News & Notices
BOND RESOLUTION
Posted by Dani Oliver on 6/20/2023
ESTOPPEL NOTICE AND SUMMARY OF BOND RESOLUTION
AUTHORIZING ISSUANCE OF UP TO $150,000 IN SERIAL BONDS
AND/OR BOND ANTICIPATION NOTES OF THE TOWN OF WARRENSBURG
TO PAY THE COST OF PAVING TOWN HIGHWAYS
The Bond Resolution which is summarized below (the “Bond Resolution”) was adopted by the Warrensburg Town Board on June 15, 2023. The validity of the obligations authorized by the Bond Resolution may be contested only if (i) the obligations were authorized for an object or purpose for which the Town is not authorized to expend money or (ii) 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 (iii) such obligations were authorized in violation of the provisions of the State Constitution.
The specific object or purpose for which the obligations authorized by the Bond Resolution are to be issued is to pay the cost of paving eleven Town highways and using flexible pavement/blacktop, including milling and other related preliminary and incidental costs (the "Project"). The Bond Resolution authorizes a maximum estimated Project cost of $363,019. The plan for financing the maximum estimated cost of the Project is (a) use of $213,019 in New York State CHIPS funding which will become available funds of the Town upon their receipt from New York State as a reimbursement of expenses paid on the Project; and (b) issuance of up to $150,000 Bonds/BANs of the Town. The Bond Resolution authorized the issuance of Bonds/BANs of the Town up to a maximum amount of $150,000 to pay toward the cost of the Project. The period of probable usefulness of the Project is ten (10) years, pursuant to Section 11.00(20)(b) of the Local Finance Law. The maximum maturity of the Bonds/BANs will not exceed the Project's 10-year period of probable usefulness and the Town Board has further limited the period of financing so that it will not exceed five years. A tax sufficient to pay the principal of and interest on these obligations as they become due and payable will be levied annually on all the taxable real property within the Town.
A full copy of the Bond Resolution will be available for public inspection during normal business hours for twenty (20) days following publication of this Summary at the offices of the Town Clerk, Emerson Memorial Town Hall, 3797 Main Street, Warrensburg, New York.
Pamela M. Lloyd,
Warrensburg Town Clerk
PUB: JUNE 21, 2023
