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HomeMy WebLinkAbout1973-06-2888 Legal Notice _ �; _ 1 i $166,750 TOWN OF LANSING, TOMPKINS.000NTY, NEW YORK. ! HIGHWAYGARAGE .4SERIALI.BONDS,.1973, -' I NOTICE OF BOND SALE ! Sealed ;proposals will be received and considered by the undersigned Supervisor of the Town of Lansing, Tompkins County: New York, • ? at Lansing Town Hall, in Lansing, New York, in ;;r,.;]'d(r: said Town (P.O. Address: 29 Auburn Road; Lansing. New York 148821 at 12:00 o'clock noon,., Eastern Daylight Saving Time, on the 28th day of i Jane. 1973; at which time and place the bids will be opened$ for the purchase at not less than par 'and accrued interest of $186,750 Highway'Garage 1Seriai u- Bonds, 1973. dated July 1, ,1973, of the denomination of 65,000 each, except one bond of }_ the denomination of 61,750, maturing in . 4i numerical order in the amount of 66,750 on August . I, 1973, and 610,000 on August I in each of the years 1979 to 1991, both inclusive, with interest" thereon payable August 1, 1973 and semi - annually thereafter on February I and August 1. Principal and interest of said bonds are payable id lawful, money of the United States of America at TomnkinsCounty Trust Comnanv. in Ithaca. New ! York. Bonds will be in bearer form with coupons attached ' and may be converted into fully registered bonds, 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 ` oramouni. The State Constitution requires the Town to pledge it9 faith and credit for the payment of the principal of the bonds and the interest theron and to make annual appropriations for the amounts i, Mfor the payment of such idterest!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 shallbe'applied for such purposes: also, that the fiscal officer of the Tawn!may be re nor to set apart and apply such re venues asNNaforesaid at the suit of any holder of such obligations. Each bid must be for all of said 6186.750 bonds and state a single rate of interest therefor! Unless all bids are rejected. the award will be made to the bidder complying with the terms of We and offering to purchase said bonds at the lowest rate .of interest, stated in a multiple of one-eighth or ! one- lenthlof one per centum per annum,;wtthout referenct{to premium, provided, however, that if two or m Q re bidders offer to purchase said bonds at the same lowest rate of interest, then such . award will be made to the bidderpoffertng the highest premium. The right is reserved to reject arty or all bids, and any bid not complying with this Notice of Sale will.I rejected. Each bid j must be enclosed in a sealed envelope addressed to the undersigned Supervisor and shnuld'I be marked an the outside "Proposal for Bonds J. and must li j accompanied with a certified Itor cashier's check drawn upon an incorporated bank or trust company to the order of said Town of ? Lansing, New York. for 63,735 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, an the amount of the good faith deposit. Said bond's are issued pursuant to the Constitution and statutes of the State of'New York, including among others. the Town .Law and the Local i Finance Law, to pay part of the cost of the construction of a highway garage. i. In the event that prior to the delivery' of the bondP, the income received by private! holders from bonds of the same type and character shag be taxable by the terms of any Federal income tax law,, the successful _bidder may, at his election, be relieved of his obligations under the r - - contract to purchase the bonds, and in such case, the deposit accompanying his bid Twill {be returned! Said bonds will.be delivered at New York, k New i York, orlat such other place as may be agreed with the purchaser about July 19, 1973. The approving opinion of Messrs., Galloway & Dikeman, Attorneys of New York City, will -be famished to the purchaser without •'I cost. There will also be famished the usual. closing 'certificates, dated as of the Idate of deliverylof and payment for the bonds. including a statement that there is no litigation pending, or, . the knowledge of the signers thereof„ threatened, affecting the validity of the bonds. ' i The population of the Town as shown by, the 1970 ! U.S. Census is 5,972. The Debt Statement to be filed pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the j bonds Herein described, prepared as of Dune 19, 19739 will show the average full valuation of real estate 'subject to taxation by the Town to", . 674.482.930.00. its debt limit to be 65213,805.00, - will be,used to retire outstanding indebtedness of ;186,750 evidenced by bond anticipation notes: The indebtedness to be evidenced by such bonds h will not increase such net indebtedness. A detailed report of essential facts will be furnished to any interested bidder upon request: Dated: Ithaca, New York, June 19;19!3.- -- - Charles F. Howell Supervisor I i l , I JUNE 28, 1973 - 12:00 o'clock noon HIGHWAY GARAGE (SERIAL) BONDS, 1973 NAME OF BIDDER Manufacturer & Traders Trust Co. Buffalo, New York First National Bank and Trust Co. of Ithaca Ithaca, New York Tompkins County Trust Co. 110 N. Tioga St. Ithaca, New York Adams, McEntee & Co. 40 Wall St. New York, New York INTEREST RATE AMOUNT OF BID 5430 $186,850980 5935 1869750.00 5.3/8 186;901.00 5.60 187,591.00 Bid awarded to: Manufacturer & Traders Trust Co., Buffalo, New York. 1