HomeMy WebLinkAbout1931_12_09 Town Board Minutes 271
RECESSED NEETING OF THE TOWN BOARD
TOWN OF MAMARONECK,_ N. Y.
held December 9th, 1931.
The meeting was called to order by Supervisor Burton at
2;30 P. M.
Present: Supervisor Burton
Tustices Boyd, Collins, Leeds and Messersmith
Town Clerk Marvin
The presence was also noted of Counselor Gamble and Special,
Counselor Gagliardi.
The Board began the consideration of the budget for the
year 1932 in accordance with the provisions of Article , 6A of the Town
Law.
Many items were considered and tentative amounts set for them
but final determination of all items was laid over for further consider-
ation.
Supervisor Burton advised the Board regarding the progress
being made by the Pine Brook Drainage Commission in the construction of
the Pine Brook Drain. He stated that the contractors were completing
their work and the construction part of the project was in satisfactory
condition. He stated that the engineers were working with the New Haven
on the computation of the costs expended by said Railroad in connection
with said project; that the Commission was endeavoring to obtain the
approval of the Westchester County Park Commission so that payment by
said Commission might be made to the Pine brook Drainage Commission
in accordance with its contract. He further stated that one of the
contractors had made a large number of assignments of moneys claimed
to be due him and that a large number of liens had been filed and that
claims for extra had beer made , all of which would have to be adjusted
by the Commission. He stated that the matter of the assignments and
liens were in the hands of the Counsel of the Commission and that it
was difficult to state at this time when the project might be definitely
concluded and the total cost ascertained. He stated that since his last
report he had made a payment to the Pine Brook Drainage Commission on
August 29, 1931s in accordance with its request, of $15,000. 9 making a
total amount paid to the Commission to date of $50,000. and that in
accordance with the resolutions of this Board dated December 17, 1930
and August 18, 19319 he had issued as of this date Certificates of
Indebtedness in the amount of $52,000. , out of which he had paid the
Fine Brook Drainage Commission $50,000. and that out of the balance he had
paid interest on Certificates maturing and had certain funds on hand which
would be used to pay interest on Certificates of Indebtedness maturing
hereafter.
He further stated that On December 10, 1931, Certificates of
Indebtedness issued towards the cost of said Pine Brook Drain would
mature in the amount of ;$25000. and that on February 269 1932, Certif.
icates in the amount of $29,000. would mature. He stated that under the
,Pict under which the Pine Brook Drainage Commission was working, to witg
Chapter 260 of the Laws of 1930, it was provided, that bonds would be
-- sold by the three Municipalities after the total cost of said project
was determined and the proportionate share of each Municipality fixed
and as it arax not possible at this time to ascertain either the total
cost or the proportionate share of the Town of Mamaroneck, he recommended
that said outstanding Certificates of Indebtedness be refunded until
the Town was in a posttion to know its total share and cost of said project.
273
Ire stated that the resolution of Ddoember 17, 1930,
authorizing the issuance of Certificates of Indebtedness in the amount
of x:50,000. and the resolution of August 18, 1931, authorizing the
issuance of $Z,000. additional Certificates of Indebtedness had provided
that said Certificates of Indebtedness might be issued for a period not
exceeding fifteen months from the date thereof and as the author -aticn
of December 179 19309 would expire in Marph-1932, and as i- t was difficult"
in the present market to sell Certificates of Indebtedness for such a
short period, the supervisor recommended that the--board authorize him
at this time to re-issue said Certificates of Indebtedness heretofore
authorized and/or now outstanding whez§as and if they mature for an
additional period of not to exceed fifteen months from the date hereof,
and to authorize the Supervisor to re-issue the Certificates of Indebt-
edness in said amount of $53,000. when, as and if, he in his ,judgment
deemed same advisable.
Upon motion of Justice iiessersmithp seconded by Justice
Boyd, it was
RESOLVED, WHMFAS this Board has heretofore and on
November 129 1930, under the provisions of Chapter
2,60 of the Laws of 1930 authorized Certificates of
Indebtedness of the Town of Mamaroneck in the sum of
$50,000. and on August 18, 1931, authorized Certif-
icates of Indebtedness in an additional amount of
$3,000. making a total of $ 53,®OO. to be issued
by the Supervisor as in said resolution provided, and
WHEREAS the Board desires the Supervisor to extend
the time or times at which said Certificates of Indebt-
edness heretofore authorized shall be payable so that
said outstanding Certificates may be refunded, issued
and/or re-issued,
THFREFORE,BE IT RESOLVED, that this Board hereby auth-
orizes and empowers the Supervisor in accordance with
Chapter 260 of the Laws of 1930 and the Laws of the
State of New York to ,refund, issue and/or re-issue
Certificates of Indebtedness now outstanding and
authorized to be issued in a total amount of $53 ,000.
plus interest which from time to time may accrue
thereon, which shall bear interest at a rate of not
to exceed six per cent per annum, payable at such time
or times as the Supervisor may fix_, not exceeding,
however, fifteen months from the date hereof and to
sell and dispose of said Certificate or Certificates
of Indebtedness .for not less than the par value thereof,
which shall be payable as to both principal and
interests shall be in such denomination or denominations
and shall bear such date as shall be determined by the
Supervisor and shall be numbered consecutively commenc-
ing from the number of the last Certificate of Indebt-
edness of the Town issued for such purpose. Said Cert-
ificate or certificates. may be sold by the. Supervisor
from time to time as may be needed at private sale for
the b.est terms obtainable.
FURTHER RESOLVED that Laid Certificate or Certificates
of Indebtedness shall be in substantially the following
form
No.
UNITED STATES OF AMERICA
STATE OF IT97 YORK
COUNTY OF 'iMSTCHESTER
TOWN OF l AYARONECK
CFRTIFICATF OF I.ND_n1TFDLuS6 FINE BROOK DRAINAGE
COMA SS ION
7
The Town of Xamaroneck, in the County of Westchester,, a
municipal corporation of the State of New York., hereby acknowledges itself
indebted and for value received promises to pay to the bearer of this
Certificate on the day of 193 , the sum of
($ ) Dollars with interest thereon from the
date hereof at the rate of six per centum (6_J) per annum semi-annually
an the day of and
in each year from the date of this Certificate until it matures, upon
-_ preseraation and surrender, as they severally mature, of the coupons
therefor annexed hereto. Both principal and interest of this- Certific-
ate are payable at the office of
in gold coin of the united States of America, of or equal to the present
standard of weight and fineness, or its equivalent in lawful money.
This Certificate is issued pursuant to the provisions of the
Town Law constituting Chapter 62 of the Consolidated Laws of the State
of Few York as amended and Chapter 260 of the Laws of 1930 of the State
of New York; for money borrowed to pay the cost of the construction of a
part or portion of Pine Brook Drain as authorized under said Chapter2b0
of the haws of 1930.
It is hereby certified and recited that all conditions, acts
and things required by the Constitution and Statutes of the State of Bew
York to exist, to have happened and to be performed precedent tc and in
the issuance of this Certificate exist, have happened and have been per-
formed, and that the issue of certificates, of which this is one, to-
gether with all Ether indebtedness of said Town, is within every debt
and other limit prescribed by the Constitution and Laws of said State;
and the full faith and credit of the Town of Mamaroneck are hereby
pledged to the punctual payment of the principal and interest of this
Certificate , according to its terms.
I
IN WITITTSS WHEREOF, the Town of Mamaroneck has caused this
Certificate of Indebtedness to be signed by its :supervisor, and its corn-
orate seal to be hereunto affixed and attested by its Town Clerk, and
the coupons hereto attached to be authenticated by the facsimile sig-
nature of its Supervisor and this Certificate of Indebtedness to be
dated as of the day of 193
Supervisor of the
Town of Mamaroneck
(Corporate Seal}
Attest:
Town Clerk
FORK OF COUPON
No.
The Town of Mamaroneck, in the County of Westchester, a mun-
icipal corporation of the State of New York, will pay to the bearer on
the first day of 1932, the sum of
Dollars ($ ) in
gold coin of the United States of America, of or equal to the present
standard of weight and fineness, or its equivalent in lawful money, at
the office of
being six months* interest then due on its Pine Brook Drain Certificate
of indebtedness dated , 193 and bearing Number
I
SUPERVISOR OF TH��E����tTnnOM^� nOrF�
MAU 4R O"C
277
FURTHER RESOLVVED, that said Certificates of Indebted-
ness shall be general and unlimited obligations of the
Town of Mamaroneck. The full faith and credit of the
Town are hereby irrevocably pledged to the punctual
payment of the principal and interest of said Certif-
icate or Certificates of Indebtedness as the same shall
become due and unless said Certificate or Certificates
of Indebtedness are paid or payment provided for, an
- amount sufficient to pay the principal and interest
thereof shall be included in the annual statement for
tax purposes.
FURTHT.R RESOLVED, that said Certificates of Indebtedness,,
including interest thereon, shall be paid from the proceeds
of bonds to be issued and sold or from taxes or assessments
collected, all as in said Chapter 260 of the Laws of 1930
and the laws of the State of New York provided.
FURTI�R RESOLVED, that the receipt of the Supervisor
shall be a full acquittance to the purchaser of said
Certificates, who shall not be obliged to see to the
application of the purchase prices
The foregoing resolutions were adopted by the following voter
.AYES: George W. Burtons Supervisor
Walter R. Marvin, Jr., Clerk
F. H. Collins
William A. Boyd j Justices of
William D. Leeds ) the Peace
Wesley Iti. Messersmith)
The Supervisor advised the Board regarding the progress being
made by the Contractor on the Sewer and 'stater contracts in connection
with the Pine Brook Drain. He stated that it v..rould be necessary to extend
the time of payment of the Certificate of Indebtedness in the amount of
$10,000. authorized by this Board of Kay 20th, 1931, to pay for the cost
of said Contract 108. He further stated that the Certificate of Indebted-
ness came due on December 10th, 1931, and he was not in a position at that
time to ascertain the total cost of the contraft nor was the Board of
Sewer Commissioners due to certain legal difficulties in connection with
the said contract. He recommended that he be authorized to refund said
Certificate. He stated that the resolution of May20thp 1931, authorized .
the issuance of a Certificate of Indebtedness for a period of not to
exceed eighteen months, which limitation would expire November 20th, 1932,
and that he believed that he could re-sell the Certificate for a period
of twelve months, i. e. December 10th, 1931 to December 10th, 1932.. He
recommended that the Board therefore authorize the extension of the period
of time on said Certificate.
On motion of Justice Messersmith, seconded by Justice Boyd,
it was
RESOLVED WHEREAS this Board has heretofore and on
May 20th, 1931 authorized the Supervisor to issue and
sell a Certificate of Indebtedness in the amount of
$10,000. in connection with sewer contract No. 108.s and
WHTREAS, this Board desires the Supervisor to extend
the time at which said Certificate of Indebtedness
heretofore authorized shall be payable so that said
outstanding Certificate may be refunded, issued and/or
re-issued,
THEREFORE, be it RESOLVED, that this Board hereby
authorizes and empowers the Supervisor to. refund, issue
and/or re-issue a Certificate of Indebtedness now out-
standing in the amount of $10,000. and/or to borrow upon
the faith and credit of the Town of Mamaroneck a sum not
to exceed $10,000. plus interest which may accrue thereon,
which shall bear interest at the rate of not to exceed
6r per annum, payable at such time or times as the
Supervisor may fix, not exceeding however, fifteen
279
months from the date thereof. Said Certificate or Certif-
icates of Indebtedness shall be payable as to both principal
and interest, shall be in such denomination or denominations,
shall bear such date , all as shall be determined by the
Supervisor, shall be numbered consecutively and shall be in
substantially the form as provided in said resolution of
May 20th, 1931= adopted by this Board provided, however,
the Supervisor may issue a coupon form of certificate if he
- deems it advisable. - Said dertificate or Certificatbes of
Indebtedness may be sold by the Supervisor from time to
time as may be needed at private sale for the best terms
obtainable, provided such Certificate or Certificates shall
not be sold for less than their par value. Said Certificate
or Certificates of Indebtedness shall be general and unlimited
obligations of the Town of Mamaroneck. The full faith and
credit of said Town are hereby irrevocably pledged to the
punctual payment of the principal and interest of said
Certificate of Indebtedness as the same shall become due,
and unless said Certificate or Certificates of Indebtedness
are paid of payment provided for, an amount sufficient to
pay the principal and interest thereof shall be included in
the annual statement for tax purposes.
The foregoing resolution was adopted by the following vote
Ayes: George W. Burton, Supervisor
Walter R. Marvin, Jr. Town Clerk
P. ff. Collins
William A. Boyd Justices of
WilliamdY. Leeds the Peace
Wesley X. Messersmith)
Nayes : None
At T P. M. , upon motion duly made and seconded, the Board
unanimously resolved to recess to meet again at the call of the chair
to continue its deliberation on the budget and to take up any other
matters that might properly come before it.
I
Town Clerk