BOND RESOLUTION OF THE FREEPORT UNION FREE
SCHOOL DISTRICT, NEW YORK, ADOPTED JUNE 7, 2000,
AUTHORIZING THE CONSTRUCTION OF ADDITIONS
AND/OR ALTERATIONS AND IMPROVEMENTS TO ALL
DISTRICT BUILDINGS AND THE SITES THEREOF AND
THE CONSTRUCTION OF THE NEW VISIONS
ELEMENTARY SCHOOL; STATING THE ESTIMATED
TOTAL COST THEREOF IS $35,600,000; APPROPRIATING
SAID AMOUNT THEREFOR; AND AUTHORIZING THE
ISSUANCE OF $35,600,000 SERIAL BONDS OF SAID
DISTRICT TO FINANCE SAID APPROPRIATION.
Recital
WHEREAS, at the Annual District Meeting duly called and held on May 16,
2000, in the Freeport Union Free School District, in the County of Nassau,
New York (the "District"), the qualified voters present and
voting approved the Proposition authorizing the Board of Education to
construct additions and/or alterations and improvements to all District
buildings and the sites thereof and to construct the New Visions
Elementary School, at the estimated total cost of $35,600,000; and to levy
and collect a tax in the aggregate amount of not to exceed $35,600,000 to
be collected in annual installments to pay the principal of and interest
on the serial bonds herein authorized to be issued;
Now, therefore,
THE BOARD OF EDUCATION OF THE FREEPORT UNION FREE SCHOOL DISTRICT, IN
THE COUNTY OF NASSAU, NEW YORK, HEREBY RESOLVES (by
the favorable vote of not less than two-thirds of all the members of said
Board of Education) AS FOLLOWS:
Section 1. The Freeport Union Free School District, in the County of
Nassau, New York (herein called "District"), is hereby
authorized to undertake a project (the "Project") as described
in a revised plan providing for (i) the construction of additions and/or
alterations and improvements to Freeport High School, including the
construction of new classrooms, science, faculty and other space; interior
reconstruction and space reconfiguration; the installation of new lockers,
flooring and bleachers; improvements to enhance accessibility for the
physically challenged; and recreation improvements including track
resurfacing, at the estimated maximum cost of $11,503,000; (ii) the
construction of additions and/or alterations and improvements to all other
District buildings and the sites thereof, including construction of new
classrooms, library and other space; the installation of elevators;
improvements to the heating, ventilation and air conditioning and lighting
systems; ceiling replacement; technology infrastructure improvements;
interior and exterior reconstruction; new bleachers and scoreboard; and
recreation and site improvements; at the estimated maximum cost of
$8,097,000; and (iii) the construction of the New Visions Elementary
School on a parcel of land owned by the District located on Raynor Street
and heretofore designated as the site of for an elementary school
building, at the estimated maximum cost of $16,000,000; all of the
foregoing to include the original equipment, furnishings, machinery,
apparatus and ancillary or related site and other work required in
connection therewith. The estimated total cost of the foregoing, including
preliminary costs and costs incidental thereto and the financing thereof,
is $35,600,000 and said amount is hereby appropriated therefor. The plan
of financing includes the issuance of $35,600,000 serial bonds of the
District to finance said appropriation, and the levy and collection of
taxes on all the taxable real property in the District to pay the
principal of said bonds and the interest thereon as the same shall become
due and payable.
Section 2. Serial bonds of the District in the principal amount of
$35,600,000 are hereby authorized to be issued pursuant to the provisions
of the Local Finance Law, constituting Chapter 33-a of the Consolidated
Laws of the State of New York (herein called "Law"), to finance
the balance of said appropriation.
Section 3. The following additional matters are hereby determined and
declared:
(a) The New Visions Elementary School will be of Class "A"
construction as defined by Section 11.00 a. 11. (a) of the Law.
Consequently, the period of probable usefulness applicable to the
purpose for which $16,000,000 of said serial bonds authorized to be
issued pursuant to this resolution, within the limitations of Section
11.00 a. 11(a) of the Law, is thirty (30) years.
(b) The buildings to be improved and the additions constructed
thereto are or will be of Class "A" construction as defined by
Section 11.00 a. 11. (a) of the Law. Consequently, the period of
probable usefulness applicable to the purpose for which $19,600,000 of
said serial bonds authorized to be issued pursuant to this resolution,
within the limitations of Section 11.00 a. 12 (a)(1) of the Law, is
twenty (20) years.
(c) The proceeds of the bonds herein authorized and any bond
anticipation notes issued in anticipation of said bonds may be applied
to reimburse the District for expenditures made after the effective date
of this resolution for the purpose or purposes for which said bonds are
authorized. The foregoing statement of intent with respect to
reimbursement is made in conformity with Treasury Regulation Section 1.150-2
of the United States Treasury Department.
Section 4. 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 District, payable as to both
principal and interest by general tax upon all the taxable real property
within the District without limitation of rate or amount. The faith and
credit of the District are hereby irrevocably pledged to the punctual
payment of the principal of and interest on said bonds and any notes
issued in anticipation of the sale of said bonds and provision shall be
made annually in the budget of the District 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 5. Subject to the provisions of this resolution and of
the Law and pursuant to the provisions of Section 21.00 relative to the
authorization of the issuance of bonds with substantially level or
declining annual debt service, Section 30.00 relative to the authorization
of the issuance of bond anticipation notes and of Section 50.00 and
Sections 56.00 to 60.00 of the Law, the
powers and duties of the Board of Education relative to authorizing bond
anticipation notes and prescribing the terms, form and contents and as to
the sale and issuance of the bonds herein authorized and of any bond
anticipation notes issued in anticipation of said bonds, and the renewals
of said bond anticipation notes, are hereby delegated to the President of
the Board of Education, the chief fiscal officer of the District.
Section 6. 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 District 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 a 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 7. This bond resolution shall take effect immediately, and the
District Clerk is hereby authorized and directed to publish the foregoing
resolution, in summary, together with a Notice attached in substantially
the form prescribed by §81.00 of the Law in "THE FREEPORT DAILY
LEADER" and "THE LONG ISLAND GRAPHIC," two newspapers each
having a general circulation in the District and hereby designated the
official newspapers of said District for such publication.