PUBLIC NOTICE
PLEASE TAKE NOTICE that on February 22, 2018, the Town Board of the Town of Smithtown, in the County of Suffolk, New York, adopted a bond resolution entitled:
“Bond Resolution of the Town of Smithtown, New York, adopted February 22, 2018, authorizing the construction of Improvements to traffic signals and signs, stating the estimated maximum cost thereof is $380,625, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of $380,625 to finance said appropriation,”
an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:
FIRST: AUTHORIZING said Town to construct improvements to traffic signals and signs, consisting of (a) improvements to traffic signals at the estimated of $197,925 and (b) improvements to traffic signs, pavement markings, crosswalk lights, pedestrian controls and related improvements at the estimated maximum cost of $182,700; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $380,625; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the issuance of bonds in the principal amount of $380,625 to finance said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon;
SECOND: AUTHORIZING the issuance of $380,625 bonds of the Town pursuant to the Local Finance Law of the State of New York (the “Law”) to finance said appropriation;
THIRD: DETERMINING and STATING that the period of probable usefulness applicable to the object or purpose for which $197,925 of said bonds are authorized to be issued is ten (20) years; the period of probable usefulness applicable to the object or purpose for which $182,700 of said bonds are authorized to be issued is ten (10) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town 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 $380,625 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 Town; and PLEDGING to their payment the faith and credit of the Town;
FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals thereof, and other related powers; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum.
DATED: February 22, 2018
BY ORDER OF THE TOWN BOARD
OF THE TOWN OF SMITHTOWN
VINCENT PULEO
TOWN CLERK