1957-12-03 SP 867
Special Meeting Dec. 3, 1957
Present-.H. Russell Harris Supervisor
.Meredith Bentley Justice of the peace
Harold Akins Justice of the Peace
Curtis Lampsorr, Councilman
Absent:.
Raymond Walkup Councilman
The board convened at 7:30 p..m..
The Town Board of the Town of Queensbury, Warren County , New York,
having adopted a resolution on December 1,; 1956 entitled:
"Bond Resolution. Dated December 1„ 1956.
A resolution authorizing 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 Cost
of not exceeding $15,000.00 and authorizing the
Issuance 'of not Exceeding $15,000.00 Serial Bonds
of said Town to Fay the Cost thereof."
wherein it was provided in Section 4 that the power to authorize the
issuance and sale: of bond anticipation notes in anticipation of the is-
suance and sale of the serial bonds therein authorized was delegated
to the Supervisor, and that such notes be of the terms form and contents
including renewals as prescribed by the Supervisor consistent with the
provisions- of the Local Finance Law,
Now, Therefore , I,; H. Russell Harris, Supervisor of the Toun of
Queensbury, Warren County, New York,'- by virtue of the power and authority
vested in me by the aforesaid resolution, do hereby make the following
determinations :
1. That of the total amount of $15,000.00 of serial bonds author-
ized by said resolution there is at this time need °only for the sum of
_ $7,500.00 for the purpose for which said serial bonds were authorized.
2. I hereby determine that the bond anticipation note in the
amount of $7,500.00 issued pursuant to such bond resolution, dated
December 1 ,, 1956,,, -and which matured on December 1., 1957, be renewed for
a further period of one year, and that the Town of Queensbury, Warren
County, New York, shall issue a bond anticipation renewal note in the
amount of $7.500.00 to become due and payable on the lst day of Decem-
ber, 1958, witti interest thereon at the rate of two and one-half (22)
percent per annum payable 'at maturity, and that except for the date: of
issue and date of maturity, the sad bond anticipation renewal note
shall. be of the same form, content and terms as said original note.
3. That said bond anticipation renewal note in the amount of
$7,"500.100 be sold at private sale for a price of not less than par value
thereof and accrued interest, if any,: to the date of such sale.
4. That said bond anticipation note shall be payable at the off-
ice of the Town Clerk of the Town of Queensbury, Warren County4 New York.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
seal of the said Town of Queensbury on the 3rd day of December, 1957..
/s/ H. Russell Harris
Supervisor
Resolution No. 100
Mr. Bentley introduced Resolution No. 100 and moved its adoption,
seconded by Mr. Akins.
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19HEREAS9 the Town Board_ of the Town of Queensbury, warren County,
New York,__QU_December 1.9. 1956 adopted.,_a, resolution authorizing t1ae is-
suance and sale of serial bonds of the Town of Queensbu.ry, Warren County,
New York, for payment of the cost of improvements in Extension Nol- 1
to the West Glens Falls Water District in the total amount of $15,,000.00
and for the issuance of bond anticipation notes prior to the issuance
and sale of said serial bonds , and in which the power to authorize the
issuance of said bond anticipation notes and renewals thereof and. to
determine the amount, terms and contents thereof was delegated to the
Supervisor, and.
WHEREAS, the Supervisor has made a determination that of the
total amount of $15,,000.00 authorized by said resolution a bond anti-
cipation note in the amount of $7,500.00 shall be issued and sole to
be payable at the office of the .Town Clerk of the Town of Queensbury,
Warren County, New York, on the 1st day of December, 19571. with interest
at the rate of two and one-half per cent (2*9) per annum payable at ma-
turity, and
WHEREAS, the Supervisor has made a determination that said bond
anticipation renewal note in the amount of $7,500.00 shall be renewed
for a further period `of one year to mature and become due on December
19 1958, and I
WHEREAS, the Town Board of the Town of Queensbury has heretofore
authorized the establishment of a Capital Reserve Fund and there is at
this time a surplus of funds therein,
RESOLVED that the Supervisor be and hereby is authorized and di
rected to invest $7,500.00 of the funds in the Capital Reserve Fund of
the: Town of Queensbury by purchasing said bond anticipation renewal
note in the amount of $7$ 00.00.
The foregoing resolution was duly put to vote which resulted as
follows
H. RussellHarris Supervisor Aye
Meredith Bentley Justice of the Peace Aye
Harold C. Akins Justice of the Peace Aye
Curtis Lampson Councilman Aye
Resolution declared adopted.
Resolution No. 101 introduced by Justice Akins , seconded by Councilman
Lampson:
SERIAL BOND RESOLUTION
DATED: .DECEMBER 3rd, . 1957
WHEREAS, the Town Board of the Town of Queensbury, Warren County,
New York, by resolution adopted on the 21st day of November, 1957, au-
thorized the. Town Superintendent of Highways to purchase a Huber-Warco
Model 6-D2 motor grader and equipment at a total cost of $20,553.00,
subject to the approval of the County Superintendent of Highways , and
provided that $18;,000.00 of such cost should be paid from the proceeds
of' obligations .to be issued pursuant to the Local Finance Law, and
WHEREAS',, a contract of purchase for such grader and equipment was
duly entered into by the Towh Superintendent of Highways on the lst day
of December, 1957,. which contract has been approved by the County Sup-
erintendent of Highways,
Now, Therefore, be it RESOLVED:
1. The specific object or purpose for which obligations are to
be issued pursuant to this resolution is to finance the cost of a Huber-
Warco Model 6-D2 motor grader and equipment.
2. The maximum cost of such grader and 'equipment is $20,553.00
and the plan of financing such cost is as follows : $2„553.00 is to be.
369
provided by trade-in of a used power grader, and the balance of
818,,000.00 of the cost is to be provided by the issuance of serial
bonds pursuant to this resolution..
3. The following determinations are hereby made:
(a) The period -of probably usefulness of such grader and
equipment is five years.
(b) The subdivision of paragraph 2 of Section 11.00 of
the Local Finance Law which is applicable in the circumstances is
aubdivi si on 28,.
(c) The proposed maturity of the obligations authorized
by this resolution will not be in excess of five years. '
4.. That the Town of Queensbury shall issue its serial bonds in
the amount of $18,,,000.00 tna finance such cost in accordance with the
financial plan set forth above. Such bonds shall be dated approximately
as of the date of the delivery of such grader and equipment and the
power to fix and determine the exact date of such bonds is hereby
delegated to the Supervisor.
5. Such bonds shall be numbered 1 to 5 inclusive , and shall be
in the denomination of $39,600.00 each, and shall mature in numerical
order in the years and amounts as follows: 1958,, $39600.00; 1955,,
$3,,600.00,; 19600 $3,600.00 a 19611 $3s,600-00 and 1962,, $30,600,00. The
power to determine the date upon which such bonds shall become due is
hereby delegated: to the Supervisor. The bonds shall'be issued in bearer
form without coupons -and shall not contain a power to convert to reg-
istered form. -The bonds shall bear interest at a rate not exceeding
three and one-half per centum per annum payable annually and payment
of such interest shall be evidenced by notation thereof on the bonds
at the time of the payment. The bonds shall be in substantially the
_ following f orm:.
UNITED (STATES OF AMERICA
State, of New York -
County of Warren
Town of Queensbury
No, Serial Bond of 1957 $3,600.00
The Town of Queensbury, in the County of Warren, a municipality
of the State of New York, hereby acknowledged itself to be indebted
and for value received promises to pay to the bearer of this bond on the
day of December 192 the sure of Three Thousand Six
Hundred Dollars . and to pay interest on said sum at
the bate of three and one-half per centum (3 ` ,) per annum semi-annually
on the day of June and December in each year from
the date of this bond until it matures , upon presentation of this bond
for notation of the payment of such interest thereon. Both principal
ofand interest on this bond will be paid in lawful money of the United
States of America at the Glens- Falls National Bann and Trust Company,
Glens Falls, New York.
This bond may not be converted into a registered bond in accord-
anee with the provisions of, the Local Finance Law.
This bond is one of an authorized issue , the aggregate principal
amount of which is $18:9,000.00 the bonds of which are of like tenor,
except as to number .and maturity, and are issued pursuant to a bond
resolution er_tit]1ed. "Serial Bond Resolution Dated: December 3, 1957"-.
The faith and credit of said Town of Queensbury, Warren County,
New York, are hereby irrevocably pledged for the punctual payment of
the principal of andinterest on said bond according to its terms.
370
It is hereby certified and recited that all conditions,, acts
and things required by the Constitution and statutes of toe State
of New York to exist, to have happened and to have been performed
precedent to and in the issuance of this bond, exist, have happened
and have been performed, and that the issue of bonds of which this
is one, together with all other indebtedness of the said Town of
Queensbury, Warren County, New York, is within every debt and other
limit prescribed by the Constitution and laws of the State of New
York.
IN WITNESS WHEREOF, the. Town of Queensbury, Warren County,
New York, has caused this bond, to be signed by its ,supervisor, and
its corporate seal to be hereunto affixed and attested by its Town
Clerk and this bond to be dated as of the day of December,
1957.
TUNN OF QUEENSBURY, Warren County, N.Y.
Supervisor
SEAL
Attest:
0 . 0-09 .000 *
Town Clerk.
6. The Supervisor is hereby delegated the power to prepare
such bonds and. to sell such bond's at private sale at not less than
par and accrued interest , and at such sale to fic the i3ater st rate
to be�borne by such b6nds within the limitations set forth In this
resolution. The supervisor shall deliver such bonds to the purchaser
thereof only against each certified check, and the purchaser shall
not be obliged to see to the application thereof. ,
7. This resolution shall take effect immediately.
The foregoing resolution was duly put to a vote which re -
sulted as follows-.
H. Russell Harris Supervisor Yes
Meredith Bentley Justice of the Peace Yes
Harold C. Akins Justice of the Peace Yes
Raymond Walkup Councilmen Abs,
Curtis Lampson Councilman Yes.
The resolution having received at least a two-thirds affirma-
tive vote of the members of the Town Board was declared by the Sup-
ervisor to be duly adopted.
Resolution No. 102 introduced by Justice Akins, seconded by Justice
Bentley:
WHEREAS it is deemed necessary to erect an addition to storage
facilities at the Town Storehouse,
RESOLVED that the Town Superintendent of Highways be and is
hereby authorized and. directed to erect an addition to storage facil-
ities at the Town storehouse.
RESOLVED that the sum of $900.00 be and is hereby appropriated
from the contingent fund for such purpose.
Duly adopted by the following vote :.
Ayes Mr.. Bentley, Mr. Lampson, Mr. Akins andMr. Harris.
Noes none
On motion the meeting adjourned.
Town Clerk