NOTICE OF BOND RESOLUTION
TOWN OF GRAND ISLAND

NOTICE IS HEREBY GIVEN that a resolution, a summary of which is published herewith, has been adopted by the Town Board of the Town of Grand Island, County of Erie, on the May 1, 2006 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 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 Grand Island on May 1, 2006. 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 $76,000, said amount to be offset by any federal, state, county and/or local grants received. The proceeds from the sale of the obligations authorized in said resolution shall be used for the specific purpose of the installation of a traffic signal at the intersection of Baseline and Staley Roads in the Town and other improvements in connection therewith, including all preliminary work and necessary equipment, materials and site work and all preliminary costs and costs incidental thereto. The period of probable usefulness for said purpose is 20 years. 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, 2255 Baseline Road, Grand Island, New York