Better Babylon Party

Bond Resolution - Road Improvements

TO BE PUBLISHED IN THE July 6, 2017 ISSUE OF THE BEACON

PUBLIC NOTICE

VILLAGE OF BABYLON

BABYLON, NEW YORK

PLEASE TAKE NOTICE that on June 27, 2017, the Board of Trustees of the Village of Babylon, in the County of Suffolk, New York, adopted a bond resolution entitled:

“Bond Resolution of the Village of Babylon, New York, adopted June 27, 2017, authorizing the construction of road improvements, stating the estimated maximum cost thereof is $500,000, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of not to exceed $500,000 to finance said appropriation,”

an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:

FIRST:  AUTHORIZING said Village to construct road improvements; STATING the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $500,000; APPROPRIATING said amount for such purpose; STATING the plan of financing includes the issuance of bonds in a principal of not to exceed $500,000 to finance said appropriation, and the levy of a tax upon all the taxable real property within the Village to pay the principal of said bonds and interest thereon; and STATING that CHIPS funds are expected to pay a part of the cost of the project and any such available funds are hereby authorized to be applied toward the cost of said project or redemption of the Village’s bonds or notes issued therefor, or to be budgeted as an offset to the taxes to be collected for the payment of the principal of and interest on said bonds or notes;

SECOND:  AUTHORIZING the issuance of bonds of the Village in the principal amount of $500,000 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 Village 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 bonds will 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 Village; and PLEDGING to their payment the faith and credit of the Village;

FIFTH:  DELEGATING to the Village Treasurer the powers and duties as to the issuance of said bonds, and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and

SIXTH:  DETERMINING that the bond resolution is subject to a permissive referendum.

Patricia C. Carley
Village Clerk

DATED:  June 27, 2017

Babylon, New York

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