LEGAL NOTICE

The resolution published herewith has been adopted on the 10th day of April, 2008, and the validity of the obligations authorized by such resolution may be hereafter contested only if such obligations were authorized for an object or purpose for which the Town of Schodack 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 (20) days after the date of publication of this notice, or such obligations were authorized in violation of the provisions of the constitution.

Donna L. Conlin
Town Clerk

2008-167) SECOND AMENDED AND RESTATED BOND RESOLUTION DATED APRIL 10, 2008

A RESOLUTION AMENDING AND RESTATING A BOND RESOLUTION DATED APRIL 26, 2007 TO INCREASE THE TOTAL AUTHORIZED AMOUNT OF SERIAL BONDS PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE SAID PURPOSE OF THE TOWN OF SCHODACK FROM AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,600,000 TO AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $2,294,039.

WHEREAS, the Town Board of the Town of Schodack, Rensselaer County, New York, on April 26, 2007 adopted an Amended and Restated Bond Resolution entitled:

AMENDED AND RESTATED BOND RESOLUTION DATED APRIL 26, 2007. A RESOLUTION AMENDED AND RESTATING A BOND RESOLUTION DATED APRIL 12, 2007 TO INCREASE THE TOTAL AUTHORIZED AMOUNT OF SERIAL BONDS PURSUANT TO THE LOCAL FINANCE LAW TO FINANCE SAID PURPOSE OF THE TOWN OF SCHODACK FROM AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,300,000 TO AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $1,600,000.

which is referred to herein as the "Amended and Restated Bond Resolution" and

WHEREAS, the Town Board proposes to amend and restate the Amended and Restated Bond Resolution pursuant to this Second Amended and Restated Bond Resolution (the "Second Amended and Restated Bond Resolution") to increase the aggregate principal amount of the bonds authorized from $1,600,000 to $2,294,039;

BE IT RESOLVED BY THIS TOWN BOARD AS FOLLOWS:

The Amended and Restated Bond Resolution is amended to read as follows:

    Section 1. The Town shall construct a wastewater collection and treatment system for Schodack Landing, Sewer District 8, at a maximum cost of $2,294,039, including costs incidental thereto.

    Section 2. The Town is hereby authorized to issue its serial general obligation bonds (the "Bonds") in the aggregate principal amount of not to exceed $2,294,039 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 (the "Purpose") is the construction of a wastewater collection and treatment system for Schodack Landing, Sewer District 8, including costs incidental thereto.

    Section 4. It is hereby determined and declared that (a) the maximum cost of the Purpose, as estimated by the Town Board, is $2,294,039, (b) no money has heretofore been authorized to be applied to the payment of the cost of the Purpose, and (c) the Town plans to finance the cost of the Purpose from funds raised by the issuance of the Bonds and bond anticipation notes hereinafter referred to and, to the extent received, grants designated for the Purpose, including grants from other governmental entities.

    Section 5. It is hereby determined that said Purpose is one of the class of objects or purposes described in subdivision 4 of paragraph (a) of Section 11.00 of the Local Finance Law, and that the period of probable usefulness of said Purpose is forty (40) years.

    Section 6. Subject to the provisions of the Local Finance Law, the power to authorize the issuance of and to sell bond anticipation notes in anticipation of the sale of the Bonds, including renewals of such notes, is hereby delegated to the Supervisor of the Town, the chief fiscal officer.

    Section 7. The power to further authorize the issuance of the Bonds and bond anticipation notes and to prescribe the terms, form and contents of the Bonds and bond anticipation notes, including the consolidation with other issues, subject to the provisions of this Resolution and the Local Finance Law, and to sell and deliver the Bonds and bond anticipation notes, is hereby delegated to the Supervisor of the Town. The Supervisor of the Town 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 8. The faith and credit of the Town of Schodack, 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 of the Town, a tax sufficient to pay the principal of and interest on such obligations as the same become due and payable.

    Section 9. The Town has complied with all requirements of the State Environmental Quality Review Act applicable to the Purpose.

    Section 10. This Resolution shall constitute the Town's "official intent", within the meaning of Section 1.150-2 of the Treasury Regulations, to finance the cost of the Purpose with the Bonds and notes herein authorized. The Town reasonably expects to reimburse itself from the proceeds of the bonds or notes herein authorized for expenditures made for the Purpose to be financed by this resolution prior to the issuance of such bonds or notes, and this resolution is intended to constitute a declaration of official intent to reimburse for the Purposes of Section 1.150-2 of the Treasury Regulations.

    Section 11. The Purpose is authorized by article twelve of the Town Law and, therefore, pursuant to paragraph b(2) of Section 35 of the Local Finance Law is not subject to a permissive referendum.

    Section 12. This Second Amended and Restated Resolution shall be published in full by the Town Clerk together with a notice in substantially the form prescribed by Section 81.00 of the Local Finance Law, and such publication shall be in each official newspaper 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 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 13. This Resolution shall take effect immediately upon its adoption.