BOND RESOLUTION DATED DECEMBER 22, 2021 - A RESOLUTION AUTHORIZING THE ISSUANCE OF SERIAL BONDS OF THE TOWN OF RED HOOK DUTCHESS COUNTY, NEW YORK IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $200,000 PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE ACQUISITION OF A DUMP TRUCK AT A MAXIMUM ESTIMATED COST OF $270,000, AND DELEGATING CERTAIN POWERS IN CONNECTION THEREWITH TO THE TOWN SUPERVISOR

RESOLVED

1. The specific purpose to be financed pursuant to this resolution is the acquisition of a dump truck with plow and wing assembly for maintenance purposes. The estimated maximum cost of said purpose is $270,000 and said amount is hereby appropriated therefor. The period of probable usefulness of said purpose is fifteen years.
2. The aforesaid purpose constitutes a Type II action under SEQRA which has been determined not to have a significant impact on the environment.
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 $200,000. The remaining cost of the project is expected to be financed from other available funds.
4. The proposed maturity of the obligations authorized by this resolution will not 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.
8. Subject to the terms and contents of this resolution and the Local Finance Law, the power to authorize bond anticipation notes, to prescribe terms of serial bonds and bond anticipation notes, to determine substantially level or declining debt service, to issue statutory installment bonds, and to sell and deliver said serial bonds and bond anticipation notes is hereby delegated to the Town Supervisor. The Town Supervisor is hereby authorized to sign any serial bonds issued pursuant to this resolution and any bond anticipation notes issued in anticipation thereof, and the Town Clerk is hereby authorized to affix the corporate seal of the Town to any said serial bonds or 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 as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended, and to designate the bonds authorized by this resolution and any notes issued in anticipation thereof as 'qualified tax-exempt bonds'.
10. The validity of said serial bonds or of any bond anticipation notes may be contested only if such 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 at the date of publication of this resolution are not substantially complied with, or an action is commenced within twenty days after the date of such publication, or such obligations are authorized in violation of the provisions of the Constitution of New York.
11. 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.
12. This resolution shall take effect immediately.