Legal Notice: Bond Resolution

LEGAL NOTICE

The  resolution, a summary of which is published herewith, was adopted on the 10^th  day of March, 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 New Lisbon, New York is not authorized to expend money or if the provisions of the 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.

/s/Charlene Wells
Town Clerk

The following is a summary of said bond resolution:

1. The title of the bond resolution is: BOND RESOLUTION OF THE TOWN OF NEW LISBON, OTSEGO COUNTY, NEW YORK, ADOPTED MARCH 10, 2020, AUTHORIZING THE ACQUISTION OF HIGHWAY MACHINERY AND APPARATUS, STATING THE ESTIMATED MAXIMUM COST OF SAID ACQUISTION IS $175,000.00, APPROPRIATING SAID SUM THEREFOR AND AUTHORIZING THE ISSUANCE OF UP TO $175,000.00 SERIAL BONDS OF THE TOWN TO FINANCE SAID APPROPRIATION.
2. The resolution, among other things, authorized the acquisition of certain highway machinery and apparatus—namely, a 2020 John Deere 624L Wheel Loader (the “Machinery”) for use by the Town Highway Department.
3. The estimated maximum cost of the Machinery, including preliminary costs and costs incidental thereto and the financing thereof, is $175,000.00 and said amount was appropriated therefor in the bond resolution. To finance said appropriation, serial bonds of the Town are authorized to be issued in the aggregate principal amount of up to $175,000.00 pursuant to, and in accordance with, the provisions of the Local Finance Law, constituting Chapter 33-A of the Consolidated Laws of the State of New York (the “Law”).
4. The period of probable usefulness of the specific objects or purposes for which the bonds authorized by the resolution are to be issued is fifteen (15) years, within the limitation of Section 11.00(a)(28) of the Law.

The bond resolution summarized hereby is available for public inspection during normal business hours at the office of the Town Clerk, 829 County Road 16 in the Town of New Lisbon, Otsego County, New York.