HomeMy WebLinkAbout1929_02_15 Town Board Minutes (2) SPECIAL 1,1 -TIYG OF T_' E' 'TO`41T BOARD
T OkJ?`? OF iS1 L1:AR =TECi , --,-..Ye
held February 15th, 1929.
Tn the absence of the Supervisor, the meeting was
called to order by Justice Boyd at 3 :30 P.. !v.
Present : Justices Boyd, Collins lowed and Leeds
Town Cle is Sherman
Counsellor Gamble
The Supervisor stated that the order of business was
the oyoenin,� of the bids for the sale of the To,ajr of arnaroneek,
; 15 ,000.00 Fire , Light and Grater Supply District Yo. 1 Bonds ,
and pursuant to notice duly published, and upon motion, duly
made and seconded, the Clerk was requested to read the notice of
sale of said bonds.
The notice was accordingly read, and upon motion, duly
made and seconded, the same was approved..
It was, thereupon, regularly moved and seconded, that
the Clerk proceed to open the bids received.
The Clerk, thereupon, proceeded to open the only bid
received in response to said notice , which bid was accom_;anied
by a Cashier' s check in the amount of ` 1 ,000 as required by said
notice.
The bid was as follows -
�d 0 ' BIDDER- AMOTIT BID- RATE OF 11iT�l ZEST@
Trust Company of Larc'nmont $15 ,006.00 4 5
After due consideration, the following resolution was
presented and unanimously adopted-
RE•SOLV=T WFDTREAS, the Trust Company of Larchmont
:laving bid the sum of :P"25,00¢.00 and accrued
interest to the date of delivery, for the
u15 ,000.00, Fire , Light and tiGater Supply -District
To.. 1, Bonds ,. of the Town of %amaroneck, W. Y. ,
pursuant to a resolution of this Board adopted
January 23rd, 1929 , and in accordance with the
notice of sale made and published according to
law. Said bid being the best bid received for
the purchase of said bonds and complies with
the terms and conditions of said notice of
sale , said bonds are hereby awarded to the Trust
Company of Larchmont, whose bid is hereby
accepted; and it is further
R]7SOL=-D that the Supervisor and Town Clerk
be and they hereby are authorized and empowered
to execute said bonds and upon their execution,
the Supervisor is authorized and directed to
deliver the same upon the receipt of the amount
bid therefor, plus interest to the date of
delivery, less the sum of 1;;:1,000 received in
its said bids and it is further
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RL'SOLVEQ0 that the Supervisor and Town
Clerk be and they 'hereby are authorized
and empowered to sign and execute such
documents as may be necessary and proper
to effect and delivery of said bonds.
The question of the adoption of the foregoing resolution
was out to a vote with the following result ;
Ayes» 5_
Hoes ; none
The resolutions were declared unanimously adopted.
x x x x x x x x x
The Clerk presented to the Board, a. letter from the
Board of Sewer Commissioners of :Sewer :District No. I of the Town
of Mamaroneck, advising^ the Board that the Commission had opened
bids for the construction of Contract 18 and that the cost of
construction of said Contract, including cngineerfs fees and other
necessary expenses, ,vill be. J309000.00 , and requesting, the Board
to authorize the issuance and sale of Certificates of Indebted-
ness from time to time as payments become due and under said
Contract in the said sum of :x;30,000.001 all of said Certificates
to be issued by the Supervisor as provided under the provisions of
the Town Law.
Counsel advised the Board that he was familiar with the
request and had discussed the sane with the Board of Sewer Com-
missioners and that it was in proper form,, and that the Town
Board was in a position to authorize the issuance of said Cert-
ificates so that the work under said Contract could proceed.
After discussion, upon motion, duly seconded, it was
1ESOLVFD, VI=MEAS, the Board of Sewer Com-
missioners of Sewer District ?:To. 1 of the
Town of Mamaroneck have estimated and re corted
to this Board the estimated cost of construction
of Contract 18, determined as required by law,
and
0=1=7AS, pursuant to law the Town Board small
cause Certificates of Indebtedness to be issued
ttie sane to be a Town charge, the proceeds of
which Certificates shall be applied in payment
of the cost of constructmn of said part or
portion of such Sewer District as is so request-
ed by said Sewer Commissioners, therefore be it
RESOLVED. that the Supervisor be and he hereby
is authorized and empowered, in accordance with
the law, to borrow upon the faith and credit of
the Tovin of Ma.naroneck, the sum of not to exceed
430,000.00, plus interest which may from time to
- time accrue thereon and to issue a temporary Cert-
ificate or Certificates of Indebtedness in the
amount of not to exceed 430,000.00, plus interest
which may from time to time accrue thereon, which
shall bear interest at a rate of not to exceed
b per cent per annum, payable at such time or times
as the Supervisor may fix, not exceeding, however,
eighteen months from the date hereof, and to sell
or dis-cose of said Certificates of Indebtedness
for not less than the par value thereof; and
further
l2SOLVED, that said Certificate or Certificates of
Indebtedness s'nall be in substantially the follow-
ing forme
187
TJ17I`TED STA12S OF ; "SRI CA
ST_�,'tL OF !MJ YORK COU1T'TY OF 'uVES'TCIT�'STFR
T O'vPIT OF 7 7A R01-OCK
Certificate of Indebtedness Issued
=ursua.nt to Section 237 of the Town
Law of the State of -Yew York, for
Sewer District To. 1 of the Town of
Kamaroneck - Series H, aP30,000.00.
The Town of l.Iamaroneck, in the County of Westchester,
a Hunicipal Corporation of the State of ,ew York, hereby acknoyv-
ledges itself indebted and for value received promises to pay to
bearer hereof, or if the same be registered, to the registered
holder, on
the sum of
Dollars, lawful money of the United States of �merida with
interest thereon from date at the r:: te of per centum
per annum, both principal and interest being payable in lawful
money of the United States at
This Certificate of Indebtedness is one of an issue of
$30,000.00 of Certificates of indebtedness heretofore authorized,
in the sums of
having been heretofore
issued, being issued pursuant to the provision of the Town Law
constituting Chapter 62 of the Consolidated Laws of the State
of New York, Chapter 594 of the laws of 1926 and Chapter 437
of the Laws of 1928 of the State of 'Tew York, and in strict
compliance withthe Constitution and Statutes of the State of
Slew York and by virtue of a resolution of the Town Board of the
Town cf Harnaroneck regularly and lawfully adopted February 15, 1929.
It is hereby certified and recited that all conditions,
acts and things required by the Constitution and Statutes of the
State of New York to exist, to have happened and to be performed
precedent to and in the issuance of this Certificate of indebted-
ness exist, have 'nappended and have been performed, and that the
issue of Certificates of Indebtedness, of which this is one, to-
-ether with all other indebtedness of said Town of 1-amaroneck is
within its debt and other limits prescribed by the constitution
and Laws of this State.
I-Y JIT^7SS '010- :TOF, the Town of Eamaroneck, through its
Town Board, has caused this Certificate of Indebtedness to be
signed by its Supervisor and the corporate seal of said Town to
be hereunto affixed and attested by its Town Clerk, and this
:Certificate of Indebtedness. to be dated this day of
1929.
SUPERVISOR
ATTEST
TOtfl`f CLERK
Further
RTSOL-117D, that the Town of Kamaroneck hereby
covenants to pay the principal and interest
of said Certificate or Certificates of Indebt-
edness in the amount hereinabove provided as
the same shall become due , by levying assess-
menu on property of Sewer District 7o. 1 of the
Town of I:Iamaroneck at such time or times and in
such amounts as may be necessary therefor.
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The Town of iia�,,iaroheck further covenants
incase of a default in carrying out the
fore oing covenant, the said Town will
raise by taxin=g all taxable property in said
Town of iamaroneck from time to time the sum
or sums sufficient to pay the principal and
interest of said Certificate or Certificates
of Indebtedness as the same shall become due.
Counsel advised the Board that pursuant to a request of
the Sewer Commissioners of ,Sewer District <o. I of the Town of
Idamaroneck, the Board had 'heretofore and on April 18th, 1928, in
accordance with and pursuant to the provisions of the Laws of the
State of 'New York, and particularly Section 237 of the Town Law,
authorized and directed the Supervisor to issue Certificate or
Certificates of Indebtedness in the amount of not to exceed
$55,000, the proceeds of which Certificate or Certificates of
Indebtedness to be applied in payment of the cost of construction
of the part or portion of such contracts in said Sewer District
as was requested by said Sewer Commissioners , which Certificate or
Certificates of Indebtedness should mat-are at such time or times
as the Supervisor might fix, not exceeding, however, eighteen (18)
months from the date thereof. Ile stated that in accordance there-
with the Supervisor had from time to time issued said Certificates
pursuant to said authorization to pay for the cost of said con-
struction as incurred but that the Board, pursuant to the provisions
of the Town Law, could not as yet issue bonds with the proceeds of
which to take up and pay off said Certificate or Certificates of
Indebtedness, and that as two (2) of the Certificates of Indebted-
ness issued pursuant to said authorization were about to become
due and would have to be refunded by certificates which might
have to be issued of a maturity beyond the eighteen_ rdonths limit-
ation as provided in said resolution, it was deemed advisable for
the Board to extend the period of maturity of said authorization and
issuance or to re-authorize the Supervisor to issue said Certific-
ate or Certificates for the further pdriod of not to exceed eight-
een months, so that said outstanding Certificates could be ren.e,.Ved
or : rc-issued or refunding Certificate or Certificates of Indebted-
ness issued to take up those outstanding which were about to
mature , plus the interest which had accrued and would accrue thereon.
After discussion, upon motion, duly seconded, it was
RESOLVED, F� P°REAS, at the request of the Board
of Sewer Commissioners of Sewer District No. 19
the Town Board -oursuant to law has heretofore and
on April 18th; 1928, authorized and directed the
Supervisor to issue Certificate or Certificates
of Indebtedness in the amount of not to exceed
;155 ,000. , which Certificate or Certificates of
Indebtedness were to mature in not exceeding 18
months from April 18, 1928; and
idHEREAS, the Town Board cannot at this time nun-
suant to the. provisions of the Town Law issue bonds
to provide funds for the payment of said Certificate
or Certificates of Indebtedness when and as the same
become due : and
d1=AS, it is therefore necessary that the Super-
visor be authorized and empowered to issue new or
refunding Certificate or Certificates of Indebted-
ness to provide funds for the payment of such Cert-
ificate or Certificates as may become due from
time to time ; and
;IYEREAS, it is necessary to provide an additional
amount to cover the interest which has accrued
and will accrue on said Certificate of Indebted-
ness heretofore authorized, therefore be it
RESOLVED, that the Supervisor be and he
hereby is authorized and empowered in accord-
ance with and _3ursuant to the provisions
of the Laws of the State of 1Tew York, and
particularly Section 237 of the Town. Law, to
borrow upon the faith and credit of Le Town
of %Samaroneck the sum of not to exceed the
principal amount of P55,000. , plus such amounts
as have accrued or may hereafter accrue on
account of interest thereon and to issue a
temporary Certificate or Certificates of
Indebtedness in the principal amount of not
to exceed Fifty-five thousand Dollars ($ 55,000) ,
plus said interest accrued and to accrue thereon,
whth shall bear interest at a rate of not to
exceed 6%' per annum, payable at such time or
times as the Supervisor may fix, not exceeding
however, 18 months from the date hereof, and
to sell and dispose of said Certificate or Cert-
ificates of indebtedness for not less than the
par value thereof, further
_SOLVED, that the proceeds of sale of said
Certificate or Certificates of Indebtedness
herein authorized shall be used in the refunding
of Certificate or Certificates of Indebtedness,
together with interest thereon or which may
hereafter accrue , heretofore authorized on April
18, 192.8 , and hereafter issued from time to time
as in said resolution of April 18, 19281- :provided
except as herein modified, further
RESOLVED, that said Certificate or Certificates
of Indebtedness shall be in substantially the
following form:
- UNiITED STABS OF Ail'RICA
SPATE OF I?E'td YOPZ COUI,TTY Or v7i STChB'S=,R
TON-IT OF 1R01TFCX
Certificate of Indebtedness Issued Pur-
suant to Section 237 of the Town Law of
the State of New York, for Sewer Dist-
rict 110. 'l of the Town of SL^amaroneek, -
Series S. $ 55,000.
No.
The Town ofW''amaroneek, in the County of €Westchester,
a iuunicipal Corporation of the State of ?env York, hereby acknow-
ledges itself indebted and for value received promises to pay
to bearer hereof, or if the same be registered, to the registered
holder on the sum of
Dollars ($p } lawful money of the United States of America
with interest thereon from date at the rate of per ce,.
per annum, both principal and interest being payable in lawful
money of the United States at
This Certificate of Indebtedness is one of an issue of
X55,000. of Certificates of Indebtedness heretofore authorized,
Certificate Nos.
in the sums of
having been heretofore issued, being issued pursuant to the prov-
isions of the Town Law constituting Chapter 62 of the Consolidated
Laws of the State of New York, Chapter 422 of the Laws of 1928 of
the State of New York, and in_.strict compliance with the Constitu-
tion and Statutes of the State of New York and by virtue of a
resolution of the Town Board of the Town of liamaroneck regularly
and lawfully adopted-
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e
It is hereby certified and recited that all conditions,
acts and things required by the Constitution and Statutes of
the State of ;view York to exist, to have happened, and to be
performed precedent to and in the issuance of this Certificate
of Indebtedness exist, have happened and have been performed,
and that the issue of Certificates of indebtedrms, of which
this is one , together with all other indebtedness of said Town
of r;_amaroneck is within its debt and other limits prescribed by
the Constitution and Laws of this State.
WIT-.,,JL+'SS ' _H'T=iOF, the Town of 11amaroneck, through its
Town Board, has caused this Certificate of Indebtedness to be
signed by its Supervisor and the corporate seal of said Town to
be hereunto affixed and attested by its Torn Clerk, and this
Certificate of Indebtedness to be dated this day of 192
Supervisor
Attest„
Down Clerk
Further
RESOLV!•D, that the 'Town of 11amaroneck hereby
covenants to pay the principal and interest of
said Certificate or Certificates of Indebted-
ness in the amount he-reinabove provided as the
same shall become due by directing the issue
and sale of bonds therefor or by levying assess-
ments on property of Sewer District ?o. 1 of
the Town of 3.1amaroneck at such time or times
and in such amounts as may be necessary therefor;
further
?UTSOLVATD, that the 'mown of Hamaroneck further
covenants in case of a default in carrying out
the foregoing covenant, that said Town will
raise by taxing all taxable property in said
Town of Yamarone£k from time to time the sum
or sums sufficient to pay the principal and
interest of said Certifidate or Certificates of
Indebtedness as the same shall become due.
Upon motion, the meeting adjourned at 4 P. IF.
-(T'own Clerk
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