HomeMy WebLinkAbout06-22-1978Thursday, June 22, 1978 C,"
5:00 P.M.
SPECIAL MEETING
A special Town Board meeting was called by the Supervisor, Stanley
Nadolski for the purpose of adopting a resolution for authorization of sale
of$20,000.00 Serial Bondw. The meeting was held at the Town Hall,, 15
Terrace Road on June 22, 1978 at 5!00 P.M.
The meeting was called to order by Supervisor Nadolski, other
board members present were: Councilman Melvin Pierce, Councilman
Ray Thorpe, Councilman Warren Manning. Others present were:
Town Attorney, John Gardner, Deputy Town Clerk Patricia Barber and
Zoning Enforcement Officer, Don Fowler. Councilman Ray Miller was
absent.
Town Attorney, John Gardner read the following resolution for
the board's consideration'
RESOLUTION #95 PROVIDING FOR THE DETAILS AND AUTHORIZING THE SALE OF
$20,000,SERIAL BONDS OF THE TOWN OF CORTLANDVILLE,
CORTLAND COUNTY, NEW YORK, FOR WATER DISTRICT N0.5 OF
SAID TOWN.
Motion by Councilman Ray Thorpe, second by Councilman Melvin Pierce
Votes: Councilman Thorpe ------Aye
Councilman Pierce -----Aye
Councilman Manning -----Aye
Councilman Miller ----Absent
Supervisor Nadolski -----Aye
WHEREAS, the Town Board of the Town of Cortlandville, Cortland County,
New York, adopted a bond resolution on August 17, 1977, authorizing
the issuance of $100,000 serial bonds of said Town to pay the cost of the
construction of a water supply system for Water District No. 5 of said
Town; and
WHEREAS, it is now desired to provide for the details and authorize the
sale of $20,000 of said bonds, and to provide for other matters in
connection therewith; NOW, 'THEREFORE, BE IT
RESOLVED, by the Town Board of the Town of Cortlandville, Cortland
County, New York as follows:
Section 1. The serial bonds described in the preambles hereof,
shall each be designated substantially WATER DISTRICT (SERIAL)BOND, 1978,
shall be numbered from 1 to 39, both inclusive, shall be issued in
denominations equal to the respective amounts maturing in each.year
during the life of said bonds, shall mature in numerical order in the
amount of $400 on June 1 in each of the years 1979 to 1995, both
inclusive, and $600 on June 1 in each of the years 1996 to 2017, both
inclusive, 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, 1979, and semi-annually thereafter on December 1 and June 1
shall be dated as of the date of delivery thereof to, and payment thereof
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 Supervisor of said Town. 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 its corporate seal shall
be impressed theron and attested by its Town Clerk.
Section 2. All other matters, except as provided herein relating
to such bonds, shall be determined by the Supervisor, Such bonds shall
contain substantially the recital of validity clause provided for in
Section 52.00 of the Local Finance Law and shall otherwise be in such
f06 and contain such recitals, in addition to those required by
Section 51.00 of the Local Finance Law, as the Supervisor shall determine.
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Section 3. It is hereby determined that the period of probable
usefulness of the aforesaid specific object or purpose is forty years,
pursuant to subdivision 1 of paragraph a,of Section 11.00 of the Local
Finance Law, computed from December 27, 1977, the date of the first
bond anticipation note issued therefor.
Section 4. The faith and credit of said Town of Cortlandville,
Cortland County, New York, are hereby irrevocably pledge d for the
payment of the principal of and interest on such bonds as the same
respectively become due and payable. There shall annually be assessed
upon all the taxable real -property in said Water District N0.5-at
the same time and in the same manner as other Town charges, 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.
The purpose of the meeting having been accomplished, upon motion
by Councilman Pierce, second by Councilman Thorpe, all voting aye,
the meeting was adjourned at 5:10 P.M.
Respectfully submitted
Deputy Town Clerk
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