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The original item was published from 6/23/2017 3:14:00 PM to 7/24/2017 8:05:03 AM.

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Public Notices

Posted on: June 23, 2017

[ARCHIVED] Bond $2,299,990

TOWN OF SMITHTOWN, NEW YORK

PLEASE TAKE NOTICE that on June 22, 2017, 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 June 22, 2017, authorizing the acquisition of heavy equipment, stating the estimated maximum cost thereof is $2,299,990, appropriating said amount for such purpose, and authorizing the issuance of  bonds in the principal amount of $2,299,990 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 acquire heavy equipment; as specified below:

A

B

C

Project Description  (object or purpose)

Estimated Maximum Cost

Period of Probable     Usefulness   

Replacement tractor trailer

152,250

15

Track paver

213,150

15

Tractor Trailer

76,125

15

Tub grinder

659,750

15

Wheel loader

248,675

15

Skid steer

91,350

15

Compact track loader

60,900

15

Heavy duty trucks

507,500

15

Terra Clean turf field attachment

16,240

10

Office scale trailer

45,675

15

Yard scale

86,275

15

Parks Wheel Loader

142,100

15

STATING the estimated total cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $2,299,990; APPROPRIATING said amount for such purpose, STATING the plan of financing includes the issuance of bonds of the Town in the principal amount of $2,299,990 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 $2,299,990 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 the period of probable usefulness applicable to the objects or purposes for which $2,283,750 of said bonds are authorized to be issued is fifteen (15) years and the period of probable usefulness applicable to the objects or purposes for which $16,240 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 $2,299,990 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:         June 22, 2017

BY ORDER OF THE TOWN BOARD

OF THE TOWN OF SMITHTOWN

VINCENT PULEO

TOWN CLERK


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