RESOLUTION

AUTHORIZING THE ISSUANCE

OF A

STATUTORY

PURCHASE OF TRUCK

RESOLVED, that the Town Board authorize the acquisition of a 2025 International Truck, that the cost of said truck be funded by the issuance of a Statutory Installment Bond pursuant to Section 62.10 of the Local Finance Law, and that the following bond resolution be adopted by the favorable vote of not less than two thirds of all members of the Town Board, as follows:

BOND RESOLUTION OF THE TOWN OF GENESEE, NEW YORK, ADOPTED APRIL 15, 2025, AUTHORIZING THE ACQUISITION OF A 2025 INTERNATIONAL PLOW TRUCK FOR USE IN SAID TOWN, STATING THE ESTIMATED MAXIMUM COST THEREOF IS $200,000.00. APPROPRIATING SAID AMOUNT THEREFOR, AND AUTHORIZING THE ISSUANCE OF $200,000.00 STATUTORY INSTALLMENT BOND OF SAID TOWN TO FINANCE SAID APPROPRIATION.

Section 1:

The Town of Genesee in the County of Allegany, New York (herein called “Town”), is hereby authorized to acquire a 2025 International Truck with a Plow, for use in said Town. The estimated maximum cost of said specific object or purpose, including preliminary costs and costs incidental thereto and the financing thereof is $315,295.00. The plan of financing includes the issuance of a $200,000.00 statutory installment bond of the Town to finance said appropriation and the balance from the equipment capital fund, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable.

Section 2:

A Statutory Installment Bond of the Town in the principal amount of $200,00,0.00 are hereby authorized to be issued pursuant to the provisions of the Local Finance Law Section 62.10, constituting Chapter 33-a of the Consolidated Laws of the State of New York (herein called “Law”), to finance said appropriation.

Section 3: The following determinations are hereby made:

(a) the period of probable usefulness applicable to the specific object or purpose for which said $200,000.00 statutory installment bond is to be issued, within the limitations of Section 11.00 a. 28 of the Law, is or exceeds five (5) years; however, the bonds authorized pursuant to this resolution, and any bond anticipation notes issued in anticipation of the sale of said bonds, shall mature no later than five (5) years from the date of original issuance of said bonds or notes.

(b) The proceeds of the bonds herein authorized and any bond anticipation notes issued in anticipation of said bonds may be applied to reimburse the Town for expenditures made after the effective date of this resolution for the purpose for which said bonds are authorized.

(c) The proposed maturity of the bonds authorized by this resolution will not exceed five (5) years.

Section 4:

The Town shall issue its Bond in the amount of $200,000.00 to finance the object or purpose in accordance with the financial plan set forth above. Subject to the provisions of this resolution and of the Law and pursuant to the provisions of Section 21.00, Section 62.10, and Section 63(b) of the Local Finance Law relative to the authorization of the issuance of bonds having substantially level or declining annual debt service, section 30.00 relative to the authorization of the issuance of bond anticipation notes, and section 50.00 and sections 56.00 to 60.00 of the Law, the powers and duties of the Board relative to authorizing Notes and prescribing the terms, form and contents and as to the sale and issuance of the Bond and any Note, and the renewals of any Notes, are hereby delegated to the Town Supervisor, but shall be fixed and determined no later than the last day of May, 2025.

Section 5:

The Bond shall be owned by Community Bank, NA, Olean, New York (“Owner”), and the Town shall be obligated to pay the Owner the principal sum of $200,000.00, together with interest at the rate of 5.26% per annum, in four installments as follows: $50,000.00 per year plus accrued interest continuing annually from the date of the bond until it matures at Community Bank, NA, Olean, New York.

Section 6:

Upon sale of the Bond, the Town Clerk shall deliver it to the Owner upon payment of the purchase price, including accrued interest, and the receipt of the Town shall be a full quittance to the Owner who shall not be obligated to see to the application of the purchase money.

Section 7:

Each of the bonds authorized by this resolution and any bond anticipation notes issued in anticipation of the sale of said bonds shall contain the recital of validity as prescribed by section 52.00 of the Law and said bonds and any notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by general tax upon all the taxable real property within the Town within limitation of rate or amount. The full faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal of and interest on said bond and any notes issued in anticipation of the sale of said bonds, and provision shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and any notes in anticipation thereof to mature in such year and (b) the payment of interest to be due and payable in such year.

Section 8:

The validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested only if:

(a) such obligations are authorized for an object or purpose for which the Town 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, or summary thereof, are not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of such publication, or

(c) such obligations are authorized in violation of the provisions of the

constitution.

Section 9:

This bond resolution shall take effect immediately. The Town Board is hereby authorized and directed to cause said bond resolution to be published, in summary, in the OLEAN TIMES HERALD, a newspaper having a general circulation in the Town, and hereby designated the official newspaper for said publication, together with a Notice in substantially the form as provided by section 81.00 of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York.