ESTOPPEL NOTICE AND SUMMARY OF BOND RESOLUTION
AUTHORIZING THE ISSUANCE OF UP TO $2,000,000 IN SERIAL
BONDS AND/OR BOND ANTICIPATION NOTES OF THE TOWN OF
NORTHAMPTON TO PAY THE COST OF REPLACEMENT OF THE
MAIN STREET BRIDGE OVER THE NORTHVILLE LAKE OUTLET

The Bond Resolution which is summarized below was adopted by the Northampton Town
Board on January 15, 2025. The Bond Resolution authorized replacement of the financing
for the Main Street Bridge over the Northville Lake Outlet. The validity of the obligations
authorized by the Bond Resolution may be contested only if (i) the obligations were
authorized for an object or purpose for which the Town of Northampton is not authorized
to expend money or (ii) 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 (iii) such obligations were authorized in violation
of the provisions of the State Constitution.
The specific object or purpose for which the obligations authorized by the Bond
Resolution are proposed improvements including replacement of the Main Street Bridge
over the Northville Lake Outlet and any necessary, related, preliminary, and/or incidental
improvements (the "Project"). The maximum estimated cost of the Project is
$2,000,000. The period of probable usefulness of the Project is twenty (20) years,
pursuant to Section 11.00[a](10) of the Local Finance Law. The plan for financing the
maximum estimated cost is issuance of up to $2,000,000 in serial bonds and/or bond
anticipation notes of the Town. The Town has a Bridge NY Grant which is expected to
pay 95% of the cost and the County will contribute 5% toward the cost. Any such moneys
received will ultimately be applied to the payment of principal and interest on the bonds
or bond anticipation notes. The Town’s expectation and hope is that after such funds are
received, the Town’s financing will be paid off in total.
The Bond Resolution authorized the issuance of serial bonds and/or bond anticipation
notes, including renewals of the bond anticipation notes, of the Town up to a maximum
amount of $2,000,000, the maximum maturity of which will not exceed the Project's 20-
year period of probable usefulness. A tax sufficient to pay the principal of and interest on
such obligations as they become due and payable will be levied on all the taxable real
property of the Town annually. A full copy of the Bond Resolution will be available for
public inspection during normal business hours for twenty (20) days following publication
of this Summary at the offices of the Town Clerk, 412 South Main Street, Northville, New
York.
Dated: January 15, 2025
Elaine Mihalik, Town Clerk
Town of Northampton