1974-04-17 SP 85
SPECIAL MEETING AP IL 17, 1974
MEMBEL S PRESENT:
John Austin Supervisor
Daniel Olson Councilman
Robert Barber Councilman
Harold iobillard Councilman
Gordon Streeter Councilman
J. David Little Town Counsel
pfeeting; Opened. . .Salute to the Fla,- 5 : 00 P.:1.
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STATUTORY INSTALLMENT BOND RESOLUTION
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RESOLUTION NO. 108
!f Introduced by Mr. Harold Robilla,rckaho moved its adoption
Seconded by Mr. Gordon Streeter
WHEREAS, by Resolution No. 233, dated November 18,
'1971, the Town Board of the Town of Queensbury, Warren County,
New York, authorized the issuance of serial bonds not exceeding
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$32, 735 .00 to pay the cost of the acquisition of land for refuse i
';jdisposal purposes in said Town, and
WHEREAS, pursuant to said resolution the Supervisor of
,;said Town of Queensbury did execute a Bond Anticipation Note
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Alin the amount of $32, 735. 00 on April 17, 1972, which note was
sold to the Glens Falls National Bank and Trust Company, Glens i
'Falls, New York and which matured on April 17, 1973, and
WHEREAS, said bond anticipation note has been renewed
-- +on the date of maturity thereof and the principal balance now
, due thereon is $29,435 .00, and i
WHEREAS, it is now desired to refinance said balance
,;due of $29,435 .00 by the issuance of a statutory installment bond
;tin the amount of $29,435 .00 pursuant to this resolution and the l
!provisions of the Local Finance Law,
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I� NOW, THEREFORE, BE IT RESOLVED:
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I! 1. The specific object or purpose for which I
Eobligations are to be issued pursuant to this resolution is to
,`finance the acquisition of land for refuse disposal purposes in
,, said Town, and
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---I 2 . The maximum cost is $29,435 .00 to be provided by I
,the issuance of a statutory installment bond in the amount of
; $29,435.00 pursuant to this resolution.
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3. The following determinations are hereby made:
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i (a) The period of probable usefulness of such land
is 20 years.
'? (b) The subdivision of paragraph a of section 11.00 of
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"! the Local Finance Law which is applicable in the circumstances
is 6-a.
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(c) The proposed maturity of the obligation authorized
`; by this resolution will not exceed 7 years.
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4. The Town of Queensbury shall issue its statutory
' installment bond in the amount of $29,435 .00 to finance such cost
in accordance with the financial plan set forth above. The bond
shall be dated as of April 17,1974, and the power to fix and
determine the exact date of the bond is hereby delegated to the
Supervisor.
5. The bond shall be in the amount of $29,435 .00 and i
shall mature on April 17, 1981 and shall be paid in equal annual
; installments of $4,205 .00 on the 17th day of April in the years
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;11975 to 1981, inclusive. The power to determine the exact date
upon which the installments of principal and of interest shall
' become due and payable is hereby delegated to the Supervisor. The
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�� bond shall be issued in bearer form without coupons and shall not
`; contain a power to convert to registered form. The bond shall
lbear interest at a rate not exceeding four and three-fourths per
' centum ( 4 3/4 ) per annum payable annually. Interest will not bel
' paid on any installment of principal, or of interest, after the
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` due date thereof. Both the installments of principal of and the
!! interest on this bond will be evidenced by notation on the bond at
the time of payment. j
�j The bond shall be in substantially the following form:
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6. The Supervisor of the Town of Queensbury is hereby
!; delegated the power to prepare such bond and to sell the bond at
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; private sale at not less than par and accrued interest, and at
the sale to fix the interest rate to be borne by the bond, within
the limitations set forth in this resolution. The powers
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delegated to the Supervisor by this resolution shall be exercised
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in conformity with the provisions of the Local Finance Law.
7. This resolution shall take effect immediately.
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'! Duly adopted this 17th day of April, 1974 by the
following vote:
j AYES: Mr. Olson, Mr. Barber, Mr. Robillard, Mr. Streeter
Mr. Austin j
NOES : None I
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ABSENT:None
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