NOTICE OF ELECTION
IN SOUTH WALES FIRE DISTRICT NO. 1 TO APPROVE PURCHASE OF A FIRE
ENGINE AND THE ISSUANCE OF SERIAL BONDS
Notice is hereby given that the Board of Commissioners of the South Wales Fire District No. 1 in the Town of Wales Erie County New York did on the 9th day of April 2018 adopted the resolution described in the following proposition and directed the said proposition be submitted to the general election of the qualified electors of the said Fire District, which election shall be held at the South Wales Fire Hall 6406 Olean Road, South Wales, New York, Erie County New York on the 8th day of May 2018 between the hours of 6:00 p.m. and 9:00 p.m. for the purpose of voting on the following proposition:
Shall the resolution adopted by the Board of Commissioners of the South Wales Fire District No. 1 authorizing the expenditures of not more than $428,871 for the purchase of a fire engine financed in part by the issue of serial bonds and reserve funds, be approved.
RESOLVED, by the Board of Commissioners of the South Wales Fire District No. 1 as follows:
- For the object or purpose of purchasing the fire engine, and to provide funds to defray the cost thereof, a maximum of $355,866.00 of the General Obligation Serial Bonds of the South Wales Fire District No. 1 shall be issued pursuant to the provisions of the Local Finance Law.
- The cost for the purchase of the fire engine is $428,871.00. The awarding of the
contract for the said purchase was in accordance with provisions of General
Municipal Law Section 103 Public Bidding. The compliance with General
Municipal Law Section 103 is based upon the adoption of this resolution stating
that for efficiency and economy there is need for standardization in the
purchase contract of a Fire Vehicle. The specifications of the Fire Vehicle being
purchased is similar to the specifications of existing Fire Vehicles owned and in
operation by the Fire District.
- The plan for the financing of the purchase of the fire engine consists of the issuance of General Obligation Serial Bonds and the use of reserve funds
established for the purchase of Fire Equipment. Financing consists of the issuance of General Obligation Serial Bonds in the maximum amount of $355,866.00 and the use of reserve funds in the amount of $73,005.00 totaling the purchase price of $428,871.00.
- It is determined that the period of probable usefulness of the fire engine is twenty
(20) years, pursuant to Section 11.00(27) of the Local Finance Law. It is further
determined that the maximum maturity of the serial bonds herein shall not exceed
twenty (20) years.
- The faith and credit of said South Wales Fire District No. 1 located in the Town of
Wales, County of Erie and State of New York are hereby irrevocably pledged to the payment of the principal of and the interest on such bonds as the same respectfully become due and payable. An annual appropriation shall be made in each year sufficient to pay the principal of and interest on said bonds becoming due and payable in each year. There shall annually be levied on all the taxable properties in said South Wales Fire District No. 1 a tax sufficient to pay the principal of and interest on such bonds as the same become due and payable.
- Subject to the provisions of the Local Finance Law, the power to authorize the
purchase of the fire engine, and to authorize the issuance of and to sell bond
anticipation notes in anticipation of the issuance and the sale of the serial bonds
herein authorized, including renewals of such notes, is hereby delegated to the
Chairman of the Board of Commissioners. Such notes shall be of such terms,
forms and contents, and shall be sold in such manner as may be prescribed by the said Chairman, consistent with the provisions of the Local Finance Law.
- The validity of such bonds may be contested only if:
(1) Such bonds are authorized for an object or purpose for which said District
is not authorized to expend money, or
(2) The provisions of law which should be complied with at the date of
publication of this resolution are not substantially complied with, and an action,
suit or proceeding contesting such validity is commenced within twenty (20) days
after the date of publication, or
(3) Such bonds are authorized in violation of the provisions of the
- Pursuant to Local Finance Law Section 38, the purchase of the fire engine and
issuance of serial bonds and the expending of current funds is subject to a
mandatory referendum of the eligible voters within the South Wales Fire District
No. 1, which election shall be held at the special election scheduled to be held on
the 8th day of May, 2018 between the hours of 6:00 p.m. and 9:00 p.m. to be held
at the South Wales Fire Hall located at 6406 Olean Road, South Wales, New
South Wales Fire District No. 1