Bond Resolution Authorizing Acquisition of Interests or Rights in Real Property for the Preservation of Open Spaces or Recreational Use at an Aggregate Estimated Maximum Cost of $1,900,000

RESOLVED

1. the specific purposes to be financed pursuant to this resolution are the acquisition of interests or rights in real property for the preservation of open spaces or recreational use in and for the Town of Red Hook, consistent with one or more of the Town's adopted plans including the Open Space Plan, the LWRP, and/or the Community Preservation Project Plan. The estimated maximum cost of said purpose is $1,900,000 and said amount is hereby appropriated therefor. It is hereby determined that each said purpose is an object or purpose described in subdivision 93 of paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said purposes is not less than twenty-five years
2. the aforesaid purposes are expected to constitute acquisition of a conservation easement and/or acquisition and dedication of 25 acres or less of land for parkland; each constituting a Type II 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. the Town Board plans to finance the cost of said purpose by the issuance of serial bonds of the Town in an amount not to exceed $1,900,000, hereby authorized to be issued therefor pursuant to the Local Finance Law
4. the proposed maturity of the obligations authorized by this resolution will be in excess of five years from the original date of issuance of such obligation
5. current funds are not required to be provided prior to the issuance of the bonds authorized by this resolution or any notes issued in anticipation of said bonds
6. the proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized
7. each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of said bonds, shall contain the recital of validity prescribed by Section 52.00 of the Local Finance Law. The faith and credit of the Town are hereby irrevocably pledged for the payment of the principal of and interest on said bonds as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of and interest on said bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property of the Town a tax sufficient to pay the principal of and interest on said bonds as the same become due and payable
8. subject to the terms and contents of this resolution and the Local Finance Law, and pursuant to the provisions of Sections 30.00, 50.00 and 56.00 to 63.00, inclusive, of said Law, the power to authorize bond anticipation notes in anticipation of the issuance of the serial bonds authorized by this resolution and the renewals of said notes and the power to prescribe the terms, form and contents of said serial bonds, and said bond anticipation notes (including without limitation the date, denominations, maturities, interest payment dates, consolidation with other issues, and redemption rights), the power to determine to issue said bonds providing for substantially level or declining debt service, the power to determine to issue said bonds as statutory installment bonds, and the power to sell and deliver said serial bonds and any bond anticipation notes issued in anticipation of the issuance of such bonds, is hereby delegated to the Town Supervisor, the Chief Fiscal Officer of the Town. The Town Supervisor is hereby authorized to sign any serial bonds issued pursuant to this resolution and any bond anticipation notes issued in anticipation of the issuance of said serial bonds, and the Town Clerk is hereby authorized to affix the corporate seal of the Town to any of said serial bonds or any bond anticipation notes and to attest such seal
9. the Town Supervisor is further authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the bonds authorized by this resolution, and any notes issued in anticipation thereof, as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the Code) and to designate the bonds authorized by this resolution and any notes issued in anticipation thereof as qualified tax-exempt bonds for purposes of Section 265(b)(3)(B)(i) of the Code
10. 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 Poughkeepsie Journal, each being a newspaper having a general circulation in the Town and hereby designated as the official newspapers 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
11. 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 percentum 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
12. 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
13. 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 newspapers of the Town for such publication