1955-10-29 SP 1,05
Special Yleeting October 29 ,. 1955
Present:"
T-T. Russell narris
Supe rvi_sox
Fla.rQld Urns justice of the Peace
Curtis La�pson Councilman
71 eymond,";gal iup Councilman
Absent: Meredith. Bentley justice. o" Peace
The board convened at 7:30 P.111%
This special meeting was called for the purpose of borrowing money to
carry on the Trror!.7_ of the Highway Department. In this connection, r,"r.
Harris presented the f01107,�ring letter:
Albert E. Beswick
Attorney at Law
Glens Falls N.Y.
Mr. H. Russell Harris October 26, 1955
Supe rvi s or
Star Rt.
`Glens `Fadl l s , N.Y.
Dear Russell:
I have discussed *,with. Ernest Lackey the financial problems of his
department and it appears- that several tmgn highways were badly damaged
last minter by freezing and had to be reconstructed during the present
year, and involving the expenditure- of X4,390.00 which was not provided
for in the budget.
` Subdivision 20 of ,Section 11.00 of the Local Finance Late provides
' for the financing of construction and reconstruction of to`:n highcniays by
the issuance and sale of serial bonds or capital notes. Accordingly, I
have prepared and enclose resolution authorizing the issuance of
;4,390.00 of capital rotes to cover the reconstruction of the roads men-
tioned therein and providing for two notes , one for $2,,390.00 payable in
1956 and. the balance of $2,000.00 in 1957, and a resolution authorizing
the investment of �4„390.00 of the capital reserve fund by t�he purchase
of these notes. I have also prepared and enclose the two notes.
Yr. Lackey also says that he will need the $900.00 represented by
the margin left of your budget note limitation. I .have prepared and en-
close Y � A
close budget#note resolution authorizing; a budget note in the amount of
$900.00, thenote and a resolution authorizing the investment of X900,00
of the capitol reserve fund for the purchase of this note.
These two items will furnish Mr. Lackey with $5,290.00 to carry him
through_the_ remainder of the year.
Yours very truly,
Albert F. Beswick
Resolution No. 1.02 introduced. by Justice Akins , seconded. by Councilman
Lamr)s on:
Capital Note Resolution of October 29 ,
1955, authorizing the issuance and sale
of Capital Notes of the Town of Queens--
- bury, Warren County, New. Yor�, in the
amount of $4„390.00 to pay the Cost of
Reconstruction of Town Highways.
RESOLVED this 29th day of October, 1955„ by the Town. Board: of the
Town of Queensbury, 'Marren County, New York, as follows :
Section 1. The reconstruction of certain town hir;hways in the
Tvtm of Queensbury, to wit: Cleverdale Road., West Mountain Road , Cronin
Road, Country Club Road, Assembly Point Road and Chestnut Ridge Road. is
hereby authorized and for the purpose of .providing funds _to pay the cost
' i
to
thereof Capital Notes of the Town of Queensbury in the amount of
�4,390.OQ to be of the terms ,. form and, content hereinafter specified
shall be issued by the Town of Queensbury, Warren County, New York,
pursuant to the provisions of the Local Finance Lati�r of the State of
hew York. -
Section 2. The maximum cost of the improvement consisting of the
reconstruction of Cleverdale Road is $11390.001, of Vest Mountain Road
is $700.00,. of Cronin Road is_ X800.00,. of Country Club Road is $800-00,
of Assembly Point Road-is Sw400.00 and of Chestnut�RGdgh. Roo�dsico$300.00,
or �. total of X4,.390.00, azzd the plate of financing; ,..
of the issuance and, sale of the said capital notes in the amount of
$4,.390.00.
Section 3. It is hereby determined that the purpose for which
said notes are to be issued , to wit, the reconstruction of tolom
subparagraph 20 of subdivision "a=' of Section
highways , falls within
11.00 of the Local Finance Law,. and that the period of-probable use-
fulness of such purpose .is five years.
Section 4. The proposed ,maturity of the capital notes hereby
authorized will not be in excess of five years.
Section_ 5. The said notes shall be dated November'l., 19559
shall each be designated and known as "Capital Dote of 1955 of the Town
of Queensbury, Warren County, New York.", The said notes shall bear
interest at the rate of two and. one-half per centum� per annum payable
at maturity and the principal of and interest on. said notes shall be
payable in lawful money of the United States of America at the off ice
of the Supervisor of the Town of Queensbury, Warren County, New York.
Said principal sum- of $4,390.00 shall be evidenced by two notes, one
of said notes to be in the amount of $2,,390.00 and designated as No,l
and, shall mature and be payable on May 1,; 1956; with interest from
date , and the other of said. lc7hbe�ayablef on May 11
and designated as No. 2 an d shall mature an
1957, with interest from date.
- Section 6,
The said notes shall be in such form and of such r
content ass the Supervisor shall determine except as expressly pro-
K> ., vided herein and consitstent with the provisions of the Local Finance i
E Law.
Section 7. Each of said notes shall be executed in the name
of the Toigi of Queensbury by the Supervisor and sealed with the seal
of the Town and. attested by the Town Clerk,
Section 8. The said notes shall be sold at one time as a single
capital note issue. by the Supervisor at a
price of not less than par
value of and accrued interests if any, and. the proceeds of sale shall
be applied, solely for the ,purpose aforesaid:,
,Section 9. Upon due execution and sale of said notes, the same
shall be delivered to the purchaser upon the payment by him of the
purchase price in cash to the Supervisor and the receipt of such Super-
visor shall be a full acquittance to said purchaser who shall not be
obliged to see to the application of the purchase money,
Secti on I.O. The full faith and credit of the Town of Queens-
bury, barren County, New York, are hereby pledged for the punctual
payment--of the principal of and interest bn said notes. An amount
sufficient to pay the principal of and interest on said capital notes
shall be included in the a.nnu�il budget and levied as a part of the
taxes for each. fiscal year to pay` the principal and interest be-
coining due and payable in such fiscal year. Lj
Section 11.+ This' resolution shall take effect immediately,
The foregoing resolution: was duly put to vote which resulted
as follows
Ayes - Mr. Walkup, Mr. Lampson, Mr.. Akins and Mr. Harris
Noes-none
X07
Resolution lTo
103 intro6uced- by Mr. Akins who moved its adoption
qeconded. by 'Mr. Walimp.
IZIEREAS, the Town Board- of the Town of Queensbury has, authorized
the issuance and sale o f an issue of capital notes in the ariount of
4;390.00 to Day the co-
st of reconstruction of town highways ,
RESOLVED that the Supervisor be and hereby is authorized and direct-
ed to invest X4,390.00 if the funds in the Ca-pital Reserve Fund of the
Town of Queensbury by purchasing such s
isue o
. I f capital notes.
The foregoing resolution was duly put to vote which resulted as
follows :
Ayes - Mr. Walkup, Mr. L�mpson, Mr. Aj,t_ins end Mr. Harris
Noes none
Resolution No. 104 introduced by Mr. Akins i,,Tho r?oved its �� 't-Ition , secon-
ded by Mr. Walkup. _6
BUDGET NOTE RESOLUTION OF OCTOBER
291, 1955, of THE- Tg.T OF QTTEENS-
BURY, WP.RREN COUNTY, YORKJ in
the AlKiOU-NT OF 4900.00,
BE IT RESOLE D this 29th day of October, 1955 , by the Toi.,,n Board
Of' the Town of Queensbury, Warren County, New Yor!_, as follows :
Section T. That pursuant to the Local Finance Law of the Stete of
York, the Town of Queensbury, Warren County,. New Yorl�, for the purl ose
of providing funds for Item I of 'the hi�:hway fund of 1955,. shall issue and
sell a budv,-�,t note in the amount Of $900-001� to mature on the lst day of
C,
April, 1956.
Section 2. That, except as herein specifically prescribed , said
note shall be of the date , termss, form, contents and place of payment and
at a rate of interest not exceeding five per centum per annum as may be
i determined by the Supervisor, consistent , however, with the provisions of
the Local Finance Law of the State of New Yorl----, and sba-11 be executed in
the name of said Town' by the Su-r)ervisor and the seal of the To�,.,n_ shall be
attached theretol
Section 3. That said note shall be sold at private sale by the
Su.:)ervis-OV at a price of not lbss than p'ar valu'e and accrued' interest, if
any,. a.nd U*ppn the due execution and sale of said note the same shall be
delivered to the purchaser upon the payment to the Supervisor of the pur-
chase prict in cash; and the receipt of the Supervisor` shall` be a full ac-
quittance to such purchaser who shall not be obliged to see to the appli-
cation -of the purchase money.
Section 4. The full faith and, credit of the Town of Queensbury,
.4arren Couhty, New York, are' pledged to the punctual payment of princi,)al
of and interest on said. note.
Section 5. This resolution shall take leffect iTr_�T_ediately..
The foregoing resolution was duly put to a vote by the Town Board
�L
which resulted as follows :
4
H.'Russell Harris Supervisor Aye
Meredith Bentley Justice of the Peace Absent
L Harold D. Akins Justice of the Peace Aye
Curtis Lampson Councilman Aye
Raymond-Walkup Councilman Aye
Noes none
On motion the meeting; adjourned .
Frances L. Turner
Town Clerk