A RESOLUTION AUTHORIZING THE ISSUANCE OF SERIAL BONDS OR A STATUTORY INSTALLMENT BOND IN THE TOWN OF LYME IN THE AMOUNT OF $336,000. THE PROCEEDS OF WHICH ARE TO BE USED FOR ACQUISITION OF A PORTION OF REAL PROPERTY KNOWN AND TOWN OF LYME TAX MAP PARCEL NUMBER 61.51-1-42.1 TO BE USED AS RECREATION AND PARK LAND.
BE IT RESOLVED, by the Town Board of the Town of Lyme, Jefferson County, New York, as follows: Section 1. The Town of Lyme in the interest of the citizens of the Town of Lyme, shall acquire a portion of Town of Lyme Tax Map Parcel Number 61.51-1-42.1 to be used as Recreation and Park land. The cost of such acquisition is $336,000. Section 2. It is hereby determined that the period of probable usefulness of the aforesaid acquisition is fifteen (15) years, pursuant to subdivision (a)19(c) of Section 11.00 of the Local Finance Law. It is further determined that no down payment is required pursuant to Section 107(d)(3)(a) of the Local Finance Law. Section 3. The plan for the financing of such estimated cost is by the issuance of a serial bonds or a statutory installment bond not exceeding $336,000 of said Town hereby authorized to be issued therefore, pursuant to the Local Finance Law for a period in excess of five (5) years. It is noted that the price for the full property is $480,000 of which private individuals shall purchase a portion for $150,000. Section 4. The faith and credit of said Town of Lyme, Jefferson 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 become due and payable. Section 5. All other matters, except as provided herein relating to such bonds, including determining whether to issue such bonds having substantially level or declining annual debt service and all matters related thereto, prescribing whether to manual or facsimile signatures shall appear on said bonds, prescribing the method for the recording of ownership of said bonds, appointing the fiscal agent or agents for said bonds, providing for the printing and delivery of said bonds (and if said bond are to be executed in the name of the Town by the facsimile signature of its Town Supervisor), including the consolidation with other issues, shall be determined by the Town Supervisor. It is hereby determined that it is to the financial advantage of the Town not to impose and collect from registered owners of such bonds 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. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law and shall otherwise be in such form and contain such recitals in addition to those required by Section 52.00 of the Local Finance Law, as the Town Supervisor shall determine. Section 6. The validity of such bonds and bond anticipation notes may be contested only if: (1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or
(2) The provisions of law which should be complied with at the date of publication of this resolution 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 7. Upon this resolution taking effect, the same be published in full in the Watertown Daily Times, the official newspaper of said Town for such purpose, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Section 8. This resolution is subject to mandatory referendum, which referendum shall be held on the 17th day of July, 2018 from 4:00 p.m. to 9:00 p.m. at the Town Offices located at 12175 NYS Route 12e, Chaumont, New York and the Three Mile Bay Fire Hall located at 8581 NY 12E, Three Mile Bay, New York. Section 9. This resolution shall constitute a statement of official intent for the purposes of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the object or purpose described herein.