HomeMy WebLinkAboutTB-03/12/1968 MEETING OF MARCH 12 , 1968 45
The Southold Town Board met at the office of Supervisor Lester M. Albertson,
16 South Street, 'Greenport; New York, with the following present: Supervisor
Albertson; Councilmen- Demarest .and Valen�_iile; Justices` Clark and Suter;
Town Attorney Tasker; Supt. 'of Highways Dean and Town Clerk- Richmond:"
Moved by Justice Clark; seconded by Councilman Valentine;
RESOLVED: Tha� the next meeting of the' Town Board will beheld at the
office of Supervisor Lester- M. Albertson, 16 South Street, Greenport, N.Y.
on Tuesday, March 26, 1968, at 3 :00 P.M.
Vote of Town Board: Ayes-Supervisor Albertson; Co'"nc lmen Demarest and
Valentine; Justices Clark and Suter.
Moved by Justice Suter; seconded by Justice Clark;
RESOLVED: That the minutes . of the meeting of February ...27 , 1968, be and
they hereby are approved.
Vote 'of- Town Board: -Ayes-Supervisor Albertson;. Councilmen Demarest and
Valentine;-' Justices Clark and Suter.
Moved by Councilman Valentine; seconded by Justice Suter,-
RESOLVED;. That the reports of Supervisor Albertson, Building Inspector
Howard Terry, Police and Town Clerk Richmond for the month of February,
1968, be accepted by the Town Board and placed on file.
Vote of- Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and -
Valentine; Justices Clark and Suter.
Moved by Councilman Valentine; seconded by Councilman Demarest;
RESOLVED: .That $200. 00 be allowed for uniforms for the detectives on
the Southold Police Force.
Vote of Town Board: Ayes-Supervisor Albertson; ouncilmen Demarest and
Valentine; Justices Clark and Suter.
MARY' S ROAD, Mattituck, N.Y. is hereby orderd a Town Highway by User.
The said Order establishing said Highway has been, filed in the office
of the Town Clerk, Southold, New York. -
At 3 :30 P.M.' in accordance with the notice published according- to law,
bids were opened for proposals for furnishing the Town of Southold
Suffolk County, New York, electrical energy and the installation' and
maintenance of lighting units and auxiliary equipment' for lighting of'
public streets, parking lots and other public places 'in the Town of
Southold. Only two (2) bids were submitted as follows:
1. ) Welsback Corporation------------$52, 163. 15
2. ) Broadway Maintenance------------ 43 , 395. 17
Complete bids are filed with the Supervise• to be studied by the Town
Board.
Moved by Justice �uter; seconded by Councilman Valentine,-
RESOLVED: That the Superintendent of Highways of the Town of Southold'
be authorized to advertise for bids and to purchase from the lowest res-
ponsible .bidder one (1) new Galion Pneumatic Tire Roller, or equal.
Vote of- Town Board: Ayes-Supervisor Albertson; Councilmen Demarest
and Valentine; Justices Clark and Suter.
Moved`by Councilman- Valentine; seconded by Justice Clark;
RESOLVED: That Supervisor Lester M. Albertson be and he hereby is author-
ized to sign the necessary papers for An ACT ##S105 Assembly Bill #A162
to amend the highway law in relation to limitation of expenditures for
highway machinery in certain towns.
Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and
Valentine; Justices Clark and Suter.
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Moved by Councilman- Valentine; seconded by Justice Suter;
WHEREAS, Fred Adler has. applied 'to the Town Board for a single trailer
permit dated March 9, 1968,
NOW, THEREFORE, BE IT RESOLVED: That the application. of Fred Adler to
locate a single trailer in Cedar` Beach Park be and the same is hereby
DENIED. Vote of Town Board: Ayes-Supervisor Albertson; Councilmen-
Demarest and Valentine; Justices Clark and Suter.
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Moved by Justice Suter; seconded by Councilman Valentine;
BOND RESOLUTION OF. THE TOWN OF SOUTHOLD, NEW YORK,
ADOPTED MARCH 12, 1968„AUTHORIZING THE ACQUISITION
OF CERTAIN LAND ON THE NORTHERLY SIDE OF MAIN ROAD,
IN PECONIC, IN SAID TOWN, FOR TOWN PURPOSES, STATING
THE ESTIMATED MAXIMUM COST THEREOF IS $17 , 500, APPROP-
RIATING SAID AMOUNT THEREFOR AND AUTHORIZING THE ISSUANCE
OF $17, 500 SERIAL BONDS TO FINANCE SAID APPROPRIATION�o
THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE ' COUNTY OF SUFFOLK.r NEW
YORK, HEREBY RESOLVERS (by the favorable vote of not less than two-thirds
of all the members of said Board) AS FOLLOWS :
Section 1. The Town of Southold (herein called `TOWN") ,
in the County of Suffolk, New York, is hereby authorized to acquire by
purchase, condemnation or otherwise, the certain piece or-parcel "of land
on the northerly side of Main Road, bounded on the north by land. of Dobek,
on the east by land of the Town of Southold,,-ana land of Sternemann -and on
the west by land of Gadomski, in Peconic, in the Town, for Town purposes,
said piece or parcel of land containing 5. 851 acres, more or less, and
being more particularly described by metes and bounds as follows :
BEGINNING at a concrete monument set' on the northerly
side of Main Road at the southeasterly corner of land now or formerly of
�GaJomski and the southwesterly corner of the premises herein described;
running thence along said land of Gadomski North 33 degrees 31 minutes
20 seconds West 1020. 00 feet to a locust post and land now or formerly
of Dobek; thence along land last mentioned North 46 degrees 42 minutes
20 seconds East 267. 15 feet to a concrete monument and -land-of the Town
of Southold; thence along land last mentioned South 33 degrees 31 minutes
20 seconds East 822. 85 feet to a. concrete monument and land now or former-
ly of Sternemann; thence along land last mentioned two courses : as follows,
to wit: (1) South 48 degrees 40 minutes 00 seconds West 100. 00 feet; -thence
(2) South 36 degrees 53 minutes 00 seconds East 205. 00 feet to sjid north-
erly side of Main Road; thence along said northerly side of, Main Road South
48 degrees 40 minutes 00 seconds West 177. 84 feet to a concrete monument
'and the point or place of beginning.
The estimated maximum cost of said specificI.object or purpose, including
preliminary costs of surveys, maps, plans, estimates and hearings and costs
incidental thereto and the financing thereof, is $17, 500 and the-said '
amount is hereby appropriated therefor. The plan of financing includes the
issuance of $17, 500 serial bonds to.' finance said appropriation, . and the
levy and collection of taxes on all - the taxable real roperty in the Town
to pay the principal of said bonds.11 and the interest Je. reon as the same-
shall become due and payable.
Section 2 . Serial bonds in the principal amount of
$17, 500 to finance said appropriation are hereby authorized to be issued
pursuant to the provisions of the Local Finance Law, constituting Chapter
33-a of the Consolidated Laws of the State of New York (herein called
"LAW")
Section 3. The following additional matters are hereby
determined and declar�jd:
(a) The period of probable usefulness of acquiring said
land, being the specific object or purpose for which said $17, 500C:'serial
,
bonds authorized pursuant to this resolution are to be issued, within the
limitations of Section 11.00 a. 21 of the Law, is thirty (30) years, but
the: maturity o_ f said bonds shall, not exceed fifteen (15) years.'
(b) Current funds. are not required to be provided prior
to the issuance of the serial bonds authorized by this resolution, or any
bond anticipation notes in anticipation of the. sale of such bonds, pur-
suant- to the provisions of Section 107.. 00 d. 4. of the Law.
(c) The maturity of the bonds authorized pursuant to
this resolution will exceed five (5) years.
Section 4. Each of the bonds authorized pursuant to
this resolution and any bond anticipation notes iss.udd in anticipation
of said bonds, shall contain the recital of validity prescribed by 'S.52. 00
of the Law and said bonds and any notes issued' in anticipation of said bonds,
shall be general obligations of the Town, payable 'as' 'to botli principal' and
interest by a 'Oeneral tax upon all tYn taxable real property within the
Town without limitation of rate orIamount.' The faith and- credit of- the -
Town are hereby irrevocably pledged to the punctual payment of the principal
4?
of and interest on said bonds and provision shall be made annually in
the budget of the .Town by appropriation for .'
(a) the amortization and re-
demption of the bonds to .mature in .such year and (b) the payment of
interest to be due and payable in such year.
Section 5. Subject to the provisions of . this resolution
and of the Law, and pursuant to .the provisions of S. 30. 00 relative to
the authorization of the issuance of bond anticipation notes and of S.
50.00 and SS . 56. 00. to 60. 00 of the LaW, the powers ,and duties of the
Town Board relative to prescribing the terms, form and contents and as ,
to the sale and issuance of said bonds and, any notes issued in antici-
pation of said bonds, or the renewals thereof, are hereby delegated to
the Supervisor, the chief fiscal officer of the Town.
Section 6. The validity of the bonds authorized by this
resolution and of any notes issued in anticipation of said bonds, may
be contested only if :
(a) such obligations .are authorized for an object or purpose
for which the Town is not authorized to expend money, or
(b) the provisions of law which should be complied with at
the date of , publication of such resolution,, are not sub-
stantially complied with, and an action, suit or pro-
ceeding contesting such validity, is commenced within
twenty days after the date of such publication, or
(c) such obligations are authorized in violation of the pro-
visions of the constitution.
Section 7. The bond resolution of the Town, duly adopted
December 26;,) 1967, entitled: . ,
"Bond Resolution of the Town of Southold, New York, adopted
December 26, 1967 , authorizing . (1) (A) acquisition of certain land situ-
ate on. the northerly side of .Main Road, at Peconic, in said Town, as the
site of a police headquarters building, at an estimated maximum cost of
$6, 000 (B) appropriation of ,sai.d amunt ,therefor, and (C) issuance of
$6, OOO ,serial bonds to finance said appropriation, (2) (A) acquisition
of the existing building on .said site for .use as such police headquarters,
at an estimated maximum cost of $18, 000, (B) appropriating said amount
therefor, and (C) issuance of, $18, 000 serial bonds to finance said approp-
riation, and, (3) (A) reconstruction, in part, of said building, at .an
estimated maximum cost of $6, 000, (B) appropriation of said mmount there-
for, including $300 current funds to provide the down payment and (C)
issuance of $5, 700 serial. bonds to finance the balance of said appropri-
ation, and stating the estimatedtotal cost of acquiring said land and
.building and reconstructing said building is $30, 000, "
is hereby repealed, rescinded and .r.evoked.
Section 8. This resolution shall take .effec,t .thir.ty . (30)
`! days after its adoption, unless within thirty (30), days after its adoption
there shall be filed with the Town Clerk, . in accordance with Article 7
of the Town Law, a petition signed and acknowledged by"selectors of the
Town of the number required by law, ;qualified to vote upon a proposition
to raise and expend money, protesting against this resolution and request-
ing that it be submitted to the electors of the Town for their approval
or disapproval, in which case this, resolution shall take effect when
approved by the affirmative vote of a majority of the qualified electors
of the Town, voting upon a proposition for. its approval at a referendum
held .in accordance with the Town Law.
Vote .of Town, Board: Ayes-Supervisor ,Albertson; Councilmen Demarest and
Valentine; Justices Clark and Suter.
RESOLVED BY THE TOWN BOARD .OF .THE TOWN OF SOUTHOLD, IN THE COUNTY OF
SUFFOLK, NEW YORK, AS FOLLOWS :
Section 1. The ,-Town Clelrk of the ,Town of Southold, in the
County of Sutfolk, New York, shall!, within ten (10) days after the adoption
of the bond resolution -referred to in the form of Notice hereinafter set
forth in Section 3 hereof, cause to be published at least once in "The
L.I. TRAVELER-MATTITUCK WATCHMAN" , a newspaper .published in Southold,.
New York, having a .general circulation within said Town and hereby. desig-
nated as the official newspaper of said Town, and to be posted on the
sign board maintained pursuant to subdivision 6 of Section 30 of the Town
Law, a, Notice which shall set forth, ;the date of adoption of said foregoing
resolution and "conta-in an abstract'.thereof concisely stating its purpose
and effect.
48
Section 2. After said bond resolution shall take effect,
the Town Clerk is hereby directed to cause said bond resolution to be pub-
lished, in full, in the newspaper `hereinabove referred to in Section 1 here-
of, and hereby designated the official newspaper for said publication, to-
gether with a notice in substantially the form as provided by Section 81. 00
of the Local FLwance Law, constituting Chapter 33-a of - the Consolidated .
Laws of the State of New York, unless ' a valid petition shall have. been
filed in accordance with Article 7 'of the Town Law protesting against
said bond resolution and requesting it be submitted to the electors for
their approval or disapproval.
Section 3. The Notice referred to in Section 1 hereof
shall be in substantially the following form:
TOWN OF SOUTHOLD8 IN THE COUNTY
OF SUFFOLK, NEW YORK
PLEASE TAKE NOTICE that on March 12 , 1968, the Town
Board 'of the Town of Southold, in the County of Suffolk, New York, adopted
a` bond resolution entitled:
"Bond Resolution of the Town of Southold, New York,
adopted March 12 , . 1968, authorizing the acquisition of certain land on the
northerly side of Main Road, in Peconic, in said Town, for town purposes,
staring the estimated' masimum cost thereof is $17, 500, appropriating said
amount therefor and authorizing the issuance of $17, 500 serial bonds to
finance said appropriation, "
an abstract of which resolution concisely stating the purpose and effect
thereof, is as follows :
FIRST: AUTHORIZING the Town of Southold ('aTown") , to
acquire by purchase, condemnation or otherwise, the certain land on the
northerly side. of Main Road, bounded on •the north by land of, Debek, on
the east by land of the' Town and land of Sternemann `and on thd'-west`by
land of Gadomski, in Peconic, in the Town, for Town purposes : DESCRIBING.i.
said land by metes) and bounds; STATING the estimated'maximum cost thereof
is $17 , 500; APPR'OPRIATING said amount' therefor;-.'- and STATING the plan of.
fiftancin"4 includes the issuance of $17 , 500 serial bonds to finance said'
appropriation and the levy and collection of taxes on all ' the taxable real
property in.' the Town to pay the principal of said bonds; and' the interest
thereon as the, -same shall become due and payable. 1
SECOND: AUTHORIZING the issuance of $1T, 500' serial
bonds' to finance said appropriation;
THIRD: DETERMINING that'`'(a) the period of probable
usefulness of acquiring said land, is 30 years,- but the maturity of% 'sa'id
bonds shall not exceed fifteen (15) years' (b)' ' current funds are 'not re-
quired to be provided prior to 'the issuahce ' of- such bonds or any notes-
.in anticipation thereof; and (c) the maturity of- said serial bonds will
exceed five (5.) years;
FOURTH: DETERMINING that said bonds and any notes
issued in anticipation of said bonds 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 such notes in anticipation
of said bonds or the renewals thereof; -
SIXTH: STATING the' validity' of the bonds authorized -,
by the resolution or any notes in anticipation' of said bonds , ma'y be con-
tested only if (a) such obligations'`are -authorized for an object or purpose
for which the Town is not authorized -to' expend 'money,- or (b) the provisions
of law which should be complied with' at the date of, publication of -'the
resolution are not substantially complied with and an action, suit or pro-
ceeding is commenced within 20 days after such date 'of publicationt, "or
(c) such obligations are authorized in violation of th)e -constitution;
SEVENTH: REPEALINGr RESCINDING AND REVOKING the Bond
Resolution, adopted, by• the Town Board. 'on December 26, 1-967 authorizing
the issuance of $6;000 serial bonds for acquisition of'-certain- land;
$18, 000 serial bonds 'for' acquisition of the bu-Ilding` thereon and--'$5, 700
serial bonds dor reconstruction, in part, of said -building; 'and,
EIGHTH: PROVIDING that said 'bond' re'solu'tion shall take
effect 30 days a.fter its adoption unless within 30 'days after its:-adoption
petition for its submission to the electors' shall be filed �in 'accordance
with law, protesting against -the resolution and requesting ,it.:be. submit�ted
to the electors for their approval or disapproval. Dated: .March .12, 1968.
BY ORDER OF THE TOWN BOARD OF THE TOWN OF SOUTHOLDO NEW YORK. . .
Albert W. Richmond, Town Clerk
Moved by Councilman Valentine; seconded by Justice Suter;
40
WHEREAS, Southold Legion G.T.G; Post #803, Southold, N.Y. applied to the
Town Clerk for a Bingo License, and
WHEREAS, the Town -Board has _examined the application and , after investig-
ation duly made ,findings . and determinations as required by law,
NOWT THEREFORE, BE IT RESOLVED: That the supervisor be and he hereby is
authorized and .directed to execute on .behalf of the Town Board the find-
ings and determinations as required by law, ' and it .is further .
RESOLVED: That the Town Clerk be and he hereby is directed to' issue "a
Bingo l(icense to the Southold American Legion G.T.G. Post #803 , Southold.
Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and
Valentine; Justices Clark and Suter.
Moved by Justice Clark; seconded by Councilman Demarest;
WHEREAS, Southold Legion Auxiliary G.T.G. Post #803 , Southold N.Y. applied
to the Town Board for a Bingo License, and
WHEREAS] the Town Board has examined the application and after investig-
ation duly made findings and determinations as required by law,
NOW: THEREFORE, BE IT RESOLVED: That the Supervisor be and he hereby is
authorized and directed to execute on behalf of. the Town .Board the find-
ings- and determinations as required by law, and it is further
RESOLVED: ._That the Town Clerk be and he hereby is directed to issue a
Bingo-License to the Southold American Legion Auxiliary G.T.G. Post #803
Southold, N.Y.
Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest;
Justices Wlark and Suter.
Moved. by-. Counci.lman Demarest; seconded by. Councilman Valentine;
WHEREAS: A PETITION was received from Russell Tabor & Sons, requesting
a change of zone of certain property in Orient, L.I.,N.Y. described in
said petition from "A" Residential and Agriculural District to "B"
Business District,
NOW, THEREFORE, BE IT RESOLVED.: That the Town Clerk of the Town of
Southold be and he hereby is directed to transmit this application to
the Planning Board in accordance with Section 901, Subdivision C of
Article IX of the Building Zone Ordinance of the Town of Southold. -
__ Vote of Town Board: .Aye.s-Supervisor Albertson;. ('�ounc.ilmen Demarest
and Valentine; Justices Clark and Suter.
Moved, by Councilman Valentine; seconded by Councilman Demarest;
WHEREAS, A petition waa received from Anna Zanghetti and Mario. Zanghetti
requesting a. change _of zone of certain poop'erty in Fishers Island, ,N.Y.
described in .said petition from ."A" Residential and Agriculural .District
to "B". -Business District,
NOW,, THEREFORE, BE IT RESOLVED:, That the Town Clerk of the Town of
; Southold be and he hereby is directed to transmit this application to
the Planning Board in accordance with Section 901, Subdivision C of
Article ,IX of the Building- Zone Ordinance of the Town of Southold.
Vote ofr Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and
l �
Valentine; Justices ClarK. ,and Suter.
Move d ,by Justice Clark; seconded. by Justice Suter;
RESOLVED: That the .Southold Town Board approves the action of the Board
of Commissioners of Fishers Island Ferry District in hiring Mr., Irving
W. Miller, Accountant, t_o make quarterly Audits at $1200 per year,
appointment effective as of February 14, 1968.
Vote of Town Board: Ayes-Supervisor Albertson; ouncilmen Demarest
and' Valentine; Justices Clark and Suter. r
Moved by Justice Clarx; seconded by Justice Suter;.
RESOLVED: That .General Bills in the amount of $12, 123. 65 ; Fishers Island
Ferry" District Bills in the amount of $4$, 542 .65 ; Lighting District .
Bills in the amount of .$3, 892 ..82 and Highway Bills in the amount of
$5, 250.41 be and -the same are hereby ordered paid.
Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest and
Valentine; Justices Clark and Suter.
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Moved by CouncLlman Demarest; seconded .by ,Councilman •Valentine; , --
RESOLUTION OF THE TOWN OF SOUTHOLD'i NEW YORK '-
ADOPTED MARCH 12 , 1968, 'AUTHORIZING THE RE=
DEMPTION, IN PARTr OF A $165, 000 BOND ANTICI--
PATION NOTE FOR ACQUISITION OF ADDITIONAL 1 ,
FERRY BOAT-1967, 'TO THE- EXTENT - OF $10, 000 AND
`•:'-'.kC-1xs;: '. -AP;PROPREATING SAID AMOUNT THEREFOR.
Recital
WHEREas, "the Town of Southold (herein called "town"-) , in
the County of Suffolk, New York, has heretofore duly -authorized, sold
and issued its $165 , 000 Bond Anticipation Note For Acquisition- of Add-
J itional Ferry Boat-190, . and it is now desirable to redeem said Note to
.the extent of $10, 000 from a source other than the proceeds of the bonds
in anticipation of which- said Note -has been issued;
now, therefore, be it .
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN 'THE COUNT,Y,'OF
SUFFOLK, 'NEW YORK AS FOLLOWS :
Section 1. The $165, 000 Bond Anticipation Norte For Acquis-
ition .of Additional .Ferry Boat-1967- of the Town, -hereinabove referred
to in the Recital of this resolution, is hereby authorized to be, re
.deemed on or before .March -151 1968 t•o the extent of $10, 000 from funds.
of the Town 'now available to said purpose, said-funds being a- source
other than the proceeds of the bonds in anticipation of which said .Note
was issued, and the said amount: of $10,•000 is • hereby -appropriated there-
for. _
Section 2 . . This resolution shall take effect immediately.
Vote of Town Board: Ayes-Supervisor 'Albertson; - Councilmen Demarest and
Valentine; Justices Tlark and -Suter. -
Moved by. Councilman Demarest;.: seconded by Councilman Valentine;-
BOND ANTICIPATION NOTE RESOLUTION OF THE TOWN:
OF SOUTHOLD'r NEW--YORK,r ADOPTED MARCH 12, 1968,
AUTHORIZING THE RENEWAL,, - IN PARTS:. OF' THE
$165, 000' BOND ANTICIPATION NOTE ,-FOR ACQUISITION
OF ADDITIONAL' •?,FERRY'.'BOAT'1967 , BY THE ISSUANCE
OF A NEW NOTE IN THE :PRINCIPAL AMOUNT OF
$155, 000.
Recital
WHEREAS, the Town of Southold (herein called "'town") , in the
Connty of Suffolk, New York, has heretofbx:tee duly authorized, sold and
"is°sued its $165, 000 Bond Anticipation Note For Acquisition of Addit
ional Ferry Boat-1967 -and has duly authorized the redemption of .the
Note to the extent of $10, 000 and it is now necessary and desirable to u
provide for the renewal, in part, of sad .rT^} i
Note by the issuance of a,,new note in the principal amount of $155, 000;
now, therefore, be it
RESOLVED BY THE TOWN BOARD OF THE TOWN OF SOUTHOLD, IN THE
COUNTY OF SUFFOLK, NEW YORK, AS FOLLOWS :
Section 1. The $165,000 Bond Anticipation Note. For Acquis-
ition of Additional Ferry Boat-1967 of the Town, dated March 15, 1967,
maturing March 15, 1968:;, subject -to prior redemption, numbered R-.l,
heretofore duly authorized, sold and issued pursuant to -the bond
anticipation note resolution du-ly adopted bythe Town Board of said Town
on March 7, 1967, is hereby authorized to be renewed, in part, by the
issuance of a new Note- in the principal amount of $1.55 , 000, said Note
dated March - 15, 1967 , having been heretofore -duly authorized to be
redeemed from a source other than the proceeds of the bonds in antic-
ipation of which said Note has been issued, to the extent of $10, 000
all as hereinabove referred to in' the Recital hereof, pursuant to the
provisions of the Local Finance Law, constituting Chapter 33-a . of the
Consolidated Laws 'of the State of New York (herein called -."Law") ...
The maturity of said -renewal Note herein authorized shall not be later
than one year from its date, and said- -Note may be further renewed._pursuant
to the provisions of the: Law. -
Section 2. The terms, form and details of said renewal Note
shall be as follows :
Amount and Title: $155, 000 Bond Anticipation Note For
Acquisition of Additional Ferry Boat-1968.
51
Dated: March 15, 1968
Matures : March .l4, 1969;. subject• to prior redemption
No. 2R-1 :.$155, 000
Interest .Rate:. 3.65% per annum; payable at maturity
Place of payment. of principal and. interest:
:Supervisor ' s Office
Greenport, New York
Form of Note.: Subs.tantia-lly -in accordance with .form
prescr.ib.ed by Schedule 'B, 2 of .the Law.
Section ,3.. Said Note is- hereby sold :to. the SECURITY .. . , .,
NATIONAL BANK OF LONG ISLNND, .Riverhead, .New. York, , at the price of
$155, 000, to bear interest at the rate of three and sixty-five
hundredths per .centum (3.65%) per annum, payable at .maturity,: and the _
Supervisor is hereby authorized to deliver said Note to said
purchaser upon receipt ,of the purchase price., :plus accrued- interest,
if any, from the date of. said. Note to the., date of delivery.
Section 4. Said Note shall contain the recital of validity .
prescribed by 5. 52. 00 of the Law and shall be a general obligation
of the Town, payable as:- to both- principal and interest by a general
tax upon all the taxable .real property within the Town, without limit-
ation of rate or amount. The faith and credit of the Town are hereby
irrevocably pledged tolthe punctua'1 payment of the principal of and
interest on said Note and provisions shall be _made .in the budget of
the- Town -by appropriation for the redemption of the Note to mature
in such year and. for the payment of interest .to .be' due in such year.
Section 5. Said Note shall be executed in the name
of the Town by its Supervisor and .thef. corporate seal •of said Town
shall be affixed thereto and attested- by its Town Clerk.
Section 6. This resolution shall take effect immediately.
Vote of Town Board: Ayes-Supervisor Albertson; Councilmen Demarest
and Valentine; Justices Clark and Suter.
Adjournment.
Albert W. Richmond
town Clerk