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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