TOWN OF LLOYD, NEW YORK
PLEASE TAKE NOTICE that on March 18, 2020, the Town Board of the Town of Lloyd, in the County of Ulster, New York, adopted a bond resolution entitled:
"Bond Resolution of the Town of Lloyd, New York, adopted March 18, 2020, authorizing the acquisition of heavy-duty equipment for use by the Highway Department, stating the estimated maximum cost thereof is $600,000, appropriating said amount therefor, and authorizing the issuance of $600,000 serial bonds of said Town to finance said appropriation,"
an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:
FIRST: AUTHORIZING said Town to acquire various heavy-duty equipment for use by the Highway Department; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $600,000; APPROPRIATING said amount therefor; and STATING the plan of financing includes the issuance of $600,000 serial bonds of the Town to finance said appropriation and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable;
SECOND: AUTHORIZING the issuance of $600,000 bonds of the Town pursuant to the Local Finance Law of the State of New York (the "Law") to finance said appropriation;
THIRD: DETERMINING and STATING the period of probable usefulness applicable to said heavy-duty equipment, the object or purpose for which said bonds are authorized to be issued, is fifteen (15) years; pursuant to the applicable provisions of the State Environmental Quality Review Act ("SEQRA"), the Town Board, acting as Lead Agency pursuant to the New York Sate Environmental Quality Review Act ("SEQRA"), hereby determines that the acquisition of said heavy-duty equipment is a Type II Action and no further review is required; 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 $600,000 bonds may 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, and the renewals thereof, and other related powers; and
SIXTH: DETERMINING that the bond resolution is subject to a permissive referendum.
DATED: March 18, 2020
Town Clerk #99553