NOTICE IS GIVEN, that the Board of Trustees of the Village of Freeport, Nassau County, New York (the “Village”), at a regular meeting held on January 8, 2018, duly adopted, subject to a permissive referendum, a resolution, an abstract of which is set forth below:
In accordance with the New York State Village Law, such resolution will take effect thirty days after the date of its adoption, unless prior to the close of such thirty (30) day period there is filed with the Village Clerk a petition, subscribed and acknowledged by at least twenty percent (20%) qualified electors of the Village, as shown on the Village’s register of electors for the last general Village election, protesting against such resolution and requesting that it be submitted for approval or disapproval by the qualified electors of the Village. If such a qualifying petition is filed, a proposition for approval of the resolution shall be submitted at a special election held not less than ten (10) and not more than sixty (60) days after the filing of such petition.
Such Resolution was entitled:
BOND RESOLUTION OF THE BOARD OF TRUSTEES OF THE VILLAGE OF FREEPORT, NASSAU COUNTY, NEW YORK (THE “VILLAGE”), AUTHORIZING THE ACQUISITION OF ONE FIRE FIGHTING VEHICLE WITH RELATED APPARATUS; STATING THE MAXIMUM ESTIMATED COST THEREOF IS $1,105,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF UP TO $1,105,000 IN SERIAL BONDS OF THE VILLAGE TO FINANCE SAID APPROPRIATION
An abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:
- The Village was authorized to undertake the acquisition of one 85’ to 88’ ladder tower aerial platform fire fighting vehicle and related apparatus to be used in connection therewith, including all costs incidental thereto or in connection with the financing thereof (collectively, the “Project”).
- The Village was authorized to issue $1,105,000 principal amount of serial bonds (including, without limitation, statutory installment bonds) pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (the “Law”) to finance the Project.
- It was determined that the maximum aggregate cost of the aforesaid specific object or purpose is $1,105,000, said amount was appropriated therefore and the plan for the financing thereof shall consist of (i) the issuance of up to $1,105,000 in serial bonds of the Village authorized to be issued pursuant to the resolution, or bond anticipation notes issued in anticipation of such serial bonds, and (ii) the levy and collection of taxes on all the taxable real property in the Village to pay the principal of said bonds and the interest thereon as the same shall become due and payable.
- It was determined that the period of probable usefulness of the aforementioned specific object or purpose is twenty (20) years, pursuant to subdivision 27. of paragraph (a.) of Section 11.00 of the Law.
- 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, was authorized pursuant to Section 165.10 of the Law, for the capital purpose described in the resolution. The Village shall reimburse such expenditures with the proceeds of the bonds or bond anticipation notes authorized by the resolution. The resolution shall constitute a declaration of “official intent” to reimburse the expenditures authorized herein with the proceeds of the bonds and bond anticipation notes authorized herein, as required by United States Treasury Regulations Section 1.150-2.
- 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 the Village has pledged its faith and credit to the payment of the principal of and interest of said bonds.
- The Board of Trustees delegated to the Village Treasurer, as chief fiscal officer of the Village, the powers and duties relating to the authorization and issuance of said bonds, and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof, the determination of the terms, form and contents thereof and the execution of all applications, agreements and instruments necessary to effect the issuance of said bonds or bond anticipation notes.
- The Village Treasurer was 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 the resolution and any notes issued in anticipation thereof, as excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”) and to designate the bonds authorized by this resolution and any notes issued in anticipation thereof, if applicable, as “qualified tax-exempt bonds” in accordance with Section 265(b)(3)(B)(i) of the Code.
- The Village Treasurer was further authorized to enter into a continuing disclosure undertaking with or for the benefit of the initial purchasers of the bonds or notes in compliance with the provisions of Rule 15c2-12, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
- The bond resolution was determined to be subject to permissive referendum.
BY ORDER OF THE BOARD OF TRUSTEES OF THE VILLAGE OF FREEPORT, NASSAU COUNTY, NEW YORK.
Dated: January 8, 2018