The Board of Trustees of the Village of Lake Success passed a bond resolution Sept. 11, that will improve park and recreational spaces.
The resolution greenlights the issuance of bonds with a principal amount not exceeding $3.75 million. The primary goal is to fund a range of recreational enhancements to the village’s golf course and park facilities.
The bond’s allocation is in two parts. Approximately $2.65 million will be allocated for golf course improvements, while the remaining $1.1 million is earmarked for various park upgrades. These park enhancements will include tennis court conversions, pool improvements, saltwater pool conversion and upgrades to playground equipment.
The estimated total cost of these projects is $3.75 million, including preliminary expenses and related costs. To facilitate this expenditure, the village plans to issue bonds, adhering to the Local Finance Law of the State of New York. The bond issuance is also predicated on the future levy and collection of taxes on taxable real property within the village to cover both the principal and interest payments on the bonds as they mature.
The expected useful lifespan of the improvements is projected to be 15 years, ensuring that these developments will continue to benefit the community for years to come. Additionally, the bond proceeds may be used to reimburse the village for eligible expenditures made after the bond resolution’s effective date.
The bonds, along with any bond anticipation notes, are considered general obligations of the village. The village treasurer will oversee the issuance of these bonds and any associated bond anticipation notes or renewals.
The bond resolution is subject to a referendum, providing residents with the opportunity to voice their opinions on the financial commitment.