1969-01-16 SP 128
Special Meeting January 16 , 1969
Present:
Gerald B. Solomon Supervisor
Lloyd Demboski Councilman
f Absent: Theodore Turner Councilman
Present: Harold Robillard Councilman
Hammond Robertson Jr. Councilman
The meeting was called to order by the Supervisor at 8:05 P.M.
Supervisor Solomon greeted the following visitors:
William Richardson Visitor
John Austin Jr. Visitor
Florence Mcllvaine The Post Star
The clerk presented two letters from the State of New York/
Department of Transportation which will be discussed and acted
upon at a later meeting date.
The following Resolutions were adopted to do with issuance of
Capital Notes:
RESOLUTION NO.40 Introduced by Mr. Robertson, seconded by Mr.
Demboski
RESOLUTION FOR THE ISSUANCE OF CAPITAL NOTES TO FINANCE
THE PURCHASE OF HIGHWAY MACHINERY
WHEREAS, the Town Board of the Town of Queensbury, New York,
after due public notice, by a resolution duly adopted on the
14th day of November, 1968, authorized the Town Superintendent
of Highways to purchase certain machinery for highway construction
and maintenance at a total cost of $22,825.00, subject to the
approval of the County Superintendent of Highways, and provided
that$20,750.00 of such cost was to be paid from the proceeds
of obligations to be issued pursuant to the Local Finance Law,
and
Whereas, a contract of purchase for such machinery was duly
entered into by the Town Superintendent of Highways on the 15th
day of November, 1968, which contract has been duly approved
by the County Superintendent 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 the purchase of one (1) 1969 Trojan Tractor Shovel.
2. The maximum cost of such machinery is $22,825.00,
and the plan of financing such cost is as follows: $2,075.00 is
to be provided by machinery traded in pursuant to section 142
of the Highway Law of the value of $2,075. 00. The balance of the
cost is to be provided by the issuance of capital notes in the
amount of $20,750.00 pursuant to this resolution.
3. The following determinations are hereby made:
(a) The period of probable usefulness of such
machinery is (5) years.
(b) The subdivision of paragraph a of Section
11:00 of the local Finance Law which is
applicable in the circumstance is subdivision
"28".
(c) The proposed maturity of the obligations
authorized by this resolution will not be
in excess of five (5) years.
4. That the Town of Queensbury issue its capital note in
the amount of $20,750. 00 to finance such cost in accordance with
the financial plan set forth above. Such note shall be dated app-
roximately as of the date of the delivery of such machinery and
the power to fix and determine the exact date of such note is hereby
delegated to the Supervisor. !
5. Such capital note shall be numbered 1 and shall mature
in the year 1970. The power to fix and determine the date upon which
. such note shall become due and payable is hereby delegated to the
Supervisor. The note shall be issued in bearer form, shall not
contain a power to convert to registered form, and shall bear
interest at a rate not exceeding four and one-half (4-k%) percent
per annum payable annually. Such note shall be in substantially
the following form :
UNITED STATES OF AMERICA
STATE OF NEW YORK
No. 1 County of Warren $20,750. 00
The Town of Queensbury, in the County of Warren, a municipality
of the State of New York, hereby acknowledges itself indebted and
for value received promises to pay to the bearer of this note the
sum of $20,750. 00 on the day of ,19 ,
together with interest thereon from the date hereof at the rate
of 4-k% per annum, payable annually. Both principal of and interest
on this note will be paid in lawful money of the United States of
America at the office of the Glens Falls National Bank and Trust
Company, Glens Falls, New York.
This note may not be converted to registered form.
i
This note is the only note of an authorized issue
in the amount of $20,750. 00.
This note is issued pursuant to the provisions of
a resolution entitled "Capital Note Resolution" duly adopted by
the Town Board of such Town of Queensbury on January 16, 1969.
The faith and credit of such Town of Queensbury are hereby
irrevocably pledged for the punctual payment of the principal and
interest on this note according to its terms.
It is hereby certified and recited that all conditions, acts
and things required by the Constitution and statutes of the State
of New York to exist, to have happened and to have been performed
precedent to and in the issuance of this note, exist, have happened
and have been performed, and that this note, together with all other
indebtedness of such Town of Queensbury, is within every debt and
other limit prescribed by the Constitution and laws of such State.
IN WITNESS WHEREOF, the Town of Queensbury, New York, has caused
this note to be signed by its Supervisor, and its corporate seal to
be hereunto affixed and attested by its Town Clerk and this note to
'-.-� be dated as of the 16th day of January, 1969.
(Town Seal)
Town of Queensbury, New York
ATTEST: by Gerald B. Solomon
its Supervisor
George C. Crannell.
Town Clerkof the Town of
Queensbury, New York
6. The supervisor is hereby delegated the power to
130
prepare such note and to sell such note at private sale at not
less than par and accrued interest, and at such sale to fix the
interest rate to be borne by such note within the limitations
set forth in this resolution. The Supervisor shall deliver such
note to the purchaser thereof only against cash or a certified
check. The proceeds of sale of the note shall be deposited in
the Highway Machinery Fund account. The powers delegated to the
Supervisor by this resolution shall be exercised in conformity
with the provisions of the Local Finance Law.
7. This resolution shall take effect immediately.
Duly adopted by the following vote
Ayes: Mr. Demboski, Mr. Robillard, Mr. Robertson and
Mr. Solomon
Noes: None
Absent: Mr. Theodore Turner.
RESDLUTION NO. 41 Introduced by Mr. Robertson, seconded by Mr.
Demboski.
RESOLUTION FOR THE ISSUANCE OF CAPITAL NOTES TO FINANCE
THE PURCHASE OF HIGHWAY MACHINERY
WHEREAS, the Town Board of the Town of Queensbury, New York,
after due public notice, by a resolution duly adopted on the
17th day of October, 1968, authorized the Town Superintendent
of Highways to purchase certain machinery for highway construction
and maintenance at a total cost of $42,686. 00 subject to the
approval of the County Superintendent of Highways, and provided
that $41,250.00 of such cost was to be paid from proceeds of
obligations to be issued pursuant to the Local Finance Law, and
WHEREAS, a contract of purchase for such machinery was duly
entered into by the Town Superintendent of Highways on the 14th
day of November, 1968, which contract has been duly approved
by the County Superintendent 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 the purchase of three (3) model 2010A International
Dump Trucks.
2. The maximum cost of such machinery is $42,686.00,
and the plan of financing such cost is as follows: $1,436.00 is
to be provided by machinery traded pursuant to Section 142 of
the Highway Law of the value of $1,436.00. The balance of the
cost is to be provided by the issuance of capital notes in the
amount of $41,250.00 pursuant to this resolution.
3. The following determinations are hereby made
(a) The period of probable usefulness of such
machinery is five (5) years.
(b) The subdivision of paragraph a of Section
11: 00 of the Local Finance Law which is
applicable in the circumstances is sub-
division "28".
(c) The proposed maturity of the obligations
authorized by this resolution will not be in
excess of five (5) years.
1
4. Thap the Town of Queensbury issue its capital notes
in the amount of $41,250.00 to finance such cost in accordance
with the financial plan set forth above. Such notes shall be dated
approximately as of the date of the delivery of such machinery and
the power to fix and determine the exact date of such notes is
hereby delegated to the Supervisor.
5. Such capital note shall be numbered 1 and shall mature
in the year 1970. The power to fix and determine the date upon which
such note shall become due and payable is hereby delegated to the
Supervisor. The note shall be issued in bearer form, shall not
contain a power to convert to registered form, and shall bear interest
at a rate not exceeding four and one-half (4-�%) percent per annum
payable annually.,. Such note shall be in substantially the following
form:
UNITED STATES OF AMERICA
STATE OF NEW YORK
No. 1 County of Warren $412250.00
Town of Queensbury
Capital note of 1969
The Town of Queensbury, in the County of Warren, a
municipality of the State of New York, hereby acknowledges itself
indebted and for value received promises to pay to the bearer of
this note the sum of $41,250.00 on the day of
19 , together with interest thereon from the date hereof at the
rate of 4-k% pertannum, payable annually. Both principal of"and
interest on this note will be paid in lawful money of the United
States of America at the office of the Glens Falls National Bank
and Trust Company, Glens Falls, N.Y.
This note may not be converted to registered form.
Y This note is the only note of an authorized issue in
the amount of $41,250.00.
This note is issued pursuant to the provisions of a
resolution entitled "Capital Note Resolution" duly adopted by
the Town Board of such Town of Queensbury on January 16, 1969.
The faith and credit of such Town of Queensbury are
hereby irrevocably pledged for the punctual payment of the prin-
cipal of and interest on this note according to its terms.
It is hereby certified and recited that all conditions,
acts and things required by the Constitution and statutes of the
State of New York to exist, to have happened and to have been per-
formed precedent to and in the issuance of this note, exist, have
happened and have been performed, and that this note, together with
all other indebtedness of such Town of Queensbury, is within every
debt and other limit prescribed by the Constitution and laws of
such State.
IN WITNESS WHEREOF, the Town of Queensbury, New York,
has caused this note to be signed by its Supervisor, and its corp-
orate seal to be hereunto affixed and attested by its Town Clerk
and this note to be dated as of the 16th day of January, 1969.
(Town Seal) Town of Queensbury, New York
by Gerald B. Solomon
its Supervisor
Attest:
George C. Crannell
Town Clerk of the Town of
Queensbury, New York
6. The supervisor is hereby delegated the power to
prepare such note and to sell such note at private sale at not
less than par and accrued interest, and at such sale to fix the
interest rate to be borne by such note within the limitations
set forth in this resolution. The Supervisor shall deliver such
note to the purchaser thereof only against cash or certified
check. The proceeds of sale of the note shall be deposited in
the Highway Machinery Fund account. The powers delegated to the
Supervisor by this resolution shall be exercised in conformity
with the provisions of the Local Finance Law.
7. This resolution shall take effect immediately.
Duly adopted by the following vote:
AYES: Mr. Demboski, Mt. Robillard, Mr. Robertson and
Mr. Solomon
NOES: None.
Absent: Mr. Theodore Turner.
Councilman Robertson reported on a recent meeting with the Engineer
Mr. Joseph Kestner Jr. Mr. Kestner is the engineer for the Queens-
bury Water District. Mr. Robertson stated that the preliminary
data has been compiled and that the Engineer is ready to proceed
with final plans for development of a Water Supply to be taken
from the Hudson River and eventually delivered to the Queensbury
Water System. Councilman Robertson also stated that it is expected
that a Public Hearing will be arranged in March, 1969. Another
extension is also being planned for Western Park and West Moun-
tain roads.
Mr. William Richardson was granted the floor. Mr. Richardson
questioned the Town Board as to the present status of the action
to do with the removal of certain signs in the Zayre Shopping
Complex.
Supervisor Solomon explained to Mr. Richardson that a Court hear-
ing is planned at a future date being arranged by the Town
Attorney.
On motion the meeting was adjourned.
Respectfully submitted
George C. Crannell
Town Clerk