Amending Bond Resolution No. 88 of 2017 Dated December 12, 2017, As Amended by Bond Resolution No. 86 of 2018 Dated December 11, 2018, Authorizing Recreation Park Improvements at an Estimated Increased Maximum Cost of $2,425,000, The Issuance of Serial Bonds of the Town of Red Hook, Dutchess County, New York in an Increased Aggregate Principal Amount Not to Exceed $1,500,000 Pursuant to the Local Finance Law to Finance a Portion of the Cost Thereof, The Expenditure of $430,000 From Recreation Reserve Funds, and Providing That This Resolution Shall Be Subject to a Permissive Referendum and Delegating Certain Powers in Connection Therewith to the Town Supervisor

RESOLVED

1. Section 1 of the Prior Bond Resolution is hereby amended to read as follows: SECTION 1. The specific purpose to be financed pursuant to this resolution is the improvement of facilities at the existing Recreation Park east of Linden Avenue and the Recreation Park annex west of Linden Avenue included in Phase I of the master plan, including improvements to an existing field to create a Challenger Field, a new ballfield, improvements to accessibility, replacement of playground equipment, trails, upgrades to existing facilities, and related parking and infrastructure. The increased estimated maximum cost of said purpose is $2,425,000 and said amount is hereby appropriated therefor. It is hereby determined that said purpose is an object or purpose described in subdivision 19(c) of paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said purpose is fifteen years
2. It is hereby determined that the purpose described in Section 1 of the Prior Bond Resolution, as amended by this amendment, constitutes an unlisted action as defined under the State Environmental Quality Review Regulations, 6 NYCRR Part 617, which has been determined under SEQR not to have a significant impact on the environment
3. Section 3 of the Prior Bond Resolution is hereby amended by increasing the amount of serial bonds authorized, said section to read as follows: SECTION 3. The Town Board plans to finance a portion of the cost of said purpose by the issuance of serial bonds of the Town in an amount not to exceed $1,500,000, hereby authorized to be issued therefor pursuant to the Local Finance Law. The Town Board plans to pay a portion of the cost of said purpose in the amount of $430,000 from the Town's recreation reserve funds, hereby authorized to be expended for such purpose. A portion of the remaining cost is expected to be paid from the following sources: $250,000 from CDBG grants, $30,000 from cash donations and approximately $20,000 in in-kind donations for the playground project, and $75,000 from a Greenway grant in cooperation with Winnakee Land Trust. The remaining $120,000 cost of the project is expected to be paid from other available funds
4. Within ten days after the adoption of this resolution, the Town Clerk is hereby authorized and directed to cause to be published at least once in the in the Poughkeepsie Journal, being a newspaper having a general circulation in the Town and hereby designated as the official newspaper of the Town, and to be posted on the sign board of the Town maintained pursuant to the Town Law, a notice which shall set forth the date of adoption of this resolution and contain an abstract thereof, concisely stating its purpose and effect and specifying that this resolution was adopted subject to a permissive referendum
5. This resolution shall take effect thirty days after adoption, unless there shall be filed with the Town Clerk a petition signed and acknowledged by the electors of the Town qualified to vote upon a proposition to raise and expend money, in number equal to at least five per centum of the total vote cast for governor in the Town at the last general election held for the election of State offices, protesting against this resolution and requesting that the matter be submitted to the qualified electors of the Town at a referendum in the manner provided by Article Seven of the Town Law
6. 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) Such obligations are authorized for an object or purpose for which the City is not authorized to expend money; or (2) The provisions of law which should be complied with at the date of the 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 (3) Such obligations are authorized in violation of the provisions of the Constitution of New York
7. Upon the effective date hereof, the Town Clerk is hereby authorized and directed to publish this resolution, or a summary thereof, together with a notice in substantially the form provided by Section 81.00 of the Local Finance Law, in the Poughkeepsie Journal, being a newspaper having a general circulation in the Town and hereby designated as the official newspaper of the Town for such publication