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the provisions of the Local Finance Law, constituting Chapter 33-a of the Consolidated Laws of the State of New York (the “Law”) to finance a sidewalk improvement project, including pedestrian improvements at the intersection of Seneca Street and Ridge Road and along Seneca Street to the West Seneca High School. It is hereby determined that the maximum estimated cost of the aforementioned class of objects or purposes is $2,157,137; said amount is hereby appropriated therefor and the plan of financing thereof shall include (i) the issuance of up to $2,157,137 in serial bonds of the Town, (ii) certain State grants the receipt of which will reduce the amount of serial bonds authorized herein pro tanto, and (c) the levy and collection of taxes on all the taxable real property in the Town to pay the principal of and interest on said bonds and notes. SECTION 2. It is hereby determined that the period of probable usefulness for the aforementioned class of objects or purposes described in Section 1 is ten (10) years, pursuant to subdivision 24 of Section 11.00 of the Law. SECTION 3. Current funds are not required to be provided prior to the issuance of the bonds authorized by this resolution or any bond anticipation notes issued in anticipation thereof, pursuant to Section 107.00 d.9. of the Law. SECTION 4. The temporary use of available funds of the Town, not immediately required for the purpose or purposes for which the same were borrowed, raised or otherwise created, is hereby authorized pursuant to Section 165.10 of the Law, for the capital purposes described in this resolution. This resolution shall constitute a declaration of “official intent” to reimburse the expenditures as part of the projects described herein with the proceeds of the bonds and bond anticipation notes authorized herein, as required by United States Treasury Regulation Section 1.150-2. SECTION 5. The final maturity of the bonds herein authorized to be issued shall be in excess of five (5) years measured from the date of issuance of the first serial bond or bond anticipation note issued. SECTION 6. Each of the serial bonds authorized by this resolution and any bond anticipation notes issued in anticipation of said bonds shall contain the recital of validity prescribed by Section 52.00 of the Law and said serial bonds and any bond anticipation notes issued in anticipation of said bonds shall be general obligations of the Town, payable as to both principal and interest by a general tax upon all the real property within the Town. The faith and credit of the Town are hereby irrevocably pledged to the punctual payment of the principal and interest on said serial bonds and bond anticipation notes and provisions shall be made annually in the budget of the Town by appropriation for (a) the amortization and redemption of the bonds and bond anticipation notes to mature in such year and (b) the payment of interest to be due and payable in such year. Page 35 of 176