NOTICE OF ADOPTION OF RESOLUTION
NOTICE IS HEREBY GIVEN that the Town Board of the Town of Riverhead, Suffolk
County, New York, at a meeting held on the 4th day of August, 2020, duly adopted the resolution published herewith subject to a permissive referendum.
Dated: Riverhead, New York,
August 4, 2020
Diane M. Wilhelm
Town Clerk
Resolution #400
BOND RESOLUTION DATED AUGUST 4, 2020
AUTHORIZATION FOR THE ISSUANCE OF $5,500,000 BONDS OF SAID TOWN TO PAY THE COST OF THE ACQUISITION OF PARCELS OF LAND AND DEMOLITION OF EXISTING STRUCTURES AT 117, 121 AND 126 EAST MAIN STREET FOR PURPOSE OF CREATING PUBLIC GATHERING SPACE WITH DESIGN AND CONSTRUCTION COMMERCIAL AND RETAIL USES COMPATIBLE WITH PUBLIC SPACE ALL CONSISTENT WITH THE URBAN RENEWAL POLICIES AND GOALS FOR DOWNTOWN, SUBJECT TO PERMISSIVE REFERENDUM
WHEREAS, the acquisition of parcels of land located at 117, 121 and 127 East Main Street for the purpose of creating a public gathering space with pedestrian connectivity and open vistas from Main Street to the Peconic River and future design and construction of commercial and retail uses compatible with public space are all consistent with the 1997, 2000, and 2008 urban renewal policies for Downtown area of Riverhead; and
WHEREAS, the Town Board as governing body of the Community Development Agency and as governing body of the Town of Riverhead did hold a public hearing and provided the opportunity for all interested individuals to be heard on July 21, 2020; and
WHEREAS, by separate resolution to authorize the purchase of the above described parcels, the Town Board did declare itself Lead Agency and determined that the purchase with and including bonding recited in said resolution constitutes a Type II action pursuant to Section 617 of Title 6 of the NYCRR and within the meaning of Section 8-0109(2) of the Environmental Conservation Law; and
WHEREAS, all conditions precedent to the financing of the capital project hereinafter described, including compliance with the provisions of the State Environmental Quality Review Act, have been performed; and
WHEREAS, it is now desired to authorize such capital project and its financing;
NOW, THEREFORE, BE IT RESOLVED, by the affirmative vote of not less than two-thirds of the total voting strength of the Town Board of the Town of Riverhead, Suffolk County, New York, as follows:
Section 1. The acquisition of parcels of land located at 117, 121 and 127 East Main
Street for the purpose of creating a public gathering space with pedestrian connectivity and open vistas from Main Street to the Peconic River and future design and construction of commercial and retail uses compatible with public space all consistent with the 1997, 2000, and 2008 urban renewal policies for Downtown area of Riverhead, said bonding for purchase and demolition of existing structures and other incidental expenses in connection therewith, in and for the Town of Riverhead, Suffolk County, New York, is hereby authorized, at a maximum estimated cost of $5,500,000.
Section 2. The plan for the financing of the aforesaid maximum estimated cost is by the issuance of $5,500,000 bonds of said Town hereby authorized to be issued therefor pursuant to the provisions of the Local Finance Law.
Section 3. It is hereby determined that the period of probable usefulness of the aforesaid class of objects or purposes is thirty years, pursuant to subdivision 21(a) of paragraph a of Section 11.00 of the Local Finance Law. It is hereby further determined that the maximum maturity of the bonds herein authorized will exceed five years.
Section 4. The faith and credit of said Town of Riverhead, Suffolk County, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such bonds 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 bonds becoming due and payable in such year. There shall annually be levied on all the taxable real property in said Town, a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable.
Section 5. Subject to the provisions of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the bonds herein authorized, including renewals of such notes, is hereby delegated to the Supervisor of said Town, the chief fiscal officer. Such notes shall be of such terms, form and contents, and shall be sold in such manner, as may be prescribed by said Supervisor, consistent with the provisions of the Local Finance Law.
Section 6. All other matters except as provided herein relating to the bonds herein authorized including the date, denominations, maturities and interest payment dates, within the limitations prescribed herein and the manner of execution of the same, including the consolidation with other issues, and also the ability to issue bonds with substantially level or declining annual debt service, shall be determined by the Supervisor, the chief fiscal officer of such Town. Such bonds shall contain substantially the recital of validity clause provided for in Section 52.00 of the Local Finance Law, and shall otherwise be in such form and contain such recitals, in addition to those required by Section 51.00 of the Local Finance Law, as the Supervisor shall determine consistent with the provisions of the Local Finance Law.
Section 7. The validity of such bonds and bond anticipation notes may be contested only if:
1) Such obligations are authorized for an object or purpose for which said Town is not authorized to expend money, or
2) 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 days after the date of such publication, or
3) Such obligations are authorized in violation of the provisions of the Constitution.
Section 8. This resolution shall constitute a statement of official intent for purposes of Treasury Regulations Section 1.150-2. Other than as specified in this resolution, no monies are, or are reasonably expected to be, reserved, allocated on a long-term basis, or otherwise set aside with respect to the permanent funding of the class of objects or purposes described herein.
Section 9. Upon this resolution taking effect, the same shall be published in summary form in the official newspaper of said Town for such purpose, together with a notice of the Town Clerk in substantially the form provided in Section 81.00 of the Local Finance Law.
Section 10. THIS RESOLUTION IS ADOPTED SUBJECT TO PERMISSIVE REFERENDUM.
THE VOTE
RESULT: ADOPTED [UNAMIMOUS]
MOVER: Frank Beyrodt Jr., Councilman
SECONDER: Jodi Giglio, Councilwoman
AYES: Aguiar, Giglio, Hubbard, Kent, Beyrodt Jr.
LEGAL NOTICE OF ESTOPPEL
The bond resolution, a summary of which is published herewith, has been adopted on August 4, 2020, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Riverhead, Suffolk County, New York, 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 days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the Constitution. Such resolution was subject to permissive referendum. 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 in connection with such resolution.
A complete copy of the resolution summarized herewith is available for public inspection
during regular business hours at the Office of the Town Clerk for a period of twenty days from the date of publication of this Notice.
Dated: Riverhead, New York,
August 4, 2020.
Diane Wilhelm
Town Clerk
BOND RESOLUTION DATED AUGUST 4, 2020.
BOND RESOLUTION
AUTHORIZATION FOR THE ISSUANCE OF $5,500,000 BONDS OF SAID TOWN TO PAY THE COST OF THE ACQUISITION OF PARCELS OF LAND AND DEMOLITION OF EXISTING STRUCTURES AT 117, 121 AND 126 EAST MAIN STREET FOR PURPOSE OF CREATING PUBLIC GATHERING SPACE WITH DESIGN AND CONSTRUCTION COMMERCIAL AND RETAIL USES COMPATIBLE WITH PUBLIC SPACE ALL CONSISTENT WITH THE URBAN RENEWAL POLICIES AND GOALS FOR DOWNTOWN, SUBJECT TO PERMISSIVE REFERENDUM
Class of objects or purposes: Acquisition of land/demolition of existing structures at 117, 121 and 126 E. Main St. for public gathering space with design and construction commercial and retail uses compatible with public space all consistent with the urban renewal policies and goals for downtown.
Period of probable usefulness: 30 years, subject to permissive referendum
Maximum estimated cost: $5,500,000
Amount of obligations to be issued: $5,500,000 bonds
SEQRA status:
THE VOTE
RESULT: ADOPTED [UNAMIMOUS]
MOVER: Frank Beyrodt Jr., Councilman
SECONDER: Jodi Giglio, Councilwoman
AYES: Aguiar, Giglio, Hubbard, Kent, Beyrodt Jr.