HomeMy WebLinkAbout1990-02-26 57
TOWN B O A R D MEETING
FEBRUARY CG , 1990
PUBLIC HEARING - ('WED EXEMPT / ON
Deputy Supv Hatfield called the meeting to order at 12 noun
Members and guests participated in the Pledge of Allegiance .
Roll call was by the Town Clerks
Present : Deputy Supv Hatfield , Clm Walbridge , and Clm
Corrigan
Absent : Supv Sch 'ig , Clm Roberts and Atty Perkins
Deputy Hatfield read the notice that was published in the
newspaper concerning the aged exemptions eligibility Level .
( copy of notice in minute book )
QUESTIONS AND / OR COMMENTS ---
Closed public hearing
TOWN BOARD MEETING
RESOLUTION #99 FISCAL AGENT
Clm Corrigan offered the following resolution and asked for its
adoption ; .
RESOLVED , that Town Board appoint Chase Lincoln Fires Bank , N . A .
in Rochester as the fiscal agent . ( copy in minute book )
and Clm Walbridge Roll call vote - all voting Yes
RESOLUTION 0100 IMPROVEMENT SERIAL_.. BONDS
Clm Walbridge offered the following resolution and asked for its
adoption : ( copy in minute book )
2nd Clm Corrigan Roll call vote - all voting Yes
RESOLUTION . # 101 AGED EXEMPTION LIMITATION
Clm 1Walbridge offered the following resolution and asked for its
adoption : ( copy in minute book )
Adjourned : 1 c : 3OPM
.„>444-acee dr f usanne L 1 oy s Jr� ..
Town Clerk
No , 1cR of PUBLIC REARING
OR PROPOSED TOM OP DRYS
ReSOLOTION
PLEASE TAKE NOTICE that the Town Board of the Town of
Dryden wit ). hold a public hearing on a proposed Resolution
pursuant to Beal Property Tax Law , Section 467 which will
provide for senior citizen or aged exemptions based on
income eligibility levels . Copies of the Resolution are
available at the Town Clerk ' s Office .
The public hearing on the proposed Resolution will be
held at 12 : 00 noon prevailing time at the Town Hall , 65 East
Main Street , Dryden , New York , on February 26 , 1990 , at
which time interested parties will be heard .
Susanne Lloyd
Town Clerk
II
1P
- . � .v. �. . -- -- - .. - -
:-- n- - -
RESOLUTION NO . 101 1990
® Coun ci leers o n Walbridge
offered the following
•
resolution and asked for its adoption :
WHEREAS , by resolution adopted February 14 , 1989 the
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Town of Dryden adopted a formula which would partially
exempt certain real property within the Town owned by
persons sixty - five ( 65 ) years of age or over , and
WHEREAS , certain amendments to the Real Property Tax
Law have provided for the option to the Town to increase c ease the
income eligibility levels , and
NOW , THEREFORE , be it resolved as follows :
1 . Real property owned by one or more persons , each of
whom is 65 years of age or over , or real property owned by a
'41 husband and wife , one of whom is 65 years of age or over ,
shall be exempt by taxation by the Town of Dryden to the
extent set forth in the following formula :
Percentage
Income Ran e
_ � of Exemption
Up to $ 12 , 025 50 %
$ 12 , 025 . 00 to $ 12 , 625 . 00 45 %
$ 12 , 625 . 00 to $ 13 , 225 . 00 40 %
$ 13 , 225 . 00 to $ 13 , 825 . 00 35 %
$ 13 , 825 . 00 to $ 14 , 425 . 00 30 %
$ 14 , 425 . 00 to $ 15 , 025 . 00 25%
$ 15 , 025 . 00 to $ 15 , 625 . 00 20 %
Over $ 15 , 625 . 00 0 %
2 . Any exemption provided in this resolution shall be
computed after all other partial exemptions allowed by law
have been subtracted from the total amount assessed .
3 . The real property tax exemption on real property
owned by a husband and wife , one of wham is 65 e ears of age
g
r
or over , once granted , shall not be resci nded solely because
o f the death of the older spouse so long as the surviving
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spouse is at least 62 years of age .
4 . No exemption shall be granted :
( a ) if the income of the owner or the combined income
i of the owners of the property for the income tax year
immediately preceding the date of making application for
e xemption exceeds the amounts set forth in the formula in
t his resolution . Income tax year shall mean the twelve
month period for which the owner or owners filed a federal
personal income tax return , or if no such return is filed ,
t he calendar year . Where title is vested in either the
hus band or the wife , their combined income may not exceed
such sum . Such income shall include social security and
✓ etirement benefits , interest , dividends , total gain from •
the sale of exchange of a capital asset which may be offset
by a loss from the sale or exchange of a capital asset in
t he same income tax year , net rental income , salary or
e arnings , and net income from self - employment . but shall not
include a return of capital , gifts or inheritances . In
computing net rental income and net income from
self - employment no depreciation deduction shall be allowed
for the exhaustion , wear and tear of real or personal
property held for the production of income ;
( b ) Unless the title of the property shall have been
ves ted in the owner or one of the owners of the property for
at least twenty - four consecutive months prior to the date of
•
making application for exemption , provided , however , that in
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•
the event of the death of either a husband or wife in whose
® name title of the property shall have been vested at the
time of death and then becomes vested solely in the survivor
by virtue of devise by or descent from the deceased husband
or wife , the time of ownership of the property by the
deceased husband or wife shall be deemed also a time of
ownership by the survivor and such ownership shall be deemed
continuous for the purposes of computing such period of
twenty -four consecutive months . In the event of a transfer
by either a husband or wife to the other spouse of all or
part of the title to the property , the time of ownership of
the property by the transferor spouse shall be deemed also a
time of ownership by the transferee spouse and such
ownership shall be deemed continuous for the purposes of
computing such period of twenty - four consecutive months .
Where property of the owner or owners has been acquired to
✓ eplace property formerly owned by such owner or owners and
t aken by eminent domain or other involuntary proceedings ,
e xcept a tax sale , the period of ownership of the former
property shall be combined with the period of ownership of
the property for which application is made for exemption and
such periods of ownership shall be deemed to be consecutive
for purposes of this section . Where a residence is sold and
replaced with another within one year and both residences
are within the state , the period of ownership of both
properties shall be deemed consecutive for purposes of this
resolution . Where the owner or owners transfer title to
® property which as of the date of transfer
was exempt from
•
taxation under the provision of this resolution , the
reacquisition of title by such owner of owners within nine
months of the date of transfer shall be deemed to satisfy
the requirement of this paragraph that the title of the
property shall have been vested in the owner or one of the
t owners for such period of twenty - four consecutive months .
Where , upon or subsequent to the death of an owner or
owners , title to property which as of the date of such death
was exempt from taxation under such provisions , becomes
vested , by virtue of devise or descent from the deceased
owner or owners , or by transfer by any other means within
nine months after such death , solely in a person or persons
who , at the time of such death , maintained such property as
a primary residence , the requirement of this paragraph that
t he title of the property shall have been vested in the •
owner or one of the owners for such period of twenty -four
consecutive months shall be deemed satisfied ;
( c ) Unless the propety is used exclusively for
✓ esidential purposes , provided , however , that in the event
any portion of such property is not so used exclusively for
✓ esidential purposes but is used for other purposes , such
portion shall be subject to taxation and the remaining
portion only shall be entitled to the exemption provided by
t his section ;
( d ) Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all
o f the . owners of the property , provided that an owner who is •
absent while receiving health - related care as an inpatient
- of a residential health care facility , as defined in section
twenty - eight hundred one of the public health law , shall be
deemed to remain a legal resident and an occupant of the
property while so confined and income accruing to that
person shall be income only to the extent that it exceeds
the amount paid by such owner , spouse , or co -owner for care
in the facility ; and provided further , that during such
confinement such property is not occupied by other than the
spouse or co - owner of such owner .
5 . The Town shall notify or cause to be notified , each
person owning residential real property in the Town of the
provisions of this resolution . This may be met by a notice
or legend sent on or with each tax bill to such persons
reading You may be eligible for senior ci tizen tax
exempt ions . Senior ci tizens have until ( month )
®
( day )Y ( year ) __ to apply for such exemptions . For
information please call or write , " followed by
the name , telephone number and /or address of a person or
department selected to explain the provisions of this
section . Failure to not if y , or cause to be notified any
person who is in fact , eligible to receive the exemption
provided by this section or the failure of such person to
receive the same shall not prevent the levy , collection and
enforcement of the payment of the taxes on property owned by
such person .
6 . Application for such exemption must be made by the
owner . or all of the owners of the property , on fairs
prescribed by the State Board of Equalization and Assessment
•
and shall furnish the information and be exeucted in the
manner required or prescribed in such forms , and shall be
filed in such assessor ' s office on or before the taxable
status date .
7 . At least sixty days prior to the taxable status
r date , there shall be mailed to each person who was granted
an aged exemption on the latest completed assessment roll an
application form and a notice that such application ' must be
filed on or before the taxable status date and be approved
in order for the exemption to be granted . Within three days
o f the ccanpletion and filing of the tentative assessment
✓ oll , notice by mail shall be given to any applicant who has
included with his application at least one self - addressed ,
pre - paid envelope , of the approval or denial of the
application ; provided , however , that upon the receipt and •
f i li ng of the applicat ion there shall be sent by mail
n otification of receipt of the same to any applicant who has
i ncluded two of such envelopes with the application . Where
an applicant is entitled to a notice of denial such notice
shall be on a form prescribed by the State Board of
Equalization and Assessment and shall state the reasons for
such denial and shall further state that the applicant may
have such deterninat ion reviewed in the manner provided by
law . Failure to mail any such application form or notices
or the failure of such person to receive any of the same
shall not prevent the levy , collection and enforcement of
the payment of the taxes on property owned by such person .
•
•
8 . Any conviction of having made any wilful false
statement in the application for such exemption . shall be
punishable as set forth in Real Property Tax Law section
467 ( 7 ) .
9 . This resolution shall supercede and replace
Resolution No . 67 ( 1989 ) adopted February 14 , 1989 .
r
Seconded by Councilperson Corrigan
Roll call vote - all voting Yes
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ID
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®
At a special meeting of the Town Board of the Town of
Dryden , Tompkins County , New York , held
at the Town Hall , 65 East Main Street , in Dryden
New York , in said Town , on February 26 , 1990 , at 12 : 00 ( Noon )
o ' clock P . M . , Prevailing Time .
The meeting was called to order by Deputy Supervisor , and
Hatfield
upon roll being called , the following were
PRESENT : Deputy Supervisor Hatfield
Councilperson Walbridge
Councilperson Corrigan
ABSENT : Supervisor Schug
Councilperson Roberts
•
The following resolution was offered by Councilman Walbridgg
who moved its adoption , seconded by Councilman Corrigan , to -wit :
I
RESOLUTION DATED FEBRUARY 26 , 1990 .
A RESOLUTION PROVIDING FOR THE CONSOLIDATION , DETAILS
AND SALE OF $ 1 , 719 , 975 PUBLIC IMPROVEMENT ( SERIAL )
BONDS , 1990 , OF THE TOWN OF DRYDEN , TOMPKINS COUNTY ,
NEW YORK , FOR CERTAIN PURPOSES IN AND FOR SAID TOWN .
BE IT RESOLVED , by the Town Board of the Town of Dryden ,
Tompkins County , New York , as follows :
Section 1 . Of the $ 116 , 975 serial bonds authorized by bond
resolution dated January 6 , 1987 , for the construction of
improvements for the Snyder Hill Water District of the Town of
Dryden , Tompkins County , New York , there shall be issued and
sold $ 106 , 975 serial bonds which shall mature $ 7 , 975 in the
year 1990 , $ 10 , 000 in the year 1991 , $ 4 , 000 in the year 1992 ,
and $ 5 , 000 in each of the years 1993 to 2009 , both inclusive ,
and shall be consolidated with other issues of bonds of said
Town as hereinafter authorized . It is hereby determined that
the period of probable usefulness of the aforesaid specific
o bject or purpose is forty years pursuant to subdivision 1 of
paragraph a of Section 11 . 00 of the Local Finance Law , computed
from April 11 , 1988 , the date of the first bond anticipation
n ote issued therefor . It is hereby further determined that the
sum of $ 10 , 000 , from a source other than the proceeds of bonds
o r bond anticipation notes , will be used on or before April 9 ,
1990 to reduce outstanding bond anticipation notes of said Town
for such purpose , such amount constituting the first
installment of the principal amount of such indebtedness .
Section 2 , Of the $ 680 , 000 serial bonds authorized by bond
411 resolution dated July 14 , 1987 , for the purchase and
installation of approximately 13 , 000 linear feet of 12 inch
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water main , together with pump stations , gate valves , necessary
appurtenances and land and rights in land in and for the Monkey
Run Water District ( No . 2 ) of the Town of Dryden , Tompkins County ,
New York , there shall be issued and sold as a first series of
bonds $ 650 , 000 serial bonds which shall mature $ 25 , 000 in each
of the years 1990 and 1991 , $ 26 , 000 in the year 1992 , $ 30 , 000
in each of the years 1993 to 1996 , both inclusive , $ 29 , 000 in
the year 1997 , $ 30 , 000 in each of the years 1998 and 1999 ,
$ 37 , 000 in each of the years 2000 to 2002 , both inclusive ,
$ 36 , 000 in each of the years 2003 to 2007 , both inclusive , and
$ 37 , 000 in each of the years 2008 and 2009 , and shall be
consolidated with other issues of bonds of said Town as
hereinafter authorized , 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 November 1 , 1988 , the date of the first bond anticipation
note issued therefor .
Section 3 . Of the $ 680 , 000 serial bonds authorized by bond
resolution dated July 14 , 1987 , for the purchase and
installation of approximately 13 , 000 linear feet of 12 inch
water main , together with pump stations , gate valves , necessary
appurtenances and land and rights in land in and for the Monkey
Run Water District ( No . 2 ) of the Town of Dryden , Tompkins County ,
New York , there shall be issued and sold as a second series of
bonds $ 30 , 000 serial bonds which shall mature $ 2 , 000 in each of
the years 1990 to 1999 , both inclusive , and $ 1 , 000 in each of
the years 2000 to 2009 , both inclusive , and shall be
consolidated with other issues of bonds of said Town as
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hereinafter authorized . 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 November 1 , 1988 , the date of the first bond anticipation
n ote issued for such purpose . The date of the first bond
anticipation note issued in anticipation of this second series
of bonds was December 4 , 1989 .
Section 4 . Of the $ 933 , 000 serial bonds authorized by bond
✓ esolution dated April 12 , 1988 ( superceding bond resolution
dated July 14 , 1987 ) , for the purchase and installation of
approximately 8 , 000 linear feet of 8 inch sewer main and
approximately 6 , 450 linear feet of 10 inch sewer main , together
w ith pump stations , gate valves , necessary appurtenances and
land and rights in land in and for the Monkey Run Sewer
District ( No • 4 ) of the Town of Dryden , Tompkins County , New York , '
there shall be issued and sold as a first series of bonds
$ 650 , 000 serial bonds which shall mature $ 25 , 000 in the year
1990 , $ 26 , 000 in the year 1991 , $ 31 , 000 in each of the years
1992 to 1996 , both inclusive , $ 32 , 000 in the year 1997 , $ 31 , 000
in each of the years 1998 to 2002 , both inclusive , $ 37 , 000 in
each of the years 2003 to 2007 , both inclusive , and $ 36 , 000 in
e ach of the years 2008 and 2009 , and shall be consolidated with
o ther issues of bonds of said Town as hereinafter authorized .
It is hereby determined that the period of probable usefulness
o f the aforesaid specific object or purpose is forty years
pursuant to subdivision 4 of paragraph a of Section 11 . 00 of
Sthe Local Finance Law , computed from November 1 , 1988 , the date
o f the first bond anticipation note issued therefor
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Section 5 . Of the $ 933 , 000 serial bonds authorized by bond
resolution dated April 12 , 1988 ( superceding bond resolution
dated July 14 , 1987 ) , for the purchase and installation of
approximately 8 , 000 linear feet of 8 inch sewer main and
approximately 6 , 450 linear feet of 10 inch sewer main , together
with pump stations , gate valves , necessary appurtenances and
land and rights in land in and for the Monkey Run Sewer
District ( No . 4 ) of the Town of Dryden , Tompkins County , New York ,
there shall be issued and sold as a second series of bonds
$ 283 , 000 serial bonds which shall mature $ 15 , 000 in the year
1990 , $ 12 , 000 in each of the years 1991 to 1999 , both
inclusive , and $ 16 , 000 in each of the years 2000 to 2009 , both
incvlusive , and shall be consolidated with other issues of
bonds of said Town as hereinafter authorized . 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 November 1 , 1988 , the date of the
first bond anticipation note issued for such purpose . The date
of the first bond anticipation note issued in anticipation of
this second series of bonds was December 4 , 1989 .
Section 6 . The serial bonds described in the preceding
sections hereof are hereby authorized to be consolidated for
purposes of sale into one bond issue aggregating $ 1 , 719 , 975 .
Such bonds shall each be designated substantially PUBLIC
IMPROVEMENT ( SERIAL ) BOND , 1990 , shall be dated April 1 , 1990 ,
shall be of the denomination of $ 5 , 000 each or any integral
multiple thereof not exceeding the principal amount of each
respective maturity , except for one bond including the amount
o f $ 4 , 975 . Bonds may be transferred or ecchanged at any time
410 prior to maturity at the Corporate Trust Department
o f Chase Lincoln first Bank , N . A . , in kochester r New York ,
( the " Fiscal Agent " ) , or any successor Fiscal Agent , Ear bonds
o f the same maturity of any authorized denomination or
denominations in the same aggregate principal amount . The
bonds shall mature in the amount of $ 74 , 975 on November 1 ,
1990 , $ 75 , 000 on November 1 in each of the years 1991 and 1992 ,
$ 80 , 000 on November 1 in each of the years 1993 to 1999 , both
inclusive , $ 90 , 000 on November 1 in each of the years 2000 to
2002 . both inclusive , and $ 95 , 000 on November 1 in each of the
years 2003 to 2009 , both inclusive , and shall bear interest
payable on November 1 , 1990 and semi - annually thereafter on May
1 and November 1 . Such bonds shall bear interest at such rate
as may be necessary to sell the same , which rate shall be
determined in the manner provided in Section 59 . 00 of the Local
Finance Law . Such bonds shall be in registered farm and shall
n ot be registrable to bearer or convertible into bearer coupon
form . Principal of the bonds will be payable to the registered
owners upon surrender of the bonds
at the Rochester , New York Office of the Fiscal Agent
for the bonds . Interest on the bonds will be payable by check
o r draft mailed by the Fiscal Agent to the registered owners of
t he bonds , as shown an the registration hocks of the town
maintained by the Fiscal Agent • as of the close of business on
the fifteenth day of the calendar month proceeding the date of
410 the interest payment . Principal of and interest on the bonds
w ill be payable in lawful money of the United States of
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: America . The aforesaid maturities constitute the aggregate of
the individual maturities of each separate issue , which
individual maturities - are prescribed in the preceeding sections
hereof . Such bonds shall be executed in the name of said Town
by the manual or facsimile signature of the Supervisor , and a
facsimile of its corporate seal shall be imprinted thereon and
attested by the manual or facsimile signature of its Town
Clerk . The bonds shall be authenticated by the manual
countersignature of an authorized officer or employee of the
Fiscal Agent . It is hereby determined that it is to the
financial advantage of the Town not to impose and collect from
registered owners any charges for mailing , shipping and
insuring bonds transferred or exchanged by the Fiscal Agent ,
and , accordingly , pursuant to paragraph c of Section 70 . 00 of
the Local Finance Law , no such charges shall be so collected by
® the Fiscal Agent .
Section 7 . The Supervisor , as chief fiscal officer of the
Town , is hereby authorized and directed to enter into an
agreement with a bank or trust company located or authorized to
do business in the State of New York for the purpose of having
such bank or trust company act , in connection with the
obligations herein described , as the Fiscal Agent for said Town
to perform the services described in Section 70 . 00 of the Local
Finance Law , and to execute such agreement on behalf of the
Town Board of said Town .
Section 8 . All other matters , except as provided herein ,
relating to such bonds shall be determined by the Supervisor .
411 Such bonds shall contain substantially the recital of validity
clause provided for in Section 52 . 00 of the Local Finance Law
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f
and shall otherwise be in such form and contain such recitals ,
in addition to those required by Section 51 . 00 of the Local
SFinance Law , as the Supervisor shall determine .
Section 9 . The faith and credit of said Town of Dryden ,
Tompkins 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 , An annual
appropriation shall be made in each year sufficient to pay the
principal of and interest on such bonds becoming due and
payable in such year .
Section 10 . The powers and duties of advertising such bonds
for sale , conducting the sale and awarding the bonds , are
hereby delegated to the Supervisor , who shall advertise such
bonds for sale , conduct the sale and award the bonds in such
Smanner as he shall deem best for the interests of said Town ,
provided , however , that in the exercise of these delegated
powers , he shall comply fully with the provisions of the Local
Finance Law and any order or rule of the State Comptroller
applicable to the sale of municipal bonds , The receipt of the
Supervisor shall be a full acquittance to the purchaser of such
bonds , who shall not be obliged to see to the application of
the purchase money .
Section 11 . This resolution shall take effect immediately .
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: The question of the adoption of the foregoing resolution
was duly put to a vote on roll call , which resulted as follows :
® VOTING Yes
Deputy Supervisor NaCFied
Councilperson Walbridge VOTING Yes
Councilperson Corrigan VOTING Yes
VOTING
VOTING
The resolution was thereupon declared duly adopted .
410 *
411
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.. f
0 STATE OF NEW YORK )
) ss . :
COUNTY OF TOMPKINS )
I , the undersigned Clerk of the Town of Dryden , Tompkins
County , New York , DO HEREBY CERTIFY :
That I have compared the annexed extract of the minutes of
the meeting of the Town Board of said Town , including the
resolution contained therein , held the 26th day of February ,
1990 , with the original thereof on file in my office , and that
the same is a true and correct transcript therefrom and of the
whole of said original so far as the same relates to the
subject matters therein referred to .
I FURTHER CERTIFY that all members of said Board had due
notice of said meeting .
• I FURTHER CERTIFY that , pursuant to Section 103 of the
Public Officers Law ( Open Meetings Law ) , said meeting was open
to the general public .
I FURTHER CERTIFY that , PRIOR to the time of said meeting ,
I duly caused a public notice of the time and place of said
meeting to be given to the following newspapers and / or other
news media as follows :
Newspaper and / or other news media Date given
The Ithaca Journal February 16 , 1990
411
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I FURTHER CERTIFY that PRIOR to the time of said meeting , I
� j
duly caused public notice of the time and place of said meeting
4 to be conspicuously posted in the following designated public
location ( s ) on the following dates :
Designated Location ( s )
of posted notice Date of Posting
Town Signboard February 16 , 1990
Vestibule
Town Hall
65 East Main Street
D . ydeIN VITNESS WHEREOF , I have hereunto set my hand and affixed
the seal of said Town this 26th day of February , 1990 .
Town Clerk � .
( CORPORATE
SEAL ) •
• ■
•
; 1 , 719 , 975
TOWN OF DRYDEN , TOMPKINS COUNTY ,
NEW YORK
PUBLIC IMPROVEMENT ( SERIAL ) BONDS . 1990
NOTICE OF BOND SALE
Sealed proposals will be received and considered by the
Supervisor of the Town of Dryden , Tompkins County ,
New York , at Tompkins County Trust Company , Treasurer ' s Office
Conference Room . 1st Floor , The Commons , Ithaca , New York
14851 , at 11 : 30 o ' clock AIM , . Prevailing Time , on the 19th day
of March , 1990 , at which time and place the bids will be
opened , for the purchase at not less than par and accrued
interest of
$ 1 , 719 , 975 Public Improvement ( Serial ) Bonds , 1990 , of said
0 Town , of the denomination of $ 5 , 000 each or any integral
multiple thereof not exceeding the principal amount of each
respective maturity , except for one bond including the amount
of $ 4 ', 975 , dated April 1 , 1990 , and maturing $ 74 , 975 on
November 1 , 1990 , $ 75 , 000 on November 1 in each of the years
1991 and 199d , $ 60 , 000 an November 1 in each of the years 1993
to 1999 , both inclusive , $ 94 , 000 on November 1 in each of the
years 2000 to 9002 , both inclusive , and $ 95 , 000 on November 1
in each of the years 2003 to 2009 , both inclusive , with
interest thereon payable on November 1 , 1990 and semi - annually
thereafter on May 1 and November 1 . Principal of said bands
will be payable at the Corporate frost Department of
the Fiscal Agent , Chase Lincoln First Bank , N . A .
in Rochester , New York , or a successor Fiscal Agent .
Interest on the bonds will be payable by . check or draft
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• mailed by the Fiscal Agent to the registered owners of the
bonds , as shown on the registration books of the Town
410 maintained by the Fiscal Agent as of the close of business on
the Record Date , being the fifteenth business day of the
calendar month preceding each interest payment date . Principal
and interest will be payable in lawful money of the United
States of America , Bonds will be fully registered and will be
valid and legally binding general obligations of said Town , all
the taxable real property within which will be subject to the
levy of ad valorem taxes to pay said bonds and interest
thereon , without limitation as to rate or amount . Bonds may be
exchanged at any time prior to maturity
at the Rochester , New York office of the Fiscal Agent
for bonds of the same maturity of any authorized denomination
or denominations in the same aggregate principal amount . The
. bonds may not be converted into coupon bonds or be registered
to bearer .
The State Constitution requires the Town to pledge its
faith and credit for the payment of the principal of the bonds
and the interest thereon and to make annual appropriations for
the amounts required for the payment of such interest and the
redemption of such bonds . The State Constitution also provides
that if at any time the appropriating authorities fail to make
the required appropriations for the annual debt service on the
bonds and certain other obligations of the Town , a sufficient
sum shall be set apart from the first revenues thereafter
received and shall be applied for such purposes ; also that the
0 fiscal officer of the Town may be required to set apart and
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apply such revenues as aforesaid at the suit of any holder of
such obligations .
410 Each bid must be for all of said $ 1 , 719 , 975 bonds and state
a single rate of interest therefor . Unless all bids are
✓ ejected , the award will be made to the bidder complying with
the terms of sale and offering to purchase said bonds at the
lowest rate of interest , stated in a multiple of one - eighth or
o ne- hundredth of one per centum per annum , computed in
accordance with the net interest cost method of calculation ,
that being the rate of interest which will produce the least
interest cast over the life of the bonds , after accounting for
t he premium offered , if any . If two or more such bidders offer
to purchase the bonds at the same lowest rate of interest ,
computed as described above , the bonds will be awarded to the
bidder whose bid offers to purchase the bonds at the highest
premium dollar amount , The right is reserved to reject any or
all bids , and any bid not complying with this Notice of Sale
will be rejected . Each bid must be enclosed in a sealed
envelope addressed to the undersigned Supervisor' , and should be
marked on the outside " Proposal for Bonds " and should be
accompanied with a certified or cashier ' s check drawn upon an
incorporated bank or trust company to the order of said Town ,
for $ 34 , 399 . 50 as a good faith deposit to secure the Town
against any loss resulting from the failure of the bidder to
comply with the terms of his bid . No interest will be allowed
o n the amount of the good faith deposit . Said bonds are issued
pursuant to the Constitution and statutes of the State of New
SYork , including , among others , the Town Law and the Local
Finance Law , for the following purposes and in the following
amounts :
for the construction of improvements for the Snyder Hill Water
District ( $ 106 , 975 ) ;
Car the purchase and installation of approximately 13 , 400
linear feet of 12 inch water main , together with pump stations ,
gate valves , necessary appurtenances and land and rights in
land in and for the Monkey Run Water District { No , 2 )
( $ 650 , 000 ) ( $ 30 , 000 ) ;
for the purchase and installation of approximately 8 , 000 linear
feet of 8 inch sewer main and approximately 6 , 450 linear feet
o f 10 inch sewer main , together with . pump stations . gate
✓ alves , necessary appurtenances and land and rights in land in
and for the Monkey Run Sewer district ) No . 4 ) ( $ 650 , 000 ) ( $ 283 , 000 ) ,
all in and for said Town .
THE TOWN RESERVES THE MIGHT TO CHANGE THE TIME • AND / OR DATE
FOR THE OPENING OF BIDS , NOTICE OF ANY SUCH CHANGE SHALL BE
PROVIDED NOT LESS THAN 48 HOURS PRIOR TO THE TIME SET FORTH
ABOVE FOR THE OPENING OF BIDS BY MEANS OF A SUPPLEMENTAL NOTICE
OF SALE TO BE TRANSMITTED OVER THE MUNIFAOTS WIRE ,
If the bands qualify for issuance of any policy of
municipal band insurance or commitment therefor at the option
o f a bidder . the purchase of any such insurance policy or the
issuance of any such commitment therefor shall be at the sole
option and expense of such bidder and any increased costs of
issuance of the bonds resulting by reason of the same , unless
o therwise paid , shall be paid by such bidder : Any failure of
the bonds to he an insured or of any such policy of insurance
to he issued , shall not constitute cause for a failure or
✓ efusal by the purchaser of the bonds to accept delivery of and
pay for said bonds in accordance with the terms of the purchase
contract .
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In the event that prior to the delivery of the bonds , the
income received by owners thereof from bonds of the same type
. and character becomes includable in the gross income of such
owners for Federal income tax purposes , the successful bidder
may , at his election . be relieved of his obligations under the
contract to purchase the bonds , and in such case , the deposit
accompanying his bid will be returned .
Said bonds will be delivered at the offices of Willkie Farr
& Gallagher , One Citicorp Center , 153 East 53rd Street ,
New York , New York , on or about April 9 , 1990 . The purchase
price of the bonds , in accordance with the purchaser ' s bid ,
shall be paid IN FEDERAL FUNDS or other funds available for
immediate credit on said delivery date , in an amount equal to
the par amount of such bonds , plus the premium , if any , plus
accrued interest from the date of such bonds until said day of
delivery , less the amount of the good faith deposit submitted
with the bid .
It is anticipated that CUSIP identification numbers will be
printed on said bonds , but neither the failure to print such
number on any bond nor any error with respect thereto shall
constitute cause for a failure or refusal by the purchaser
thereof to accept delivery of and pay for said bonds in
accordance with the terms of the purchase contract . All
expenses in relation to the printing of CUSIP numbers on said
bonds shall be paid for by the issuer ; provided , however , that
the CCJSIP Service Bureau charge for the assignment of said
numbers shall be the responsibility of and shall be paid for by
the purchaser ,
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The purchaser shall be required to deliver a typewritten
list of names and respective denominations of the initial
registered owners to the Fiscal Agent ( with a copy thereof to
Bond Counsel mentioned below ) not later than 12 : 00 Noon ,
Prevailing Time , on the fifth business day preceding the date
set for the delivery of the bonds . If such list is not so
delivered , the bonds will be issued initially in denominations
corresponding to the principal amount of each respective
maturity in the name of the purchaser as registered owner ,
The bands will be available for inspection by the purchaser
at the International Office of the Fiscal Agent in
New York , New York , not less than 24 hours prior to the time
set for the delivery thereof . It shall be the responsibility
of the purchaser to verify the names of the respective initial
registered owners , denominations and CUSIP numbers at such time .
411 As a condition to the purchaser ' s obligation to accept
delivery of and pay for the bands . the purchaser will be
furnished , without cost . the following , dated as of the date of
the delivery of and payment for the bonds : ( 1 ) a certificate of
the Supervisor certifying that ( a ) as of the date of the
Official Statement furnished by the Town in relation to said
bonds . which Official Statement is deemed by the Town to be
final for purposes of Securities and Exchange Commission Rule
15c2 - 12 , except for the omission therefrom of those items
allowable under said Rule ) . said Official Statement did not
contain any untrue statements of a material fact or omit to
state a material fact necessary to make the statements therein ,
in the light of the circumstances under which they were made ,
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not misleading , subject to the condition that while information
in said Official Statement obtained from sources other than the
Town is not guaranteed as to accuracy , completeness or
fairness , he has no reason to believe and does not believe that
such information is materially inaccurate or misleading , and
( b ) to his knowledge , since the date of said Official
Statement , there have been no material transactions not in the
ordinary course of affairs entered into by the Town and no
material adverse changes in the general affairs of the Town or
in its financial condition as shown in said Official Statement
other than as disclosed in or contemplated by said Official
Statement ; ( ii ) a Closing Certificate , constituting receipt for
the bond proceeds and a signature certificate , which will
include a statement that no litigation is pending or , to the
knowledge of the signers , threatened affecting the bonds ; ( iii )
411 an arbitrage certificate executed on behalf of the Town which
includes , among other things , covenants , relating to compliance
with the Internal Revenue Code of 1986 ( the " Code " ) , with the
owners of the bonds that the Town will , among other things . ( A )
t ake all actions an its part necessary to cause interest on the
bonds not to be includable in the gross income of the owners
thereof for Federal income tax purposes , including , without
limitation , restricting , to the extent necessary , the yield on
investments made with the proceeds of the bonds and investment
e arnings thereon , making required payments to the Federal
government , if any . with regard to both the bonds and any
o bligations refunded with proceeds of the bonds , and
0 maintaining books and records in a specified manner , where
appropriate . and ( B ) refrain from taking any action which would
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cause interest on the bonds to be includable in the gross
income of the owners thereof for Federal income tax purposes ,
Sincluding , without limitation , refraining from spending the
proceeds of the bonds and investment earnings thereon on
certain specified purposes ; and ( iv ) the unqualified Legal
o pinion as to the validity of the bands of 4 illkie Farr &
G allagher , New York , New York , Bond Counsel . Reference should
be made to said Official Statement for a description of the
scope of Band Counsel ' s engagement in relation to the issuance
o f the bonds and the matters covered by such legal opinion .
Furthermore , reference should be made to the information under
the heading ' Legal Matters " in the Official Statement .
The bonds will be " qualified tax- exempt obligations "
pursuant to Section 265 ( b ) ( 3 ) of the Internal Revenue Code of
1986 .
410
Following the sale of the bonds , the successful bidder will
be required to provide to the Town certain information
✓ egarding the reoffering price to the public of each maturity
o f the bonds . The successful bidder shall furnish to the Town
a certificate acceptable to Bond Counsel , dated as of the day
o f closing for the bonds . stating the initial prices at which a
bona fide public offering of all of the bonds was made and
stating that 10 % or more of the bonds of each maturity were in
fact sold to the public ( excluding bond houses , brokers and
other intermediaries ) at or below such initial respective
public offering prices . Such certificate shall state that it
is made on the best knowledge , information and belief of the
410 successful bidder after appropriate investigation .
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Any party executing and delivering a bid for the bonds
agrees , if its bid is accepted by the Town , to provide to the
410 Town , in writing , within two business days after the data of
such award , all information which said successful bidder
determines is necessary for it to comply with SEC Rule 15c2 - 12 .
including all necessary pricing and sale information ,
information with respect to the purchase of municipal bond
insurance , if any , and underwriter identification . Within Live
business days following receipt by the Town thereof the Town
will furnish to the successful bidder , in reasonable quantities
as requested by the successful bidder , copies of said Official
Statement . updated as necessary , and supplemented to include
said information , Failure by the successful bidder to provide
such information will prevent the Town from furnishing such
Official Statement as described above , The Town shall not be
410 responsible or liable in any manner for the successful bidder ' s
determination of information necessary to comply with SEC Rule
15c2 - 12 or the accuracy of any such information provided by the
successful bidder or for failure to furnish such Official
Statements as described above which results from a failure by
the successful bidder to provide the aforementioned information
w ithin the time specified . Acceptance by the successful bidder
o f such final Official Statements shall be conclusive evidence
o f the satisfactory completion of the obligations of said Town
w ith respect to the preparation and delivery thereof ,
The population of the Town as shown by the 1980 U . S . Census
is 12 , 155 + The Debt Statement to be filed , pursuant to Section
410 109 , 00 of the Local Finance Law in connection with the sale of
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the bonds herein described , prepared as of March 5 , 1990 , will
show the average full valuation of real estate subject to
taxation by the Town to be $ 250 , 471 , 025 , its debt limit to be
$ 17 , 532 , 971 , and its total net indebtedness subject to the debt
limit to be $ 1 , 040 , 123 . The proceeds of such bonds , together
with current funds appropriated therefor in the amount of
$ 10 , 000 , will be used to retire outstanding indebtedness of
$ 1 , 729 , 975 , evidenced by bond anticipation notes . The
indebtedness to be evidenced by such bonds will not increase
such net indebtedness . A detailed Official Statement will be
furnished to any interested bidder upon request .
Dated : Dryden , New York ,
March 5 , 1990 .
c: LAcL r/
Deputy Supervisor
410
} e
4 it GENERAL CERTIFICATE
4
STATE OF NEW YORK
ss . :
COUNTY OF TOMPKINS )
1 , the undersigned Town Clerk of the Town of Dryden ,
Tompkins County . New York , DO HEREBY CERTIFY :
1 , That the ,- names of the Supervisor , members of the Town
Board and Town Clerk of said Town from January 1 : 1987 to
December 31 , 1987 , and the times when their terms of office
respectively expire , or expired , are as follows :
NAME OFFICE TERM EXPIRES
Clinton E . Cotterill Supervisor December 31 , 1989
Merton Webb Councilman December 31 , 1987
George Schlecht U Councilman December 31 , 1957
Charles Evans Councilman December 31 , 1989
Karl Garlock Councilman December 31 , 1989
Susanne Lloyd Town Clerk December 31 , 1989
21 That the names of the Supervisor , members of the Town
Board and Town Clerk of said Town from January 1 , 1988 to
December 31 , 1988 : and the times when their terms of office
respectively expire . or expired , are as follows :
NAME OFFICE TERM EXPIRES
Clinton E . Cotterill Supervisor December 31 , 1989 ( resigned - 12 / 31 / 88 )
James Schug Supervisor December 31 , 1989
Charles Evans Councilman December 31 , 1989
Karl Garlock Councilman . December 3 ]. , 1989
Charles Hatfield Councilman December 31 , 1991
George Schlecht Councilman December 31 , 1991 ( resigned- 4 / 28 / 88 )
James Crawford Councilman may 10 , 1988 to December 31 , 1988
Susanne Lloyd Town Clerk December 31 , 1989
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3 . That the names of the Supervisor , members of the Town
Board and gown Clerk of said Town from January 1 , 1989 to
December 31 , 1989 , and the times when their terms of office
respectively expire , or expired , are as follows :
NAME OFFICE TERM EXPIRES
James Schug Supervisor December 31 , 1991
Margaret Walbridge Councilman December 31 , 1991
CharJ, es Hatfield Councilman December 31 , 1991
Char, les Evans Councilman December 31 , 1989
Karl Oarlock Councilman December 31 , 1989
Susanne Lloyd Town Clerk December 31 , 1991
4 , That the names of the Supervisor , members of the Town
Board and Town Clerk of said Town since January 1 . 1990 , and
the times when their terms of office respectively expire are as
follows :
NAME OFFICE TERM EXPIRES
James Schug Supervisor December 31 , 1991
Margaret Walbridge Councilman
Y December 31 , 1991
Charles Hatfield Councilman December 31 , 1991
Elizabeth an Councilman
17 December 31 , 1993
Ronald Roberts Councilman December 31 , 1993
J
Susanne Lloyd Town Clerk December 31 , 1991
5 , That the duly designated newspaper of said Town since
January 1 . 1987 , has been The Ithaca Journal
6d That the time appointed for holding regular meetings of
the Town Board since January 1 , 1987 has been as follows :
The second Tuesday of every month at 7 ; 30 P . M .
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7 . That the territorial limits of said Town are not
® coterminous with the territorial limits of any existing school
district .
IN WITNESS WHEREOF.., I have hereunto officially set my hand
and the corporate seal' ' of said Town this c2 0 day of February ,
r
1990 .
Town Clerk
( CORPORATE
SEAL )
411
•
111
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101
RESOLUTION NO . - 1990
Counciiperson offered the following
resolution and asked for its adoption :
WHEREAS , by resolution adopted February 14 , 1989 the
Town of Dryden adopted a formula which would partially
e xempt certain real property within the Town owned by .
persons sixty - five ( 65 ) years of age or over , and
WHEREAS , certain amendments to the Real Property Tax
Law have provided for the option to the Town to increase the
income eligibility levels , and
NOW , THEREFORE , be it resolved as follows :
1 . Real property owned by one or more persons , each of
w hom is 65 years of age or over , or real property owned by a
410 husband and wife , one of whom is 65 years of age or over ,
shall be exempt by taxation by the Town of Dryden to the
e xtent set forth in the following formal , :
Percentage
Income Ra n cue of Ex em p i on
Up to $ 12 , 025 50 %
$ 121025 . 00 to $ 12 , 625 . 00 45 %
$ 12 , 625 . 00 to $ 13 , 225 . 00 40 %
$ 13 , 225 . 00 to $ 13 , 825 . 00 35 %
$ 13 , 825 . 00 to $ 14 , 425 . 00 30 %
$ 14 , 425 . 00 to $ 15 , 025 . 00 25%
$ 15 , 025 . 00 to $ 15 , 625 . 00 20 %
Over $ 15 , 625 . 00 0 %
2 . Any exemption provided in this resolution shall be
computed after all other partial exemptions allowed by law
have been subtracted from the total amount assessed .
3 . The real property tax exemption on real property
411 owned by a husband and wife , one of whom is 65 years of age
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o r over , once granted , shall not be resci nded solely because
o f the death of the older spouse so long as the surviving
spouse is at least 62 years of age .
4 . No exemption shall be granted :
( a ) if the income of the owner or the combined income
( of the owners of the property for the income tax year
immediately preceding the date of making application for
e xemption exceeds the amounts set forth in the formula in
this resolution . Income tax year shall mean the baelve
month period for which the owner or owners filed a federal
personal income tax return , or if no such return is filed ,
the calendar year . Where title is vested in either the
husband or the wife , their combined income may not exceed
such sum . Such income shall include social security and
retirement bene € its , interest , dividends , total gain from
the sale of exchange of a capital asset which may be offset
by a lose f roan the sale or exchange of a capital asset in
the same income for year , net rental income , salary or
e arnings , and net income from self - employment , but shall not
include a return of capital , gifts or inheritances . In
comp uti ng net rental income and net income from
self - mrployoent no depreciation deduction shall be allowed
for the exhaustion , wear and tear of real or personal
property held for the production of income ;
( h ). Unless the title of the property shall have been
✓ ested in the owner or one el the owners of the property for
at least twenty -four consecutive months prior to the date of
making application for exemption , provided , however , that in
-e-T• t-I.- rte. r-r --. tY....a•a—. ,--.,-t - -( aI re- T- eurnlart �--tea Iry .fn .e. . r - r ,. . W. .... _ _. ...�� r,-� n .a-v-n� a- v_i ?a•
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t he event of the death of either a husband or wife in whose
41/ name title of the property shall have been vested at the
time of death and then becomes vested solely in the survivor
by virtue of devise by or descent from the deceased husband
o r wife , the time of ownership of the property by the
deceased husband or wife shall be deemed also a time of
ownership by the survivor and such ownership shall be deemed
continuous for the purposes of computing such period of
t wenty -four consecutive months . In the event of a transfer
by either a husband or wife to the other spouse of all or
part of the title to the property , the time of ownership of
the property by the transferor spouse shall be deemed also a
time of ownership by the transferee spouse and such
ownership shall be deemed continuous for the purposes of
computing such period of twenty - four consecutive months .
Where property of the owner or owners has been acquired to
✓ eplace property formerly owned by such owner or owners and
taken by eminent domain or other involuntary proceedings ,
e xcept a tax sale , the period of ownership of the former
property shall be combined with the period of ownership of
t he property for which application is made for extnption and
such periods of ownership shall be deemed to be consecutive
for purposes of this section . Where a residence is sold and
✓ eplaced with another within one year and both residences
are within the state , the period of ownership of both
properties shall be deemed consecutive for purposes of this
✓ esolution . Where the owner or owners transfer title to
property which as of the date of transfer was exempt from
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taxation under the provision of this resolution , the
i reacquisition of title by such over of owners within nine
a
months of the date of transfer shall be deemed to satisfy
t he requirement of this paragraph that the title of the
property shall have been vested in the owner or one of the
( owners for such period of twenty -four consecutive months .
Where , upon or subsequent to the death of an owner or
owners , title to property which as of the date of such death
was exempt from taxation under such provisions , becomes
vested , by virtue of devise or descent from the deceased
o wner or owners , or by transfer by any other means within
nine months after such death , solely in a person or persons
who , at the time of such death , maintained such property as
a primary residence , the requirement of this paragraph that
Sthe title of the property shall have been vested in the
owner or one of the owners for such period of twenty -four
consecutive months shall be deemed satisfied ;
( c ) Unless the propety is used exclusively for
✓ esidential purposes , provided , however , that in the event
any portion of such property is not so used exclusively for
✓ esidential purposes but is used for other purposes , such
portion shall be subject to taxation and the remaining
portion only shall be entitled to the exemption provided by
t his section ;
( d ) Unless the real property is the legal residence of
and is occupied in whole or in part by the owner or by all
o f the owners of the property , provided that an owner who is
410 absent while receiving health - related care as an inpatient
S
r T.
" of a residential health care facility , as defined in section
twenty - eight hundred one of the public health law , shall be
deemed to remain a legal resident and an occupant of the
property while so confined and income accruing to that
person shall be income only to the extent that it exceeds
{ the amount paid by such owner , spouse , or co -owner for care
in the facility ; and provided further , that during such
confinement such property is not occupied by other than the
spouse or co - owner of such owner .
5 . The Town shall notify or cause to be notified , each
person owning residential real property in the Town of the
provisions of this resolution . This may be met by a notice
o r legend sent on or with each tax bill to such persons
✓ eading " You may be eligible for senior citizen tax
exemptions . Senior citizens have until ( month )._
( day ) ( year ) ___ apply for such exemptions . For
information please call or write _ T_ _i _ _ , " followed by
the name, telephone number and / or address of a person or
department selected to explain the provisions of this
section . Failure to notify , or cause to be notified any
person who is in fact , eligible to receive the exemption
provided by this section or the failure of such person to
✓ eceive the same shall not prevent the levy , collection and
e nforcement of the payment of the taxes on property owned by
such Person .
b . Application for such exemption must be made by the
owner , or ail of the owners of the property , on towns
prescribed by the Mate Board of Equalization and Assessment
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and shall furnish the information and be exeucted in the
manner required or prescribed in such forms , and shall be
filed in such assessor ' s office on or before the taxable
status date .
7 . At least sixty days prior to the taxable status
( date , there shall be mailed to each person who was granted
a n aged exemption on the latest completed asses sment roll an
application form and a notice that such application must be
filed on or before the taxable status date and be approved
in order for the exemption to be granted . Within three days
of the completion and filing of the tentative assessment
✓ oll , notice by mail shall be given to any applicant who has
included with his application at least one self - addressed ,
pre - paid envelope , of the approval or denial of the
appli cat ion ; provided , however , that upon the rece zpt and
filing of the applicat ion there shall be sent by mail
n otification of receipt of the same to any applicant who has
included d two of such en velopes with the application . Where
• n applicant is entitled to a notice of denial such notice
shall be on a form prescribed by the State Board of
Equalization and Assessment and shall state the reasons for
such denial and shall further state that the applicant may
have such determination reviewed in the manner provided by
law . Failure to mail any such application form or notices
o r the failure of such person to receive any of the same
shall not prevent the levy , collection and enforcement of
the payment of the taxes on property owned by such person .
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9 . Any conviction of having made any wilful false
statement in the application for such exemption shall be
punishable as set forth in Real. Property Tax Law section
467 ( 7 ) .
9 . This resolution shall supercede and replace
Resolution No . 67 ( 19 99 ) adopted February 14 , 1989
f
Seconded by Councilperson Corrigan t
Roll call vote - all voting leg
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STATE OF NEW YORK )
) ss
COUNTY OF TOMPKINS )
Deputy
I , the undersigned Supervisor of the Town of Dryden .
Tompkins County , New York , pursuant to power vested in me by
resolution dated February 26 , 1990 , authorizing the issuance of
$ 1 , 719 , 975 Public Improvement ( Serial ) Bonds , 1990 , of said
Town , DO HEREBY APPROVE the attached as the form of the bonds
authorized thereby . The bonds shall be numbered with a prefix
composed of the letter R followed by a dash and then from 1
upward ,
WITNESS my signature this 26th day of February , 1990 ,
40
Cciy
Deputy SuperV'iscr
An executed counterpart of the foregoing certificate , and
attached bond form , were filed with the Town Board of said Town
of Dryden , Tompkins County , New York , this 26th day of
February . 1990 .
Aff
ordr
Town Clerk
( CORPORATE
SEAL )
S
REGISTERED REGISTERED
No . R - •
I '
UNITED STATES OF AMERICA
•
STATE OF NEW YORK
;A' U COUNTY OF TOMPKINS
TOWN OF DRYDEN
PUBLIC IMPROVEMENT ( SERIAL ) BONDS 1990
Interest : per centum ( % ) per annum
Maturity : November 1 , Dated : April 1 , 1990 CUSIP
410 REGISTERED OWNER
PRINCIPAL AMOUNT DOLLARS ( $ )
a
The Town of Dryden , in the County of Tompkins , a
municipality of the State of New York , hereby acknowledges
itself indebted and for value received , promises to pay to the
registered owner , on the maturity date set forth above , the
principal amount hereof upon presentation and surrender of this
410
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4 I
4 bond at in
1
New York . the fiscal agent . or such other fiscal agent as may
hereafter be designated by the Town ( the " Fiscal Agent " ) , and
to pay interest on such principal amount at the rate of
interest set forth above , on the 1st day of November . 1990 and
semi - annually thereafter on the 1st days of May and November in
each year , until this bond matures , by check or draft mailed by
the Fiscal Agent to the person in whose name this bond is
✓ egistered at the close of business on the fifteenth day of the
calendar month preceding each such semi - annual interest payment
date ( the " Registered Owner " ) at the Registered Owner ' s address
as the same appears on the registration books of the Town
maintained by the Fiscal Agent . Both principal of and interest
on this bond will be paid in lawful money of the United States
o f America .
The Town and the Fiscal Agent may deem and treat the
Registered Owner as the absolute owner hereof for the purpose
o f receiving payment of or on account of the principal hereof
and interest due hereon and for all other purposes , All such
payments made to the Registered Owner shall satisfy and
discharge the liability of the Town upon this bond to the
extent of the sum or sums so paid , and neither the Town nor the
Fiscal Agent shall be affected by any notice to the contrary .
This bond may not be converted into bearer coupon form or
be registered to bearer . .
The bonds are issued in the denomination of $ 5 , 000 each or
any integral multiple thereof not exceeding the principal
amount of bonds maturing in each respective year , except for
410 one bond including the amount of $ 4 , 915 + This bond may be
90 MI•ala
transferred or exchanged at
' 4
o f the Fiscal Agent for a like aggregate principal amount of
411 bonds of the same maturity of other authorized denominations
upon the terms set forth in the resolution of the Town Board of
the Town mentioned below and in accordance with the Local
Finance Law of the State of New York .
This band is one of an authorized issue , the aggregate
principal amcuntt,of which is $ 1 , 719 , 975 , the bands of which are
o f like date and tenor , except as to number , denomination , date
o f authentication , and date of maturity , and are issued for
certain duly authorized objects and purposes in and for said
Town pursuant to separate bond resolutions authorizing the
bonds for each such object or purpose , and pursuant to a
consolidating resolution entitled :
" RESOLUTION DAZED FEBRUARY 20 , 1990 ,
A RESOLUTION PROVIDING FOR THE CONSOLIDATION , DETAILS
AND SALE OF $ 1 . 719 , 975 PUBLIC IMPROVEMENT ( SERIAL )
BONDS , 1990 , , OF THE TOWN OF DRYDEN , TOMPKINS COUNTY ,
NEW YORK . FOR CERTAIN PURPOSES IN AND FOR SAID TOWN . " ,
duly adopted by the Town Board of such Town on the 20th day of
February , 1990 , and pursuant to other proceedings of the Town
Board of isuch Town duly had and taken in all respects
authorizing the same .
The faith and credit of such Town of Dryden , Tompkins
County , New York , are hereby irrevocably pledged for the
punctual payment of the principal of and interest on this bond
according to its terms .
It is hereby certified , recited and declared that all acts ,
conditions and things required by the Constitution and statutes
of the State of New York to existt to have happened and to have
_�- R �A T;
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been performed precedent to and in the issuance of this bond
exist , have happened and have been performed ; and that the
issue of bonds , of which this is one . together with all other
indebtedness of such Town is within every
debt and other limit
prescribed by the Constitution and laws of the State of New
York .
This band ' shall not be valid or obligatory for any purpose
unless the certi,ficate of authentication hereon has been duly
executed by the Fiscal Agent .
IN WITNESS WHEREOF , the Town of Dryden , Tompkins County ,
New York , has caused this bond to be executed in its name by
the manual or facsimile signature of its Supervisor , and a
facsimile of its corporate seal to be . imprinted hereon and
attested by the manual or facsimile signature of its Town
Clerk , and this bond to be dated as of the 1st day of April ,
S 1990 .
TOWN OF DRYDEN ,
ATTEST r TOMPKINS COUNTY , NEW YORK
009 c7i?
Igle44--9 By Town Clerk -, ervisor
Date of Authentication :
T �yJ
CERTIFICATE OF AUTHENTICATION
This bond is one of the Town of Dryden , New
York , Public Improvement ( Serial ) Bonds .
1990 , described in the above-mentioned
resolution of the Town Board of such Town .
Fiscal Agent
By :
411 Authorized Signature
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ASSIGNMENT
•
FOR VALUE REEIVED , the undersigned hereby sells , assigns and
transfers unto
( Please Print or Type Nate and Address of Assignee )
PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE
the within bond and all rights thereunder , and hereby
irrevocably constitutes and appoints
attorney
to transfer the within bond on the books kept for registration
t hereof with full power of substitution in the premises .
Dated
Signature acknowledged or proved ,
o r in the alternative , certified ( Signature of Assignor )
010 as to its genuineness by an officer
o f a bank or trust company located
and authorized to do business in
the State of New York
NOTICE { The signature on
( Acknowledgment , Proof or this assignment must
Certification ) correspond with the name of
the Registered Owner as it
appears upon the face of
• the within bond in every
particular without
alteration or enlargement
or any change whatsoever .
J
•
411 .
,N ` , _ 6 -
LEGAL OPINION
i
It is hereby certified that the following is a true and
correct copy of the complete final legal opinion of Willkle
Farr & Gallagher . Attorneys and Counsellors at Law , New Yorke
New York , the original of which was manually executed , dated
and issued as of the date of delivery of and payment for the
bonds , and a copy of which is an file with the Fiscal Agent .
TOWN OF DRYDEN ,
TOMPKINS COUNTY , NEW YORK
By ( here insert same facsimile
signature of Supervisor
as ap ear , vrbond }
D Sugervis r
Town of Dryden ,
County of Tompkins ,
State of New York
TOWN OF DRYDEN , TOMPKINS COUNTY , NEW YORK
$ 1 , 7131975 PUBLIC IMPROVEMENT ( SERIAL ) BONDS , 1990
Ladies and Gentlemen :
We have been requested to render our opinion as to the
validity of an issue of $ 1 , 719 , 975 Public Improvement ( Serial )
410 Bonds , 1990 ( the " Obligation " ) , of the Town of Dryden . County
of Tompkins , State of New York ( the " Obligor " ) , dated April 1 ,
1990 , of the denomination of $ 5 , 000 each or any integral
multiple thereof not exceeding the principal amount of each
✓ espective maturity , except far one bond including the amount
o f i
bearing interest at the rate
o f . . , per centum ( U ) per
annum , payable on November I , 1990 and semi - annually thereafter
on May 1 and November 1 , and maturing in the amount of $ 74 , 575
an November 1 , 1990 . $ 75 , 000 on November 1 in each of the years
1991 and 1992 , $10 , 000 an November 1 in each of the years 1993
to 1999 , both inclusive . $ 90 , 000 on November 1 in each of the
years 2000 to 2002 , both inclusive , and $ 95 , 000 on November 1
in each of the years 2003 to 2009 , both inclusive .
y
We have examined :
( 1 ) the Constitution and statutes of the State of New
York :
( 2 ) the Internal Revenue Code of 1996 , including
particularly Sections 103 and 141 through 150 thereof , and the
applicable regulations of the United States Treasury Department
promulgated thereunder and under the Internal Revenue Code of
1954 , as amended ( collectively . the " Code " ) ;
410 ( 3 ) an arbitrage certificate executed on behalf of the
Obligor which includes , among other things , covenants , relating
t o compliance with the Code , with the owners of the Obligation
d_
; a - 7 -
4 ,
t 4
that the Obligor will , among other things , ( i ) take all actions
on its part necessary to cause interest on the Obligation not
to be includable in the gross income of the owners thereof for
Federal income tax purposes , including , without limitation ,
I restricting , to the extent necessary , the yield on investments
made with the proceeds of the Obligation and investment
e arnings thereon , making required payments to the Federal
government , if any , and maintaining books and records in a
specified manner , where appropriate , and ( ii ) refrain from
taking any action which would cause interest on the Obligation
t o be includable in the gross income of the owners thereof for
Federal income tax purposes , including , without limitation ,
refraining from spending the proceeds of the Obligation and
investment earnings thereon on certain specified purposes ; and
( 4 ) a certificate executed on behalf of the Obligor which
includes , among other things , a statement that compliance with
such covenants is not prohibited by , or violative of , any
provision of local or special law , regulation or resolution
applicable to the Obligor .
We also have examined a certified copy of proceedings of
the finance board of the Obligor and other proofs authorizing
and relating to the issuance of the Obligation , including the
form of the Obligation . In rendering the opinions expressed
herein we have assumed ( i ) the accuracy and truthfulness of all
public records , documents and proceedings , including factual
information , expectations and statements contained therein ,
examined by us which have been executed or certified by public
officials acting within the scope of their official capacities ,
®
and have not verified the accuracy or truthfulness thereof , and
( ii ) compliance by the Obligor with the covenants contained in
the arbitrage certificate . We also have assumed the
genuineness of the signatures appearing upon such public
✓ ecords , documents and proceedings and the certifications
t hereof .
In our opinion :
( a ) The Obligation has been authorized and issued in accordance
with the Constitution and statutes of the State of New York
and constitutes a valid and legally binding general
obligation of - the Obligor , all the taxable real property
w ithin which is subject to the levy of ad valorem taxes to
pay the Obligation and interest thereon , without limitation
as to rate or amount ; provided , however , that the
enforceability ( but not the validity ) of the Obligation may
be limited by any applicable bankruptcy , insolvency or
o ther law now existing or hereafter enacted by said State
o r the Federal government affecting the enforcement of
creditors ' rights .
( b ) The Obligor has the power to comply with its covenants with
✓ espect to compliance with the Code as such covenants
. relate to the Obligation ; provided , however , that the
!, III enforceability ( but not the validity ) of such covenants may
be limited by any applicable bankruptcy , insolvency or
o ther law now existing or hereafter enacted by said State
p s \ — 8 —
$
or the Federal government affecting the enforcement of
creditors ' rights .
( c ) Interest on the Obligation is not includable in the gross
income of the owners thereof for Federal income tax
purposes under existing statutes and court decisions .
Moreover , interest on the Obligation is not an " item of tax
preference " for purposes of the individual and corporate
alternative minimum taxes and the corporate environmental
tax imposed by the Code . However , interest on the
Obligation is includable in the " adjusted current earnings "
of a corporate owner and 75 % of the interest on the
Obligation is thus includable in the tax . base for computing
a corporation ' s liability with respect to the 20 %
alternative thinimum tax and the 0 . 12 % environmental tax
imposed on corporations by the Code . ( Such 0 . 12 % corporate
environmental tax is generally scheduled to terminate for
taxable years beginning after December 31 , 1991 . )
Moreover , interest on the Obligation may be subject to a
branch profits tax of up to 30 % when owned by certain
foreign corporations . Furthermore , the United States
Treasury Department has promulgated regulations which might
have the effect of imposing a tax at ordinary income rates
with respect to interest on the Obligation when owned by " S
Corporations " in certain cases . Interest on the Obligation
is exempt from personal income taxes imposed by the State
of New York or any political subdivision thereof ( including
The City of New York ) , We express no opinion regarding
other Federal tax consequences arising with respect to the
Obligation .
The scope of our engagement in relation to the issuance of
the Obligation has extended solely to the examination of the
facts and law incident to rendering the opinion expressed
herein . Such opinion is not intended and should not be
construed to express or imply any conclusion that the amount of
✓ eal property subject to taxation within the boundaries of the
Obligor , together with other legally available sources of
✓ evenue , if any , will be sufficient to enable the Obligor to
pay the principal of or interest on the Obligation as the same
✓ espectively become due and payable . Reference should be made
to the Official Statement prepared by the Obligor in relation
to the Obligation for factual information which , in the
judgment of the Obligor , • could materially affect the ability of
t he Obligor to pay such principal and interest . While we have
participated in the preparation of such Official Statement , we
have not verified the accuracy , completeness or fairness of the
factual information contained therein and , accordingly , we
express no opinion as to whether the Obligor , in connection
with the sale of the Obligation , has made any untrue statement
o f a material fact or omitted to state a material fact
necessary in order to make any statements made , in the light of
the circumstances under which they were made , not misleading .
Very truly yours ,
® Willkie Farr & Gallagher