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1973-10-10 SP 1395 SPECIAL MEETING OCTOBER 10, 1973 MEMBERS PRESENT: John Austin Supervisor Daniel Olson Councilman Robert Barber Councilman Harold Robillard Councilman Gordon Streeter Councilman Harold W. Katz Meeting Opened Salute to the Flag. 9:00 A,M. T RESOLUTION AUTHORIZING THE CONSTRUCTION OF A WATER SYSTEM TO SERVE QUEENSBURY STORAGE AND DISTRIBUTION DISTRICT IN THE TOWN OF QUEENSUBYRY, WARREN COUNTY, NEW YORK, AT A MAXIMUM ESTIMATED COST OF $4,175,000 AND AUTHORIZING THE ISSUANCE OF $4,175,000 SERIAL BONDS OF SAID TOWN TO PAY THE COST THEREOF. RESOLUTION NO. 293, Introduced by Mr. Gordon Streeter, who moved its a op on, seconded by Mr. John Austin: WHEREAS, pursuant to proceedings heretofore had and taken in accordance with the provisions of Article 12-A of the Town Law and more particularly an approving order of the State Comptroller dated October 5 , 1973, and a final order of this Town Board dated October 6, 1973, there has been established the Queensbury Water Storage and Distribution District in the Town of Queensbury, Warren County, New York; and WHEREAS, it is now desired to authorize the construction of the proposed improvements in and for said District and to authorize the financing of the costs thereof; NOW THEREEDRE, BE IT RESOLVED, by the Town Board of the Town of Queensbury, Warren County, New York, as follows : Section 1. The construction of a water system to serve Queensbury Water Storage and Distribution District iti the Town of Queensbury, Warren County, New York, consisting of a water filtration plant , maintenance .building and a water distribution system, including water mains , valves , hydrants and appurtenant facilities , together with the acquisition of lands , and rights in land where necessary, and as more fully set forth — and shown on the map and plans prepared in connection therewith and now on file in the office of the Town Clerk, is hereby authorized at a maximum estimated cost of $4, 175. 000. Section 2. The maximum estimated cost of such specific object or purpose is $4,175 ,000 and the plan for the financing thereof is by the issuance of $4, 175,000 serial bonds of said Town, hereby authorized to be issued pursuant to the Local Finance Law. Section 3. It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is forty years , pursuant to subdivision 1 of paragraph a of Section 11. 00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the serial bonds herein authorized will exceed five years. Section 4. The faith and credit of said Town of Queensbury, Warren County, New York, are hereby irrevocably pledged to the payment of the principal of and interest on such bonds as the same respectively become due and payable.. There shall annually be assessed upon all the taxable real property in said Queensbury Storage and Distribution District at the same time and in the same manner as other Town charges an amount sufficient to pay said principal and interest as the same become due and payable, but if not paid from such source, all the taxable real property within said Town shall be subject to the levy of ad valorem taxes without limitation as to rate or amount sufficient to pay the principal Section 5 . Subject to the provisions of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the serial bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor, the chief fiscal officer, Such notes shall be of such terms , form and contents , and shall be sold in such manner , as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law. Section 6. In consideration of the pruchase and acceptance of any and all of the serial bonds herein authorized and of bond anticipation notes issued in anticipation thereof by those who shall hold such bonds and dotes from time to time, said Town of Queensbury covenants (a) that it will issue and deliver said bonds in accordance with the terms hereof prior to the last maturity date of any such bond anticipation notes , including renewals there- of, in a principal amount at least equal to the principal amount of said notes then outstanding and (b) that notwithstanding any other provisions of this resolution, (i) it will make no use of the proceeds of any such bonds X388 or notes which, if such use had been reasonably expected on the date of issue of such bonds or notes, would have caused such bonds or notes to be "arbitrage bonds" within; the meaning of Section 103 (d) of the Internal Revenue Code of 1954, as amended, and (ii) as long as any of such,e�q .4c .Rr A,otes are outstanding, it will comply with the requirements ofn the Internal Revenue Code of 1954, as amended, and with applicable regulations of the Department of the Treasury promulgated thereunder. Section 7. The validity of such bonds may be contested only if: 1) Such bonds 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 days after the date of publication, or 3) Such bonds are authorized in violation of the provisions of the Constitution. Section 8. This resolution shall be deemed to supersede the bond resolution duly adopted by the Town Board of said Town on April 18, 1973, having the exact same title as this resolution, with the exception of the date thereof. Section 9. This resolution, which takes effect immediately, shall be published in full in Glens Fall Ptst Star Times and°'Tri County News , the official newspapers, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law. Duly adopted by the following vote: Ayes : Mr. Olson, Mr. Barber, Mr. Robillard, Mr. Streeter, Mr. Austin Noes, None Absent: None On motion the meeting was adjourned. Respectfully submitted, Donald A. Chase Town Clerk s ry SPECIAL MEETING OCTOBER 10, 1973 MEMBERS PRESENT: John Austin Supervisor Daniel Olson Councilman Robert Barber Councilman Harold Robillard Councilman Gordon Streeter Councilman Harold W. Katz Meeting Opened 9 :00 A.M. Salute to the Flag RESOLUTION TO APPROVE AUDIT OF BILLS RESOLUTION NO. 294 Introduced by Mr. Harold Robillard who moved its adoption, seconded by Mr. Daniel Olson: RESOLVED, that the Audit of Bills as listed on Abstract 73-10 numbered 1305B-1305C totaling $793,471.45. Duly adopted by -the following vote: Ayes : Mr. Olson, Mr. Barber, Mr. Robillard, Mr. Streeter, Mr. Austin i Noes : None J Absent: None On motion the meeting was adjourned. Respectfully submitted, Donald A. Chase, Town Clerk