Town of Riverhead authorized bonds for a new highway barn construction.

SUFFOLK COUNTY

LEGAL NOTICE





that on April 7, 2026, the Town Board of the Town of Riverhead, in the County of Suffolk, New York, adopted a bond resolution entitled: “Bond Resolution of the Town of Riverhead, New York, adopted April 7, 2026, authorizing the issuance of bonds in a principal amount not to exceed $1,880,000 to finance the construction of a new highway barn to be located in Wading River, stating the estimated maximum cost thereof is $1,880,000 and appropriating said amount for such purpose,” an abstract of such bond resolution, concisely stating the purpose and effect thereof, being as follows: FIRST: AUTHORIZING the Town of Riverhead, New York to issue bonds in a principal amount not to exceed $1,880,000 pursuant to the Local Finance Law of the State of New York, to finance the construction of a new prefabricated highway barn to be located in Wading River; SECOND: STATING that the estimated maximum cost thereof, including preliminary costs and costs incidental thereto and the financing thereof, is $1,880,000; appropriating said amount for such purpose; STATING that the plan of financing includes the issuance of bonds in a principal amount not to exceed $1,880,000 to finance said appropriation, and the levy and collection of taxes on all the taxable real property in the Town to pay the principal of said bonds and the interest thereon as the same shall become due and payable; and STATING that any CHIPS funds received, or any funds from other sources, are authorized to be used to pay all or part of the cost of the project described herein or to pay debt service on any bonds or notes issued pursuant to this resolution; THIRD: DETERMINING and STATING the period of probable usefulness applicable to the object or purpose for which said bonds are authorized to be issued is twenty-five (25) years; the proceeds of said bonds and any bond anticipation notes issued in anticipation thereof may be applied to reimburse the Town for expenditures made after the effective date of this bond resolution for the purpose for which said bonds are authorized; and the proposed maturity of said bonds will exceed five (5) years; FOURTH: DETERMINING that said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals of said bond anticipation notes, shall be general obligations of the Town; and PLEDGING to their payment the faith and credit of the Town; FIFTH: DELEGATING to the Supervisor the powers and duties as to the issuance of said bonds and any bond anticipation notes issued in anticipation of said bonds, and the renewals thereof, and other related powers; SIXTH: STATING the conditions under which the validity of the bonds authorized by this resolution, and of any notes issued in anticipation of the sale of said bonds, may be contested; and SEVENTH: DETERMINING that the bond resolution is subject to a permissive referendum. DATED: April 7, 2026 Riverhead, New York James M. Wooten Town Clerk