The Resolution published herewith has been adopted on the 10th day of November, 2015, and the validity of the obligation herein authorized may be hereafter contested only if such obligation was authorized for an object or purpose for which the Town of Meredith 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 [20] days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the constitution. TERESA DESANTIS ACTING CLERK OF THE TOWN OF MEREDITH Statutory Installment Bond Resolution OF THE TOWN OF MEREDITH AUTHORIZING ISSUANCE OF STATUTORY INSTALLMENT BOND OF THE TOWN OF MEREDITH, DELAWARE COUNTY, NEW YORK IN THE AMOUNT OF ONE HUNDRED TWENTY-FIVE THOUSAND AND NO/100S DOLLARS [$125,000.00] Whereas, the Town Board of the Town of MEREDITH, New York, by a resolution duly adopted on the 10th day of November, 2015, authorized the purchase, through NYS Office of General Services, pursuant to Section 104 of the General Municipal Law of the State of New York, of one 2010 Freightliner Tractor, and Whereas, the Bureau of Federal Property Assistance surplus price of said 2010 Freightliner Tractor is $4500.00 and Whereas, the Town Board of the Town of MEREDITH, New York, by a resolution duly adopted on the 10th day of November , 2015, authorized the Town Superintendent of Highways to purchase said 2010 Freightliner Tractor and transport, refurbish, and repair said 2010 Freightliner Tractor to convert it into a snowplow, and Whereas, the cost of purchasing said 2010 Freightliner Tractor and transporting, refurbishing, and repairing said 2010 Freightliner Tractor to convert it into a snowplow is $125,000.00, and Whereas, it is desired that $125,000.00 of such cost be paid from the proceeds of obligations to be issued pursuant to the Local Finance Law, Now, Therefore, Be it Resolved: SECTION I: The specific object or purpose for which obligations are to be issued pursuant to this resolution is to finance the purchase of said 2010 Freightliner Tractor and transport, refurbish, and repair said 2010 Freightliner Tractor to convert it into a snowplow SECTION II: The maximum cost of such purchase of said 2010 Freightliner Tractor and transport, refurbish, and repair said 2010 Freightliner Tractor to convert it into a snowplow is $125,000.00 and the plan of financing such cost is as follows: $125,000.00 is to be provided by the issuance of an installment bond in the amount of $125,000.00 pursuant to this resolution. SECTION III: The following determinations are hereby made: [a] The period of probable usefulness of said 2010 Freightliner Tractor ,once it has been refurbished, repaired, and converted into a snowplow is determined to be five [5] years. [b] The subdivision of paragraph a of Section 11.00 of the Local Finance Law which is applicable in the . circumstances is subdivision "28". . [c] The proposed maturity of the obligations authorized by this resolution will not be in excess of five [5] years. SECTION IV: The Town of MEREDITH shall issue its statutory installment bond in the amount of $125,000.00 to finance such cost in accordance with the financial plan set forth above. Such bond shall be dated approximately as of December 1st, 2015, and the power to fix and determine the exact date of such bond is hereby delegated to the Town Supervisor. SECTION V: Said statutory installment bond shall obligate the Town to pay to the registered owner the principal sum of $125,000.00 in five installments as follows: $25,000.00 on the 1st day of December, 2016; $25,000.00 on the 1st day of December, 2017; $25,000.00 on the 1st day of December, 2018; $25,000.00 on the 1st day of December, 2019; $ 25,000.00 on the 1st day of December, 2020; and to pay interest on the unpaid balance of such principal sum at the rate of 2.00% per annum, on the 1st day of December, 2016, the 1st day of December, 2017, the 1st day of December, 2018, the 1st day of December, 2019, the 1st day of December, 2020,continuing annually from the date of the bond until it matures at the NATIONAL BANK OF DELAWARE COUNTY 131-133 Delaware Street, Walton, New York 13856. SECTION VI: This Town Board expressly reserves the power on any interest payment date prior to maturity to call in and redeem said bond by payment of all interest due to that date plus the remaining unpaid balance of the principal. SECTION VII: Said installment bond shall be issued in substantially the following form, to wit: SECTION VIII: When said bond shall have been duly sold, the same shall be delivered by the Town of MEREDITH Town Clerk to the purchaser upon payment to it of the purchase price including accrued interest, and the receipt of the Town of MEREDITH shall be a full acquittance to said purchaser who shall not be obligated to see to the application of the purchase money. SECTION IX: The faith and credit of said Town of MEREDITH are hereby pledged to the payment of the principal of said bond and interest thereon when due. An amount sufficient to pay the principal and interest on said bond as the same becomes due each year shall be included in the annual budget of such Town of MEREDITH for the year, and the said bond shall not be renewed. SECTION X: The validity of the bond herein authorized may be contested only if [1] such obligation is authorized for an object or purpose for which the Town of MEREDITH is not authorized to expend money, or [2] the provisions of law which should be complied with at the date of the publication of this resolution or summary thereof, are not substantially complied with and an action, suit or proceeding contesting such validity, is commenced within twenty [20] days after the date of such publication or [3] such obligations are authorized in violation of the provisions of the Constitution. SECTION XI: Pursuant to the provisions of the Tax Reform Act of 1986, as amended, this Board expressly represents that the Town will not issue more than ten million dollars [$10,000,000.00] of tax exempt obligations in any calendar year and directs hat a copy of this Resolution be furnished to the bond purchaser. SECTION XII: This resolution shall take effect immediately. I HEREBY CERTIFY THE ABOVE TO BE A TRUE AND EXACT COPY OF THE RESOLUTION WHICH WAS DULY ADOPTED AT A MEETING OF THE TOWN BOARD OF THE TOWN OF MEREDITH, NEW YORK ON November 10, 2015. TERESA DESANTIS ACTING CLERK OF THE TOWN OF MEREDITH The Resolution having received at least a two-thirds vote of the members of the Town Board of the Town of MEREDITH was declared by the Chairman to be duly adopted by the following votes: Absent Aye Nay Ellis_______________ XX Bailey_________ XX Birnbaum_______ XX Janiszewski______ XX Polens____ XX
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