Item Coversheet






Councilperson De Giorgio offered the following resolution and moved its adoption, which resolution was declared adopted after a poll of the members of this Board:

RESOLUTION NO. 70 - 2019

BOND RESOLUTION OF THE TOWN OF NORTH HEMPSTEAD, NEW YORK, ADOPTED DECEMBER 18, 2018, AUTHORIZING IMPROVEMENTS TO THE BLUFFS AT BEACON HILL, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $7,500,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE AND AUTHORIZING THE ISSUANCE OF BONDS OF THE TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,500,000 TO FINANCE SAID APPROPRIATION.

THE TOWN BOARD OF THE TOWN OF NORTH HEMPSTEAD, IN THE COUNTY OF NASSAU, NEW YORK, HEREBY RESOLVES (by the favorable vote of not less than two-thirds of all the members of said Town Board) AS FOLLOWS:

Section 1.  The Town of North Hempstead, in the County of Nassau, New York (herein called the “Town”), is hereby authorized to construct improvements to the bluffs at Beacon Hill.  The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $7,500,000 and said amount is hereby appropriated for such purpose.  The plan of financing includes the issuance of bonds of the Town in the principal amount of $7,500,000 to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable.

Section 2.  Bonds of the Town in the principal amount of not to exceed $7,500,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called the “Law”), to finance said appropriation.

Section 3.  The period of probable usefulness applicable to the object(s) or purpose(s) for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 35 of the Law, is fifteen (15) years.

Section 4.  The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized.  The foregoing statement of intent with respect to reimbursement is made in conformity with Treasury Regulation Section 1.150-2 of the United States Treasury Department.

Section 5.  The proposed maturity of the bonds authorized by this resolution will exceed five years.

Section 6.  Each of the bonds authorized by this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall contain the recital of validity as prescribed by Section 52.00 of the Law and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town.  The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds, and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.

Section 7.  Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00 of the Law relative to the authorization of the issuance of bonds with substantially level or declining annual debt service, Section 30.00 relative to the authorization of the issuance of bond anticipation notes and Section 50.00 and Sections 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Town Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized, and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, and the powers and duties relative to executing contracts for credit enhancements and providing for substantially level or declining annual debt service, are hereby delegated to the Supervisor, the chief fiscal officer of the Town.

Section 8.  The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if:

(a)        such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or

(b)        the provisions of law which should be complied with at the date of the publication of such resolution, or a summary thereof, are not substantially complied with,

and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or

(c)        such obligations are authorized in violation of the provisions of the constitution.

Section 9.  This bond resolution is subject to a permissive referendum and the Town Clerk of said Town of North Hempstead is hereby authorized and directed to cause to be published, in full, within ten (10) days after the adoption of this resolution, in “Newsday” and “Port Washington News,” which are hereby designated the official newspapers of the Town for such publication, and posted on the sign board of the Town maintained pursuant to the Town Law, a Notice in substantially the following form:


TOWN OF NORTH HEMPSTEAD, NEW YORK

PLEASE TAKE NOTICE that on January 29, 2019, the Town Board of the Town of North Hempstead, in the County of Nassau, New York, adopted a bond resolution entitled:

“Bond Resolution of the Town of North Hempstead, New York, adopted January 29, 2019, authorizing improvements to the bluffs at Beacon Hill, stating the estimated maximum cost thereof is $7,500,000, appropriating said amount for such purpose and authorizing the issuance of bonds of the Town in the principal amount of not to exceed $7,500,000 to finance said appropriation,”

an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:

FIRST:  AUTHORIZING the construction of improvements to the bluffs at Beacon Hill; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $7,500,000; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the issuance of bonds of the Town in the principal amount of $7,500,000 to finance said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon;

SECOND:  AUTHORIZING the issuance of bonds of the Town in the principal amount of not to exceed $7,500,000, pursuant to the Local Finance Law of the State of New York (the “Law”), to finance said appropriation;

THIRD:  DETERMINING and STATING the period of probable usefulness applicable to the purpose for which said bonds are authorized to be issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of said $7,500,000 bonds will exceed five (5) years;

FOURTH:  DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town;

FIFTH:  DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals thereof, and other related powers; and

SIXTH:  DETERMINING that the bond resolution is subject to a permissive referendum.

DATED: January 29, 2019

Wayne H. Wink, Jr.
Town Clerk


Section 10.  The Town Clerk is hereby directed, after said bond resolution shall take effect, to cause said bond resolution to be published, in summary, in the newspaper(s) referred to in Section 9 hereof, and hereby designated the official newspaper(s) for said publication, together with a Notice in substantially the form as provided by Section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York.

*               *               *


The adoption of the foregoing resolution was duly put to a vote on roll call, which resulted as follows:

Ayes:  Councilperson De Giorgio, Councilperson Russell, Councilperson Seeman, Councilperson Zuckerman, Supervisor Bosworth

 

Noes:  None

 

Absent:  Councilperson Ferrara

********


CERTIFICATE

I, WAYNE H. WINK, JR., Town Clerk of the Town of North Hempstead, in the County of Nassau, State of New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town of North Hempstead duly called and held on January 29, 2019, has been compared by me with the original minutes as officially recorded in my office in the Minute Book of said Town Board and is a true, complete and correct copy thereof and of the whole of said original minutes so far as the same relate to the subject matters referred to in said extract.

IN WITNESS WHEREOF,   I have hereunto set my hand and affixed the corporate seal of said Town of North Hempstead this ____ day of ______________, 2019.

(SEAL)                                                                                                                                              
Town Clerk


STATE OF NEW YORK       )
:ss:

COUNTY OF NASSAU       )

WAYNE H. WINK, JR., being duly sworn, deposes and says:

That he is and at all times hereinafter mentioned he was the duly elected, qualified and acting Town Clerk of the Town of North Hempstead, in the County of Nassau, State of New York;

That on January 29, 2019, he has caused to be conspicuously posted and fastened up a Notice setting forth an abstract of the bond resolution duly adopted by the Town Board on January 29, 2019, a copy of which is annexed hereto and made a part hereof, on the sign board of the Town maintained pursuant to the Town Law.

                                                                      
Town Clerk

Subscribed and sworn to before me

this           day of January, 2019.

                                                                 
Notary Public, State of New York


(NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION UPON EXPIRATION OF PERIOD OF PERMISSIVE REFERENDUM)


NOTICE

The resolution, a summary of which is published herewith, has been adopted on January 29, 2019, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed.  The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of North Hempstead, in the County of Nassau, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of the notice, or such obligations were authorized in violation of the provisions of the constitution.

         Wayne H. Wink, Jr.
Town Clerk

BOND RESOLUTION OF THE TOWN OF NORTH HEMPSTEAD, NEW YORK, ADOPTED JANUARY 29, 2019, AUTHORIZING IMPROVEMENTS TO THE BLUFFS AT BEACON HILL, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $7,500,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE AND AUTHORIZING THE ISSUANCE OF BONDS OF THE TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $7,500,000 TO FINANCE SAID APPROPRIATION

The object(s) or purpose(s) for which the bonds are authorized is the construction of improvements to the bluffs at Beacon Hill.

The maximum amount of obligations authorized to be issued is $7,500,000.

The period of probable usefulness of the bonds is fifteen (15) years.

A complete copy of the Bond Resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, Town Hall, 200 Plandome Road, Manhasset, New York.

Dated:       January 29, 2019
Manhasset, New York


CERTIFICATE OF CLERK

I, WAYNE H. WINK, JR., Town Clerk of the Town of North Hempstead, in the County of Nassau, State of New York, HEREBY CERTIFY as follows:

That a resolution of the Town Board of the Town of North Hempstead, in the County of Nassau, State of New York, entitled:

“Bond Resolution of the Town of North Hempstead, New York, adopted January 29, 2019, authorizing improvements to the bluffs at Beacon Hill, stating the estimated maximum cost thereof is $7,500,000, appropriating said amount for such purpose and authorizing the issuance of bonds of the Town in the principal amount of not to exceed $7,500,000 to finance said appropriation,”

was adopted January 29, 2019, and that the notice setting forth the date of adoption of the resolution and containing an abstract of said resolution which concisely stated the purpose and effect thereof, was duly posted and published as required by law.

That no petition signed and acknowledged by the electors of the Town protesting against said resolution and requesting that said resolution be submitted to the electors of the Town for their approval or disapproval has been filed with the Town Clerk within thirty days after the date of the adoption thereof, or at any other time since said adoption.

IN WITNESS WHEREOF,   I have hereunto set my hand and affixed the corporate seal of said Town this         day of January, 2019.

(SEAL)                                                                                                                                              
Town Clerk