HomeMy WebLinkAbout04-19-1982Monday, April 19, 1982 4:40 P.M. Page 1
SPECIAL MEETING
A Special meeting of the Cortlandville Town Board
was held on March 15, 1982 at the Town Hall, 15 Terrace
Road, Cortland, New York with Supervisor Nadolski presid-
ing., .
Board members present were Supervisor Nadolski,
• Councilman Edwin O'Donnell, Councilman Melvin Pierce,
Town Clerk, Pauline Parker, Attorney John Folmer and
Deputy Town Clerk, June Bradshaw and Newsreporter Dick
Camerano.
Supervisor Nadolski called the meeting to order.
RESOLUTION # 87 AUTHORIZE PAYMENT OF VOUCHERS
Motion by Councilman Pierce
Seconded by Councilman O'Donnell
VOTES: ALL AYE ADOPTED
BE IT RESOLVED that the vouchers submitted have been
audited and -shall be paid as follows:
General Fund Vouchers # 132 - 135 $ 5,720.66
Highway 11# 76 - 78 667.15
Water Fund if# 41 - 43 1,746.47
RESOLUTION # 88 AUTHORIZE PROVIDING FOR THE DETAILS
AND SALE OF SERIAL BONDS HERETOFORE
AUTHORIZED TO BE ISSUED TO PAY PART
OF THE COST OF CONSTRUCTION AND ACQ-
UISITION OF A SEWER SYSTEM IN AND FOR
THE TOWN OF CORTLANDVILLE SEWER
DISTRICT NO. 2
Motion by Councilman O'Donnell
Seconded by Councilman Pierce
VOTES: ALL AYE (ROLL CALL VOTE)ADOPTED
BE IT RESOLVED, by the Town Board of the Town of Cortland-
ville, Cortland County, New York, as follows:
• Section 1. $129,000 serial bonds are authorized by
a bond resolution dated March 5, 1980 for the construction
of a sewer system in and for Sewer District No. 2 in the
Town of Cortlandville. There shall be issued and sold
$129,000 serial bonds, which shall -mature $2900 in each
of the years 1983 to 1991, both inclusive, $1300 in each
of the years 1992 to 2002, both inclusive, $ 3700 in each
of the years 2003 to 2012, both inclusive, $4300 in each
of the years 2013 to 2018, both inclusive, and $3800 in
the year 2019. It is hereby determined that_the period
of probable usefulness of the aforesaid specific object
or purpose is forty years, pursuant to subdivision 4 of
audit of
vouchers
Bonding
Sewer #2
Monday, April 19, 1982
Page 2
paragraph a of Section 11.00 of the Local Finance Law,
computed from March 5, 1980, the date of the first bond
anticipation note issued therefor. It is hereby further
determined that funds of said Town in the amount of
$517,000 will be received in the form of capital grants
in aid from the United States Government and such amount
shall be applied together with the proceeds of the bonds
herein authorized to be sold to the payment of $129,000
bond anticipation notes now outstanding and issued in
anticipation of the sale of the bonds authorized by the
aforesaid resolution.
Section 2. The serial bonds described in the preced-
ing section shall each be designated substantially SEWER
DISTRICT (SERIAL) BOND, 1982, shall be numbered from 1 to
37, both inclusive, shall be issued in denominations
equal to the respective amounts maturing in each year
during the life of said bonds, shall be sold at private
sale to the United States of America, acting through the
Farmers Home Administration, Unites States Department of
Agriculture (the "Purchaser"), in accordance with a loan
agreement heretofore entered into by and between said
Town and the Federal Government, shall bear interest at
the rate of five per centum (5%) per annum, payable on
June 1, 1983 and semi-annually thereafter on December 1
and June 1, shall be dated as of the date of delivery there-
of to, and payment therefor by, the United States of
America, and shall be payable as to both principal and
interest in lawful money of the Unites States of America
at the Office of the Farmers Home Administration, 258
Genesee Street, Utica, New York. Such bonds shall be issued
in registered form to the Purchaser, with the privilege
of conversion into coupon form, shall be signed in the
name of said Town of Cortlandville, Cortland County, New
York, by its Supervisor, and a facsimile of its corporate
seal shall be imprinted theron and attested by its Town
Clerk.
Section 3. All other matters, except as provided
herein relating to such bonds, shall be determined by the
Supervisor. Such bonds shall contain substantially the
recital and validity clause provided for in Section 52.00
of the Local Finance Law and shall otherwise be in such
form and contain such recitals, in addition to those
required by Section 51.00 of the Local Finance Law, as the
Supervisor shall determine.
Section 4. The faith and credit of said Town of
Cortlandville, Cortland County, New York, are hereby
irrevocably pledged for the payment of the principal of
and interest on such bonds as the same respectively become
due and payable. There shall be annually apportioned
and assessed upon the several lots and parcels of land
within said Sewer District No. 2 which the Town Board shall
determine and specify to be especially benefited by the
improvements, an amount sufficient to pay said principal
and interest as the same become due and payable, but if not
paid from such source, all the taxable real property within
said Town shall be subject to the levy of ad valorem taxes,
without limitation as to rate or amount, sufficient to pay
the principal of and interest on said bonds.
Section 5. This resolution shall take effect immed-
iately.
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Monday, April 19, 1982
Page 3
Town of Cortlandville Sewer District No. 2
$129,000 Serial Bond Issue-1982
Bond Payment Schedule
June
1,
Principal
Interest
Total
Balance
1983
$ 2,900.00
$ 6,450.00
$ 9,350.00
$126,100.00
1984
2,900.00
6,305.00
9,205.00
123,200.00
1985
2,900.00
6,160.00
9,060.00
120,300.00
1986
2,900.00
6,015.06
8,915.00
117,400.00
1987
2,900.00
5,870.00
8,770.00
114,500.00
1988
2,900.00
5,725.00
8,625.00
111,600.00
1989
2,900.00
5,580.00
8,480.00
108,700.00
®
1990
1991
2,900.00
2,900.00.
5,435.00
5,290.00
8,335.00
8,190.00
105,80.0.00
102,900.00
1992
3,300.00
5,145.00
8,445.00
99,600.00
1993
3,300.00
4,980.00
8,280.00
96,300.00
1994
3,300.00
4,815.00
8,115.00
93,000.00
1995
3,300.00
4,650.00
7,950.00
89,700.00
1996
3,300.00
4,395.00
7,695.00
86,400.00
1997
3,300.00
4,320.00
7,620.00
83,100.00
1998
3,300.00
4,155.00
7,455.00
79,000.00
1999
3,300.00
3,990.00
7,290.00
76,500.00
2000
3,300.00
3,825.00
7,125.00
73,200.00
2001
3,300.00
3,660.00
6,960.00
69,900.00
2002
3,300.00
3,495.00
6,7.95.00
66,600.00
2003
3,700.00
3,330.00
7,030.00
62,900.00
2004.
3,700.00
3,145.00
6,845.00
59,200.00
2005
3,700.00
2,960.00
6,660.00
55,500.00
2006
3,700.00
2,775.00
6,475.00
51,800.00
2007
3,700.00
2,590.00
6,290.00
48,100.00
2008
3,700.00
2,405.00
6,105.00
44,400.00
2009
3,100.00
2,220.00
5,920.00
40,700.00
2010
3,700.00
2,035.00
5,735.00
37,000.00
2011
3,700.00
1,850.00
5,550.00
33,300.00
2012
3,700.00
1,665.00
5,365.00
29,600.00
2013
4,300.00
1,480.00
5,780.00
25,300.00
2014
4,300.00
1,265.00
5,565.0.0
21,000.00
2015
4,300.00
1,050.00
5,350.00
16,700.00
2016
4,300.00_
835.00
5,135.00
12,400.00
2017
4,300.00
620.00
4,920.00
8,100.00
2018
4,300.00
405.00
4,705.00
3,800.00
2019
3,800.00
190.00
3,990.00
-0-
$129,000.00,
$131,080.00
$260,080.00
Councilman Pierce made a motion, seconded by Council-
man O'Donnell, to adjourn the meeting. All voting aye,
the motion was carried.
The meeting was adjourned at 4:35 P.M..
® Respectfully mitted,
Pauline H. Parker,
Town Clerk