Bond Resolution of the Village of Red Hook, New York, Authorizing the Establishment and Construction of a Sewer System

RESOLVED

1. The Village of Red Hook, in the County of Dutchess, New York is authorized to establish and construct 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. The estimated maximum cost thereof, including preliminary costs and costs incidental thereto and to the financing thereof, is $4,900,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of bonds in the principal amount of $4,900,000 to finance said appropriation and the levy and collection of assessments upon the several lots and parcels which the Board of Trustees shall determine and specify to be especially benefited thereby.
2. Bonds of the Village in the principal amount of $4,900,000 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law.
3. The period of probable usefulness of the object or purpose for which said bonds are authorized to be issued is forty (40) years.
4. The proceeds of the bonds herein authorized, and any bond anticipation notes issued in anticipation of said bonds, may be applied to reimburse the Village for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized.
5. The proposed maturity of the bonds authorized by this resolution will exceed five (5) years.
6. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity and said bonds, and any notes issued in anticipation of said bonds, shall be general obligations of the Village, payable as to both principal and interest by general tax upon all the taxable real property within the Village.
7. The powers and duties of the Board of Trustees relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized are hereby delegated to the Village Treasurer, the chief fiscal officer of the Village.
8. This bond resolution shall take effect immediately and the Village Clerk is hereby authorized and directed to cause a summary of this Bond Resolution to be published in the official newspaper of the Village.