The resolution, a summary of which is published herewith, has been adopted on April 23, 2020 and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Warwick, in the County of Orange, New York, is not authorized to expend money or if the provisions of law which should have been complied with as of the date of publication of this Notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the publication of this Notice, or such obligations were authorized in violation of the provisions of the constitution..
BOND RESOLUTION OF THE TOWN OF WARWICK, NEW YORK, ADOPTED APRIL 23, 2020, AUTHORIZING THE ACQUISITION OF A PARCEL OF REAL PROPERTY LOCATED IN THE TOWN AND CURRENTLY 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
The object or purpose for which the bonds are authorized is the acquisition a parcel of real property located in the Town and currently 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, at the estimated maximum cost of $6,400,000.
The maximum amount of obligations authorized to be issued is $5,750,000, with $650,000 of the cost to be paid from other available Town funds.
The period of probable usefulness applicable to the object or purpose for which said bonds are authorized is thirty (30) years; however, 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 five (5) years after the date of original issuance of said bonds or notes.
A complete copy of the Bond Resolution summarized above shall be available for public inspection during normal business hours at the office of the Town Clerk, Town Hall, 132 Kings Highway, New York.