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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.
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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
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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.
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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
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