Pass: 1,433 / 54% Yes votes ...... 1,211 / 46% No votes

See Also: Index of all Propositions

On September 22, 2006, the Board of Trustees of the Village of Briarcliff Manor adopted a bond resolution to authorize with financing of the expansion and renovation of the Village library and a further resolution providing that such bond resolution be submitted to the qualified electors of the Village on November 7, 2006, between the hours of 6:00 a.m. and 9:00 p.m. and that the polling places for the conduct of such special village election within the Village of Briarcliff Manor shall be designated as follows:

DISTRICT POLLING PLACE District #15 Municipal Building, 1111 Pleasantville Road District #16 All Saints Episcopal Church, Scarborough Road District #17 Todd School, Ingham Road District #19 Congregational Church, South State Road District #26 Saint Theresa's Church, Dalmeny Road District #27 Scarborough Presbyterian Church, Route 9 District #29 Scarborough Presbyterian Church, Route 9

Pursuant to Sections 33 & 36 of the New York State Local Finance Law, such ballot issue may be submitted to a referendum by resolution of the Board of Trustees, and if it is, it must be approved by a majority of the qualified electors voting thereon prior to the ballot issue becoming effective.

ABSTRACT

An abstract of such Bond Resolution concisely stating the purpose and effect thereof, is as follows:

FIRST: The Bond Resolution authorizes the issuance of up to $4,000,000 serial bonds of the Village of Briarcliff Manor (the "Village"), a municipal corporation of the State of New York, located in the County of Westchester, pursuant to the provisions of the New York Local Finance Law (the "Law") to finance the acquisition, construction and reconstruction of an addition to the Village Library (the "Project"). The Bond Resolution states that the estimated maximum cost of the Project shall not exceed $4,000,000 and that the plan of financing includes the issuance of $4,000,000 serial bonds therein authorized, and states further that the faith and credit of the Village is irrevocably pledged to pay principal and interest on such bonds. The Bond Resolution authorizes the Board of Trustees of the Village to levy a tax to pay such principal and interest.

SECOND: The Bond Resolution determines that the period of probable usefulness of the Project is twenty-five (25) years pursuant to the limitations of Section 11.00a. 12(a)(1) of the Law.

THIRD: The Bond Resolution delegates to the Treasurer of the Village the power and duties of the Board of Trustees of the Village as to the issuance of such bonds and any notes to be issued in anticipation of such bonds.

FOURTH: The Bond Resolution requires that the Village shall comply with all applicable environmental quality review proceedings prior to the issuance of any bonds or notes authorized therein.

FIFTH: The Board of Trustees of the Village in the Bond Resolution covenants to not make use of any proceeds of such bonds or notes and to not make use of the Project in any way which would cause the interest on such bonds or notes to become subject to Federal income taxation under the Internal Revenue Code of 1986, as amended.

SIXTH: The Board of Trustees of the Village in the Bond Resolution covenants to provide or cause to be provided for the benefit of the holders or owners of such bonds or notes such financial information as may be required under rules of the Federal Securities and Exchange Commission during the time such bonds or notes are outstanding pursuant to a continuing disclosure agreement to be placed on file with the Village Clerk.

SEVENTH: The Bond Resolution determines that it shall not become effective until submitted at the special village election on November 7, 2006 and thereat approved by a majority of the votes cast on the question of the approval or disapproval of the Bond Resolution.