NOTICE OF BOND RESOLUTION
TOWN OF GRAND ISLAND

            NOTICE IS HEREBY GIVEN that the bond resolution published herewith has been adopted for the Town Board of the Town of Grand Island, in the County of Erie, on July 6, 2009 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 the law which should be complied with as of the date of publication of this notice were not substantially complied with and

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 July 6, 2009.  Said resolution authorizes the reconstruction of and construction of improvements to Town parking areas at maximum estimated cost of $110,000. 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 $110,000, said amount to be offset by any federal, state, county and/or local funds received including, but not limited to, a New York State Construction Fund Grant in an approximate amount of $50,000 and an Erie County Library Construction Fund Grant in an approximate amount of $20,000.  The proceeds from the sale of the obligations authorized in said resolution shall be used for the reconstruction of and construction of improvements to Town parking areas and other improvements in connection therewith including, but not limited to, the Grand Island Memorial Library entrance drive and parking area, 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 ten 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.

Patricia A. Frentzel

Town Clerk

Publish & Post:  July 10, 2009