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Hicksville Water District

LEGAL NOTICE — Bond Resolution Adopted by Board

LEGAL NOTICE

NOTICE IS HEREBY GIVEN that the resolution, summary of which is published herewith, has been adopted by the Board of Commissioners of the Hicksville Water District in the Towns of Oyster Bay and Hempstead, Nassau County, New York, on August 28, 2018, and the validity of the obligations authorized by said resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which said District is not authorized to expend money, or if the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with, and an action, suit or proceeding contesting such validity is commenced within twenty days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the Constitution.

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SUMMARY OF REFUNDING BOND RESOLUTION DATED AUGUST 28, 2018.

The following is a summary of a Refunding Bond Resolution adopted by the Board of Commissioners of the Hicksville Water District in the Towns of Oyster Bay and Hempstead on August 28, 2018.

A RESOLUTION AUTHORIZING THE ISSUANCE PURSUANT TO SECTION 90.10 OR SECTION 90.00 OF THE LOCAL FINANCE LAW OF REFUNDING BONDS OF THE HICKSVILLE WATER DISTRICT IN THE TOWNS OF OYSTER BAY AND HEMPSTEAD, NASSAU COUNTY, NEW YORK, TO BE DESIGNATED “WATER DISTRICT REFUNDING (SERIAL) BONDS”, AND PROVIDING FOR OTHER MATTERS IN RELATION THERETO.

WHEREAS, the Hicksville Water District in the Towns of Oyster Bay and Hempstead, Nassau County, New York heretofore issued, an aggregate principal amount of $13,000,000 Water District (Serial) Bonds, 2011, dated February 23, 2011 (the “2011 Bonds”), pursuant to a bond certificate of the District Treasurer dated February 23, 2011 (the “2011 Bond Certificate”) and the bond resolution adopted by the Board of Commissioners identified therein, as more fully described in the 2011 Bond Certificate, and maturing or matured on December 15 in each of the following years and amounts:

Year

Amount

Year

Amount

2018

$580,000

2025

$725,000

2019

600,000

2026

755,000

2020

615,000

2027

785,000

2021

635,000

2028

815,000

2022

655,000

2029

850,000

2023

675,000

2030

890,000

2024

700,000

WHEREAS, it appears that it would be in the public interest to refund all or a portion of the outstanding $9,280,000 principal amount of the 2011 Bonds maturing in the years 2018 through 2030 (the “Refunded Bonds”), by the issuance of refunding bonds pursuant to Section 90.00 or Section 90.10 of the Local Finance Law; and

Such refunding will result in present value savings in debt service as required by Section 90.10 of the Local Finance Law.

The refunding bond resolution authorizes refunding bonds in the amount necessary to refund the 2011 Bonds.  The refunding bonds are proposed to be issued in the amount of $9,280,000, but this is an estimate.  The amount of refunding bonds authorized to be issued is the amount necessary to complete the refunding as described in the refunding financial plan included in the refunding bond resolution, but this amount may not exceed $9,750,000.  The refunding bonds will be issued only if the State Comptroller confirms that the issuance of the refunding bonds will save the District money, computed on a present value basis, after taking into account all costs of issuing the refunding bonds.

A complete copy of the foregoing resolution, with attachments, is available for inspection during normal business hours at the office of the District Clerk.

Dated:     September 5, 2018

 

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