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, with an estimated maximum cost of $1,900,000
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
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
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, and the faith and credit of the Town are hereby irrevocably pledged for the payment of the principal of and interest on said bonds
8. Subject to the terms and contents of this resolution and the Local Finance Law, the power to authorize bond anticipation notes, the power to prescribe the terms, form and contents of said serial bonds and notes, and the power to sell and deliver said serial bonds and any bond anticipation notes is hereby delegated to the Town Supervisor
9. The Town Supervisor is authorized to take such actions and execute such documents as may be necessary to ensure the continued status of the interest on the bonds as excludable from gross income for federal income tax purposes
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 a notice setting forth the date of adoption of this resolution with an abstract thereof
11. This resolution shall take effect thirty days after adoption, unless there shall be filed with the Town Clerk a petition signed by electors of the Town in number equal to at least five percentum of the total vote cast for governor in the Town at the last general election
12. The validity of said serial bonds or of any bond anticipation notes may be contested only if the obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or the provisions of law which should be complied with are not substantially complied with and an action is commenced within twenty days after the date of publication, or the obligations are authorized in violation 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