PLEASE TAKE NOTICE that on May 27, 2021 the Town Board of the Town of Warwick, in the County of Orange, New York, adopted a resolution amending the bond resolution adopted by said Town Board on April 9, 2020, which bond resolution, as amended, is entitled:
“Bond Resolution of the Town of Warwick, New York, adopted April 9, 2020 and amended May 27, 2021, authorizing the acquisition of a parcel of real property located in the Town and owned by Union for Reform Judaism (f/k/a/ Union of American Hebrew Congregations) for recreational and other Town municipal purposes, stating the estimated maximum cost thereof is $6,400,000; appropriating said amount for such purpose, including the expenditure of $650,000 in other available funds to pay a part of said appropriation; and authorizing the issuance of bonds in the principal amount of $5,750,000 to finance the balance of said appropriation,” an abstract of which bond resolution concisely stating the purpose and effect thereof, being as follows:
FIRST: AUTHORIZING said Town to acquire a parcel of real property located in the Town and owned by Union for Reform Judaism (f/k/a/ Union of American Hebrew Congregations), including the buildings, structures and facilities thereon, to be used for recreational and other Town municipal purposes; STATING the estimated maximum cost thereof, including preliminary costs, and costs incidental thereto and the financing thereof, is $6,400,000; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the expenditure of $650,000 from other available Town funds to pay a part of said appropriation, the issuance of $5,750,000 bonds of the Town to finance the balance of said appropriation, and the expenditure of funds contained in and generated by the Town of Warwick Community Preservation Fund Transfer Tax to pay the principal of said bonds and the interest thereon as the same shall become due and payable;
SECOND: AUTHORIZING the issuance of bonds in the principal amount of $5,750,000 pursuant to the Local Finance Law of the State of New York (the “Law”) to finance a part of said appropriation;
THIRD: DETERMINING and STATING the period of probable usefulness applicable to the object or purpose for which said bonds are authorized pursuant to Section 11.00 a. 21 of the Law is thirty (30) years; however, the Town Board hereby determines that the bonds authorized pursuant to this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than seven (7) years, two (2) months after the date of original issuance of said bonds or notes; 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 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, or the renewals thereof; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum.
DATED: June 2, 2021
EILEEN ASTORINO
Town Clerk