Notice of Adoption of a Bond Resolution


NOTICE IS HEREBY GIVEN that the Town Board of the Town of New Lisbon, Otsego County, New York (the “Town Board”) at a meeting thereof held on the 13th day of July 2021 duly adopted a bond resolution an abstract of which follows, which bond resolution is subject to the permissive referendum provisions provided in Article 7 of the Town Law.

The bond resolution, among other things, authorizes the Town of New Lisbon (the “Town”) to acquire and construct a new highway garage containing approximately 9,800 square feet, including, without limitation, grading and improvement of the site, original furnishings, equipment, machinery, or apparatus required for the purpose for which such building will be used, all as more particularly described in the Preliminary Architectural Feasibility Report dated May 2021 prepared by Delaware Engineering, D.P.C. (collectively, the “Highway Garage”), stating the estimated maximum cost of acquiring and constructing the Highway Garage, including preliminary costs and costs incidental thereto and the financing thereof is $2,756,000, appropriating said amount therefore, and to finance said appropriation, authorizing $75,000 of the monies in the Town’s General Fund to be so applied and serial bonds of the Town to be issued in the aggregate principal amount of up to $2,681,000 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”). It was noted in the bond resolution that the Town intends to apply for one or more loans and/or grants from the United States Department of Agriculture (“USDA”) to finance all or a portion of the costs of acquiring and constructing the Highway Garage and certain costs and fees, if any, relating to the loans or grants. The Town may, although it is not obligated to do so, sell the bonds and/or notes (and renewals thereof) authorized by the bond resolution to USDA as evidence of such loans. The Supervisor and the Clerk of the Town, each acting alone or together, were authorized in the bond resolution to execute and deliver on behalf of the Town such documents and instruments as USDA may require in order to obtain such loans or grants including, without limitation, one or more applications, project financing and loan agreements, grant agreements or similar documents. The bond resolution, further, noted that the proceeds of any grants received by the Town from USDA pertaining to the acquisition and construction of the Highway Garage will be applied to reduce the amount of bonds issued to finance such acquisition and construction.

It was also resolved that the foregoing bond resolution was adopted subject to a permissive referendum. The Town Board determined in the resolution, among other things, that the maturity of such bonds would exceed five (5) years and that the period of probable usefulness of the Highway Garage, as set forth in the Local Finance Law, is thirty (30) years.

PLEASE TAKE FURTHER NOTICE that said bond resolution shall take effect thirty (30) days after its adoption, unless there shall be filed with the Town Clerk in the manner and time provided by the Town Law a petition protesting against the resolution and requesting that the matter be submitted to the electors of the Town for their approval or disapproval at a referendum as provided in the Town Law.

A complete copy of the bond resolution is available for inspection in the Town Clerk’s Office, located at 908 County Highway 16 in the Town of New Lisbon, New York during regular business hours.

By order of the Town Board
Of the Town of New Lisbon, New York
Charlene R. Wells, Town Clerk
Dated: July 15, 2021

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