The resolution, a summary of which is published herewith, has been adopted on March 12, 2019 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 City School District of the City of Newburgh, Orange County, 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 (20) days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the Constitution.
City School District of the City of Newburgh
SUMMARY OF BOND RESOLUTION
Set forth below is a summary of said resolution adopted by the Board of Education of the City School District of the City of Newburgh on March 12, 2019.
1.The resolution is entitled " "BOND RESOLUTION OF THE BOARD OF EDUCATION OF THE CITY SCHOOL DISTRICT OF THE CITY OF NEWBURGH, ORANGE COUNTY, NEW YORK (THE DISTRICT) ADOPTED MARCH 12, 2019, AUTHORIZING UPGRADES AND IMPROVEMENTS TO THE HEATING, VENTILATION, AIR CONDITIONING AND AIR CIRCULATION SYSTEMS IN ALL OF THE DISTRICT EXISTING SCHOOL BUILDINGS AND FACILITIES; ESTIMATING THAT THE TOTAL COST THEREOF IS $59,000,000; APPROPRIATING SAID AMOUNT THEREFOR; AND AUTHORIZING THE ISSUANCE OF $59,000,000 IN SERIAL BONDS OF THE DISTRICT TO FINANCE SAID APPROPRIATION.
2.Amount of Debt Obligations Authorized: $59,000,000.
3.Object or Purpose for which the Obligations are to be issued: a capital improvement project (the " "Project" ") consisting of upgrades and improvements to the heating, ventilation, air conditioning and air circulation systems in all of the District's existing school buildings and facilities, including ancillary, related and incidental improvements, equipment and apparatus necessary or appropriate in connection therewith.
4.The period of probable usefulness for the object or purpose described in paragraph 3 above for which serial bonds were authorized is 30 years.
The resolution summarized herein shall be available for public inspection during normal business hours at the office of the District Clerk of the City School District of the City of Newburgh, 124 Grand Street, Newburgh, New York 12550. #96655