SUPPLEMENTAL BOND RESOLUTION DATED NOVEMBER 8, 2012

                WHEREAS, the Town Board of the Town of Nassau (the “Town”) has duly approved the establishment of the Town of Nassau Sewer District No. 1 (the “District”) and the issuance of not to exceed $2,720,000 of general obligation bonds to finance the planning, design, acquisition and installation of improvements to the sewer system for the District  (as more fully defined herein, the “Project”); and

                WHEREAS, the Town Board of the Town has been informed that the estimated maximum cost of the Project is $3,500,000; and

                WHEREAS, the Town Board has complied with the procedure set forth in Section 209-h of the Town Law for increasing the maximum amount proposed to be expended on the Project and has received the permission from the Comptroller of the State of New York as required by Section 209-h of the Town Law; and

                WHEREAS, the Town Board desires to adopt this resolution to approve the expenditure of an additional $780,000 on the Project and the issuance of obligations to finance such additional costs; and

                WHEREAS, pursuant to Article 8 of the Environmental Conservation Law, Chapter 43-B of the Consolidated Laws of New York, as amended and the regulations adopted pursuant thereto by the Department of Environmental Conservation of the State of New York (collectively referred to hereinafter as “SEQRA”), the Town, as Lead Agency (as said quoted term is defined in SEQRA) has completed a coordinated review of inter alia, the Project, with all involved agencies for purposes of SEQRA compliance; and

                WHEREAS, the Town, upon review of a Full Environmental Assessment Form, has previously determined (i) that the Project constitutes an “Unlisted Action” (as said quoted term is defined in SEQRA) which will not have a significant effect on the environment, and (ii) as a consequence of the foregoing, issued a Negative Declaration with respect to the Project, a copy of which has been filed in the main office of the Town in a file that is readily accessible to the public; and

                WHEREAS, no other determination or procedure under SEQRA is required with respect to the Project or the issuance of obligations to finance said Project;

NOW THEREFORE BE IT RESOLVED BY THIS TOWN BOARD AS FOLLOWS:

Section 1.  The Town is hereby authorized to expend an additional $780,000 to construct the Project, as more particularly described in Section 3 hereof.

Section 2.  The Town is hereby authorized to issue its serial general obligation bonds (the “Bonds”) in the additional aggregate principal amount of not to exceed $780,000.00 pursuant to the Local Finance Law of New York, in order to finance the class of objects or purposes described herein.

Section 3.  The class of objects or purposes to be financed pursuant to this Resolution is the planning, design, acquisition and installation of a sewer system and related facilities for the District, including the acquisition of land or rights in land or original furnishings, equipment, machinery or apparatus (the “Project”).

                Section 4.  It is hereby determined and declared that (a) the maximum aggregate cost of said Project, as estimated by the Town Board, is $3,500,000, (b) the Town previously has authorized the expenditure of not to exceed $80,000 from the General Fund to pay the cost of preparing the Map, Plan and Report, including the cost of engineering, surveying, legal and other necessary services for the establishment of the District and the issuance of Bonds in an amount not to exceed $2,720,000 to finance the cost of the Project, and (c) the Town Board plans to finance the additional costs of said Project entirely from funds raised by the issuance of the Bonds and bond anticipation notes herein after referred to. 

Section 5.  It is hereby determined that the Project is one of the class of objects or purposes described in Paragraph 4 of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of the Project is forty (40) years.  The Bonds are being issued to finance an assessable improvement.  The proposed maturity of the Bonds authorized herein will be in excess of five (5) years.

Section 6.  Subject to the provisions of the Local Finance Law, the power to further authorize the issuance of the Bonds and to authorize the issuance of bond anticipation notes issued in anticipation of the sale of the Bonds (including renewals thereof) and to prescribe the terms, form and contents of the Bonds and bond anticipation notes, including the consolidation with other issues, and to sell and deliver the Bonds and bond anticipation notes, is hereby delegated to the Supervisor of the Town, the chief fiscal officer.  The Supervisor is hereby authorized to sign and the Town Clerk is hereby authorized to attest any Bonds and bond anticipation notes issued pursuant to this Resolution, and the Town Clerk is hereby authorized to affix to such Bonds and bond anticipation notes the corporate seal of the Town.

Section 7.  The faith and credit of the Town of Nassau, New York, are hereby irrevocably pledged for the payment of the principal of and interest on such Bonds and bond anticipation notes as the same respectively become due and payable.  An annual appropriation shall be made in each year sufficient to pay the principal of and interest on such obligations becoming due and payable in such year.  There shall be levied annually on all taxable real property in the Town, a tax sufficient to pay the principal of and interest on such obligations as the same become due and payable, to the extent the necessary funds are not provided from other sources.

Section 8.  This Resolution shall constitute the declaration of the Town’s “official intent” to reimburse expenditures related to the additional costs of the Project authorized by Section 1 with proceeds of the Bonds and notes, as required by United States Treasury Regulation Section 1.150-2.

Section 9.  The Project constitutes a district improvement authorized by article 12-A of the Town Law and, therefore, pursuant to paragraph b.(2) of Section 35 of the Local Finance Law, this Resolution is not subject to a permissive referendum.

Section 10 .  This Resolution shall be posted by the Town Clerk on the Town’s website and shall be published by the Town Clerk together with a notice in substantially the form prescribed by Section 81.00 of said Local Finance Law, and such publication shall be in the official newspapers of the Town.  The validity of the Bonds or of any bond anticipation notes issued in anticipation of the sale of the Bonds may be contested only if such obligations are authorized for an object or purpose for which the Town is not authorized to expend money, or the provisions of law which should be complied with at the date of publication of this Resolution, or summary thereof, 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 if said obligations are authorized in violation of the provisions of the Constitution.

Section 11. This Resolution shall take effect immediately.