TAKE NOTICE, that the Town Board of the Town of Southampton hereby directs that a public hearing shall be held on March 14, 2017, at 1:00 p.m., at Southampton Town Hall, 116 Hampton Road, Southampton, New York, to hear any and all persons either for or against a local law entitled, “A LOCAL LAW amending Town Code Chapter 8 (Budget) to establish a debt reduction policy for capital projects.”
Summary of Proposed Law
The purpose of this local law is to use unappropriated unreserved balances, or surpluses in its funds, to offset the amount of money needed to borrow to fund capital projects in an ensuing fiscal year. In short, it is a debt reduction policy aimed at lowering the amount of debt to be incurred by the Town.
Copies of the proposed law, sponsored by Supervisor Schneiderman, are on file in the Town Clerk’s Office, Monday through Friday, from 8:30 a.m. to 4:00 p.m.