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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 I 185 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. i 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- I I L9 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 'I I