BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED JUNE 13, 2016 AND AMENDED APRIL 1, 2021, AUTHORIZING THE ESTABLISHMENT AND CONSTRUCTION OF A SEWER SYSTEM, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $8,500,000, APPROPRIATING SAID AMOUNT FOR SUCH PURPOSE, AND AUTHORIZING THE ISSUANCE OF BONDS IN THE PRINCIPAL AMOUNT OF $8,500,000 TO FINANCE SAID APPROPRIATION

Resolution #8-2021 — 2021-04-01

WHEREAS

• the Board of Trustees of the Village of Red Hook, Dutchess County, New York, has heretofore duly authorized the establishment and construction of a sewer system, including the acquisition of an existing privately-owned wastewater treatment plant, expansion of the wastewater treatment plant, construction of approximately 7,000 linear feet of collection pipes, 7,500 linear feet of lateral pipes, acquisition of easements and other interests with respect to septic tanks, laterals and property access, and original furnishings, equipment, machinery or apparatus, pursuant to the bond resolution adopted by the Board of Trustees on June 13, 2016
• the estimated cost of said project has now been determined to be $8,500,000, and it is necessary and in the public interest to increase the appropriation for the project by $3,600,000 and to amend said bond resolution to authorize the issuance of $8,500,000 bonds to reflect such increase

RESOLVED

• The bond resolution of said Village duly adopted by the Board of Trustees on June 13, 2016 is hereby amended to authorize the issuance of bonds in the principal amount of $8,500,000, with the estimated maximum cost of the sewer system project stated as $8,500,000
• The Village of Red Hook is authorized to establish and construct a sewer system including acquisition of an existing privately-owned wastewater treatment plant, expansion of the wastewater treatment plant, construction of approximately 7,000 linear feet of collection pipes, 7,500 linear feet of lateral pipes, acquisition of easements and other interests, and original furnishings, equipment, machinery or apparatus, with estimated maximum cost of $8,500,000, financed through bond issuance and assessments upon benefited properties, with authorization to apply grants from EFC, NYS Water Grants Program, USDA Rural Development, and other sources toward project costs or bond redemption
• Bonds in the principal amount of $8,500,000 are authorized to be issued pursuant to the Local Finance Law to finance said appropriation
• The period of probable usefulness is forty (40) years, proceeds may be applied to reimburse the Village for expenditures made after the effective date for the authorized purpose, and the proposed maturity will exceed five (5) years
• The bonds and any bond anticipation notes issued shall contain the recital of validity as prescribed by Section 52.00 of the Law and shall be general obligations of the Village, payable as to both principal and interest by general tax upon all taxable real property within the Village, with faith and credit of the Village irrevocably pledged to punctual payment
• The powers and duties of the Board of Trustees relative to authorizing bond anticipation notes and prescribing terms, form and contents and sale and issuance of bonds and notes are delegated to the Village Treasurer
• The validity of the bonds and notes may be contested only if authorized for an improper purpose, if provisions of law are not substantially complied with, or if authorized in violation of the constitution, with action commenced within twenty days after publication
• This bond resolution shall take effect immediately and the Village Clerk is authorized and directed to cause a summary to be published in the Daily Freeman with a Notice as provided by Section 81.00 of the Local Finance Law
• The amendment shall not affect the validity of liabilities incurred, obligations issued, or actions taken pursuant to the prior bond resolution