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 acquisition of heavy equipment, stating the estimated maximum cost thereof is $2,299,990, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of $2,299,990 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 acquire heavy equipment; as specified below:
|
A
|
B
|
C
|
|
Project Description (object or purpose)
|
Estimated Maximum Cost
|
Period of Probable Usefulness
|
|
Replacement tractor trailer
|
152,250
|
15
|
|
Track paver
|
213,150
|
15
|
|
Tractor Trailer
|
76,125
|
15
|
|
Tub grinder
|
659,750
|
15
|
|
Wheel loader
|
248,675
|
15
|
|
Skid steer
|
91,350
|
15
|
|
Compact track loader
|
60,900
|
15
|
|
Heavy duty trucks
|
507,500
|
15
|
|
Terra Clean turf field attachment
|
16,240
|
10
|
|
Office scale trailer
|
45,675
|
15
|
|
Yard scale
|
86,275
|
15
|
|
Parks Wheel Loader
|
142,100
|
15
|
STATING the estimated total cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $2,299,990; APPROPRIATING said amount for such purpose, STATING the plan of financing includes the issuance of bonds of the Town in the principal amount of $2,299,990 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 $2,299,990 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 objects or purposes for which $2,283,750 of said bonds are authorized to be issued is fifteen (15) years and the period of probable usefulness applicable to the objects or purposes for which $16,240 of said bonds are authorized to be issued is ten (10) 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 $2,299,990 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