VILLAGE OF FREEPORT, NEW YORK
PLEASE TAKE NOTICE that on November 25, 2019, the Board of Trustees of the Village of Freeport, in the County of Nassau, New York, adopted a bond resolution entitled:
“Bond Resolution of the Village of Freeport, New York, adopted November 25, 2019, authorizing the construction of sewer system improvements, including the replacement and/or relining of sanitary sewer lines, stating the estimated maximum cost thereof is $1,890,000, appropriating $1,500,000 in addition to the $390,000 heretofore appropriated for such purpose, and authorizing the issuance of bonds of the Village in the principal amount of not to exceed $1,500,000, in addition to the $390,000 bonds heretofore authorized, to finance said additional appropriation,”
an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:
FIRST: AUTHORIZING said Village to construction of sewer system improvements, including the replacement and/or relining of sanitary sewer lines; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $1,890,000; APPROPRIATING $1,500,000 for such purpose, in addition to the $390,000 heretofore appropriated pursuant to the bond resolution duly adopted by the Board of Trustees on July 22, 2019 (the “July 2019 Bond Resolution”) for such purpose; STATING the plan of financing includes the issuance of the $1,500,000 serial bonds to finance said additional appropriation, in addition to the $390,000 serial bonds heretofore authorized pursuant to the July 2019 Bond Resolution and the levy of a tax upon all the taxable real property within the Village to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING in addition to the $390,000 serial bonds authorized pursuant to the July 2019 Bond Resolution, the issuance of not to exceed $1,500,000 bonds of the Village pursuant to the Local Finance Law of the State of New York (the “Law”) to finance said additional appropriation;
THIRD: DETERMINING and STATING the period of probable usefulness applicable to the purpose for which said bonds are authorized to be issued is forty (40) years; the temporary use of available funds of the Village, not immediately required for the purpose or purposes for which the same were borrowed, raised or otherwise created, is hereby authorized pursuant to Section 165.10 of the Law, for the capital purposes described in this resolution and the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Village for expenditures made after the effective date of this bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of said
bonds will exceed five (5) years;
FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Village; and PLEDGING to their payment the faith and credit of the Village;
FIFTH: DELEGATING to the Village Treasurer the powers and duties as to the issuance of said bonds, and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum.
DATED: November 25, 2019
Pamela Walsh Boening
Village Clerk
