The resolution, a summary of which is published herewith, has been adopted on February 22, 2018, and an abstract thereof has been published and posted as required by law and the period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed. The validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Smithtown, in the County of Suffolk, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of the notice, or such obligations were authorized in violation of the provisions of the constitution.
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
The object or purpose for which the bonds are authorized to be issued is the construction of 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.
The maximum amount of obligations authorized to be issued is $380,625.
The period of probable usefulness for the $197,925 of said bonds is ten (15) years.
The period of probable usefulness for the $182,700 of said bonds is ten (10) years.
A complete copy of the Bond Resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, Town Hall, 99 West Main Street, Smithtown, New York.
Dated: March 26, 2018
BY ORDER OF THE TOWN BOARD
OF THE TOWN OF SMITHTOWN