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Shelter Island adopts $2 million bond resolution to acquire 2 School Street
Summary
The Town Board adopted a bond resolution (2026-73) authorizing up to $2,000,000 in bonds or bond anticipation notes to acquire a parcel at 2 School Street for municipal purposes, with maturities not to exceed five years; the minutes include statutory references and a publication requirement.
The Shelter Island Town Board adopted Resolution 2026-73 at its Jan. 13, 2026 special meeting, authorizing the acquisition of a parcel located at 2 School Street, Shelter Island, identified as District: 0700/Section 015.00/Block 03.00/Lot 047.000, and appropriating an estimated maximum cost of $2,000,000.
The resolution text in the minutes states that the Town will finance the appropriation by issuing bonds or bond anticipation notes "in the principal amount of not to exceed $2,000,000" and that the bonds will be general obligations of the Town payable by taxes on all taxable real property. The minutes further state that the period of probable usefulness exceeds five years but direct that the bonds and any anticipation notes shall mature no later than five years after issuance. The resolution references the Local Finance Law (Consolidated Laws of the State of New York) and Treasury Regulation Section 1.150-2 regarding reimbursement intent and requires publication of a summary in The Shelter Island Reporter.
The minutes indicate the bond resolution took effect immediately and direct the Town Clerk to publish the summary in The Shelter Island Reporter. The minutes' vote header indicates adoption; the vote-record lines show 'X' marks beside members but do not include a numeric roll-call tally. The minutes do not record details of an adopted repayment schedule beyond the five-year maturity limit or any specific timeline for purchase and financing.
