Item Coversheet






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

RESOLUTION NO. 26 - 2019

BOND RESOLUTION OF THE TOWN OF NORTH HEMPSTEAD, NEW YORK, ADOPTED JANUARY 29, 2019, APPROPRIATING $1,600,000 FOR THE INCREASE AND IMPROVEMENT OF FACILITIES OF THE HARBOR HILLS PARK DISTRICT, AUTHORIZING THE ISSUANCE OF BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,600,000 IN ADDITION TO THE $847,975 HERETOFORE APPROPRIATED FOR SUCH PURPOSE; AND AUTHORIZING THE ISSUANCE OF BONDS OF THE TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,600,000, IN ADDITION TO THE $847,975 BONDS HERETOFORE AUTHORIZED FOR THE PROJECT TO FINANCE SAID APPROPRIATION AND FURTHER AUTHORIZING ANY FUNDS TO BE RECEIVED FROM THE UNITED STATES OF AMERICA, THE STATE OF NEW YORK OR ANY OTHER SOURCES TO BE EXPENDED TOWARDS THE COST OF SAID PROJECT OR REDEMPTION OF THE TOWN’S BONDS OR NOTES ISSUED THEREFOR, OR TO BE BUDGETED AS AN OFFSET TO THE TAXES TO BE COLLECTED FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS OR NOTES.

Recital

WHEREAS, on January 31, 2017, the Town Board of the Town of North Hempstead (herein called the “Town”), in the County of Nassau, New York, on behalf of the Harbor Hills Park District (herein called the “District”) adopted: (i) a resolution authorizing the increase and improvement of facilities of the District, consisting of the reconstruction of the existing dock, pier and seawall, drainage improvements and improvements to the parking lot (the “Project”), pursuant to Section 202-b of the Town Law and (ii) a bond resolution (Resolution No. 25-2017) authorizing the issuance of bonds in the principal amount of not to exceed $847,975 to finance the Project; and

WHEREAS, the maximum amount proposed to be expended for the increase and improvement of facilities of the District has now been determined to be $2,447,975; and

WHEREAS, the Town Board has determined that it is in the best interests of the Town to increase the estimated total cost of the Project from $847,975 to $2,447,975 and to increase the amount of serial bonds authorized to pay for such increased cost from $847,975 to $2,447,975; and

WHEREAS, grant funds are expected to be received in connection with said increase and improvement of facilities of the District, and any such grant funds received are authorized to be used to pay a part of the cost of such project, or to pay debt service related thereto.

WHEREAS, after a public hearing duly called and held on January 29, 2019, the Town Board of the Town determined that it is in the public interest to increase and improve the facilities of the District, and ordered that such facilities be increased and improved;

Now, therefore, be it

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

Section 1.  The Town hereby appropriates the amount of $1,600,000 for the  increase and improvement of facilities of the District as described in the above Recital, all in accordance with the map, plan and report for the Project.  The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $2,224,975 and $1,600,000 is hereby appropriated for such purpose, in addition to the $847,975 heretofore appropriated for the Project pursuant to the Bond Resolution No. 25-2017 adopted by the Town Board on January 31, 2017 (the “Prior Bond Resolution”).  The plan of financing includes the issuance of the bonds of the Town in the principal amount of not to exceed $1,600,000 to finance said additional appropriation, in addition to the $847,975 bonds heretofore authorized pursuant to the Prior Bond Resolution 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. Any grant funds received by the Town and any other funds available for such purpose are authorized to be applied toward the cost of said project or redemption of the Town’s bonds or notes issued therefor, or to be budgeted as an offset to the taxes to be collected for the payment of the principal of and interest on said bonds or notes.

Section 2.  Bonds of the Town are hereby authorized to be issued in the principal amount of $1,600,000, 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 additional appropriation.

Section 3.  The following additional matters are hereby determined and declared:

(a)        The period of probable usefulness of the specific object or purpose for which said bonds are authorized to be issued, within the limitations of Section 11.00 a. 19(c) of the Law, is fifteen (15) years.

(b)        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.  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.

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

Section 4.  Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of said bonds shall contain the recital of validity 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 a 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 issued in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.

Section 5.  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 6.  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 7.  This bond resolution shall take effect immediately, and the Town Clerk is hereby authorized and directed to publish the foregoing resolution, in summary, together with a Notice attached in substantially the form prescribed by Section 81.00 of the Law in “The Great Neck Record" and "Newsday," hereby designated the official newspapers of the Town for such publication.

Councilperson Seeman offered the foregoing Resolution and moved its adoption.  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  

 

Nays:  None

 

Absent:  Councilperson Ferrara

 

The Resolution was declared adopted.

 


 

CERTIFICATE

I, Wayne H. Wink, Jr., Town Clerk of the Town of North Hempstead, in the County of Nassau, New York, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the Town Board of said Town, 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 this ____ day of ________, 2019.

(SEAL)                                                                                                                                       

Town Clerk


(NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION)


LEGAL NOTICE

The resolution, a summary of which is published herewith, has been adopted on January 29, 2019, and 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 publication of this 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, APPROPRIATING $1,600,000 FOR THE INCREASE AND IMPROVEMENT OF FACILITIES OF THE HARBOR HILLS PARK DISTRICT, AUTHORIZING THE ISSUANCE OF BONDS OF SAID TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,600,000 IN ADDITION TO THE $847,975 HERETOFORE APPROPRIATED FOR SUCH PURPOSE; AND AUTHORIZING THE ISSUANCE OF BONDS OF THE TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $1,600,000, IN ADDITION TO THE $847,975 BONDS HERETOFORE AUTHORIZED FOR THE PROJECT TO FINANCE SAID APPROPRIATION AND FURTHER AUTHORIZING ANY FUNDS TO BE RECEIVED FROM THE UNITED STATES OF AMERICA, THE STATE OF NEW YORK OR ANY OTHER SOURCES TO BE EXPENDED TOWARDS THE COST OF SAID PROJECT OR REDEMPTION OF THE TOWN’S BONDS OR NOTES ISSUED THEREFOR, OR TO BE BUDGETED AS AN OFFSET TO THE TAXES TO BE COLLECTED FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS OR NOTES

The object or purpose for which the bonds are authorized is the increase and improvement of facilities of the Harbor Hills Park District, consisting of the reconstruction of the existing dock, pier and seawall, drainage improvements and improvements to the parking lot as further described in said map, plan and report for said project.  Any grant funds received by the Town and any other funds available for such purpose are authorized to be applied toward the cost of said project or redemption of the Town’s bonds or notes issued therefor, or to be budgeted as an offset to the taxes to be collected for the payment of the principal of and interest on said bonds or notes.

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

The maximum amount of obligations authorized to be issued is $1,600,000, in addition to the $847,975 bonds heretofore authorized for the project.

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, 220 Plandome Road, Manhasset, New York.

Dated:   January 29, 2019
Manhasset, New York