ESTOPPEL NOTICE The bond resolution published herewith was adopted by the Board of Education of the Franklin Central School District ("the School District"), located in Delaware County, State of New York on July 9, 2015. The validity of the obligations authorized by such bond resolution may be hereafter contested only if such obligations were authorized for an object or purpose, or class of object or purpose, for which the School District is not authorized to expend money, or 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 (20) days after the date of publication of this notice, or if such obligations were authorized in violation of the provisions of the Constitution of the State of New York. Date: July 9, 2015 SUMMARY OF A BOND RESOLUTION, DATED JULY 9, 2015, AUTHORIZING THE ISSUANCE OF UP TO $120,000 AGGREGATE PRINCIPAL AMOUNT SERIAL BONDS OF THE FRANKLIN CENTRAL SCHOOL DISTRICT, DELAWARE COUNTY, STATE OF NEW YORK, PURSUANT TO THE LOCAL FINANCE LAW, TO FINANCE THE COSTS OF THE ACQUISITION OF SCHOOL BUSES, IN AND FOR THE SCHOOL DISTRICT. WHEREAS, the qualified voters of the Franklin Central School District, a school district of the State of New York, located in Delaware County, New York ("the School District"), adopted a proposition on May 19, 2015 to authorize the financing of school buses at a maximum cost of $120,000; and WHEREAS, the Board of Education of the School District (the "School District"), pursuant to the Local Finance Law, hereby determines that it is in the public interest to finance the costs of the acquisition of school buses, in and for the School District, including any preliminary and incidental costs related thereto, in the amount of $120,000; NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Franklin Central School District, located in Delaware County, State of New York, as follows: Section 1.There is hereby authorized to be issued serial bonds of the School District, and/or bond anticipation notes issued in anticipation of the issuance of such serial bonds, in the aggregate principal amount not to exceed $120,000, pursuant to the Local Finance Law, in order to finance the costs of the acquisition of school buses, in and for the School District, including any preliminary and incidental costs related thereto (the "Project"). Section 2.The Board of Education of the School District has ascertained and hereby states that (a) the estimated maximum costs of the Project are not to exceed $120,000; (b) no money has heretofore been authorized to be applied to the payment of the costs of the Project; (c) the Board of Education of the School District plans to finance the costs of the Project from the proceeds of the serial bonds, and/or bond anticipation notes issued in anticipation of the issuance of such serial bonds, as authorized by the qualified voters of the School District on May 19, 2015, and as authorized herein, except to the extent of New York State aid received by the School District, which shall reduce the principal amount of such obligations pro tanto, and (d) the maturity of such serial bonds authorized herein shall not be in excess of five (5) years. Section 3. It is hereby determined that the Project is a specific object or purpose, or of a class of object or purpose, as described in subdivision 29 of paragraph a of Section 11.00 of the Local Finance Law, the period of probable usefulness of the Project is five (5) years, and the serial bonds authorized and issued pursuant to this bond resolution shall have a maximum maturity of five (5) years computed from the earlier of (a) the date of the first issue of such serial bonds, or (b) the date of the first issue of bond anticipation notes issued in anticipation of the issuance of such serial bonds. Section 4.When this bond resolution takes effect, the School District Clerk shall cause the same, or a summary thereof, to be published, together with a notice in substantially the form prescribed by Section 81.00 of the Local Finance Law, in The Daily Star, a newspaper having a general circulation in the School District. The validity of the serial bonds authorized herein, and of bond anticipation notes issued in anticipation of the issuance of such serial bonds, may be contested only if such obligations are authorized for an object or purpose, or class of object or purpose, for which the School District is not authorized to expend money, or the provisions of law, which should have been complied with as of the date of the publication of this bond resolution, 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, or if such obligations were authorized in violation of the provisions of the Constitution of the State of New York. Section 5.The faith and credit of the School District are hereby and shall be irrevocably pledged for the punctual payment of the principal of and interest on all obligations authorized and issued pursuant to this bond resolution as the same shall become due and payable. Section 6. This bond resolution shall take effect immediately upon its adoption by the Board of Education of the School District. Section 7.The full text of the bond resolution referred to herein shall be available upon request at the Office of the School District Clerk, PO Box 888, 26 Institute Street, Franklin, New York, (607) 829-3551 during normal business hours for twenty (20) days following the date of this publication. FRANKLIN CENTRAL SCHOOL DISTRICT DELAWARE COUNTY, NEW YORK CYNTHIA CAREY School District Clerk Franklin Central School District, New York
↧