WHEREAS, the Board of Commissioners of the North Hempstead Lighting District (herein called the “District”) in the Town of North Hempstead (herein called the “Town”), in the County of Nassau, New York, has requested that the Town Board undertake proceedings for the increase and improvement of facilities of the District, consisting of the installation of LED lighting, at an estimated maximum cost of $100,000; all of the foregoing to include any equipment, furnishings, machinery or apparatus, and any ancillary or related work required in connection therewith, and after a public hearing duly called and held, 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 $100,000 for the increase and improvement of facilities of the District as described in the above Recital. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $100,000. The plan of financing includes the issuance of $100,000 bonds of the Town to finance said appropriation, and the assessment, levy and collection of assessments from the several lots and parcels of land within the District in the same manner and at the same time as other Town charges, to pay the principal of and interest on said bonds as the same shall become due and payable.
Section 2. Bonds of the Town are hereby authorized to be issued in the principal amount of $100,000, 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 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. 35. of the Law, is five (5) 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 not 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 “Newsday,” hereby designated the official newspapers of the Town for such publication.
Supervisor Bosworth 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 Ferrara, Councilperson Kaplan, Councilperson Russell, Councilperson Seeman, Councilperson Zuckerman, Supervisor Bosworth
The Resolution was declared adopted.
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 30, 2018 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 _________________________, 2018.
(NOTICE AND SUMMARY OF BOND RESOLUTION FOR PUBLICATION)
The resolution, a summary of which is published herewith, has been adopted on January 30, 2018, 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.
BOND RESOLUTION OF THE TOWN OF NORTH HEMPSTEAD, NEW YORK, ADOPTED JANUARY 30, 2018, APPROPRIATING $100,000 FOR THE INCREASE AND IMPROVEMENT OF FACILITIES OF THE NORTH HEMPSTEAD LIGHTING DISTRICT AND AUTHORIZING THE ISSUANCE OF BONDS OF THE TOWN IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $100,000 TO FINANCE SAID APPROPRIATION
The object or purpose for which the bonds are authorized is the increase and improvement of facilities of the North Hempstead Lighting District, consisting of the installation of LED lighting, at the estimated maximum cost of $100,000.
The period of probable usefulness applicable to the bonds issued is five (5) years.
The maximum amount of obligations authorized to be issued is $100,000.
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 30, 2018
Manhasset, New York