NOTICE IS HEREBY GIVEN that the Board of Trustees of the Village of New Paltz (the “Village”), situated in the County of Ulster, in the State of New York, has adopted, on October 28, 2020, pursuant to the Local Finance Law of New York, a bond resolution which:
(1) authorizes the Board of Trustees of the Village to finance the additional costs of the replacement of water distribution mains at (1) Morning Star east to Aqueduct pump station, (2) Route 32 – from Main Street to Village boundary, (3) North Manheim Boulevard, (4) Prospect Street, (5) Huguenot Street – from Main Street to North Front Street and (6) South Chestnut Street – from Main Street to Southside Avenue and authorizes the issuance of up to $122,410 aggregate principal amount of serial bonds of the Village to finance such purpose, and
(2) states the estimated maximum costs of such replacement to be not in excess of $5,101,200, states that such costs will be financed with (i) $122,410 proceeds of the serial bonds or bond anticipation notes authorized in the Resolution, (ii) $1,978,790 proceeds of serial bonds authorized pursuant to the 2017 Resolution and (iii) grant funds received from EFC in an amount of approximately $3,000,000 and sets forth the plan of financing of such cost of the purpose, and
(3) determines the period of probable usefulness to be forty (40) years, and
(4) determines that the maximum maturity of such serial bonds will be in excess of five (5) years, and
(5) delegates to the Village Treasurer the power to prescribe the terms, form and contents of such serial bonds and to authorize the issuance of, and to prescribe the terms, form and contents of any bond anticipation notes issued in anticipation of the issuance of such serial bonds or renewals thereof, and to issue, sell and deliver such serial bonds and such bond anticipation notes, and
(6) states that the validity of such serial bonds or any of such bond anticipation notes issued in anticipation of the issuance of such serial 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 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 twenty (20) days after the date of such publication, or (c) if such obligations are authorized in violation of the provisions of the Constitution of New York.
Such resolution is subject to a permissive referendum under the provisions of Article 9 of the Village Law and petitions protesting against such resolution and requesting that it be submitted to the electors of the Village of New Paltz for their approval or disapproval, may be filed with the Village Clerk at any time within thirty (30) days after the date of the adoption of such resolution.
By order of the Board of Trustees of the Village of New Paltz, New York.
Dated: October 28th, 2020
Village of New Paltz, New York