NOTICE OF BOND RESOLUTION

NOTICE IS HEREBY GIVEN that the resolution published herewith has been adopted for the Town Board of the Town of Grand Island, in the County of Erie, on the 6th day of June, 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 June 6, 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 $175,000. The proceeds from the sale of the obligations authorized in said resolution shall be used for the reconstruction and resurfacing of various Town roads including, but not limited to Bedell Road from Baseline Road to Grand Island Boulevard and Stony Point Road from Love Road to Broadway and other improvements in connection therewith, all of the forgoing to include all necessary site work, equipment, apparatus and other improvements and costs incidental thereto. 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.