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The original item was published from 6/23/2017 3:10:00 PM to 6/23/2017 3:14:25 PM.

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Public Notices

Posted on: June 23, 2017

[ARCHIVED] Bond $1,187,550

TOWN OF SMITHTOWN, NEW YORK

PLEASE TAKE NOTICE that on June 22, 2017, the Town Board of the Town of Smithtown, in the County of Suffolk, New York, adopted a bond resolution entitled:

“Bond Resolution of the Town of Smithtown, New York, adopted June 22, 2017, authorizing the construction of various park improvements, stating the estimated maximum cost thereof is $1,187,550, appropriating said amount for such purpose, and authorizing the issuance of  bonds in the principal amount of $1,187,550 to finance said appropriation,”

an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:

FIRST:  AUTHORIZING said Town to construct various park improvements; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $1,187,550; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the issuance of bonds in the principal amount of $1,187,550 to finance said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon;

SECOND:  AUTHORIZING the issuance of $1,187,550 bonds of the Town pursuant to the Local Finance Law of the State of New York (the “Law”) to finance said appropriation;

THIRD:  DETERMINING and STATING the period of probable usefulness applicable to the object or purpose for which said bonds are authorized to be issued is fifteen (15) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of said $1,187,550 bonds will exceed five (5) years;

FOURTH:  DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town;

FIFTH:  DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals thereof, and other related powers; and

SIXTH:  DETERMINING that the bond resolution is subject to a permissive referendum.

DATED:         June 22, 2017

BY ORDER OF THE TOWN BOARD

OF THE TOWN OF SMITHTOWN

VINCENT PULEO

TOWN CLERK


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