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1960-03-31 SP i Special Meeting March 31, 1960 Present: John 0. Webster Supervisor Meredith Bentley Justice of the Peace Harold Akins Justice of the Peace Curtis Lampson Councilman Stanley B. Miller Councilman The Board convened at 7:30 p.m. Resolution No. 57 introduced by Mr. Akins seconded by Mr. Miller: RESOLVED that Resolution No. 47 adopted March 109 1960, confirming the determination of the Supervisor respecting the issuance and sale of $15,800 serial bonds and authorizing the purchase of such bonds issued with moneys from the Capital Reserve Fund be and the same is hereby rescinded. Duly adopted by the following vote: Ayes - Mr. Miller, Mr. Bentley, Mr. Lampson, Mr. Akins and Mr. Webster Noes - none. The Supervisor presented the following certificate: Certificate for issuance of Serial Bonds of the Town of Queensbury, Warren County, New York, for the West Glens Falls Water District Extension No. 1 in the amount of $150800.00. I, JOhT 0. WEBSTER, ,Supervisor of the Town of Queensbury, Warren County, New York, pursuant to the power delegated to me by resolution duly adopted by the Town Board of the said Town of Queensbury and entitled "Bond Resolution Dated December 12 1956. A resolution Authoriz- ing the Construction of a Water System in Extension No. 1 to the West Glens Falls Water District in the Town of Queensbury, Warren County, New York, At a Total Estimated Cast of Not Exceeding X15,800.00 and Authorizing the Issuance of Not Exceeding $15,800.00 Serial Bonds of Said Town to Pay the Cost Thereof," do determine and certify as follows: Section 1. That the Town of Queensbury, Warren County, New York, shall issue and sell $15,800.00 of serial bonds of the Town of Queens- bury to pay the cost of construction of a water system in Extension No. 1 to the West Glens Falls Water District in said town. Section 2. Said serial bonds shall be numbered from 1 through 30 and shall be dated March 1, 1960. Bond No. 1 shall be of the denomination of $550.00 and shall mature and be paid on March 11 1961. Bond No. 2 shall also be of the denomination of $550.00 •and shall mature and be paid on March 10 1962. Bonds numbered 3 through 30 shall be of the denomination of $525.00 each and shall mature and be paid serially on March 1 in each of the years 1963 through 1990. Said bonds shall bear interest at the rate of three (3%) per centum per annum and shall be paid annually on the 1st day of each March. The principal of and interest on said bonds shall be payable in lawful money of the United States of America at the office of the Town Clerk of the said -Town of Queensbury. Section 3. The said bonds shall be signed in the name of the Town of Queensbury by me as its Supervisor, sealed with the seal of said Town of Queensbury and attested by the Town Clerk. Section 4. The said bonds shall be sold by me at private sale at a price of not less than par value plus accrued interest, if any, and my receipt shall be a full acquittance to the purchaser who shall not be obliged to see to the application of the purchase money. Section 5. The full faith and credit of the said Town of Queens- bury are hereby pledged for the punctual payment of the principal of and interest on said bonds as the same become due. 14 Section 6. The power delegated to me by the Town Board to issue said bonds is in full force and effect and has not been revoked, modified or amended. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the Town of Queensbury on this lst day of March, 1960. John 0. Webster ' Supervisor XrQ Akind: lAtroduedd_fEeablution No. 58 and moved its adoption, secon- ded by Mr.* Lampson: Whereas, this Town Board adopted a bond resolution of December 1, 1956, which authorized the construction of a water system in Exten- sion No. 1 to the West Glens Falls Water District at a cost not' to exceed $15,800.00 and which authorized the issuance and sale of serial bonds of the Town of Queensbury in an amount not to exceed $15,800.00 to pay the cost thereof and which delegated to the Supervisor the poweryto determine the date, form, contents and terms of said bonds, and Whereas, the Supervisor has authorized the issuance and sale of said serial bonds in the amount of $15,800.00 in the maturities of $550.00 on March 1, 1961 and on March 1, 1962 and $525.00 on March 1 in each of the years 1963 through 1990, inclusive with an interest rate of 3f per annum, be it RESOLVED that the determination of the Supervisor with respect to the issuance and sale of said $150800.00 serial bonds be and the same hereby is ratified, confirmed and approved, and be it further RESOLVED that the Town of Queensbury invest the sum of $15,800.00 of its Capital Reserve Fund by the purchase of said $i5,800.00 serial bonds and that the Supervisor be and he hereby is authorized and directed to purchase said $15,800.00 serial. bonds of the Town of Queensbury from the funds in the Capital Reserve Fund, and: be it further RESOLVED that, from the proceeds of the sale of said serial J bonds, the Supervisor pay the bond anticipation note in the amount of $8,500.00 and interest and that the remainder of the proceeds of the sale of said bonds be deposited in a separate account to the credit of Extension No. I to the West Glens Falls Water District. Duly adopted by the following vote: Ayes - Mr.' Miller, Mr. Bentley, Mr. Lampson, Mr. Akins and Mr. Webster Noes - none The Board discussed further the matter of investment of available Town moneys and certificate of deposits. Mr. Akins introduced Resolution No. 59 and moved its adoption, seconded by Mr. Miller: Whereas, the Town of Queensbury presently has available and on deposit in the Glens Falls National Bank and Trust Company funds from the collection of 1960 taxes, a considerable portion of which is not required for immediate expenditure, and Whereas, it is provided by Section 11 of the 'General Municipal Law that a municipality may temporarily invest such funds in special time deposit accounts or certificates of deposit provided the same —' are payable within such time as such funds shall be needed to meet expenditures for which such. moneys were obtained and appropriated, be it ' RESOLVED that the Town of Queensbury invest the sum of $40,000 from the Highwa fund, the sum of $4,000 from Ridge Road Water District, and the sum of 45,000 from the West Glens Falls Water District Fund, 15 in certificates of Deposits of the Glens Falls National Bank and Trust Company for six months at the rate of 3% per annum, and the sum of 40,000 from the Highway Fund and $9,000 from the Queensbury Fire Protection District Funds in Certificates of Deposits for three months at the rate of one percent per annum, of the Glens Falls National Bank and Trust Company, and be it further RESOLVED that the Supervisor be and he hereby is authorized and directed to draw checks on the funds now on deposit in the Glens Falls National Bank and Trust Company in the several accounts of the Town of Queensbury for investment in such certificates of deposit authorized by this resolution but not exceeding in the aggregate the amount hereby authorized, but further provided that such certificate of deposit be secured as provided by Section 11 of the General Municipal Law. Duly adopted by the following vote: Ayes - Mr. Miller, Mr. Bentley, Mr. Lampson, Mr. Akins and Mr. Webster Noes - none e The Town Clerk reported that the agreement entered between the Town Board and the Town Superintendent of Highways relating to the expenditure of moneys for Item 1 of the Highway Fund had been returned by the County Superintendent of Highways approved by him. Further discussion was had in reference to the laying of water pipe under the East and West By-Pass of the City of Glens Falls along Ridge Road and enlarging pipe in. the present water system of the Ridge Road Water -District. The matter was referred to the Supervisor. The matter of the salary of the Health Officer was discussed. The Super- visor read a letter from Dr-. Selinger in reference to- salary of the Health Officer for January -and -February. - T-he- Supervisor retained the letter. - - - - - - - - The Board generally discussed_ the- ordinance- regulating the housing develop- ments in the Town of Queens-bury, - - - On -mo-ti-on the meeting adjourned. - - Town Clerk Regular Meeting - - - - - - - - April 14, 1960 Present. -- John 0. Webster Supervisor Harold Akins Justice of the Peace Stanley B. Miller - - - - - - - Councilman Absent: Meredith Bentley - - - - - Justice of the Peace Curtis Lampson - _ Councilman Bernard Codner was also -present-; John Van Duge'a, Town Surveyor, also presen . - - - The meeting Baas called to order at -9:40 p,m-, C. Powell] South, secretary -of- the Queensbury Central Volunteer Fire Co. was present and requested, -on behalf of the Company, permission to hold a carnival from June 6 through June- 1-1 -onr the Broughton lot, Upper Glen Street, - - - - - - - - Resolution No. 60introduced7by -Councilman Miller, seconded by Justice Akins: RESOLVED that permission be granted7 to -hold a carnival: Sponsor - Queensbury Central Volunteer Fire Co. , Inc.