WHEREAS, the Board of Trustees (the “Board of Trustees”) of the Village of Pleasantville, Westchester County, New York (the “Village”), on July 22, 2019 adopted a Bond Resolution entitled "Bond Resolution of the Village of PLEASANTVILLE, WESTCHESTER COUNTY, New York, Authorizing the Issuance of $2,600,000 Serial Bonds to Finance the MANVILLE ROAD CORRIDOR IMPROVEMENT PROJECT” (the "Original Resolution"); and

WHEREAS, the Board of Trustees wishes (i) to authorize the expenditure and appropriation of additional funds for the Manville Road Corridor Improvement Project authorized in the Original Resolution, and (ii) the issuance of additional serial bonds of the Village to finance such additional appropriations;

NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Village as follows:

Section 1.   The Village is hereby authorized to undertake the reconstruction and improvement of Manville Road, including sidewalks, curbs, gutters, drainage, landscaping and grading or improving the rights of way, with flexible pavement of a type described in the Local Finance Law Section 11(a)(20)(c), including surveys, preliminary plans and detailed plans, specifications and estimates required in connection therewith, at an estimated maximum cost not to exceed $4,000,000, constituting an increase of $1,400,000 over the maximum estimated cost authorized in the Original Resolution.

Section 2.   The plan for financing such new maximum authorized cost of $4,000,000 for the foregoing object or purpose shall be as follows:

        (a)    by the issuance of $2,600,000 of serial bonds of the Village or bond anticipation notes heretofore authorized to be issued pursuant to the Original Resolution; and

        (b)    by the issuance of additional $1,400,000 serial bonds (the "Bonds") of the Village or bond anticipation notes authorized to be issued pursuant to this Resolution; PROVIDED, HOWEVER, that to the extent that any Federal or State grants-in-aid are received for such object or purpose, the amount of Bonds to be issued pursuant to this Resolution shall be reduced dollar for dollar.

Section 3.  It is hereby determined that the period of probable usefulness of the aforesaid specific object or purpose is fifteen (15) years pursuant to subdivision 20(c) of paragraph (a) of Section 11.00 of the Local Finance Law; provided that the maximum maturity of the Bonds authorized shall be computed from the date of the first bond anticipation note issued in anticipation of the Bonds or the serial bonds or bond anticipation notes authorized pursuant to the Original Resolution, whichever date is earlier.  The maximum maturity of the Bonds shall be in excess of five (5) years.

                Section 4.  Pursuant to Section 107.00(d)(9) of the Local Finance Law, current funds are not required to be provided prior to issuance of the Bonds or any bond anticipation notes issued in anticipation of issuance of the Bonds. 

                Section 5.  The temporary use of available funds of the Village, not immediately required for the purpose or purposes for which the same were borrowed, raised or otherwise created, is hereby authorized pursuant to Section 165.10 of the Local Finance Law, for the capital purposes described in Section 1 of this resolution.

                Section 6.  The Bonds and any bond anticipation notes issued in anticipation of the Bonds, shall contain the recital of validity prescribed by Section 52.00 of the Local Finance Law and the Bonds, and any bond anticipation notes issued in anticipation of the Bonds, shall be general obligations of the Village, payable as to both principal and interest by a general tax upon all the real property within the Village without legal or constitutional limitation as to rate or amount.  The faith and credit of the Village are hereby irrevocably pledged to the punctual payment of the principal of and interest on the Bonds, and any bond anticipation notes issued in anticipation of the Bonds, and provision shall be made annually in the budget of the Village by appropriation for (a) the amortization and redemption of the Bonds and bond anticipation notes to mature in such year, and (b) the payment of interest to be due and payable in such year.

                Section 7.  Subject to the provisions of this resolution and of the Local Finance Law, and pursuant to the provisions of Sections 21.00, 30.00, 50.00 and 56.00 to 63.00, inclusive,  of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the issuance and sale of the Bonds herein authorized, including renewals of such notes, and the power to prescribe the terms, form and contents of the Bonds, and any bond anticipation notes, and the power to sell and deliver the Bonds and any bond anticipation notes issued in anticipation of the issuance of the Bonds (including sale by electronic bidding), and the power to issue bonds providing for level or substantially level or declining annual debt service, is hereby delegated to the Village Treasurer, the Chief Fiscal Officer of the Village.

                Section 8.  This resolution is intended to constitute the declaration of the Village's “official intent” to reimburse the expenditures authorized by this resolution with the proceeds of the Bonds and bond anticipation notes authorized herein, as required by Treasury Regulation Section 1.150-2.  Other than as specified in this resolution, no moneys are reasonably expected to be, received, allocated on a long term basis, or otherwise set aside with respect to the permanent funding of the objects or purposes described herein. 

                Section 9.  The serial bonds and bond anticipation notes authorized to be issued by this resolution are hereby authorized to be consolidated, at the option of the Village Treasurer, the Chief Fiscal Officer, with the serial bonds and bond anticipation notes authorized by other bond resolutions previously or hereafter adopted by the Board of Trustees for purposes of sale in to one or more bond or note issues aggregating an amount not to exceed the amount authorized in such resolutions.  All matters regarding the sale of the bonds, including the dated date of the bonds, the use of electronic bidding, the consolidation of the serial bonds and the bond anticipation notes with other issues of the Village and the serial maturities of the bonds are hereby delegated to the Village Treasurer, the Chief Fiscal Officer of the Village.

                Section 10.  The Village Treasurer, as Chief Fiscal Officer of the Village, is hereby authorized to file an application with the New York State Treasurer pursuant to Section 124.10 of the Local Finance Law to exclude the proposed indebtedness authorized herein from the constitutional and statutory debt limits of the Village.

                Section 11.  The validity of the Bonds authorized by this resolution and of any bond anticipation notes issued in anticipation of the Bonds may be contested only if:

(a)    such obligations are authorized for an object or purpose for which the Village is not authorized to expend money; or

(b)    the provisions of law which should be complied with at the date of the publication of this resolution or a summary hereof are 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

(c)    such obligations are authorized in violation of the provisions of the Constitution.

                Section 12.  The Village Treasurer, as Chief Fiscal Officer of the Village, is hereby authorized to enter into an undertaking for the benefit of the holders of the Bonds from time to time, and any bond anticipation notes issued in anticipation of the sale of the Bonds, requiring the Village to provide secondary market disclosure as required by Securities and Exchange Commission Rule 15c2-12.

                Section 13.  This resolution, or a summary of this resolution, shall be published in the official newspapers of the Village for such purpose, together with a notice of the Clerk of the Village in substantially the form provided in Section 81.00 of the Local Finance Law.

                Section 14.  This resolution is adopted subject to permissive referendum in accordance with Section 36.00 of the Local Finance Law.  This resolution shall take effect thirty (30) days after its adoption or if a petition is filed pursuant to Article 5-A of the Village Law, upon the affirmative vote of a majority of the qualified electors of the Village voting on the referendum.

                Section 15. The Board of Trustees hereby determines that the provisions of the State Environmental Quality Review Act and the regulations thereunder have previously been satisfied with respect to the expenditures authorized by this resolution.

                Section 16.  This resolution shall take effect immediately upon its adoption.