1957-05-09 SP 295
Special Meeting May 9, 1957
Present.-. H.t Russell, Harris Supervisor
Harold Akins Justice of the Peace
Curtis �ampson Councilman
Raymond'Walkup ouncilman
justice of the Peace
Absent: Vleredith.�Bentley j
The board convened at 7:30 P.M.
At this Mr.M poiTt Bentley entered,
56
Resolution introduced by Mr. Akins, seconded. by Mr. Lampson:-
REVENuE ANTICIPATION NOTE RESOLUTION
BE -IT RESOLVED, this 9th day of May, 1957, by the Town Board
of the Town of Queensbury, Warren County, New York, as Law of the State
of Section 1. That,, pursuant to the Local Fina nce�
of New York, the said Town of Queensbury, in anticipation of the
collection of a specific revenue other than real estate taxes or
assessments , to wit-. collection of water rents in the North Glens
Falls Water District, Ext. in the Town of Queensbury, to become due
11
and payable during the fiscal year commencing January 19 1957,, shall
issue and sell a revenue anticipation note in the amount of $3,500,00
to mature on December 1, 1957.
Section 2. That the amount of the uncollected specific revenue
aforesaid, to wit. the collection of water rents in t he North Glens
Falls Water Districts Ext., against which the said note is authorized
to be issued , is as of the date hereof the sum of $4,500.00 and that
there are no other outstanding revenue anticipation notes in antici-
pation of the receipt of such revenue.
Section 3. That except as herein specifically prescribed, said
note shall be of the date , terms , form,, contents and place of payment
and at a rate of interest not exceeding two and one-half per cent per
armum, as may be determined by the Supervisor, consistent, however,
with the provisions of the Local Finance Law of the State of Neer York,
and shall be executed in the name of the Town of Queensbury by its
Supervisor and the seal of the town shall be attached thereto.
Section 4. That said mote shall be sold at private sale by the
Supervisor at a price of not less than par values and accrued interestr
if any, and, upon due execution and sale of said note., the same shall
be delivered to the purchaser upon the payment by him to the Super-
visor of the purchase price in cash, and the receipt of said Super-
visor shall be a full acquittance to such purchaser who shall not be
obliged to see to the application of ,the purchase money.
Section 5. The full faith and credit of the Town of Queensbury,
Warren County, New York, are pledged to the punctual payment of prin-
cipal of and interest on said note.
Section 6, This resolution shall take effect immediately,.
The foregoing resolution was duly put to a vote which resulted
as follows:
Yes - Mr. Walkup, Mr. Lampson, Mr. Akins , Mr. Harris and Mr. Bentley.
Noes - none
The following Revenue Anticipation Note was signed by the Supervisor.
UNITED STATES OF AMERICA
STATE OF NEW YORK
COUNTY OF WARREN
TOWN OF QUEENSBURY
296
Revenue Anticipation Note for 1957.
No. 1 13,500:.00
The TOWN OF' QUEENSBURYt Warren County, New York, hereby ack-
nowledges itself indebted and for value received promises to pay
to the bearer of this note the sum of Three Thousand Five Hundred.
Dollars ($3,500.00) on the lst day of December, 19579, together with
interest thereon from the date hereof at the rate of two and one-
half per cent (2j9) per annum payable at maturity. Both principal
of and interest on_this note, will be paid in �av,rfu.l money of the
United States of America at the. office of the Town Clerk of the
Town of Queensbury, Warren County, New York.
This note: is the only note of an authorized issue in the
amount of Three, Thousand Five Hundred Dollars ($31,500.00) and this
note- is issued pursuant to the provisions of a- resolution entitled
"Revenue Anticipation Note Resolution of May,. 1957, of the Town of
Queensbury„ Warren County, New York, in the Amount of $3 599 000
which resolution was duly adopted by the Town Board z of .the Town-of
Queensbury, Warren County, New York, on the 9th day of May, 1957.
The -full faith and credit of the Town of Queensbury, Warren
County,; New York, are hereby irrevocably pledged for the punctual
payment of the principal and interest on this note according to
its terms.
IN WITNESS IjIHEREOF, the Town of Queensbury, Warren County,
New York, has caused this note to be signed by its Supervisor, at-
tested by its Town Clerk and its corporate seal to be hereunto
attached and this note to be dated as of the 9th day of May, 1957.
TOWN OF QUEENSBURY, Warren County, N.Y.
By H. Russell. liarris
Supervisor
Resolution #51, introduced by Mr. Akins who moved its adoption,
seconded by .Mr. Walkup.
WHEREAS, the Town Board of the Town of Queensbury, Warren
County, has authorized the issuance and sale of' a revenue anticipa-
tion note in the amount of $3,,500.00 to mature .on the lst day of
December, 1957,, to provide funds for the payment of expenses of op-
eration of the North Glens- Falls Water District Ext. prior to
collection of water rents,
RESOLVED that the Supervisor be , and he hereby is authorized
and directed to invest $3,.500.00 of the funds in the Capital Reserve
Fund of the Town of Queensbury by purchasing said revenue anticipa-
tion note.
The foregoing resolution was duly put to vote which resulted
as follows
H. Russell Harris,, Supervisor Yes
Harold C. Akins Justice of the Peace Yes
Meredith Bentley Justice of the Peace Yes
Raymond Walkup Councilman Yes,
Curtis Lampson Councilman Yes {
Resolution declared: adopted:.
On motion the meeting adjourned.
Town Clerk