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HomeMy WebLinkAbout12-09-198835cl 0 C Friday December 09, 1988 2:30 P.M. SPECIAL MEETING A Special Meeting of the Town Board of the Town of Cortlandville was held at the Town Hall, 15 Terrace Road, Cortland, New York, with Supervisor Pierce presiding. Members present: Supervisor Melvin pierce Councilman Raymond Thorpe Councilman Edwin O'Donnell Councilman Theodore Testa Town Clerk Pauline H. Parker absent: Councilman Ronal Rocco Also present was Town Attorney, Phillip Rumsey. The meeting was called to order by Supervisor Pierce at 2:30 o'clock p.m. RESOLUTION #292 BOND RESOLUTION OF THE TOWN OF CORTLANDVILLE NEW YORK ADOPTED DECEMBER 09, 1988 AUTHORIZING THE ISSUANCE OF $50,000.00 SERIAL BONDS TO FINANCE THE CONSTRUCTION AND EXTENSION OF A WATER IMPROVEMENT TO BE KNOWN AS BENNIE ROAD WATER IMPROVEMENT AREA Motion by Councilman O'Donnell Seconded by Councilman Thorpe A Roll Call Vote was taken: Ayes: Hon. Melvin H. Pierce Edwin O'Donnell Theodore Testa Raymond G. Thorpe Noes: None THE TOWN BOARD OF TOWN OF CORTLANDVILLE, IN THE COUNTY OF CORTLAND, NEW YORK, HEREBY RESOLVES AS FOLLOWS: . SECTION 1. The specific object or purpose for - which obligations are issued pursuant to this resolution is to finance the cost of rights of way, land, legal fees, engineering fees, construction costs and all other such expenses relating to the construction and extension of a water improvement area in the Town of Cortlandville known as "Bennie Road Water Improvement" as the same is shown in the maps, plans and engineering reports heretofore filed with the Cortlandville Town Clerk. SECTION 2. The maximum cost of such water - extension is $50,000.00 to be financed by the issuance of serial bonds and bond anticipation notes for a term of 15 years at the interest rate prevailing at the time of sale. SECTION 3. The period of probable usefulness of said water improvement is forty (40) years, as set forth in Section 11.00 (4) of the Local Finance Law. SECTION 4. Said serial bonds will have a maturity in excess of five years. 3 (o U Friday, December 09, 19ee Page 2 SECTION 5. The faith and credit of the Town of Cortlandville are pledged to the payment; of the principal of said bonds and interests thereon when due. SECTION 6. The Supervisor of the Town is hereby authorized and directed to sell such bonds at private sale in accordance with the provisions of Section 63.00 of the Local Finance Law. SECTION 7. Subject to the provisions of this resolution and of the Local Finance Law, and pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to prescribing the terms, form and contents as to the sale and issuance of said bonds and any notes issued in anticipation of said bonds, or the renewals thereof, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. SECTION 8. The validity of the bonds authorized by this resolution and of any notes issued in anticipation of said bonds, may be contested only if: (a) Such obligations are authori:zed for an object or purpose for which t;he Town is not authorized to expend money„ or (b) The provisions of the Law which should be complied with at the date of the publication of such 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 (c) Such obligations are authorized in violation of the provisions of the constitution. SECTION 9. This resolution shall -take effect immediately. RESOLUTION #29,3 BOND RESOLUTION OF THE TOWN OF CORTLANDVILLE NEW YORK ADOPTED DECEMBER 09, 1988 AUTHORIZING THE ISSUANCE OF $126,000.00 SERIAL BONDS TO FINANCE THE CONSTRUCTION AND EXTENSION OF A SEWER IMPROVEMENT TO BE KNOWN AS MCLEAN RD- LUKER RD . SEWER IMPROVEMENT AREA Motion by Councilman O'Donnell Seconded by Councilman Thorpe A Roll Call Vote was taken: Ayes: Hon. Melvin H. Pierce Edwin O'Donnell Theodore Testa Raymond G. Thorpe Noes: None _ GII Friday December 09, 1988 Page 3 THE TOWN BOARD OF TOWN OF CORTLANDVILLE, IN THE COUNTY OF CORTLAND, NEW YORK, HEREBY RESOLVES AS FOLLOWS: SECTION 1. The specific object or purpose for which obligations are issued pursuant to this resolution is to finance the cost of rights of way, land, legal fees, engineering fees, construction costs and all other such expenses relating to the construction and extension of a sewer improvement area in the Town -of Cortlandville known as McLean Rd./Luker Rd. Sewer Improvement as the same is shown in the maps, plans and engineering reports heretofore filed with the Cortlandville Town Clerk. SECTION 2. The maximum cost of such sewer extension is $151,500.00 to be financed by payment to the Town in the amount of $53,000.00 from NCC Industries, Inc. and the issuance.of serial bonds and bond anticipation notes in the amount of $98,500.00 for a term of 15 years at the interest rate prevailing at the time of sale. SECTION 3. The period of probable usefulness of said water improvement is forty.(40) years, -as set forth in Section 11.00 (4) of the Local Finance Law. SECTION 4. Said serial bonds will have a maturity in excess of five years. SECTION 5. The faith and credit of the Town of Cortlandville are pledged to the payment of the principal of said bonds and interests thereon when due. SECTION 6. The Supervisor of the Town is hereby authorized and directed to sell such bonds at private sale in accordance with,the provisions of Section 63.00 of the Local Finance Law. SECTION 7. Subject to the provisions of this resolution and of the Local Finance Law, and pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes and of Section 50.00 and Sections 56.00 to 60.00 of the Law, the powers and duties of the Town Board relative to prescribing the terms, form and contents as to the sale and issuance of said bonds and any notes issued in anticipation of said bonds, or the renewals thereof, are hereby delegated to the Supervisor, the chief fiscal officer of the Town. 0 36,�t Friday December 09, 19ee Page 4 SECTION 8. The validity of the bonds authorized by this resolution and of any notes issued in anticipation of said bonds, may be contested only if: (a) Such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or (b) The provisions of the Law which should be complied with at the date of the publication of such 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 (c) Such obligations are authorized in violation of the provisions of the constitution. SECTION 9. This resolution shall take effect immediately. A motion was made by Councilman O'Donnell., seconded by Councilman Testa to adjourn the meeting. All voting aye, the motion was carried. The meeting was adjourned at 2:50 p.m. Re�s}p ctfL l/ly s bmitted, Pauline H. Parker Town Clerk Town of Cortlandville 0 1 C� 1