1939-04-15 SP S { x Y
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At a Sneeial meeting of the Town Board of the
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Town of queensbury, in the County of Warren, State of New York,
held at the office of the Town Clerk in said Town on the 16th
day f
y ....:TAR-kil , 1939, at 7 - O' clock p M.
Present:
T)-- Pilmar Vne.1 Pr Supervisor.
Ralbh T_ 'Been
Char 1-e Q T No b l,e g ____,
Curtis LantASOn
Meredith, Bentley, , Justices.
Absent: None
_................. ,
The following resolution was offered, moved and seconded
to-wit: Offered by Mr. Bentley, Seconded by Mr. Nobles. rµ
WHEREAS, the West Glens Falls Water District was duly
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created in the 'Town of 1�ueensbury, County of Warren$ State of
New York, by an order or resolution of said Town Board
.adopted
on the 25th day f Ma 1 �£
Y Y, 937, and the construction therein of a
pa�.
water distribution system at a cast not to exceed 420,000 was
duly authorized, such system being more fully described on the
map and plan accompanying the petition asking the `
establishment
of said Water District; and r
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WHEREAS, all necessary' approvals of the State Comptroller 1 "
and of the Water Power and Control Commission have been obtained• and �.
WHERE, it is necessary to raise the sum of ;18,000
to pay the cost of said improvements; NOW, THEREFORE, BE IT � :x
RESOLVED, by the Town Board of the Town of
Queensbury, �
New York, as follows:
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Section 1. That there is hereby
y appropriated the sum s},
of 418,000 to pay the cost of construction of said water
distribution system, and to raise such sum there shall be issued
$1€i 000 West Glens Falls Water District Bonds of the Tovvn of
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Queensbury, New York, of the denomination of $ 1,000 each,
dreh �`
dated d 1, 1939, numbered from 1 to 18, inclusive,
maturing in numerical order in the amount of $1,000 on the Vin;
March".
first day of bin each of the years 1940 to 1957, both
inclusive, and bearing interest-at a rate not exceeding five
per centum. per annum, payable semi-annually on the first days
eptember �, rch
of ' and evidenced by interest coupons to be ti
thereunto attached. That said bonds shall be signed by the
Supervisor and attested by the Town Clerk under the corporate
seal of the Town of Queensbury, and the interest coupon�3 shall
be signed with the facsimile signature of the Supervisor, and
both principal of and interest on said bonds shall be payable
in lawful money of the United States of America at the
Glens Falls National Bank & Trust Co. ,Bank, in Glens Falls,
New York, with New York exchange.
Section 2 . That said bonds shall be issued in sub-
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stantially the following form, to-wit:
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UNITED STATIZ OF AMERICA ,s
STATE OF .NEW YORK ;
COUNTY OF WARREN ;
TOWN OF Qt 14MSBURY
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WEST GLENS FALLS WATER DISTRICT BONDsi'
No. S1,000.
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The TOWN OF Q,UEENSBURY, a municipal corporation of the
State of New York, hereby acknowledges its indebtedness
and for value received promises .to pay to bearer on the first ;
March
day of ft*%vmV, 19� the sum of One Thousand
Dollars ($1,000 ) , together'with interest thereon E .
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from -the date hereof at the rate of ,
per centum per annum, payable semi#-annually on the first ,Z}
* teffiber march',
days of and upon presentation
and surrender of the annexed interest coupons as the same
respectively mature. Both principal and interest of this
bond are payable in lawful money of the United States of
America at the Glens Falls National Bank & Trust Company,
s
Glens Falls,, � New York, with New York exchange.
S➢�.
This bond is one of an issue of bonds of like £
date and tenor, except as to number °Y
and date of maturity, and is issued for the purpose of
constructing a water distribution system in West Glens Falls t-
Water District in said Town,
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Pursuant to and in strict compliance with the Constitution
and statutes of the State of New York, including among others .rs
the Town Law and the Ueneral Municipal Law, and acts amendatory
thereof,
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and is issued pursuant to proceedings of the Town Board
of said Town �1-
duly had and taken in all respects authorizing the same . '
It is hereby certified, recited and declared that
all acts, conditions and things required to exist, to happen
and to be performed precedent to and in the issuance of this � .
bond, exist, have happened and have been performed in due
time, form and manner as required by law; and that the issue
of bonds of which this is one, together with all other
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indebtedness of said Town, #
is within every debt and other limit prescribed by the r,
Constitution and laws of the State of New York. The full
faith and credit of said Town '-Of Queensbury
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are hereby irrevocably pledged for the punctual payment of
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the principal and interest of this bond according to its terms.
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This bond may be converted into a registered bond
in accordance with the
provisions of the General Municipal
Law. If this bond be registered, the interest hereon at the
request of the registered owner will be remitted by mail
with New York exchange.
IN WITNESS WHEREOF , the Town of
Queensbury
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has caused this bond to be signed by its Supervisor and $f
attested by its Town Clerk under its corporate Sealy#
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and the interest coupons hereto annexed to be authenticated
by the facsimile signature of its Supervisor,
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41ia finis ooncq.,,>to be dated as of the first
March Tn
day of
1939. ---
TOWN OF QU ENSBURy
By
ATTEST: Supervisor.
Town Clerk.
[FORM OF COUP-
No.
Bept embe t
On the first day of
19
the Town of Queen sbur Mareyh
y,
a municipal corporation in the State of New York,
will
pay to the bearer the sum of
Dollars
at {:
Glens Falls National Bank
& _Trust Company
in Glens Fal _ i
New York, with New York exchange,
being six months' interest then due on its West Glens f,
ens Falls ;
Water District Bond, dated
1, 1939) .
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Supervisor.
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CERTIFICATE OF CONVERSION INTO A FULLY REGISTERED BOND. 1"
Upon the written request of the owner of the
within bond for its conversion into a fully registered
bond, I have this day cut off and destroyed € '
coupons annexed to this bond amounting in the aggregate �
to Dollars
($ ) , and the interest, on this bond at the rate
and on the dates as was provided by the coupons as well
as the principal thereof will hereafter be paid to ,
legal
representatives, successors or 4tasigns, at the place of
payment specified therein, or, at the request of the
a
registered owner, the interest will be remitted by mail
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with New York exchange. This bond hereafter will be
transferable on the books of the Town Clerk of the
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Town of }{ °f
Queensbury, in the County of Warren,
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New York, or other Registrar only on presentation of { s
the same with a written assignment duly acknowledged
or proved. +a ;
Dated ''
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(Official Title) 3'=
Date of Registry: Name of �,
Signature of
Registered Owner } t'
Registrar
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Section That. the Supervisor of the Town of
Q,ueensbury, New York, is hereby authorized to cause notice
Of sale of said bonds to be published in Glens Falls Times
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Glens Falls N Y. , the official newspaper of said Town,
such notice to be published not less than five nor more than
thirty days before the date fixed for the receipt of sealed
proposals, and the said Supervisor is further authorized to
cause such notice of sale to be published in such other news-
paper or financial paper, or papers, and cause such descriptive
matter to be circulated as in his discretion may be deemed �
necessary.
Section !�• That the Town Board shall meet at the
time and place designated in the notice of sale to receive
and consider bids for said bonds and that such notice of sale i4l
shall be in substantially the following form, to
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TOWN OF QUEENSBURY, NEW YORK ��..
WEST GLENS FALLS WATER DISTRICT BONDS.
NOTICE OF BOND SALE.
Sealed proposals will be received and considered by the
Town Board of the Town of Queensbury, Warren County, New York,
at _Town Clerk's Office in said Town, at 1p
o' clock A. .Dd. Eastern Standard Tine, on the Utdl day of
1939, for the purchase at not less than par
and accrued interest of ,
$18,000 West Glens Falls Water District Bonds. of said
Town, of the denomination of $1,000 each, dated �rc
March 1� 1939, a .
maturing $1,000 on *mss l in each of the years 1940 to 1957, x
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both inclusive, and bearing interest at a rate not exceeding five ;
per centum per annum payable semi-annually JQtze4b1r Marchx�.
and
Principal and interest payable at Glens Falls National Bank &
Trust Company Bank in--------� _ —Glens Falb,, , New York, T .
with New York exchange. Bonds will be in coupon form and may be
converted into fully registered bonds, and are general obligations '
of the Town Payable primarily from taxes
levied on taxable ' r
property in West Glens Falls Water District in said Town, but
if not paid therefrom, all the taxable property in said Tow,n is
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subject to the levy of unlimited ad valorem taxes to pay the same
. { �
Each bid must be for all of said bonds and state a
single rate of interest therefor. Unless all bids are rejected '
the award will be made to the bidder complying with the terms ��
'
of sale and offering o
g purchase said bonds at the lowest rate
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of interest, not exceeding the rate above specified, stated in 3
a multiple of one-quarter or one.-tenth of one per centum per
annum; without reference to remium '
P , provided however that if ��R=
two or more bidders offer to purchase said bonds at the sameit;
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lowest rate of interest then such award will be made to the
bidder offering the highest premium. The right is reserved
to reject any or all bids. Each bid must be enclosed in a
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sealed envelope addressed to the undersigned Supervisor and
marked on the outside "Proposal for Bonds" and must be accom-
panied with a certified, or bank, or trust company check to
the order of the Town of Q►ueensbur
Y for 4360 as a good faith
deposit to secure the 'Town against any loss resulting from
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the failure of the bidder to comply with the terms of his bid.
No interest will be allowed on the amount of the good faith
deposit.
Said bonds are issued for the purpose of constructing
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a water distribution system in West Glens Falls Water District
in said Town, pursuant to the Town Law and the General Municipal
Law, and acts amendatory thereof.
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The approving opinion of Messrs. Dillon, Vandewater &
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Moore, Attorneys of New York City, will be furnished to the
purchaser without cost.
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Financial Statement.
The assessed valuation of the property subject to the {
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taxing power of the Town is 6_ 225126. M. The total bonded
t= .
debt of the Town, including the above mentioned bonds, is axe,
26,500.00 of which amount V 26, 500.00 f}
is ;
water debt, The population of the Town (1930 census) was
3,169. The bonded debt above stated does not include
the debt of any other subdivision having
g power to levy taxes
upon any or all of the ro ert subject to the taxing ",
p p � � g power of V,
the 'Town. The fiscal year commences January 1. Theamnount of
taxes levied for each of the fiscal years commencing January 1
}:
1936, January 1, 1937, and January 1, 1938, was respectively }rz `
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48,V
9 $t'et
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The
---h.�.....�.�.�'�._�.�....• amount of taxes not received at the
end of each of said fiscal years was respectively 3397.21
2289.81 and 524.69 The amount of
such taxes remaining not received as of the date' of this notice !
is respectively none and
$ 30.05 The tax
es of the fiscal e
y ar commencing
January 1
Y , 939 amount to �� �D�0_g4 of which
, ,.6'6'5,x' have been received. A detailed report of
essential facts will be submitted to any interested bidder.
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Dated, Town of Queenebury, New York,
April 15th 1939. 'a
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D. Elmer Fowler
upervi sor. `#
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Sec----ction �• That there shall be annuall y ass
levied and collected within said Water District eased,
in the same
manner and at the same time as other Town charges, a 811Il1
sufficient to pay the principal Of and interest on said b
but in case the annual collection thereof shall be less than
°a
the amount required to
Pay the principal of and interest on
said bonds when due, the Supervisor is hereb
authorized to a Y directed and
;� y the defici .�tcy out of any surplus money not
otherwise appropriated, or to :.negotiate a loan
anticipation of the next succeeding tax le or loans in
thereof shall be included in the next succeeding the amount
eeding tax levy upon
all the taxable property in said 'Town.
Se--.0 on 6• That when said bonds shall have b
executed the same shall be delivered to the been duly
Purchaser upon
Payment of the purchase Price to the Supervisor and the. re
of the Supervisor shall be a full acquittance to th ceipt
Who shall not be obliged e Purchaser
� to see to the application of the
Purchase money.
Sew Z. That all resolutions and
resolutions heretofore adopted to the extent parts of
that the
inconsistent herewith be and the are
e same hereby are rescinded
and repealed.
Se.�tion F3• That it 10 hereby determined that
provement is classified as a water distrib said im-
ution system as
Specified in Section S- �
a of the General Municipal Law and that �
at the
period of �
probable usefulness of such {
purpose or object is
twenty years. i'
Se--�t.� That this resolution shall effect
take f
Yp
immediately.
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The question of the adoption of the, fore
resolution was dul going
Y put to a vote which resulted as follows:
AYES: Mr. Been Mr,
Nobles, Mr. . Upson, Mr.
Bentley, Mr. Fowler.
NOES: None.
The resolution was thereupon declared duly adopted.
STATE OF NEW YORK)
COUNTY OF WARREN SS.
I, Bert D mtirner
Queensbury, New York DO CERTIFY of the Town of
HEREBY C ERTIFY that I have compared
the annexed extract Of the minutes of the meeting
Town Board of said Town of of the
Queensbury, New York, including
the resolution contained therein, held on the
Aori i 1--., th clay of
1939, with the original thereof on file in
MY office and that the same is a true and correct transcript
therefrom and of the whole ' said original so far as
the
° �
same relates to the subject matters therein referred to. k:
I further certify thgt all members of said Board
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had due notice of said meeting.
IN WITNESS WHEREOF
I have hereunto set my the seal of said Town this 17th Y hand and ,
1939. --_. day Y of 1 3�
Town Clerk.
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