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The original item was published from 4/15/2014 9:09:56 AM to 5/16/2014 12:05:02 AM.

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Public Hearing Notices & Public Notices

Posted on: April 15, 2014

[ARCHIVED] Town Notice Pursuant to Local Finance Law Section 81.00-High Street Capital Improvement Project

NOTICE PURSUANT TO LOCAL FINANCE LAW SECTION 81.00 TOWN OF VICTOR – HIGH STREET CAPITAL IMPROVEMENT PROJECT

The supplemental bond resolution published herewith was adopted on March 10, 2014, and the validity of the obligations authorized by such supplemental bond resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Victor 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. The supplemental bond resolution was subject to a permissive referendum pursuant to Section 35.00 of the Local Finance Law. The period of time has elapsed for the submission and filing of a petition for a permissive referendum and a valid petition has not been submitted and filed.

Dated: April 14, 2014
Debra J. Denz, Town Clerk
Town of Victor, New York

SUPPLEMENTAL BOND RESOLUTION DATED MARCH 10, 2014 OF THE TOWN BOARD OF THE TOWN OF VICTOR, NEW YORK, AUTHORIZING GENERAL OBLIGATION SERIAL BONDS TO FINANCE THE HIGH STREET CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE ISSUANCE OF BOND ANTICIPATION NOTES IN CONTEMPLATION THEREOF, THE EXPENDITURE OF SUMS FOR SUCH PURPOSE, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH.

WHEREAS, pursuant to a bond resolution dated September 24, 2012 (the “Original Bond Resolution”) the Town Board of the Town of Victor, New York (hereinafter referred to as the “Town”) approved certain capital improvements, known as the High Street Capital Improvement Project, at an estimated maximum aggregate cost of $4,584,000.00 with the issuance and sale of up to $3,800,000.00 aggregate principal amount of general obligation bonds and bond anticipation notes relative to the construction of such improvements; and

WHEREAS, the scope of the project has expanded to include certain land acquisition and the actual project costs have proved to be approximately $720,000.00 higher than the maximum estimated project costs and the Town desires to provide for the appropriation and financing thereof by supplementing the Original Bond Resolution by the adoption of this Supplemental Bond Resolution; and

WHEREAS, the Town has duly complied with the requirements of the State Environmental Quality Review Act of the State of New York and the applicable regulations thereunder (“SEQRA”) with respect to the purpose hereinafter described and the financing therefor and duly adopted a negative declaration under SEQRA, dated August 13, 2012 and a further negative declaration under SEQRA, dated January 27, 2014 with respect to the acquisition of land or rights in land; now therefor, be it

RESOLVED BY THE TOWN BOARD OF THE TOWN OF VICTOR, NEW YORK (hereinafter referred to as the “Town”), by the favorable vote of not less than two-thirds of all of the members of such Board, as follows:

Section 1. The Town of Victor shall undertake the High Street Capital Improvement Project, consisting of capital improvements including pavement reconstruction, drainage improvements, and the addition of sidewalks and turning lanes for safety purposes of an approximate 2.7 +/- mile strip of High Street, various site and other incidental improvements that may be required in connection therewith for such construction and Town use, as set forth in the Original Bond Resolution; and to include the acquisition of such land, easements or other rights in land that may be required in connection therewith (hereinafter collectively referred to as “purpose”), and general obligation serial bonds in an aggregate principal amount not to exceed $4,460,000 and bond anticipation notes in anticipation thereof (and renewals thereof) of the Town are now hereby authorized to be issued to finance said purpose.

Section 2. The estimated maximum aggregate cost of said purpose, including preliminary costs and costs incidental thereto and costs of the financing thereof, is now estimated to be $5,304,000.00 and said amount is hereby appropriated therefor. The plan for financing of said purpose is to provide (i) up to $4,460,000.00 of such maximum cost by issuance of bonds or bond anticipation notes as herein authorized, (ii) up to $784,000.00 to be paid from the existing R2 Highway Streets Reserve Fund, and (iii) $60,000.00 previously appropriated from the existing R2 Highway Streets Reserve Fund.

Section 3. It is hereby determined and declared that (a) said purpose is one of the class of objects or purposes described in Subdivision 20(c) of Paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said purpose is fifteen (15) years, (b) the proposed maximum maturity of said bonds authorized by this resolution will be in excess of five years, (c) current funds required to be provided prior to the issuance of the bonds or notes herein authorized, pursuant to Section 107.00 of the Local Finance Law, to the extent applicable, if any, will be provided, (d) the notes herein authorized are not issued in anticipation of bonds for an assessable improvement, and (e) there are presently no outstanding bond anticipation notes issued in anticipation of the sale of said bonds.

Section 4. The bonds and notes authorized by this resolution shall contain the recital of validity prescribed in Section 52.00 of the Local Finance Law and such bonds and notes shall be general obligations of the Town and all the taxable real property in the Town is subject to the levy of ad valorem taxes to pay the principal thereof, and interest thereon, without limitation as to rate or amount, subject to applicable statutory limitations, if any.

Section 5. It is hereby determined and declared that the Town reasonably expects to reimburse the general fund, or such other fund as may be utilized, not to exceed the maximum amount authorized herein, from the proceeds of the obligations authorized hereby for expenditures, if any, from such fund that may be made for the purpose prior to the date of the issuance of such obligations. This is a declaration of official intent under Treasury Regulation §1.150-2.

Section 6. The power to further authorize the sale, issuance and delivery of said bonds and notes and to prescribe the terms, form and contents of said bonds and notes, including, without limitation, the consolidation with other issues, the determination to issue bonds with substantially level or declining annual debt service, whether to authorize the receipt of bids in electronic format, all contracts for, and determinations with respect to, credit or liquidity enhancements, if any, and to sell and deliver said bonds and notes, subject to the provisions of this resolution and the provisions of the Local Finance Law, is hereby delegated to the Town Supervisor, the Town’s chief fiscal officer. The Town Supervisor and the Town Clerk or Deputy Clerk are hereby authorized to sign by manual or facsimile signature and attest any bonds and notes issued pursuant to this resolution, and are hereby authorized to affix to such bonds and notes the corporate seal of the Town of Victor.

Section 7. The faith and credit of the Town of Victor, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such bonds and notes as the same respectively become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of and interest on such obligations becoming due and payable in such year.

Section 8. After compliance with Section 9 hereof, this resolution, or a summary hereof, shall be published in full by the Town Clerk of the Town of Victor together with a notice in substantially the form prescribed by Section 81.00 of said Local Finance Law, and such publication shall be in each official newspaper of the Town, in the manner prescribed by law. The validity of said bonds and bond anticipation notes issued in anticipation of the sale of said serial bonds, may be contested only if such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or the provisions of law which should be complied with, at the date of publication of this resolution are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty (20) days after the date of such publication; or if said obligations are authorized in violation of the provisions of the Constitution.

Section 9. This resolution is subject to a permissive referendum of the qualified electors of the Town of Victor, pursuant to Section 35.00 of the Local Finance Law.

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