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• Village of Monroe Bond Resolution : To construct improvements to the Village water system

  VILLAGE OF MONROE, NEW YORK

  PLEASE TAKE NOTICE that on March 14, 2022, the Board of Trustees of the Village of Monroe, in the County of Orange, New York, adopted a bond resolution entitled:

  “Bond Resolution of the Village of Monroe, New York, adopted March 14, 2022, authorizing the construction of improvements to the Village water system, stating the estimated maximum cost thereof is $800,000, appropriating said amount for such purpose, and authorizing the issuance of bonds in the principal amount of $800,000 to finance said appropriation,”

  an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows:

  FIRST:  AUTHORIZING said Village to construct improvements to the Village water system, consisting of the replacement of watermains on High Street and Owens Drive; STATING that the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $800,000; APPROPRIATING said amount for such purpose; and STATING the plan of financing includes the issuance of bonds in the principal amount of not to exceed $800,000 to finance said appropriation, and the levy of taxes upon all the taxable real property within the Village to pay the principal of said bonds and the interest thereon;

  SECOND:  AUTHORIZING the issuance of $800,000 bonds of the Village pursuant to the Local Finance Law of the State of New York (the “Law”) to finance said appropriation;

  THIRD:  DETERMINING and STATING the period of probable usefulness applicable to the purpose for which said bonds are authorized to be issued is forty (40) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Village for expenditures made after the effective date of this bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of said bonds will exceed five (5) years;

  FOURTH:  DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds and the renewals of said bond anticipation notes shall be general obligations of the Village; and PLEDGING to their payment the faith and credit of the Village;

  FIFTH:  DELEGATING to the Village Treasurer the powers and duties as to the issuance of said bonds, and any bond anticipation notes issued in anticipation of said bonds, or the renewals thereof; and

  SIXTH:  DETERMINING that the bond resolution is subject to a permissive referendum.

  DATED:  March 14, 2022                                                 Kimberly Zahra
                                                                                         Deputy Village Clerk

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