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393.94 A meeting of the Town Board of the Town of Queensbury, Warren County, New York was convened in public session at the Town Hall located at the Queensbury Activity Center in Queensbury, New York on August 15, 1994 at 7:00 o'clock p.m., local time. The meeting was called to order by the Town Supervisor and, upon roll being called, the following members were: PRESENT: Fred Champagne Supervisor Nick Caimano Member Carol Pulver Member Betty Monahan Member R. George Wiswall Member ALSO PRESENT: Darleen Dougher Clerk Paul B. Dusek, Esq. Town Attorney ABSENT: None The following resolution was offered by Mrs. Carol Pulver, seconded by Mr. Fred Champagne, to wit; BOND RESOLUTION DATED AUGUST 15, 1994 A RESOLUTION AUTHORIZING EXPANSION OF THE TOWN'S WATER TREATMENT PLANT, AUTHORIZING THE ISSUANCE OF SERIAL BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $13,228,000 OF THE TOWN OF QUEENSBURY, WARREN COUNTY, NEW YORK, PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE THE COST OF SAID IMPROVEMENT AND DELEGATING THE POWER TO ISSUE BOND ANTICIPATION NOTES IN ANTICIPATION OF THE SALE OF SUCH BONDS TO THE TOWN SUPERVISOR. RESOLUTION NO. 393.94 WHEREAS, the Town of Queensbury Consolidated Water District is a water district of the Town of Queensbury, Warren County, New York (the "Town"), duly established by the Town Board of said Town and, as such, maintains and operates a Water Treatment Plant, water storage facilities, and certain water transmission mains and related real property holdings servicing the Queensbury Consolidated Water District, Sherman Avenue Extension Water District, Peggy Ann Road Water District, Easy Street Water Extension and Hiland Park Water District (collectively, the "District") in accordance with Article 12 of the Town Law of New York; and WHEREAS the Town Board previously authorized a map, plan and report for expansion of the Town's existing Water Treatment Plant, purchase of additional lands and construction of various improvements to the water distribution system (the "Project"), and WHEREAS, pursuant to Section 202-b of the Town Law the Town held a public hearing on July 11, 1994 to consider the Project and to hear all persons interested in the Project, and WHEREAS, by resolution adopted on July 11, 1994 (the "Preliminary Resolution") the Town determined that undertaking the Project was in the public interest and directed the engineering firm of O'Brien & Gere Engineers Inc. (the "Engineers") to prepare definite plans and specifications and make a careful estimate of the cost of the Project; NOW, THEREFORE, BE IT RESOLVED, by the Town Board of the Town (by the favorable vote of not less than two-thirds of all the members of the Board) as follows: SECTION 1. The specific purpose (hereinafter referred to as "purpose") to be financed pursuant to this resolution is the expansion of the Town's existing Water Treatment Plant, purchase of additional lands and construction of various improvements to the District's water distribution system. The maximum cost of said purpose will not exceed $13,228,000.00. SECTION 2. The Town Board plans to finance the maximum estimated cost of said purpose by the issuance of serial bonds in an amount not to exceed $13,228,000 of said Town, hereby authorized to be issued therefor pursuant to the Local Finance Law (and the cost of such improvement is to be paid by assessments upon benefitted real property in an area less than the area of said Town). SECTION 3. It is hereby determined that said purpose is an object or purpose described in subdivision 1 of paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said purpose is forty (40) years. SECTION 4. Current funds are not required to be provided prior to the issuance of the bonds authorized by this resolution or any notes issued in anticipation of the sale of said bonds. SECTION 5. It is hereby determined the proposed maturity of the obligations authorized by this resolution will be in excess of five years. SECTION 6. The faith and credit of said Town are hereby irrevocably pledged for the payment of the principal of and interest on such bonds becoming due and payable in such year. Should the assessments upon benefitted real property be insufficient to pay the principal of and interest on such bonds there shall annually be levied on all the taxable real property of said Town a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable. SECTION 7. The expected source of funds to be used initially to pay for up to $13,228,000 of the expenditures authorized by Section 1 of this resolution shall be from the District's funds. the District then reasonably expects to reimburse such expenditure with the proceeds of the bonds or bond anticipation notes authorized by Section 2 of this resolution. This resolution shall constitute the declaration of the Town's "official intent" to reimburse the expenditures authorized by Section 1 hereof with the proceeds of the bonds and notes authorized herein, as required by United States Treasury Regulation Section 1.150-2. SECTION 8. Subject to the terms and contents of this resolution and the Local Finance Law, and pursuant to the provisions of Section 21.00, Section 30.00, Section 50.00 and Sections 56.00 to 60.00, Section 62.00 and Section 63.00 of said Law, the power and duties of the Town Board pertaining or incidental to the sale and issuance of the obligations herein authorized, including but not limited to authorizing bond anticipation notes in anticipation of the issuance of the serial bonds authorized by this resolution and the renewals of said notes and the power to prescribe the terms, form and contents of said serial bonds, and said bond anticipation notes, and the power to sell and deliver said serial bonds and any bond anticipation notes issued in anticipation of the issuance of such bonds, are hereby delegated to the Town Supervisor, the Chief Fiscal Officer of the Town. The Town Supervisor is hereby authorized to sign any serial bonds issued pursuant to this resolution and any bond anticipation notes issued in anticipation of the issuance of said serial bonds, and the Town Clerk is hereby authorized to affix the corporate seal of said Town to any of said serial bonds or any bond anticipation notes and to attest such seal. SECTION 9. The Town Supervisor is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the bonds authorized by this resolution, and any notes issued in anticipation thereof, as excludable from gross income for federal income purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") and to designate the bonds authorized by this resolution, and any notes issued in anticipation thereof, as "qualified tax-exempt bonds" in accordance with Section 265(b)(3)(B)(1) of the Code. SECTION 10. The Town has issued a negative declaration determining that the expansion of the existing Water Treatment Plant, purchase of additional lands and construction of various improvements to the water distribution system will not have a significant effect on the environment. SECTION 11. The validity of said serial bonds or of any bond anticipation notes issued in anticipation of the sale of said serial bonds may be contested only if: (1) (a) Such obligations are authorized for an object or purpose for which said town is not authorized to expend money, or (b) The provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication; or (2) Said obligations are authorized in violation of the provisions of the Constitution of New York. SECTION 12. The Town Clerk is hereby authorized and directed to publish this resolution, together with a notice in substantially the form provided by Section 81.00 of said Local Finance Law, in the Post Star, a newspaper having a general circulation in said Town and hereby designated as the official newspaper of said Town for such publication. SECTION 13. This resolution shall take effect immediately upon its adoption. The question of the adoption of the foregoing resolution was duly put to vote on a roll call, which resulted as follows: Fred Champagne VOTING YES Nick Caimano VOTING YES Carol Pulver VOTING YES Betty Monahan VOTING YES R. George Wiswall VOTING YES The foregoing resolution was thereupon declared duly adopted.