NOTICE OF BOND RESOLUTION
NOTICE IS HEREBY GIVEN that the resolution published
herewith has been adopted by the Town Board of the Town of Grand Island, in the
County of Erie, on the 5th day of July, 2005 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
Grand Island is not authorized to expend money or
(b) if the provisions of 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
(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 resolution adopted by the Town Board of the Town of Grand Island on July
5, 2005. Said 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 $350,000. The proceeds from the sale of the
obligations authorized in said resolution shall be used for improvements to and
embellishment of Veterans Park, including, but not limited to (i) the
construction of two (2) softball fields complete with drainage, fencing,
backstops, and skinned infields, (ii) the construction of additional asphalt
parking area for approximately eighty vehicles complete with concrete curbs and
storm drainage facilities, and (iii) the landscaping of approximately twelve
acres of grassed lawn areas between and around the athletic fields, in an
amount not to exceed $410,000. The
period of probable usefulness for said purpose is 15 years, however, the
obligations will be paid off in five years or less. 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, Grand Island, New York.