BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED JULY 10, 2023, AUTHORIZING THE ISSUANCE OF BONDS IN A PRINCIPAL AMOUNT NOT TO EXCEED $218,000 TO FINANCE THE ACQUISITION OF A GARBAGE/LEAF TRUCK

RESOLVED

1. The Village of Red Hook is authorized to issue bonds in a principal amount not to exceed $218,000 pursuant to the Local Finance Law to finance the acquisition of a garbage/leaf truck.
2. The estimated maximum cost of the project is $218,000 and said amount is hereby appropriated for such purpose. The plan of financing includes the issuance of bonds in a principal amount not to exceed $218,000, and the levy and collection of taxes on all taxable real property in the Village to pay principal and interest. Reserve funds or any other available Village funds (including proceeds of sale of an existing garbage truck) are authorized to be applied to the cost and the principal amount of bonds shall be reduced by the amount of such other funds appropriated and expended.
3. The period of probable usefulness for the garbage/leaf truck is fifteen (15) years pursuant to Section 11.00 a. 28 of the Law; provided that bonds authorized and any bond anticipation notes shall mature no later than five (5) years after the date of original issuance.
4. The proceeds of the bonds and any bond anticipation notes 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 shall not exceed five (5) years.
6. Each bond and any bond anticipation notes shall contain the recital of validity prescribed by Section 52.00 of the Law and shall be general obligations of the Village, payable as to principal and interest by general tax upon all taxable real property within the Village.
7. Pursuant to Sections 21.00, 30.00, 50.00, and 56.00 to 60.00 and 168.00 of the Law, the powers and duties of the Board relative to authorizing bond anticipation notes and prescribing terms, form and contents of bonds and notes, and the sale and issuance thereof, are hereby delegated to the Village Treasurer.
8. The validity of the bonds and any notes issued in anticipation of the sale of bonds may be contested only if: (a) such obligations are authorized for an object or purpose for which the Village is not authorized to expend money, (b) the provisions of law which should be complied with at the date of publication of this resolution are not substantially complied with and an action is commenced within twenty days after publication, or (c) such obligations are authorized in violation of constitutional provisions.
9. This bond resolution shall take effect immediately and the Village Clerk is authorized and directed to publish the resolution in summary, together with a Notice in the officially designated newspaper for such publication.