LEGAL NOTICE OF BOND RESOLUTION FOR HWY TRUCK
NOTICE OF BOND RESOLUTION
TOWN OF BRANT
NOTICE IS HEREBY GIVEN that a bond resolution, a summary of which is published herewith has been adopted by the Town Board of the Town of Brant, in the County of Erie, on October 12, 2010 and the validity of the obligations authorized by such resolution may be hereafter contested only if:
1. (a) such obligations were authorized for an object or purpose for which the Town of Brant is not authorized to expend money or
(b) if the provisions of the law which should be 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 (20) days after the date of such publication of this notice; or
2. such obligations were authorized in violation of the provisions of the Constitution of New York.
SUMMARY OF RESOLUTION
The following is a summary of a bond resolution adopted by the Town Board of the Town of Brant on October 12, 2010. The proceeds from the sale of the obligations authorized in said bond resolution shall be used to finance the acquisition of a construction and maintenance vehicle for use by the Town including any preliminary costs and costs incidental thereto, at an estimated maximum amount of $165,000. Said bond resolution authorizes the issuance and sale of a serial bond or bonds and a bond anticipation note or notes in anticipation of the issuance and sale of said serial bonds, in an amount not to exceed $100,000. Through a separate resolution, the Town authorized the application of up to $65,000 from the Town?s Highway Equipment Reserve Fund. Such amount of bonds shall be offset by any federal, state, county and/or local funds received. The period of probable usefulness for said purpose is 15 years; however, the bonds issued pursuant to this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five years from the date of original issuance of said bonds or notes. A copy of the resolution summarized herein is available for public inspection during normal business hours at the Office of the Town Clerk, located in the Town Hall, Brant, New York.