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Tuesday, October 12,1982 Page 1 1:30 P.M.
SPECIAL MEETING
A special meeting of the Cortlandville Town Board
was held on Tuesday, October 12, 1982 at the Town Hall,
15 Terrace Road, Cortland, N.Y. with Supervisor Nadolski
presiding.
Board.members present were: Supervisor Nadolski;
Councilman Melvin Pierce; Councilman Edwin O'Donnell;
Deputy Town Clerk, June Bradshaw and Attorney John Folmer.
Also present were Mr. Deming, bond counsel Mr. Michael
Laughlin from FHA and Newsreporter Dick Camerano.
Supervisor Nadolski called the meeting to order at
1:30 P.M..
RESOLUTION # 210 AUTHORIZE PROVIDING FOR THE DETAILS Approve salE
AND SALE OF SERIAL BONDS HERETOFORE of serial
AUTHORIZED TO BE ISSUED TO PAY PART bonds
OF THE COST OF CONSTRUCTION AND Sewer Distri
ACQUISTION OF A SEWER SYSTEM IN AND #2
FOR THE TOWN OF CORTLANDVILLE SEWER
DISTRICT NO. 2
Motion by Councilman Pierce
Seconded by Councilman O'Donnell
VOTES: ALL AYE 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 , ,whil.6h shall mature. $ 2900 in each
of the years 1983 to 1991, both inclusive, $ 3300 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
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 antici-
pation of the sale of the bonds authorized by the aforesaid
resolution.
Tuesday, October 12, 1982 Page 2
Section 2. The serial bonds described in the preceding
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, United 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
thereof 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 United States of
America at the Office of the Farmers Home Administration,
Tower Building, Terrace Hill, Prospect Street, Ithaca,
New York 14850. 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 thereon 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 apportion-
ed 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
immediately.
Refer to Page 279 Bond Schedule.
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Tuesday, October 12, 1982
Page 3
'793
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
123,200.0.'0
1985
2,900.00
6,160.00
9,060.00
120,300.00
1986
2,900.00
6,015.00
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
108,700.06
1990
2,900.00
5,435.00
8,335.00
105,800.00
1991
2,900.00
5,290.00
8,190.00
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
79,800.00
1999
3,300.00
3,990.'00
7,290.00
76,500.00
2000
2001
3,300.00
3,300.00
3,825.00
3,660.00
7,125.00
6,960.00
73,200.00
69,900.00
2002
3,300.00.
3,495.00
6,795.00
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
3,700.00
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
5,565.00
21,000.00
20.15
4,300.00
1,050.00
8,350.00
16,700AC
2016
4,300.00
835.00
5,135.00
12,400AC
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
r
Li
* Interest due on June 1, 1983 will be adjusted pro-rata to the
actual date of issue of the bonds.
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Tuesday, October 12, 1982
Page 4
RESOLUTION # 211 APPROVE C.C. KING AND SON FOR WATER
AND SEWER CONNECTIONS
Motion by Councilman Pierce
Seconded by Councilman O'Donnell
VOTES: ALL AYE ADOPTED
WHEREAS an application was submitted by C.C. King and
Son for approval and was found to be in proper order,
and
WHEREAS applicant has properly installed many water
and sewer services in the Town in the past but was not
aware that special approval was needed to be added to
our list of approved plumbers, therefore
BE IT RESOLVED that tnb application submittbdby C.C.
King and Son is hereby approved, as an exception, to make
water and sewer connections in the Town of Cortlandville
and their name shall be added to the list.
Councilman Pierce made a motion, seconded by Council-
man O'Donnell to adjourn the meeting. All voting aye,
the motion was carried.
Respectfully submitted,
94.A"V,Q_., Q
June P. Bradshaw,
Deputy Town Clerk
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