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At a _regulFAr �_ meeting of the Town Board of the Town
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of Ithaca, Tompkitw 'County, New York, held at the Town Offices,
In the City of Ithaca, New York, on the 14 thday of _ April
1969, at 4 •io o�clock �.pM., Eastern Standard Time.
The Meetit'S Was called to order by _ Supervisor William Kyr
and upon roll be�W called, the following were
PTo
William B. Kerr, Supervisor
Andrew McElwee, Councilman
�,. Harry Baker, Councilman
Victor Del Rosso, Councilman
Noel Desch, Councilman
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ABSENT
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the followi
ng resolution was offered by Councilman Deg;ch
McElwee who moved its adoption, seconded by Councilman
to-witI
BOND RESOLUTION DATED —April 14 1969.
A RESOLUTION AUTHORIZING 'ME I6aUANCE OP AN ADDITIONAL
$185000 SERIAL BONDS OF THE TOWY OF ITHACA, TOMF' NS
COUM NEW YORK TO PAY A PART CIF THE COST M' CONSTRUCT
TION 4 A SEWER hSTIM TO Wn SOUT1Et $ILL SEWZR DISTRICT
IN SAID TOM
WHEREAS, the South Hill Sewer District has been duly established
as a sewer district in the Town of Ithaca, Tompkins County, New York,
pursuant to Article 1M of the Town tax and more particularly, in
accordance with an order of this Town Board adopted on the 12th day
of December 19%1 and
WBBREAS, the m►uimwn amount proposed to be expended for the
improvements in said district and for the acquisition of the necessary
lands and rights in lands was thereunder determined to be $84000001.
and
WHERMS, pursuant to proceedings heretofore had and taken under
Section 909-h of the Town Lax and more partieularly,,an approving order ol.
the state Comptroller dated February 4, 19I69 and do order of this Torn
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Board dated lurch 10, 19690 it has been determined to be in the
public interest to increase the aforesaid maxiamm amount to be
expended for improvements in said district from $8400000 to
$1,02500001 and
WBJ1S, it is now desired to provide for the authorization
of bonds to finance such additional amounts NOW, TRBR$ MO BH IT
1E80LYMO by the Town Board of the Town of Ithaca, Tompkins
County, Now York, as followst
Section 1. For the specific object or purpose of paying a
partofthe cost of a sewer system in and for South Hill Sewer
District in the Town of Ithaca, Tompkins County, Now York, there
are hereby authorized to be issued an additional $185,000 serial
bonds of said Town pursuant to the Local Finance Law.
Section 2. The maximum estimated cost of construction of the
aforesaid sewer system is now determined to be $1,0259000 (an in•
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areas• of $185,000) and the plan for the financing thereof is as
follows: t
A) $y the issuance of $840,000 serial bonds of said Tom
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heretofore authorized to be issued.pursuant to a bond resolution
adopted by this Town Board on lay 80 1967j and
B) By the issuance of the $185,000 serial bonds herein
authorised to be issued.
Section 3. It is hereby determined that the poriod'of probable
usefulness of the aforesaid specific object of purpose is forty (40)
years pursuant to subdivision 4 of paragraph A of Section 11.00 of
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the Local Finance Law. The maximum maturity of serial bonds herein
authorized will be in excess of five (5) years and will. not *wood
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thirty (30) years computed from March 25, 1968 the date of the
first bond anticipation note issued in anticipation of the $80#000
C 3i
serial bonds herein above.desoribed.
Section 4. The faith and credit of said Town of Ithaca,,
Tompkins County, New York, are hereby irrevocably pledged to the par•
ment of the principal of and interest on such bonds as the "me became
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due and payable. There shall be annually apportioned and assessed
upon the several lots and parcels of land within said South Hill
Sower District which the Town Board shall determine and specify
to be expecially benefited by the improvement, an amount sufficient
to par the principal and interest on said bonds as the same become
become due, but if not paid from such sources, all the taxable real
property in said Town shall be subject to the levy of ad valorem
taxes without limitation as to rate or amount sufficient to par
the principal of and interest on said bonds as the same shall be-
come due.
Section S. Subject to the provisions of the Local Finance
Law, the power to authorise the issuance of and to sell bond anti-
cipation notes in anticipation of the issuance and sale of the
serial bonds herein authorised, including renewals of such notes,
In hereby delegated to the Supervisor, the chief fiscal officer.
Such notes shall be of such terms, fora and contents, and shall be
sold in such manner, as my be prescribed by said Supervisor, con-
sistent with the provisions of the Local Finance Law.
Section 6. The validity of such bonds my be contested only
Its
1) Such bonds are authorised for an object or purpose for
which said Town is not authorised to expend coney, or
t) The provisions of law which should be complied with at
the date of publication of this resolution are not sub-
stantially complied with,
and an action, suit or proceeding contesting such validity is commenced
within twenty days after the date of such publication, or
�) Such bonds are authorised in violation of the provisions
of the Constitution.
Section T. This resolution, which takes effect imommediately,
shall be published in full in The Ithaca Journal, the official news-
paper of said Town, together with a notice of the Town Clerk in
substantially the form provided in Section 81.00 of the Local Finance
Law.
Luk 17 w 8i9
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LM 17 w 820
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The question of the adoption of the foregoing resolution
was duly put to a vote on roll call, which resulted as fonowes
William B. Kerr, Supervisor VOTIM Ave
.Andrew McElwee. Councilman VOTING Ave
Harry Baker.Councilman VOTING .. Ave
Noel Desch. Councilman VOTING Ave
Vic,tor Del Rosso. Sung, ilw OTING Ave,_,,,_i
The resolution was thereupon declared duly adopted.
STATE OF MW YORK
rs:
COUNTY OF TOMPKM
is the undersigned Clerk of the Town of Ithaca, Tompkins
County, Now York, DO HEREBY CB dMMs
That I have compared the foregoing copy of the minutes of
the meeting of the Town Board of said Town, including the reso-
lution contained therein, held on the 14th day of _ April
19620 with the original thereof on filien my office, ana Itlat"
the same it a true and correct copy of said original and of the
whole of said original so far as the same relater to the subject
utters therein referred to.
I FtTRTiIBR CERTIFY that all members of said Board had due
notice of said meeting.
the seIN WITM3 al o d Town�his �t�ay hereunto set lmy hand and affixed
1969•
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TOM GIGM
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A true copy of the eripinoi recorded en the 3444 day
Clerk
//,� at �� g c ., and examined.
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