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HomeMy WebLinkAbout1989-10-03I e 1 M C, d, determin financial financial solely on the basis of bona fide reasons, in accordance with ordinary practices in financing property similar to the Project, and has not been determined with a view to prolonging abnormally the period between issuance of the Obligation and expenditure of the proceeds. Binding contracts or commitments obligating the expenditure of proceeds of the Obligation for work on the Project of not less than the lesser of $100,000 or 2 -1/2% of the cost of each Project have been entered. Work is prjoceeding with due diligence to complete the Proje All of suc 1989, will yield. 3. Immediately upc proceeds will be expended by October 31, be invested without restriction as to receipt of the proceeds, said proceeds will be used in their entirety to pay off the debt service on the previous obligation. There will be no investment of said funds. 4. (a) It is reasonably expected that all payments of principal or interest on described in paragraph 3 obligations) shall be Issuer, the Obligation (other than those made as and other than those made from refunding from the current annual revenues of the (b) It is reasonable expected that the Issuer will not issue more than $5,000,000 in aggregate face amount of tax - exempt obligations (other than rivate activity bonds) in this calendar 't year, inclusive of the Obligation and any Obligations of any subordinate governmental entities. 5. The Issuer hereby covenants with the owners of the Obligation that the Issuer will (i) take all actions on its part necessary to cause interest on the'Obligation not to be includable in the gross income of Ithe owners thereof for Federal income tax purposes, and (ii) refrain from taking any action which would cause interest on the Obligation to be includable in the gross income of the owners thereof for Federal income tax purposes. In this regard, and without limiting the applicability of the foregoing, unless an opinion is rendered by Thaler & Thaler that the following actions are not required in order to maintain the exclusion of interest on the Obligation from the gross income of the owners thereof for Federal income tax purposes, the Issuer hereby covenants that it will: (a) not use any of the original or investment proceeds of the Obligation to, (i) make ioans (including loans made pursuant to financing leases, installment sale agreements or other similar types of contractual arrangements), (ii) finan,,e facilities that will be sold or leased, MW finance facilities other than facilities that will be used exclusively by state or local governmental units or by members of the general publiclon an equal basis; and (b) with respect to original and investment proceeds of C the Obligation, if any, which remain after three years, invest not more than an amount equal to the lesser of $100,000 or 5% of the original proceeds of the Obligation in obligations having a yield higher than the percent. shall be of the Co yield on the Obligation plus 1/8 of one For purposes of this certificate, yield computed in accordance with Section 148(h) ; and (c) make the payments, if any, required to be made to the United States pursuant to Section 148(f) of the Code. In this regard, the Issuer will maintain books and records setting forth: (i) fromIthe date hereof, the date of each expenditure of "gross proceeds ", as such term is defined in Section 148(f)(6) of the Code, of the Obligation to pay the costs of the Project; (ii) from the date hereof, with respect to al invesitments made with "gross proceeds" of the Obligation (including, without limitation, "overnights" and "repos "): (A) the purchase date; (B) the purchase price; (C) the date of sale or maturity; (D) the proceeds received at sale or maturity; and (E) investment income realized with respect to uch investments; and (d) not acquire any investment made with "gross i 61 proceeds" its fair a price of the Obligation at a price in excess of market value or sell any such investment at less than its fair market value in accordance with the "market price rules" set forth in Temporary Treasury Regulations Section 1.103- 15AT(d)(6); and (e) not issue amount of activity more than $5,000,000 in aggregate face tax - exempt obligations (other than private ends) in this calendar year, inclusive of this Obligation and any obligations of any subordinate governmental entities. There is not expected to be any fund not described above that will (a) be needed to pay principal or interest on the Obligation, (b) replace funds that will be used to pay principal or interest on the Obligation, or c be pledged to secure the g ( ) P Obligation, 7. Any other governmental obligations (a) issued or to be issued at substantially the same time as the Obligation, (b) sold pursuant to a common plan of financing with the Obligation, and (c) to be paid out of substai will have substantially substantially the same s Obligation, shall, toge tially the same source of funds (or that the same claim to be paid out of rce of. funds) as will be used to pay the r with the Obligation, be treated as a single issue under Treasury Regulations Section 1.103- 13(b)(10). Yield shall be computed in accordance with Section 148(h) of the Code. 8, The Issuer has not received notice that its certificates as to arbitrage may not bE relied upon with respect to its issues, I' that an such adverse action nor has it been advised y c io is contemplated by the Commissioner of Internal Revenue. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change the foregoing matters and expectations. IN WITNESS WHEREOF,I I have hereunto set my hand on October 3, 0V14 LOA 1 R Supervisor S We, the undersigne That we are the County, New York, (her the official title set certificate. That we did offici Note, 1989, of the Obli of the denomination of 6.50% per annum, payable with prepayment reserved ING CERTIFICATE do hereby certify: fficers of the Town of Lansing, Tompkins inafter called the "Obligor ") indicated by opposite our respective signatures to this ally execute a $136,666 Bond Anticipation jor, dated October 3, 1989, numbered 2 -3R, $136,666, bearing interest at the rate of at maturity and maturing October 3, 1990, (hereinafter called the "Obligation "). That on the date ofl the date set forth below, and acting officers ind duly authorized to execu That no litigation knowledge, threatened (i delivery of the Obligati assessments to pay the affecting, directly or or the proceedings or a contesting the corporate the title of the under execution of the Obligation and on the were and are the Gated therein_ and e the Obligation. That no authority Obligation has been re with the covenant conta: Obligor executed the date not prohibited by or viol law, regulation or resol the corporate seal of the impressed or imprinted on duly chosen, qualified on this certificate and of any nature is now pending or, to our I restrain or enjoin the issuance or �n or the levy and collection of taxes or same, (b) in any manner questioning or ndirectly, the validity of the Obligation zthority for the issuance thereof, or (c) Obligor and existence or boundaries of the Obligor or ned officers to their respective offices. the Obligation. or proceedings for the issuance of the led, revoked or rescinded, that compliance ned in the Arbitrage Certificate of the hereof with respect to the Obligation is ative of any provision of local or special ution applicable to the Obligor and that Obligor, or a facsimile thereof, has been the Obligation. That on the date of this certificate, the Obligation was actually delivered to the purchaser thereof against receipt of the purchase price as follows: Principal (par value): $136,666 Premium: Accrued interest f the Obligation to delivery TOTAL: from date date of of $ -0- $ -0- $136,666 r t i WITNESS our official signatures on October 3, 1989, being the date of the actual delivery of the Obligation, as aforesaid. Signature i - v `1 I hereby certify subscribed are true and m Official Title Supervisor Town Clerk Term of Office Expires i Lat the signatures of the officers above �nuine. Name of Bank (Signature and Title) :a �I BOND RESOLUTION DATED OCTOBER 3, 1989 A RESOLUTION AUTHORIZING THE ISSUANCE OF $48,744.00 SERIAL BONDS OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO. 8 OF SAID TOWN. WHEREAS, pursuant 'to proceedings heretofore duly had and taken in accordance with the provisions of Section 202 -b of the Town Law, and more particularly an Order, dated June 26, 1987, the Town Board of the Town of Lansing, Tompkins County, New York has determined it to be in the public interest to increase and improve the facilities of Water District No. 8 of said town, at a maximum estimated cost of $53,500.00; and WHEREAS, pursuant Ito a Resolution of the Town Board of the Town of Lansing, Tompkins County, New York dated September 7,• 1988 the Town authorized the Town for the payment of a Resolution of the Tok issuance of $53,500.00 Serial Bonds of the said improvements which Bond was renewed by Board, Town of Lansing, Tompkins County, New York dated Septemberj7, 1988; and WHEREAS, pursuant I to said Bonding Resolution, a Bond Anticipation Note, 1980, No.2 in the amount of $53,500.00 was executed and issued to the Tompkins County Trust Company in Ithaca, New York by the terms of which the Town agreed to pay said Note on the 3rd day of October 1989; and WHEREAS, it is now desired to provide funding to pay such Note and to authorize the issuance of a Bond Anticipation Note in the amount of $48,744.00 pursuant to the terms and conditions of the Note, a copy of which is lattached hereto. 0 i i an NOW THEREFORE BE IT, resolved by the Town Board of the Town of Lansing, Tompkins County, New York as follows: Section For the specific object or purpose of paying Bond Anticipation Note, 1988, number 2 in the amount of $53,500.00, the proceeds from which were used for the specific object or purpose of paying the cost of the increase and improvement of the facilities of Water District No. 8 in the Town of Lansing, Tompkins County, New York, consisting of the purchase and installation of approximately 1800 feet of eight inch ductile iron water main together with valves and fire hydrants, and other related necessary appurtenances for said Lansing Water District No. 8 as more fully set forth in the Order establishing said Water District No. 8, including incidental expenses in connection therewith, there are hereby authorized to be issued $48,744.00 Serial Bonds of said Town pursuant to the provisions of the Local Finance Law and the payment of $4,756.00. Section 2. It is hereby determined that the plan for the financing of the aforesaid specific object or purpose is by the issuance of the $48,744.00 Serial bonds of said Town authorized to be issued pursuant to this Bond Resolution. Further details pertaining to said Bonds will be prescribed in a further Resolution or Resolutions of this Town Board, Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is ten years, pursuant to subdivision 1 of paragraph. a of 1' 11.00 of the Local Finance Law. i i an NOW THEREFORE BE IT, resolved by the Town Board of the Town of Lansing, Tompkins County, New York as follows: Section For the specific object or purpose of paying Bond Anticipation Note, 1988, number 2 in the amount of $53,500.00, the proceeds from which were used for the specific object or purpose of paying the cost of the increase and improvement of the facilities of Water District No. 8 in the Town of Lansing, Tompkins County, New York, consisting of the purchase and installation of approximately 1800 feet of eight inch ductile iron water main together with valves and fire hydrants, and other related necessary appurtenances for said Lansing Water District No. 8 as more fully set forth in the Order establishing said Water District No. 8, including incidental expenses in connection therewith, there are hereby authorized to be issued $48,744.00 Serial Bonds of said Town pursuant to the provisions of the Local Finance Law and the payment of $4,756.00. Section 2. It is hereby determined that the plan for the financing of the aforesaid specific object or purpose is by the issuance of the $48,744.00 Serial bonds of said Town authorized to be issued pursuant to this Bond Resolution. Further details pertaining to said Bonds will be prescribed in a further Resolution or Resolutions of this Town Board, Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is ten years, pursuant to subdivision 1 of paragraph. a of Section 11.00 of the Local Finance Law. It is further determined that the 2 R. maximum maturity of the Serial Bonds herein authorized will exceed five years. Section 4. '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 Supervisor, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Supervisor, consistent with -the provisions of the Local Finance Law. Section 5. The faith and credit of said Town of Lansing, Tompkins County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such obligations 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 obligations becoming due and payable in such year. Section 6. The validity of such Bonds and Bond Anticipation Notes may be contested only if: 1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or 2) The provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such = publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. 3 I. 11 Section 7. This resolution which takes effect immediately shall be published in full in The Ithaca Journal, the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Jeannine Kirby, Supervisor - voting Aye Louis Emmick, Councilman - voting Aye Larry Tvaroha, Councilman - voting Aye The other members of the Board, Jeffrey Cleveland, Councilman and Herbert Beckwith, Councilman were absent. The Resolution was thereupon declared fully adopted. 0 1 STATE OF NEW YORK COUNTY OF TOMPKINS Iss: 1 I, the undersigned Clerk of the Town of Lansing, 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 on October 3 1989 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 1 -3 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 aid meeting to be given to the following newspapers and.orother news media as follows: Newspapers and /or other media I. Town Hall Bulletin Board 5 Date Given September 22, 1989 IN WITNESS WHEREOF, I have hereunto set my hand affixed the seal of said Town on October 3, 1989, (SEAL) 1 I�1 L Town Clerk f BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989 CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A $48,744.00 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO, 8 OF SAID TOWN. I, the undersigned Supervisor of the Town of Lansing, Tompkins County, New York, DO CERTIFY: 1. Pursuant to a bond resolution dated August 21, 1987 duly adopted by the Town Board of said Town on said date, authorizing the issuance of $53,500 serial bonds of said Town to pay the cost of the increase and improvement of the facilities of Water District No. 8 in the Town of Lansing, Tompkins County, New York, consisting, of the purchase and installation of approximately 1800 feet of ti eight inch ductile iron water main together with a pressure valves t and fire hydrants and other related, necessary appurtenance for { said Lansing Water District No. 8 as more fully set forth in the Order establishing said Lansing Water District No. 8, including incidental expenses in connection therewith, which is an assessable improvement, and delegating to me, as chief fiscal officer, power to authorize the issuance of and to sell bond anticipation notes, including renewals thereof, in anticipation of the issuance and sale of said bonds, which power is In full force and effect and has not been modified, amended or revoked. A bond anticipation note was issued by the Town in the principal amount of $53,500.00 in anticipation of the sale of said bonds, which bond anticipation note was sold to the Tompkins County Trust Company, the principal on which bond became due and payable on October 3, 1989. 2. Pursuant to a bond resolution dated October 3, 1989 duly adopted by the Town Board of said Town on said date authorizing the issuance of $48,744.00 serial bonds of the Town and to pay $4,756.00 to pay the cost of said bond anticipation note, I hereby authorize the issuance of a bond anticipation note of said Town in the principal amount of $48,744.00 in anticipation of the sale of said bond. Said note shall be dated October 3, 1989 shall be numbered 3 -2R, shall be in the denomination of $48,744.00, shall bear interest at the rate of six point five zero percentum (6.50%) payable at maturity, shall mature on October 3, 1990 with prepayment reserved and both principal of and interest on said note shall be payable in lawful money of the United States of America at Tompkins County Trust Company at Ithaca, New York. Such note is -a renewal note. 3. The purpose of which said note is hereby authorized to be issued is to pay the cost of the aforesaid specific object or purpose. The amount of serial bonds to be issued therefor is $48,744.00. 4. No other bond anticipation notes are presently outstanding or have heretofore been issued in anticipation of the sale of said bonds. 5. Said note shall be executed in the name of Town of Lansing, Tompkins County, New York, by its Supervisor, sealed with its corporate seal, attested, by its Town Clerk, and the same shall be in substantially the form attached hereto. Such note is hereby sold at private sale to Tompkins County Trust Company, in Ithaca, New York, at a price of not less than par and accrued 2 interest, if any. To the best of my knowledge and belief, no officer or employee of said Town has an interest in the sale of said note prohibited by Article 18 of the General Municipal Law, as amended. 6. I hereby designate such note as a "qualified tax - exempt obligation" pursuant to Section 265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 (the "Code ") and certify, in furtherance of the• aforesaid designation, that (a) the amount of "qualified tax - exempt obligations ", within the meaning of Section 265(b)(3) of the Code, which are reasonably anticipated to be issued by the Town, including issues of all governmental entities subordinate to the Town, if any, during 1989 does not exceed $10,000,000.00; and (b) the sum of the principal amount of the note and the principal amount of any other tax - exempt obligations heretofore issued by the Town during 1989 does not exceed $10,000,000.00. Dated: Lansing, New York October 3, 1989 Surp,ervi sor An executed counterpart of the foregoing certificate, with form of note attached, was filed with the Town Board of said Town on October 3, 1989. 3 own Clerk UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF TOMPKINS TOWN OF LANSING BOND ANTICIPATION NOTE, 1989 No. 3 -2R $48,744 The Town of Lansing, in the County of Tompkins, a municipality of the State of New York (herein called the "Obligor "), hereby acknowledges itself indebted and for value received promises to pay to the bearer of this note the sum of FORTY -EIGHT THOUSAND SEVEN HUNDRED FORTY -FOUR DOLLARS ($48,744) on October 3, 1990, together with interest thereon from the date hereof at the rate of six point five zero per centum (6.50%) per annuin, payable at maturity. Both principal of and interest on this note will be paid in lawful money of the United States of American at Tompkins County Trust Company in Ithaca, New York. This note may be redeemed at any time prior to maturity by said Obligor upon giving written notice to the holder, and interest shall cease as of the date fixed for redemption. This note may not be converted into registered form. This note is one of a total authorized issue of $53,500.00 issued pursuant to proceedings and a Resolution duly adopted by the Town Board of the Obligor on June 26, 1987, and a Resolution duly adopted by the Town Board of the Obligor on September 7, 1988 and to a Resolution duly adopted by the Town Board of the Obligor on October 3, 1989 authorizing the issue of this Note in the amount of $48,744.00 and also pursuant to "BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989, CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK AUTHORIZING THE ISSUANCE OF A $48,744.00 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO, 8 OF SAID TOWN." The faith and credit of the Obligor are hereby irrevocably pledged for the punctual payment of the principal of and interest on this note according to its terms. It is certified and recited that all conditions, acts and things required by the constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to an in the issuance of this note, exist, have happened and have been performed, and that this note, together with all other indebtedness of the Obligor is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, the Obligor, in accordance with the proceedings authorizing. this note, has caused this note to be signed and its corporate seal to be hereunto affixed and attested as appears below, and this note to be dated October 3, 1989. 1 4 (SEAL) Town Clerk 5 TOWN OF LANSING, TOMPKINS COUNTY, Supervisor NEW YORK ARBITRAGE CERTIFICATE $48,744 Bond Anticipation Note, 1989 I, the undersigned, do hereby certify that I am the chief fiscal officer of the Town of Lansing, Tompkins County, New York, (the "Issuer ") and that, in my capacity as such, I, among others, am charged with the responsibility for issuing the above - mentioned Note of the Issuer (the "Obligation ") on the date hereof, and I further certify as follows: 1. The facts and circumstances set forth below are in existence on the date hereof. The Issuer's expectations as to future events are also set forth below and include the expectation that the proceeds of the Obligation will not be used in a manner that would cause the Obligation to be an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code of 1986, as 5 amended (the "Code "), and any applicable regulations promulgated by the Department of the Treasury (the "Regulations "). Such Regulations would include certain regulations which were promulgated for purposes of the Internal Revenue Code of 1954, as amended. to the best of the knowledge and belief of the undersigned, the Issuer's expectations are reasonable. 2. $48,744 of the proceeds of the Obligation will be used to provide funds for the projects (the "Project ") set forth in the bond anticipation note certificate of the Supervisor, dated October 31 1989, which is incorporated herein by reference. With regard to such Project: a. The date of issuance of the Obligation has been determined solely on the basis of bona fide financial reasons, in accordance with ordinary financial practices in financing property similar to the Project, and has not been determined with a view to prolonging abnormally the period between issuance of the Obligation and expenditure of the proceeds. b. Binding contracts or commitments obligating the expenditure of proceeds of the Obligation for work on the Project of not less than the lesser of $100,000 or 2 -1/2% of the cost of each Project have been entered. c. Work is proceeding with due diligence to complete the Project. d. All of such proceeds will be expended by October 31, 1989, and until so used, will be invested without restriction as to yield. 3. Immediately upon receipt of the proceeds, said proceeds will be used in and entirely to pay off the debt service on the previous obligation. There will be no investment of said funds. 4. (a) It is reasonably expected that all payments of principal or interest on the Obligation (other than those made as described in paragraph 3 and other than those made from refunding obligations) shall be made from the current annual revenues of the Issuer. (b) It is reasonably expected that the Issuer will not issue more than $5,000,000 in aggregate face amount of tax - exempt obligations (other than private activity bonds) in this calendar year, inclusive of this Obligation and any Obligations of any subordinate governmental entities. 50 The Issuer hereby covenants with the owners of the Obligation that the Issuer will (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, and (ii) refrain from taking any action which would cause interest on the Obligation to be includable in the gross income of the owners thereof for Federal income tax purposes. In this regard, and without limiting the applicability of the foregoing, unless an opinion is rendered by Thaler & Thaler that the following actions are not required in order to maintain the exclusion of interest on the Obligation from the gross income of the owners thereof for Federal income tax purposes, the Issuer hereby covenants that it will: (a) not use any of the original or investment proceeds of the Obligation to, (i) make loans (including loans made pursuant to financing leases, installment sale agreements or other similar types of contractual arrangements), (ii) finance facilities that will be sold or leased, or (iii) finance facilities other than facilities that will be used exclusively by state or local governmental units or by members of the general public on an equal basis; and (b) with respect to original and investment proceeds of 1 the Obligation, if any, which remain after three years, invest not more than an amount equal to the lesser of $100,000 or 5% of the original proceeds of the Obligation in obligations having a yield higher than the yield on the Obligation plus 1/8 of one percent. For purposes of this certificate, yield shall be computed in accordance with Section 148(h) of the Code; and (c) make the payments, if any, required to be made to the United States pursuant to Section 148(f) of the Code. In this regard, the Issuer will maintain books and records setting forth: (i) from the date hereof, the date of each expenditure of "gross proceeds ", as such term is defined in Section 148(f)(6) of the Code, of the Obligation to pay the costs of the Project; (ii) from the date hereof, with respect to all investments made with "gross proceeds" of the Obligation (including, without limitation, "overnights" and "repos "): (A) the purchase date; (B) the purchase price; (C) the date of sale or maturity; (D) the proceeds received at sale or maturity; and (E) investment income realized with respect to such investments; and (d) not acquire any investment made with "gross proceeds" of the Obligation at a price in excess of its fair market value or sell any such investment at a price less than its fair market value in accordance with the "market price rules" set forth in Temporary Treasury Regulations Section 1.103- 15AT(d)(6); and (e) not issue more than $5,000,000 in aggregate face amount of tax - exempt obligations (other than private activity bonds) in this calendar year, inclusive of this Obligation and any obligations of any subordinate governmental entities. 6. There is not expected to be any fund not described above that will (a) be needed to pay principal or interest on the i Obligation, (b) replace funds that will be used to pay principal or i interest on the Obligation, or (c) be pledged to secure the Obligation. 7. Any other governmental obligations (a) issued or to be issued at substantially the same time as the Obligation, (b) sold pursuant to a common plan of financing with the Obligation, and (c) to be paid out of substantially the same source of funds (or that will have substantially the same claim to be paid out of substantially the same source of funds) as will be used to pay the Obligation, shall, together with the Obligation, be treated as a single issue under Treasury Regulations Section 1.103- 13(b)(10). Yield shall be computed in accordance with Section 148(h) of the Code. 8, The Issuer has not received notice that its certificates as to arbitrage may not be relied upon with respect to its issues, I nor has it been advised that any such adverse action is contemplated by the Commissioner of Internal Revenue. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change the foregoing matters and expectations. IN WITNESS WHEREOF, I have hereunto set my hand on October 3, 1989, Supervisdr CLOSING CERTIFICATE We, the undersigned do hereby certify: That we are the officers of the Town of Lansing, Tompkins County, New York, (hereinafter called the "Obligor ") indicated by the official title set opposite our respective signatures to this certificate. That we did officially Note, 1989, of the Obligor, of the denomination of $48, 6.50% per annum, payable at with prepayment reserved (her execute a $48,744 Bond Anticipation dated October 3, 1989, numbered 3 -2R, 744, bearing interest at the rate of maturity and maturing October 3, 1990, einafter called the "Obligation "). That on the date of the execution of the Obligation and on the date set forth below, we were and are the duly chosen, qualified and acting officers indicated therein and on this certificate and duly authorized to execute the Obligation. -That no litigation of any nature is now pending or, to our knowledge, threatened (a) to restrain or enjoin the issuance or delivery of the Obligation or the levy and collection of taxes or assessments to pay the same, (b) in any manner questioning or affecting, directly or indirectly, the validity of the Obligation or the proceedings or authority for the issuance thereof, or (c) contesting the corporate existence or boundaries of the Obligor or the title of the undersigned officers to their respective offices. That no authority or proceedings for the issuance of the Obligation has been repealed, revoked or rescinded, that compliance with the covenant contained in the Arbitrage Certificate of the Obligor executed the date hereof with respect to the Obligation is not prohibited by or violative of any provision of local or special law, regulation or resolution applicable to the Obligor and that the corporate seal of the Obligor, or a facsimile thereof, has been impressed or imprinted on the Obligation. That on the date of this certificate, the Obligation was actually delivered to the purchaser thereof against receipt of the purchase price as follows: Principal (par value): $48,744 Premium: $ .0- Accrued interest from date of the Obligation to date of delivery $ -0- TOTAL: $48,744 y WITNESS our official signatures on October 3, 1989, being the date of the actual delivery of the Obligation, as aforesaid. 1 Signature Official Title Supervisor Town Clerk Term of Office Expires % l I hereby certify that the signatures of the officers above subscribed are true and genuine. On —� a(Name of Bank) (Signature and Title) - BOND RESOLUTION DATED OCTOBER 3, 1989 A RESOLUTION AUTHORIZING THE ISSUANCE OF $17,447.00 SERIAL BONDS OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT N0, 10 OF SAID TOWN. WHEREAS, pursuant to proceedings heretofore duly had and taken in accordance with the provisions of Section 202 -b of the Town Law, and more particularly an Order, dated June 26, 1987, the Town Board of the Town of Lansing, Tompkins County, New York has determined it to be in the public interest to increase and improve the facilities of Water District No. 10 of said town, at a maximum estimated cost of $19,150.00; and WHEREAS, pursuant to a Resolution of the Town Board of the Town of Lansing, Tompkins County, New York dated August 21, 1987, the Town authorized the issuance of $19,150.00 Serial Bonds of the Town for the payment of said improvements which was renewed pursuant to a resolution of hte Town Board of the Town of Lansing dated September 7, 1988; and WHEREAS, pursuant to said Bonding Resolution, a Bond Anticipation Note, 1988, No.3 in the amount of $19,150.00 was executed and issued to the Tompkins County Trust Company in Ithaca, New York by the terms of which the Town agreed to pay said Note on the 3rd day of October, 1989; and WHEREAS, it is now desired to provide funding to pay such Note and to authorize the issuance of a Bond Anticipation Note in the amount of $17,447.00 pursuant to the terms and conditions of the Note, a copy of which is attached hereto. NOW THEREFORE BE IT, resolved by the Town Board of the Town of Lansing, Tompkins.County, New York as follows: Section 1. For the specific object or purpose of paying Bond Anticipation Note, 1988, number 3, in the amount of $19,150.00, in the proceeds from which were used for the specific County, object or purpose of paying the cost of the increase and improvement of the facilities and of Water District No. 10 in the Town of Lansing, Tompkins iron County, New York, consisting and fire of the purchase issued and installation Bond of approximately 620 feet of six inch ductile prescribed in a further iron water main together with valves Town and fire hydrants, and other related necessary appurtenances, for aid Lansing Water District No. 10 as more fully set forth in the Order establishing said Lansing Water District No. 10, including incidental expenses in connection therewith, there are hereby authorized to be issued $17,447.00 Serial Bonds of said Town pursuant to the provisions of the Local Finance Law and the payment of $1,703.00. Section 2. It is hereby determined that the plan for the financing of the aforesaid specific object or purposq is by the issuance of the $17,447.00 Serial bonds of said Town authorized to be issued pursuant to this Bond Resolution. Further details pertaining ten years, pursuant to subdivision to said Bonds will be prescribed in a further Resolution or Resolutions of this Town Board. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is ten years, pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance Law. It is further determined that the 2 E maximum maturity of the Serial Bonds herein authorized will exceed five years. Section 4. 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 Supervisor, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, gas may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law. Section 5. The faith and credit of said Town of Lansing, Tompkins County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such obligations 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 obligations becoming due and payable in such year Section 6. The validity of such Bonds and Bond Anticipation Notes may be contested only if: 1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or 2) The provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. 3 Section 7. This resolution which takes effect immediately shall be published in full in The Ithaca Journal, the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. The question of the adoption of the foregoing resolution was duly put to a vote on roll call., which resulted as follows: Jeannine Kirby, Supervisor - voting Aye Louis Emmick, Councilman - voting Aye Larry Tvaroha, Councilman voting Aye The other members of the Board, Jeffrey Cleveland, Councilman and Herbert Beckwith, Councilman, were absent. The Resolution was thereupon declared fully adopted. G! _A o BOND RESOLUTION DATED OCTOBER 3, 1989 A RESOLUTION AUTHORIZING THE ISSUANCE OF $136,666.00 SERIAL BONDS OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO, 2 OF SAID TOWN. WHEREAS, pursuant to proceedings heretofore duly had and taken in accordance with the provisions of Section 202 -b of the Town Law, and more particularly a Resolution, dated"February 11, 1967, the Town Board of the Town of Lansing, Tompkins County, New York has determined it to be in the public interest to increase and improve the facilities of Water District No. 2 of said town, at a maximum estimated cost of $150,000.00; and WHEREAS, pursuant to a Resolution of the Town Board of the Town of Lansing, Tompkins County, New York dated February 11, 1987, the Town authorized the issuance of $150,000 serial Bonds of the Town for the payment of said improvement, which Bond was renewed pursuant to resolution of the Town Board of the Town of Lansing dated June 28, 1988 and which Bond was again renewed by a resolution of the Town Board of the Town of Lansing on October 2, 1988; and WHEREAS, pursuant to said Bonding Resolution, a Bond Anticipation Note, 1988, No. 1 in the amount of $150,000.00 was executed and issued to the Tompkins County Trust Company in Ithaca, New York by the terms of which the Town agreed to pay said Note on the 3rd day of October 1989; and WHEREAS, it is now desired to provide funding to pay such Note and to authorize the issuance of a Bond Anticipation Note in the a M amount of $136,666.00 pursuant to the terms and conditions of the Note, a copy of which is attached hereto. NOW THEREFORE BE IT, resolved by the Town Board of the Town of Lansing, Tompkins County, New York as follows: Section 1. -For the specific object or purpose of paying Bond Anticipation Note, 1988, number 1, in the amount of $150,000.00, the proceeds from which were used for the specific object or purpose of paying the cost of the increase and improvement of the facilities of Water District No. 2 in the Town of Lansing, Tompkins County, New York, consisting of the purchase and installation of approximately 3200 feet of eight inch ductile iron water main to connect to existing main at 'Brickyard Hill Road to the existing main at the intersection of Myers Road and Route 34B and approximately 600 feet of six inch ductile iron water main in Ludlowville Road to provide a connection to Water District No. 10, together with a pressure reducing valve and fire hydrants, including incidental expenses in connection therewith, there are hereby authorized to be issued $136,666.00 Serial Bonds of said Town pursuant to the provisions of the Local Finance Law and the payment of $13,334.00. Section 2. It is hereby determined that the plan for the financing of the aforesaid specific object or purpose is by the issuance of the $136,666.00 Serial bonds of said Town authorized to be issued pursuant to this Bond Resolution. Further details pertaining to said Bonds will be prescribed in a further Resolution or Resolutions of this Town Board. 2 Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is ten years, pursuant to subdivision 1 of paragraph a of Section 11.00 of the Local Finance Law. It is further determined that the maximum maturity of the Serial Bonds herein authorized will exceed five years. Section 4. 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 Supervisor, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law, Section 5. The faith and credit of said Town of Lansing, Tompkins County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such obligations sufficient to as the same respectively of and become due and payable. An annual on such appropriation shall Such be made in each year sufficient to pay the principal said of and interest authorized to expend money, or on such obligations becoming due and payable in such year. Section 6. The validity of such Bonds and Bond Anticipation Notes may be contested only if: 1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or 2) The provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with, and an action, suit or proceeding contesting such K, validity is commenced within twenty days after the date of such publication, or 3) Such obligations are authorized in violation of the provisions of the Constitution. Section 7. This resolution which takes effect immediately shall be published in full in The Ithaca Journal, the official newspaper, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. The question of the adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows: Jeannine Kirby, Supervisor - voting Aye Louis Emmick, Councilman - voting Aye Larry Tvaroha, Councilman - voting Aye The other members of the Board, Jeffrey Cleveland, Councilman, and Herbert Beckwith, Councilman, were absent. The Resolution was thereupon declared fully adopted. 0 STATE OF NEW YORK I Iss: COUNTY OF TOMPKINS I I, the undersigned Clerk of the Town of Lansing, 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, relates held on October 3, 1989 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 FUR =R CERTIFY that, pursuant to Section 1 -3 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: Newspapers and /or other media Town Hall Bulletin Board Date Given September 22, 1989 r 1 IN WITNESS WHEREOF, I have hereunto set my hand affixed the seal of said Town on October 3, (SEAL) 1989. 011 Town Clerk 1 BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989 CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A.$136,666.00 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT N0, 2 OF SAID TOWN. I, the undersigned Supervisor of the Town of Lansing, Tompkins County, New York, DO CERTIFY: 1. Pursuant to a bond resolution dated February 11, 1987, duly adopted by the Town Board of said Town on said date, authorizing the issuance of $150,000 serial bonds of said Town to pay the cost of the increase and improvement of the facilities of Water District No. 2 in the Town of Lansing, Tompkins County, New York, consisting of the purchase and installation of approximately 3200 feet of eight inch ductile iron water main to connect to existing main at Brickyard Hill Road to the existing main at the intersection of Myers Road Route 34B and approximately 600 feet of six inch ductile iron water main in Ludlowville Road to provide a connection to Water District No. 10, together with a pressure reducing valve and fire hydrants, including incidental expenses in connection therewith, which is an assessable improvement, and delegating to me, as chief fiscal officer, power to authorize the issuance of and to sell bond anticipation notes, including renewals thereof, in anticipation of the issuance and sale of said bonds, which power is in full force and effect and has not been modified, amended or revoked. A bond anticipation note was issued by the Town in the principal amount of $150,000.00 in anticipation of the sale of said bonds, which bond anticipation note was sold to the Tompkins County Trust Company, the principal on which bond became due and payable on October 3, 1989, r r 2. Pursuant to a bond resolution dated October 3, 1989 duly adopted by the Town Board of said Town on said date authorizing the issuance of $136,666.00 serial bonds of the Town and to pay $13,334.00 to pay the cost of said bond anticipation note, I hereby authorize the issuance of a bond anticipation note of said Town in the principal amount of $136,666.00 in anticipation of the sale of said bond. Said note shall be dated October 3, 1989 shall be numbered 2 -3R, shall be in the denomination of $136,666.00, shall bear and both principal interest at the rate of six point five zero percentum (6.50%) lawful money of payable at maturity, shall mature on October 3, 1990 with prepayment reserved and both principal of and interest on said note shall be payable in lawful money of the United States of America at Tompkins County Trust Company at Ithaca, New York. Such note is a renewal note. 3. The purpose of which said note is hereby authorized to be issued is to pay the cost of the aforesaid specific object or purpose. The amount of serial bonds to be issued therefor is $136,666.00. 4. No other bond anticipation notes are presently outstanding or have heretofore been issued in anticipation of the sale of said bonds. 5. Said note shall be executed in the name of Town of Lansing, Tompkins County, New York, by its Supervisor, sealed with its corporate seal, attested by its Town Clerk, and the same shall be in substantially the form attached hereto. Such note is 2 r M hereby sold at private sale to Tompkins County Trust Company, in Ithaca, New York, at a price of not less than par and accrued interest, if any. To the best of my knowledge and belief, no officer or employee of said Town has an interest in the sale of said note prohibited by Article 18 of the General Municipal Law, as amended. 6. I hereby designate such note as a "qualified tax - exempt obligation" pursuant to Section 265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 (the "Code ") and certify, in furtherance of the aforesaid designation, that (a) the amount of "qualified tax - exempt obligations ", within the meaning of Section 265(b)(3) of the Code, which are reasonably anticipated to be issued by the Town, including issues of all governmental entities subordinate to the Town, if any, during 1989 does not exceed $10,000,000.00; and (b) the sum of the principal amount of the note and the principal amount of any other tax - exempt obligations heretofore issued by the Town during 1989 does not exceed $10,000,000.00. Dated: Lansing, New York October 3, 1989 Supervisor j form of note attached, was filed with the Town Board of said Town on October 3, 1989, 3 Town Clerk la An executed counterpart of the foregoing certificate, with form of note attached, was filed with the Town Board of said Town on October 3, 1989, 3 Town Clerk la ) 0�, UNITED STATES OF AMERICA F STATE OF NEW YORK COUNTY OF TOMPKINS TOWN OF LANSING BOND ANTICIPATION NOTE, 1989 No. 2 -3R $136,000 The Town of Lansing, in the County of Tompkins, a municipality of the State of New York (herein called the "Obligor "), hereby acknowledges itself indebted and for value received promises to pay to the bearer of this note the sum of ONE HUNDRED THIRTY SIX THOUSAND SIX HUNDRED SIXTY -SIX DOLLARS ($136,666) on October 3, 1990, together with interest thereon from the date hereof at the rate of six and fifty /one hundredths per centum (6.50%) per annum, payable at maturity. Both principal of and interest on this note will be paid in lawful money of the United States of American at Tompkins County Trust Company in Ithaca, New York. This note may be redeemed at any time prior to maturity by said Obligor upon giving written notice to the holder, and interest shall cease as of the date fixed for redemption. This note may not be converted into registered form. This note is one of a total authorized issue of $150,000 issued pursuant to proceedings and a resolution duly adopted by the Town Board of the Obligor February 11, 1987 and a resolution duly adopted by the Town Board of the Obligor on June 28, 1988 and to a Resolution duly adopted by the Town Board of the Obligor on October 3, 1989 authorizing the issue of this Note in the amount of $136,666.00 and also pursuant to" "BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989. CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK AUTHORIZING THE ISSUANCE OF A $136,666 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT N0, 2 OF SAID TOWN." The faith and credit of the Obligor are hereby irrevocably pledged for the punctual payment of the principal of and interest on this note according to its terms. It is certified and recited that all conditions, acts and things required by the constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to an in the issuance of this note, exist, have happened and have been performed, and that this note, together with all other indebtedness of the Obligor is within every debt and other limit prescribed by the Constitution and laws of such State. W $I AA IN WITNESS WHEREOF, the Obligor, in accordance with the proceedings authorizing this note, has caused this note to be signed and its corporate seal to be hereunto affixed and attested as appears below, and this note to be dated October 3, 1989. (SEAL) Town Clerk 9 TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK SuFe`rvi sor J ARBITRAGE CERTIFICATE $136,666 Bond Anticipation Note, 1989 I, the undersigned, do hereby certify that I am the chief fiscal officer of the Town of Lansing, Tompkins County, New York, (the "Issuer ") and that, in my capacity as such, I, among others, am charged with the responsibility for issuing the above - mentioned Note of the Issuer (the "Obligation ") on the date hereof, and I further certify as follows: 1. The facts and circumstances set forth below are in existence on the date hereof. The Issuer's expectations as to future events are also set forth below and include the expectation that the proceeds of the Obligation will not be used in a manner that would cause the Obligation to be an "arbitrage bond" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended (the "Code "), and any applicable regulations promulgated by the Department of the Treasury (the "Regulations "). Such Regulations would include certain regulations which were promulgated for purposes of the Internal Revenue Code of 1954, as amended. to the best of the knowledge and belief of the undersigned, the Issuer's expectations are reasonable. 2. $136,666 of the proceeds of the Obligation will be used to provide funds for the projects (the "Project ") set forth in the bond anticipation note certificate of the Supervisor, dated October 3, 1989, which is incorporated herein by reference. With regard to such Project: '' a. The date of issuance of the Obligation has been O STATE OF NEW YORK } }ss: COUNTY OF TOMPKINS I I, the undersigned Clerk of the Town of Lansing, County, New York, DO HEREBY CERTIFY: Tompkins 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 on October 3, 1959 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 1 -3 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 followign newspapers and /or other news media as follows: Newspapers and /or other media Date Given Town Hall Bulletin Board September 22,1989 5 IN WITNESS WHEREOF, I have hereunto set my hand affixed the seal of said Town on October 3, 1989, (SEAL) 101 Town Clerk BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989 CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK, AUTHORIZING THE ISSUANCE OF A $17,447.00 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO. 10 OF SAID TOWN. I, the undersigned Supervisor of the Town of Lansing, Tompkins County, New York, DO CERTIFY: 1. Pursuant to a bond resolution dated August 21, adopted by the Town Board of said Town on said date, 1987 duly authorizing the issuance of $19,150 serial bonds of said Town to pay the cost of the increase and improvement of the facilities of Water District No. 10 in the Town of Lansing, Tompkins County, New York, consisting of the purchase and installation of approximately 620 feet of six inch ductile iron water main together with valves and fire hydrants and other related, necessary appurtenance for said Lansing Water District No. 10 as more fully set forth in the Order establishing said Lanisng Water District No. 10, including incidental expenses assessable improvement, in connection therewith, and delegating to me, which is an as chief fiscal officer, power to authorize the issuance of and to sell bond anticipation notes, including renewals thereof, in anticipation of the issuance and sale of said bonds, which power is in full force and effect and has not been modified, amended or revoked. A bond anticipation note was issued by the Town in the principal amount of $19,150.00 in anticipation of the sale of said bonds, which bond anticipation note was sold to the Tompkins County Trust Company, the principal on which bond became due and payable on October 3, 1989. 2. Pursuant to a bond resolution dated October 3, 1989 duly adopted by the Town Board of said Town on said date authorizing the issuance of $17,447.00 serial bonds of the Town and to pay $1,703.00 to pay the cost of said bond anticipation note, I hereby authorize the issuance of a bond anticipation note of said Town in the principal amount of $17,447.00 in anticipation of the sale of said bond. Said note shall be dated October 3, 1989 shall be numbered 4 -2R, shall be in the denomination of $17,447.00, shall bear interest at the rate of six point five zero percentum (6..50%) payable at maturity, shall mature on October 3, 1990 with prepayment reserved and both principal of and interest on said note shall be payable in lawful money of the United States of America at Tompkins County Trust Company at Ithaca, New York. Such note is a renewal note. 3. The purpose of which said note is hereby authorized to be issued is to pay the cost of the aforesaid specific object or purpose. The amount of serial bonds to be issued therefor is $17,447.00. 4. No other bond anticipation notes are presently outstanding or have heretofore been issued in anticipation of the sale of said bonds. S. Said note shall be executed in the name of Town of Lansing, Tompkins County, New York, by its Supervisor, sealed with its corporate seal, attested by its Town Clerk, and the same shall be in substantially the form attached hereto. Such note is hereby sold at private sale to Tompkins County Trust Company, in Ithaca, New York, at a price of not less than par and accrued 2 interest, if any. To the best of my knowledge and belief, no officer or employee of said Town has an interest in the sale of said note prohibited by Article 18 of the General Municipal Law, as lt - @• - 6. I hereby designate such note as a "qualified tax - exempt obligation" pursuant to Section 265(b)(3)(B)(ii) of the Internal Revenue Code of 1986 (the "Code ") and certify, in furtherance of the aforesaid designation, that (a) the amount of "qualified tax - exempt obligations ", within the meaning of Section 265(b)(3) of the Code, which are reasonably anticipated to be issued by the Town, including issues of all governmental entities subordinate to the Town, if any, during 1989 does not exceed $10,000,000.00; and (b) the sum of the principal amount of the note and the principal amount of any other tax - exempt obligations heretofore issued by the Town during 1989 does not exceed $10,000,000.00. Dated: Lansing, New York October 3, 1989 Suihervi sor An executed counterpart of the foregoing certificate, with form of note attached, was filed with the Town Board of said Town on October 3, 1989. 3 Town Clerk UNITED STATES OF AMERICA STATE OF NEW YORK COUNTY OF TOMPKINS TOWN OF LANSING BOND ANTICIPATION NOTE, 1989 No. 4 -2R $17,447 The Town of Lansing, in the County of Tompkins, a municipality of the State of New York (herein called the "Obligor"), hereby acknowledges itself indebted and for value received promises to pay to the bearer of this note the sum of SEVENTEEN THOUSAND FOUR HUNDRED FORTY -SEVEN DOLLARS ($17,447) on October 3, 1990, together with interest thereon from the date hereof at the rate of six point five zero per centum (6.50%) per annum, payable at maturity. Both principal of and interest on this note will be paid in lawful money of the United States of American at Tompkins County Trust Company in Ithaca, New York. This note may be redeemed at any time prior to maturity by said Obligor upon giving written notice to the holder, and interest shall cease as of the date fixed for redemption. This note may not be converted into registered form. This note is one of a total authorized issue of $19,150 issued pursuant to proceedings and a resolution duly adopted by the Town Board of the Obligoron August 21, 1987 and a resolution duly adopted by the Town Board of the Obligor on September 7, 1988 and and to a resolution duly adopted by the Town Board of the Obligor on October 3, 1989 authorizing the issue of this Note in the amount of $17,447,00 also pursuant to" "BOND ANTICIPATION NOTE CERTIFICATE DATED OCTOBER 3, 1989, CERTIFICATE OF THE SUPERVISOR OF THE TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK AUTHORIZING THE ISSUANCE OF A $17,447 BOND ANTICIPATION NOTE OF SAID TOWN TO PAY THE COST OF THE INCREASE AND IMPROVEMENT OF THE FACILITIES OF WATER DISTRICT NO, 10 OF SAID TOWN." The faith and credit of the Obligor are hereby irrevocably pledged for the punctual payment of the principal of and interest on this note according to its terms. It is certified and recited that all conditions, acts and things required by the constitution and statutes of the State of New York to exist, to have happened and to have been performed precedent to an in the issuance of this note, exist, have happened and have been performed, and that this note, together with all other indebtedness of the Obligor is within every debt and other limit prescribed by the Constitution and laws of such State. IN WITNESS WHEREOF, the Obligor, in accordance with the proceedings authorizing this note, has caused this note to be signed and its corporate seal to be hereunto affixed and attested as appears below, and this note to be dated October 3, 1989. ..1 (SEAL) "y Town Clerk 5 TOWN OF LANSING, TOMPKINS COUNTY, NEW YORK Suvervisor ARBITRAGE CERTIFICATE $17,447 Bond Anticipation Note, 1989 I, the undersigned, do hereby certify that I am the chief fiscal officer of the Town of Lansing, Tompkins County, New York, (the "Issuer ") and that, in my capacity as such, I, among others, am charged with the responsibility for issuing the above - mentioned Note of the Issuer (the "Obligation ") on the date hereof, and I further certify as follows: 1. The facts and circumstances set forth below are in existence on the date hereof. The Issuer's expectations as to future events are also set forth below and include the expectation that the proceeds of that would cause the the meaning of Sectio amended (the "Code "), the Department of Regulations would the Obli n 148 and the incli Obligation will not be used in a manner gation to be an "arbitrage bond" 'within of the Internal Revenue Code of 1986, as any applicable regulations promulgated by Treasury (the "Regulations "). Such zde certain regulations which were promulgated for purposes of the Internal Revenue Code of 1954, as amended. to the best of the knowledge and belief of the undersigned, the Issuer's expectations are reasonable. 2. $17,447 of the proceeds of the Obligation will be used to provide funds for the projects (the "Project ") set forth in the bond anticipation note certificate of the Supervisor, dated October 3,, 1989, which is incorporated .herein by reference. With regard to such Project: a. The date of issuance of the Obligation has been determined solely on the basis of bona fide financial reasons, in accordance with ordinary financial practices in financing property similar to the Project, and has not been determined with a view to prolonging abnormally the period between issuance of the Obligation and expenditure of the proceeds. b. Binding contracts or commitments obligating the expenditure of proceeds of the Obligation for work on the Project of not less than the lesser of $100,000 or 2 -1/2% of the cost of each Project have been entered. C. Work is proceeding with due diligence to complete the Project. d. All of such proceeds will be expended by October 31, 1989, and until so used, will be invested without restriction as to yield. 3. Immediately upon receipt of the proceeds, said proceeds will be used in their entirety to pay off the debt service on the previous obligation. There will be no investment of said funds. 4. (a) It is reasonably expected that all payments of principal or interest on the Obligation (other than those made as described in paragraph 3 and other than those made from refunding obligations) shall be made from the current annual revenues of the Issuer. (b) It is reasonably expected that the Issuer will not issue more than $5,000,000 in aggregate face amount of tax - exempt obligations (other than private activity bonds) in this calendar year, inclusive of this Obligation and any Obligations of any subordinate governmental entities. 5. The Issuer hereby covenants with the owners of the Obligation that the Issuer will (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, and (ii) refrain from taking any action which would cause interest on the Obligation to be includable in the gross income of the owners thereof for Federal income tax purposes. In this regard, and without limiting the applicability of the foregoing, unless an opinion is rendered by Thaler & Thaler that the following actions are not required in order to maintain the exclusion of interest on the Obligation from the gross income of the owners thereof for Federal income tax purposes, the Issuer hereby covenants that it will: (a) not use any of the original or investment proceeds of the Obligation to, (i) make loans (including loans made pursuant to financing leases, installment sale agreements or other similar types of contractual arrangements), (ii) finance facilities that will be sold or leased, W4 (iii) finance facilities other than facilities that will be used exclusively by state or local governmental units or by members of the general public on an equal basis; and (b) with respect to original and investment proceeds of the Obligation, if any, which remain after three years, invest not more than an amount equal to the lesser of $100,000 or 5% of the original proceeds of the Obligation in obligations having a yield higher than the yield on the Obligation plus 1/8 of one percent. For purposes of this certificate, yield shall be computed in accordance with Section 148(h) of the Code; and (c) make the payments, if any, required to be made to the United States pursuant to Section 148(f) of the Code. In this regard, the Issuer will maintain books and records setting forth: (i) from the date hereof, the date of each expenditure of "gross proceeds ", as such term is defined in Section 148(f)(6) of the Code, of the Obligation to pay the costs of the Project; (ii) from the date hereof, with respect to all investments made with "gross proceeds" of the Obligation (including, without limitation, "overnights" and "repos "): (A) the purchase date; (B) the purchase price; (C) the date of sale or maturity; (D) the proceeds received at sale or maturity; and (E) investment income realized with respect to such investments; and (d) not acquire any investment made with "gross N proceeds" of the Obligation at a price in excess of its fair market value or sell any such investment at a price less than its fair market value in accordance with the "market price rules" set forth in Temporary Treasury Regulations Section 1.103- 15AT(d)(6); and (e) not issue more than $5,000,000 in aggregate face amount of tax - exempt obligations (other than private activity bonds) in this calendar year, inclusive of this Obligation and any obligations of any subordinate governmental entities. 6. There is not expected to be any fund not described above that will (a) be needed to pay principal or interest on the Obligation, (b) replace funds that will be used to pay principal or interest on the Obligation, or (c) be pledged to secure the Obligation. 7. Any other governmental obligations (a) issued or to be issued at substantially the same time as the Obligation, (b) sold pursuant to a common plan of financing with the Obligation, and (c) to be paid out of substantially the same source of funds (or that will have substantially the same claim to be paid out of substantially the same source of funds) as will be used to pay the Obligation, shall, together with the Obligation, be treated as a single issue under Treasury Regulations Section 1.103- 13(b)(10). Yield shall be computed in accordance with Section 148(h) of the Code. 8, The Issuer has not received notice that its certificates as to arbitrage may not be relied upon with respect to its issues, I 4 CLOSING CERTIFICATE We, the undersigned do hereby certify: That we are the officers of the Town of Lansing, Tompkins County, New York, (hereinafter called the "Obligor ") indicated by the official title set opposite our respective signatures to this certificate. That we did officially Note, 1989, of the Obligor, of the denomination of $17, 6.50% per annum, payable at with prepayment reserved (her execute a $17,447 Bond Anticipation dated October 3, 1989, numbered 4 -2R, 447, bearing interest at the rate of maturity and maturing October 3, 1990, einafter called the "Obligation "). That on the date of the execution of the Obligation and on the date set forth below, we were and are the duly chosen, qualified and acting officers indicated therein and on this certificate and duly authorized to execute the Obligation. That no litigation of any nature is now pending or, to our knowledge, threatened (a) to restrain or enjoin the issuance or delivery of the Obligation or the levy and collection of taxes or assessments to pay the same, (b) in any manner questioning or affecting, directly or indirectly, the validity of the Obligation or the proceedings or authority for the issuance thereof, or (c) contesting the corporate existence or boundaries of the Obligor or the title of the undersigned officers to their respective offices. That on the date of this certificate, the Obligation was actually delivered to the purchaser thereof against receipt of the purchase price as follows: Principal (par value): $17,447 Premium: $ .0- Accrued interest from date of the Obligation to date of delivery $ -0- TOTAL: $17,447 That no authority or proceedings for the issuance of the Obligation has been repealed, revoked or rescinded, that compliance with the covenant contained in the Arbitrage Certificate of the Obligor executed the date hereof with respect to the Obligation is not prohibited by or violative of any provision of local or special law, regulation or resolution applicable to the Obligor and that the corporate seal of the Obligor, or a facsimile thereof, has been impressed or imprinted on the Obligation. That on the date of this certificate, the Obligation was actually delivered to the purchaser thereof against receipt of the purchase price as follows: Principal (par value): $17,447 Premium: $ .0- Accrued interest from date of the Obligation to date of delivery $ -0- TOTAL: $17,447 nor has it been advised that any such adverse action is contemplated by the Commissioner of Internal Revenue. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change the foregoing matters and expectations. IN WITNESS WHEREOF, I have hereunto set my hand on October 3, 1989. Superviso e� WITNESS our official signatures on October 3, 1989, being the date of the actual delivery of the Obligation, as aforesaid. Signature Official Title Supervisor Town Clerk Term of Office Expires iz :Z:? -(/ Ii I hereby certify that the signatures of the officers above subscribed are true and genuine. //) (Name of Bank) (Signature and Title) 1 1 October 3, 1989 The Lansing Town Board met in Special Session at 11:30 A.M. at the Lansing Town Boardroom with Supervisor Kirby presiding. Jeannine Kirby Herbert Beckwith Jeffrey Cleveland Louis Emmick Larry Tvaroha Bonita Boles ROLL CALL Supervisor Present Councilman Absent Councilman Absent Councilman Present Councilman Present Town Clerk Present The Supervisor called the meeting to order having the clerk take the Roll Call. RESOLUTION offered by Mr. Emmick who moved its adoption, seconded by Mr. Tvaroha: RESOLVED, that the Town Board hereby authorizes the issuance of $ 136,666600 Serial Bonds of the Town of Lansing, Tompkins County, New York, to pay the cost of the increase and improvement of the facilities of Water District No. 2 of Said Town. Vote of Town Board . . Vote of Town Board . . Vote of Town Board . . (Aye) Jeannine Kirby, Supervisor (Aye) Louis Emmick, Councilman (AYe) Larry Tvaroha, Councilman Copy of said Resolution attached hereto and made a part thereof. RESOLUTION offered by Mr. Tvaroha who moved its adoption, seconded by Mr. Emmick: RESOLVED, that the Town Board hereby authorizes the issuances of $ 48,744000 Serial Bonds of the Town of Lansing, Tompkins County, New York, to pay the cost of the increase and improvement of the facilities of Water District No. 8 of said Town. Vote of Town Board . (Aye) Jeannine Kirby,Supervisor Vote of Town Board . (Aye) Louis Emmick, Councilman Vote of Town Board . . (Aye) Larry Tvaroha, Councilman Copy of said Resolution attached hereto and made a part thereof. RESOLUTION offered by Mr. Emmick who moved its adoption, seconded by Mr. Tvaroha: RESOLVED, that the Town Board hereby authorizes the issuance of $ 17,447900 Serial Bonds of the Town of Lansing, Tompkins County, New York, to pay the cost of the increase and improvement of the facilities of Water District No. 10 of said Town. Vote of Town Board . (Aye) Jeannine Kirby, Supervisor Vote of Town Board . (Aye) Louis Emmick, Councilman Vote of Town Board . (Aye) Larry Tvaroha, Councilman Copy of said Resolution attached hereto and made a part th ereof. On motion, meeting adjourned at the call of the Supervisor. /ay 66�' 6�� October 4, 1989 The Lansing Town Board met in Special Session at the Lansing Town Hall on October 4, 1982 at 7:00 P.M. with Supervisor Kirby presiding. ROLL CALL Jeannine Kirby. Supervisor Present Herbert Beckwith Councilman Present Jeffrey Cleveland Councilman Present Louis Emmick Councilman Present Larry Tvaroha Councilman Present Bonita Boles Town Clerk Absent Debbie Crandall Deputy Town Clerk Present Richard Thaler Town Attorney Present Visitors: Mr. & Mrs. Anthony Juracka, John Farkas, Craig Stockton, Rosemary Jewett, Fred Campbell, Ed & Sandy Swayze, Eric Trotter, Mr. Ralph Barnard, Dave Herrick, George Totman. 59