Minutes

January 23, 2008

Body:
A special meeting of the Board of Trustees was held on Wednesday, January 23, 2008, in the Village Hall. Mayor Maedl opened the meeting at 5:00 p.m. Also present were Trustee Bateman, Trustee Kirkpatrick, Trustee Sarchia, Clerk-Treasurer Schweigert, and Daniel E. Seaman, attorney. Deputy Mayor Conley was absent. The following resolution was offered by Trustee Kirkpatrick, who moved its adoption, and seconded by Trustee Sarchia, WHEREAS, the Village of Middleport (herein called “Village”), in the County of Niagara, New York, following state bid procedures for the purchase of a used Freightliner diesel truck with Altec AM855 bucket for the total consideration of $59,500; NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE BOARD OF THE VILLAGE OF MIDDLEPORT, IN THE COUNTY OF NIAGARA, NEW YORK (by the favorable vote of not less than two-thirds of all the members of said Board) AS FOLLOWS: Section l. The Village hereby appropriates the amount of $59,500 for the purchase of a used Freightliner diesel truck with Altec AM855 bucket. The estimated maximum cost of said equipment, including preliminary costs and costs incidental thereto and the financing thereof, is $59,500, and the plan of financing includes the issuance of $59,500 serial bonds of the Village of Middleport. Section 2. Serial bonds of the Village are hereby authorized to be issued in the principal amount of $59,500, pursuant to the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called “Law”), to finance said appropriation. Section 3. The following additional matters are hereby determined and stated: (a) The period of probable usefulness of the specific object or purpose for which the bonds authorized by this resolution are to be issued within the limitations of Section ll.00(29) of the Law is 5 years. The bonds authorized pursuant to this resolution and any bond anticipation note issued in anticipation of the sale of said bonds shall mature no later than five (5) years from the date of the original issuance of said bonds or notes. (b) The proposed maturity of the bonds authorized by this resolution will not exceed five (5) years. (c) The proceeds of the bonds hereby authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Village for expenditures made after the effective date of this resolution for the purpose or purposes for which said bonds are authorized. Section 4. Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of said bonds, shall contain the recital of validity prescribed by Section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds, shall be general obligations of the Village payable as to both principal and interest by a general tax upon all the taxable real property within the Village without limitation as to rate or amount. The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bonds and provisions shall be made annually in the budget of the Village by appropriation for (a) the amortization and redemption of the bonds to mature in such year and (b) the payment of interest to be due and payable in such year. Section 5. Subject to the provisions of this resolution and of the Law, and pursuant to the provisions of Section 30.00 relative to the authorization of the issuance of bond anticipation notes or the renewals of said notes and of Section 50 and Sections 56 to 60 of the Law, the powers and duties of the Village Board relative to authorizing bond anticipation notes and prescribing the terms, form and contents and as to the sale and issuance of the bonds herein authorized and of any bond anticipation notes issued in anticipation of said bonds, and the renewals of said notes, are hereby delegated to the Mayor, the chief fiscal officer of the Village. Section 6. The validity of the bonds authorized by this resolution and of any notes issued in anticipation of said bonds, may be contested only if (a) Such obligations are authorized for an object or purpose for which the Village is not authorized to expend money; or (b) The provisions of the law which should be complied with at the date of the publication of such resolution are not substantially complied with; and an action, suit or proceeding contesting such validity is commenced within 20 days after the date of such publication; or (c) Such obligations are authorized in violation of the provisions of the constitution. Section 7. This resolution shall take effect immediately. The roll call vote on the preceding resolution was as follows: Mayor Maedl, aye; Trustee Bateman, aye; Trustee Kirkpatrick, aye; Trustee Sarchia: aye. Nays: none. Abstentions: none. Absent: Deputy Mayor Conley. The resolution was duly passed. At this time Attorney Seaman explained how a BAN works. The following resolution was offered by Trustee Bateman, who moved its adoption, and seconded by Trustee Kirkpatrick, RESOLVED that the Village Clerk of the Village of Middleport, in the County of Niagara, New York, is hereby directed to publish the foregoing bond resolution, in full, in the “UNION SUN & JOURNAL”, a newspaper published in the City of Lockport, New York, having a general circulation within the Village and hereby designated as the official newspaper of the Village for such publication, together with the Village Clerk’s statutory notice in substantially the form as prescribed by Section 81.00 of the Local Finance Law of the State of New York. This resolution shall take effect immediately. The roll call vote on the preceding resolution was as follows: Mayor Maedl, aye; Trustee Bateman, aye; Trustee Kirkpatrick, aye; Trustee Sarchia: aye. Nays: none. Abstentions: none. Absent: Deputy Mayor Conley. The resolution was duly passed. There being no further business, a motion was made by Trustee Bateman, and seconded by Trustee Kirkpatrick to adjourn. Carried. Meeting adjourned at 5:12 p.m. Respectfully submitted, Rebecca A. Schweigert Clerk-Treasurer
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