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Town of New Windsor Press Releases

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Notice of Permissive Referendum - 6M

TOWN OF NEW WINDSOR, NEW YORK

        PLEASE TAKE NOTICE that on December 2, 2020, the Town Board of the Town of New Windsor, in the County of Orange, New York, adopted a bond resolution entitled:

“Bond Resolution of the Town of New Windsor, New York, adopted December 2, 2020, authorizing the reconstruction and/or resurfacing of various roads in said Town, stating the estimated maximum cost thereof is $6,000,000, appropriating said amount therefor, and authorizing the issuance of $6,000,000 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 reconstruct and/or resurface various roads in and for the Town, including, but not be limited to, any necessary milling, and drainage improvements and upgrades, incidental to said reconstruction and/or resurfacing; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and to the financing thereof, is $6,000,000; APPROPRIATING said amount therefor; and STATING the plan of financing includes the issuance of $6,000,000 bonds of the Town to finance said appropriation, and the levy of a tax upon all the taxable real property within the Town to pay the principal of said bonds and interest thereon;

      SECOND:  AUTHORIZING the issuance of $6,000,000 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 the purpose for which said bonds are authorized to be issued is fifteen (15) years; 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; the proposed maturity of said bonds will exceed five (5) years; and the project is a Type II action under the State Environmental Quality Review Act (SEQRA) and no further environmental review is required;

     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 permissive referendum.

DATED:       December 2, 2020

                     New Windsor, New York

 

Kelly Allegra

Town Clerk

Town of New Windsor

Orange County, New York



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