of exchange of a capital asset which may be offset by a lose f roan the sale or exchange of a capital asset in the same income for year , net rental income , salary or e arnings , and net income from self - employment , but shall not include a return of capital , gifts or inheritances . In comp uti ng net rental income and net income from self - mrployoent no depreciation deduction shall be allowed for the exhaustion , wear and tear of real or personal property held for the production of income ; ( h ). Unless the title of the property shall have been ✓ ested in the owner or one el the owners of the property for at least twenty -four consecutive months prior to the date of making application for exemption , provided , however , that in -e-T• t-I.- rte. r-r --. tY....a•a—. ,--.,-t - -( aI re- T- eurnlart �--tea Iry .fn .e. . r - r ,. . W. .... _ _. ...�� r,-� n .a-v-n� a- v_i ?a• f I ; I . s t he event of the death of either a husband or wife in whose 41/ name title of the property shall have been vested at the time of death and then becomes vested solely in the survivor by virtue of devise by or descent from the deceased husband o r wife , the time of ownership of the property by the deceased husband or wife shall be deemed also a time of ownership by the survivor and such ownership shall be deemed continuous for the purposes of computing such period of t wenty -four consecutive months . In the event of a transfer by either a husband or wife to the other spouse of all or part of the title to the property , the time of ownership of the property by the transferor spouse shall be deemed also a time of ownership by the transferee spouse and such ownership shall be deemed continuous for the purposes of computing such period of twenty - four consecutive months . Where property of the owner or owners has been acquired to ✓ eplace property formerly owned by such owner or owners and taken by eminent domain or other involuntary proceedings , e xcept a tax sale , the period of ownership of the former property shall be combined with the period of ownership of t he property for which application is made for extnption and such periods of ownership shall be deemed to be consecutive for purposes of this section . Where a residence is sold and ✓ eplaced with another within one year and both residences are within the state , the period of ownership of both properties shall be deemed consecutive for purposes of this ✓ esolution . Where the owner or owners transfer title to property which as of the date of transfer was exempt from 1 I0A taxation under the provision of this resolution , the i reacquisition of title by such over of owners within nine a months of the date of transfer shall be deemed to satisfy t he requirement of this paragraph that the title of the property shall have been vested in the owner or one of the ( owners for such period of twenty -four consecutive months . Where , upon or subsequent to the death of an owner or owners , title to property which as of the date of such death was exempt from taxation under such provisions , becomes vested , by virtue of devise or descent from the deceased o wner or owners , or by transfer by any other means within nine months after such death , solely in a person or persons who , at the time of such death , maintained such property as a primary residence , the requirement of this paragraph that Sthe title of the property shall have been vested in the owner or one of the owners for such period of twenty -four consecutive months shall be deemed satisfied ; ( c ) Unless the propety is used exclusively for ✓ esidential purposes , provided , however , that in the event any portion of such property is not so used exclusively for ✓ esidential purposes but is used for other purposes , such portion shall be subject to taxation and the remaining portion only shall be entitled to the exemption provided by t his section ; ( d ) Unless the real property is the legal residence of and is occupied in whole or in part by the owner or by all o f the owners of the property , provided that an owner who is 410 absent while receiving health - related care as an inpatient S r T. " of a residential health care facility , as defined in section twenty - eight hundred one of the public health law , shall be deemed to remain a legal resident and an occupant of the property while so confined and income accruing to that person shall be income only to the extent that it exceeds { the amount paid by such owner , spouse , or co -owner for care in the facility ; and provided further , that during such confinement such property is not occupied by other than the spouse or co - owner of such owner . 5 . The Town shall notify or cause to be notified , each person owning residential real property in the Town of the provisions of this resolution . This may be met by a notice o r legend sent on or with each tax bill to such persons ✓ eading " You may be eligible for senior citizen tax exemptions . Senior citizens have until ( month )._ ( day ) ( year ) ___ apply for such exemptions . For information please call or write _ T_ _i _ _ , " followed by the name, telephone number and / or address of a person or department selected to explain the provisions of this section . Failure to notify , or cause to be notified any person who is in fact , eligible to receive the exemption provided by this section or the failure of such person to ✓ eceive the same shall not prevent the levy , collection and e nforcement of the payment of the taxes on property owned by such Person . b . Application for such exemption must be made by the owner , or ail of the owners of the property , on towns prescribed by the Mate Board of Equalization and Assessment 0 i 1' f y and shall furnish the information and be exeucted in the manner required or prescribed in such forms , and shall be filed in such assessor ' s office on or before the taxable status date . 7 . At least sixty days prior to the taxable status ( date , there shall be mailed to each person who was granted a n aged exemption on the latest completed asses sment roll an application form and a notice that such application must be filed on or before the taxable status date and be approved in order for the exemption to be granted . Within three days of the completion and filing of the tentative assessment ✓ oll , notice by mail shall be given to any applicant who has included with his application at least one self - addressed , pre - paid envelope , of the approval or denial of the appli cat ion ; provided , however , that upon the rece zpt and filing of the applicat ion there shall be sent by mail n otification of receipt of the same to any applicant who has included d two of such en velopes with the application . Where • n applicant is entitled to a notice of denial such notice shall be on a form prescribed by the State Board of Equalization and Assessment and shall state the reasons for such denial and shall further state that the applicant may have such determination reviewed in the manner provided by law . Failure to mail any such application form or notices o r the failure of such person to receive any of the same shall not prevent the levy , collection and enforcement of the payment of the taxes on property owned by such person . 1 I w r • 9 . Any conviction of having made any wilful false statement in the application for such exemption shall be punishable as set forth in Real. Property Tax Law section 467 ( 7 ) . 9 . This resolution shall supercede and replace Resolution No . 67 ( 19 99 ) adopted February 14 , 1989 f Seconded by Councilperson Corrigan t Roll call vote - all voting leg I, 1 I STATE OF NEW YORK ) ) ss COUNTY OF TOMPKINS ) Deputy I , the undersigned Supervisor of the Town of Dryden . Tompkins County , New York , pursuant to power vested in me by resolution dated February 26 , 1990 , authorizing the issuance of $ 1 , 719 , 975 Public Improvement ( Serial ) Bonds , 1990 , of said Town , DO HEREBY APPROVE the attached as the form of the bonds authorized thereby . The bonds shall be numbered with a prefix composed of the letter R followed by a dash and then from 1 upward , WITNESS my signature this 26th day of February , 1990 , 40 Cciy Deputy SuperV'iscr An executed counterpart of the foregoing certificate , and attached bond form , were filed with the Town Board of said Town of Dryden , Tompkins County , New York , this 26th day of February . 1990 . Aff ordr Town Clerk ( CORPORATE SEAL ) S REGISTERED REGISTERED No . R - • I ' UNITED STATES OF AMERICA • STATE OF NEW YORK ;A' U COUNTY OF TOMPKINS TOWN OF DRYDEN PUBLIC IMPROVEMENT ( SERIAL ) BONDS 1990 Interest : per centum ( % ) per annum Maturity : November 1 , Dated : April 1 , 1990 CUSIP 410 REGISTERED OWNER PRINCIPAL AMOUNT DOLLARS ( $ ) a The Town of Dryden , in the County of Tompkins , a municipality of the State of New York , hereby acknowledges itself indebted and for value received , promises to pay to the registered owner , on the maturity date set forth above , the principal amount hereof upon presentation and surrender of this 410 . _ . - 2 - 4 I 4 bond at in 1 New York . the fiscal agent . or such other fiscal agent as may hereafter be designated by the Town ( the " Fiscal Agent " ) , and to pay interest on such principal amount at the rate of interest set forth above , on the 1st day of November . 1990 and semi - annually thereafter on the 1st days of May and November in each year , until this bond matures , by check or draft mailed by the Fiscal Agent to the person in whose name this bond is ✓ egistered at the close of business on the fifteenth day of the calendar month preceding each such semi - annual interest payment date ( the " Registered Owner " ) at the Registered Owner ' s address as the same appears on the registration books of the Town maintained by the Fiscal Agent . Both principal of and interest on this bond will be paid in lawful money of the United States o f America . The Town and the Fiscal Agent may deem and treat the Registered Owner as the absolute owner hereof for the purpose o f receiving payment of or on account of the principal hereof and interest due hereon and for all other purposes , All such payments made to the Registered Owner shall satisfy and discharge the liability of the Town upon this bond to the extent of the sum or sums so paid , and neither the Town nor the Fiscal Agent shall be affected by any notice to the contrary . This bond may not be converted into bearer coupon form or be registered to bearer . . The bonds are issued in the denomination of $ 5 , 000 each or any integral multiple thereof not exceeding the principal amount of bonds maturing in each respective year , except for 410 one bond including the amount of $ 4 , 915 + This bond may be 90 MI•ala transferred or exchanged at ' 4 o f the Fiscal Agent for a like aggregate principal amount of 411 bonds of the same maturity of other authorized denominations upon the terms set forth in the resolution of the Town Board of the Town mentioned below and in accordance with the Local Finance Law of the State of New York . This band is one of an authorized issue , the aggregate principal amcuntt,of which is $ 1 , 719 , 975 , the bands of which are o f like date and tenor , except as to number , denomination , date o f authentication , and date of maturity , and are issued for certain duly authorized objects and purposes in and for said Town pursuant to separate bond resolutions authorizing the bonds for each such object or purpose , and pursuant to a consolidating resolution entitled : " RESOLUTION DAZED FEBRUARY 20 , 1990 , A RESOLUTION PROVIDING FOR THE CONSOLIDATION , DETAILS AND SALE OF $ 1 . 719 , 975 PUBLIC IMPROVEMENT ( SERIAL ) BONDS , 1990 , , OF THE TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK . FOR CERTAIN PURPOSES IN AND FOR SAID TOWN . " , duly adopted by the Town Board of such Town on the 20th day of February , 1990 , and pursuant to other proceedings of the Town Board of isuch Town duly had and taken in all respects authorizing the same . The faith and credit of such Town of Dryden , Tompkins County , New York , are hereby irrevocably pledged for the punctual payment of the principal of and interest on this bond according to its terms . It is hereby certified , recited and declared that all acts , conditions and things required by the Constitution and statutes of the State of New York to existt to have happened and to have _�- R �A T; - 4 - been performed precedent to and in the issuance of this bond exist , have happened and have been performed ; and that the issue of bonds , of which this is one . together with all other indebtedness of such Town is within every debt and other limit prescribed by the Constitution and laws of the State of New York . This band ' shall not be valid or obligatory for any purpose unless the certi,ficate of authentication hereon has been duly executed by the Fiscal Agent . IN WITNESS WHEREOF , the Town of Dryden , Tompkins County , New York , has caused this bond to be executed in its name by the manual or facsimile signature of its Supervisor , and a facsimile of its corporate seal to be . imprinted hereon and attested by the manual or facsimile signature of its Town Clerk , and this bond to be dated as of the 1st day of April , S 1990 . TOWN OF DRYDEN , ATTEST r TOMPKINS COUNTY , NEW YORK 009 c7i? Igle44--9 By Town Clerk -, ervisor Date of Authentication : T �yJ CERTIFICATE OF AUTHENTICATION This bond is one of the Town of Dryden , New York , Public Improvement ( Serial ) Bonds . 1990 , described in the above-mentioned resolution of the Town Board of such Town . Fiscal Agent By : 411 Authorized Signature • - 5 - t ASSIGNMENT • FOR VALUE REEIVED , the undersigned hereby sells , assigns and transfers unto ( Please Print or Type Nate and Address of Assignee ) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE the within bond and all rights thereunder , and hereby irrevocably constitutes and appoints attorney to transfer the within bond on the books kept for registration t hereof with full power of substitution in the premises . Dated Signature acknowledged or proved , o r in the alternative , certified ( Signature of Assignor ) 010 as to its genuineness by an officer o f a bank or trust company located and authorized to do business in the State of New York NOTICE { The signature on ( Acknowledgment , Proof or this assignment must Certification ) correspond with the name of the Registered Owner as it appears upon the face of • the within bond in every particular without alteration or enlargement or any change whatsoever . J • 411 . ,N ` , _ 6 - LEGAL OPINION i It is hereby certified that the following is a true and correct copy of the complete final legal opinion of Willkle Farr & Gallagher . Attorneys and Counsellors at Law , New Yorke New York , the original of which was manually executed , dated and issued as of the date of delivery of and payment for the bonds , and a copy of which is an file with the Fiscal Agent . TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK By ( here insert same facsimile signature of Supervisor as ap ear , vrbond } D Sugervis r Town of Dryden , County of Tompkins , State of New York TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK $ 1 , 7131975 PUBLIC IMPROVEMENT ( SERIAL ) BONDS , 1990 Ladies and Gentlemen : We have been requested to render our opinion as to the validity of an issue of $ 1 , 719 , 975 Public Improvement ( Serial ) 410 Bonds , 1990 ( the " Obligation " ) , of the Town of Dryden . County of Tompkins , State of New York ( the " Obligor " ) , dated April 1 , 1990 , of the denomination of $ 5 , 000 each or any integral multiple thereof not exceeding the principal amount of each ✓ espective maturity , except far one bond including the amount o f i bearing interest at the rate o f . . , per centum ( U ) per annum , payable on November I , 1990 and semi - annually thereafter on May 1 and November 1 , and maturing in the amount of $ 74 , 575 an November 1 , 1990 . $ 75 , 000 on November 1 in each of the years 1991 and 1992 , $10 , 000 an November 1 in each of the years 1993 to 1999 , both inclusive . $ 90 , 000 on November 1 in each of the years 2000 to 2002 , both inclusive , and $ 95 , 000 on November 1 in each of the years 2003 to 2009 , both inclusive . y We have examined : ( 1 ) the Constitution and statutes of the State of New York : ( 2 ) the Internal Revenue Code of 1996 , including particularly Sections 103 and 141 through 150 thereof , and the applicable regulations of the United States Treasury Department promulgated thereunder and under the Internal Revenue Code of 1954 , as amended ( collectively . the " Code " ) ; 410 ( 3 ) an arbitrage certificate executed on behalf of the Obligor which includes , among other things , covenants , relating t o compliance with the Code , with the owners of the Obligation d_ ; a - 7 - 4 , t 4 that the Obligor will , among other things , ( i ) take all actions on its part necessary to cause interest on the Obligation not to be includable in the gross income of the owners thereof for Federal income tax purposes , including , without limitation , I restricting , to the extent necessary , the yield on investments made with the proceeds of the Obligation and investment e arnings thereon , making required payments to the Federal government , if any , and maintaining books and records in a specified manner , where appropriate , and ( ii ) refrain from taking any action which would cause interest on the Obligation t o be includable in the gross income of the owners thereof for Federal income tax purposes , including , without limitation , refraining from spending the proceeds of the Obligation and investment earnings thereon on certain specified purposes ; and ( 4 ) a certificate executed on behalf of the Obligor which includes , among other things , a statement that compliance with such covenants is not prohibited by , or violative of , any provision of local or special law , regulation or resolution applicable to the Obligor . We also have examined a certified copy of proceedings of the finance board of the Obligor and other proofs authorizing and relating to the issuance of the Obligation , including the form of the Obligation . In rendering the opinions expressed herein we have assumed ( i ) the accuracy and truthfulness of all public records , documents and proceedings , including factual information , expectations and statements contained therein , examined by us which have been executed or certified by public officials acting within the scope of their official capacities , ® and have not verified the accuracy or truthfulness thereof , and ( ii ) compliance by the Obligor with the covenants contained in the arbitrage certificate . We also have assumed the genuineness of the signatures appearing upon such public ✓ ecords , documents and proceedings and the certifications t hereof . In our opinion : ( a ) The Obligation has been authorized and issued in accordance with the Constitution and statutes of the State of New York and constitutes a valid and legally binding general obligation of - the Obligor , all the taxable real property w ithin which is subject to the levy of ad valorem taxes to pay the Obligation and interest thereon , without limitation as to rate or amount ; provided , however , that the enforceability ( but not the validity ) of the Obligation may be limited by any applicable bankruptcy , insolvency or o ther law now existing or hereafter enacted by said State o r the Federal government affecting the enforcement of creditors ' rights . ( b ) The Obligor has the power to comply with its covenants with ✓ espect to compliance with the Code as such covenants . relate to the Obligation ; provided , however , that the !, III enforceability ( but not the validity ) of such covenants may be limited by any applicable bankruptcy , insolvency or o ther law now existing or hereafter enacted by said State p s \ — 8 — $ or the Federal government affecting the enforcement of creditors ' rights . ( c ) Interest on the Obligation is not includable in the gross income of the owners thereof for Federal income tax purposes under existing statutes and court decisions . Moreover , interest on the Obligation is not an " item of tax preference " for purposes of the individual and corporate alternative minimum taxes and the corporate environmental tax imposed by the Code . However , interest on the Obligation is includable in the " adjusted current earnings " of a corporate owner and 75 % of the interest on the Obligation is thus includable in the tax . base for computing a corporation ' s liability with respect to the 20 % alternative thinimum tax and the 0 . 12 % environmental tax imposed on corporations by the Code . ( Such 0 . 12 % corporate environmental tax is generally scheduled to terminate for taxable years beginning after December 31 , 1991 . ) Moreover , interest on the Obligation may be subject to a branch profits tax of up to 30 % when owned by certain foreign corporations . Furthermore , the United States Treasury Department has promulgated regulations which might have the effect of imposing a tax at ordinary income rates with respect to interest on the Obligation when owned by " S Corporations " in certain cases . Interest on the Obligation is exempt from personal income taxes imposed by the State of New York or any political subdivision thereof ( including The City of New York ) , We express no opinion regarding other Federal tax consequences arising with respect to the Obligation . The scope of our engagement in relation to the issuance of the Obligation has extended solely to the examination of the facts and law incident to rendering the opinion expressed herein . Such opinion is not intended and should not be construed to express or imply any conclusion that the amount of ✓ eal property subject to taxation within the boundaries of the Obligor , together with other legally available sources of ✓ evenue , if any , will be sufficient to enable the Obligor to pay the principal of or interest on the Obligation as the same ✓ espectively become due and payable . Reference should be made to the Official Statement prepared by the Obligor in relation to the Obligation for factual information which , in the judgment of the Obligor , • could materially affect the ability of t he Obligor to pay such principal and interest . While we have participated in the preparation of such Official Statement , we have not verified the accuracy , completeness or fairness of the factual information contained therein and , accordingly , we express no opinion as to whether the Obligor , in connection with the sale of the Obligation , has made any untrue statement o f a material fact or omitted to state a material fact necessary in order to make any statements made , in the light of the circumstances under which they were made , not misleading . Very truly yours , ® Willkie Farr & Gallagher