AMENDMENT TO BOND RESOLUTION - 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 (hereinafter referred to as "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.
2. 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.
3. 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.
4. 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.