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                  <text>VILLAGE BOAR D OF TRUSTEES
SLEEPY HOLLOW, NEW YORK
A regula r meetin g o f th e Boar d o f Trustee s o f th e Villag e o f Sleep y Hollo w wa s
convened on September 9 ,h , 2014 at 7:00 p.m.
The following resolutio n was duly offered an d seconded, to wit:
Resolution No : 09/122/201 4
RESOLUTION OF THE BOARD OF TRUSTEES OF THE VILLAGE OF SLEEPY HOLLOW
(THE "VILLAGE" ) (i ) AUTHORIZIN G TH E ESTABLISHMEN T O F TH E SLEEP Y
HOLLOW LOCA L DEVELOPMEN T CORPORATIO N (TH E "CORPORATION") ; (ii )
APPROVING A FOR M O F CERTIFICAT E O F INCORPORATIO N FO R TH E
CORPORATION; (Hi ) AUTHORIZIN G TH E CORPORATIO N T O PERFOR M ESSENTIA L
GOVERNMENTAL FUNCTION S INCLUDIN G ACTIVITIE S ASSOCIATE D WIT H JO B
CREATION AN D TH E PROMOTIO N O F COMMUNIT Y AND ECONOMI C
DEVELOPMENT INITIATIVES ; AN D (iv ) AUTHORIZIN G TH E CORPORATIO N T O
ISSUE CERTAIN BONDS ON BEHALF OF THE VILLAGE.
WHEREAS, it the policy of the State of New York t o promote the economic welfare an d
prosperity o f it s inhabitant s an d t o activel y promote , attract , encourag e an d develo p
economically sound commerce and industry; and
WHEREAS, th e Villag e o f Sleep y Hollo w (th e "Village" ) i s taske d wit h th e
responsibility and burden to promote the health, safety an d general welfare of the residents of the
Village b y amon g othe r thing s preventin g unemploymen t an d economi c deterioratio n includin g
by increasin g an d maintainin g employmen t opportunitie s an d attractin g an d sustainin g
economically soun d commerce; and
WHEREAS, it is essential fo r the Village to support th e operations an d activities o f both
for-profit an d not-for-profi t entitie s an d corporation s withi n th e Villag e i n furtheranc e o f bot h
job creation and retention opportunities within the Village; and
WHEREAS, in furtheranc e o f the foregoing , th e Village desire s t o establish a new loca l
development corporatio n pursuan t t o Sectio n 141 1 of the Not-for-Profi t Corporatio n La w ("N PCL") to undertake certai n project s an d initiative s fo r th e benefit an d t o reliev e the burden s o f
the Village , including, bu t no t limite d t o undertaking certain financings throug h th e issuanc e o f
tax exemp t and taxable bonds , notes an d othe r instrument s fo r th e benefit o f both for-profi t an d
not-for-profit entitie s and corporations locate d within the Village; and
WHEREAS, a proposed certificat e o f incorporatio n (th e "Certificate o f Incorporation" , a
copy o f whic h i s attache d heret o a s Exhibi t A ) fo r th e establishmen t o f Sleep y Hollo w Loca l
Development Corporation (th e "Corporation") pursuan t to N-PCL Section 141 1 (the "LDC Act" )
has been prepared for review by the Village Board o f Trustees (the "Village Board"); and

�WHEREAS, i n furtheranc e o f th e foregoin g publi c purpose s an d th e LD C Act , th e
Village desire s t o establis h th e Corporatio n t o undertak e th e purpose s an d power s a s se t fort h
within th e LD C Act , includin g (1 ) t o construct , acquire , rehabilitat e an d improv e fo r us e b y
others industrial o r manufacturing plant s in the territory i n which its operations are principally to
be conducted , (2 ) t o assis t financiall y i n suc h construction , acquisition , rehabilitatio n an d
improvement, to maintain suc h plants for other s in such territory, (3) to disseminate informatio n
and furnis h advice , technical assistanc e an d liaiso n wit h federal , stat e an d loca l authoritie s wit h
respect thereto , (4 ) t o acquir e b y purchase , lease , gift , bequest , devis e o r otherwis e rea l o r
personal propert y o r interests therein , (5) to borro w mone y an d t o issu e negotiabl e bonds , notes
and othe r obligations therefor , an d (6 ) t o sell , lease , mortgag e o r otherwis e dispos e o f o r
encumber any such plants or any of its real or personal propert y or any interest therein upon such
terms as it may determine to be suitable; and
WHEREAS, to accomplish the purposes and powers as set forth withi n the LDC Act and
Certificate o f Incorporation, including relieving the burdens of the Village and the undertaking of
projects fo r th e benefi t o f bot h for-profi t an d not-for-profi t entitie s an d corporation s i n
furtherance o f their access to cost-effective capita l fo r projects tha t enhance, create an d preserv e
employment opportunities for residents of the Village, the Village desires to task the Corporatio n
with suc h burdens an d responsibilitie s an d authorize s th e Corporation, once established , t o issue
bonds on behal f o f the Village fo r suc h purpose s pursuan t t o and i n accordance wit h applicabl e
provisions of the Internal Revenu e Code (the "Code").
NOW, THEREFORE, B E I T RESOLVED, by the Village Board tha t the Village hereb y
authorizes the establishment o f the Corporation pursuant to the LDC Act through the filing o f the
Certificate o f Incorporatio n i n substantiall y th e for m attache d heret o a s Exhibi t A , al l i n
substantially the form thereo f presented to this meeting, with such changes, variations, omission s
and insertions as may be approved by the Village Attorney; and be it
FURTHER RESOLVED , tha t th e Villag e shal l serv e a s th e sol e membe r o f th e
Corporation, acting b y an d throug h th e Villag e Boar d o f Trustees . I n furtheranc e o f same , th e
Village hereby approve s th e appointment o f the following individual s to serve as Directors of the
Corporation:
1.
2.
3.
4.
5.
6.
7.

Kenneth Wray
Bruce Campbell
Jennifer Lobato-Churc h
Dorothy Handelma n
Glenn Rosenbloom
Evelyn Stupe l
Karin Womp a

Village Mayor, ex offici o
Village Trustee, ex officio "
Village Deputy Mayor, ex offici o
Village Trustee, ex officio "
Village Trustee, ex offici o
Village Trustee, ex offici o
Village Trustee, ex offici o

And be it
FURTHER RESOLVED , tha t th e Corporatio n i s hereb y designate d a s a n o n behal f o f
issuer of the Village for the purposes of issuing bonds, notes and other instruments with authority
to exercise o n the Village's behalf all lawfu l power s as may be deemed necessar y t o accomplis h

-2-

�^ i H ^ ! l C J t 7 v e n i n d U d i u g t 0 6 n h a n C e ' C r e a t e "* P r e s e r v e ^ploymen t opportunitie s for
residents of Uie
Village, such purposes and powers to include, but not be limited to thos e powers
e x l T l ^ f 1 ^^
"* ±e C e r t i f l C a t e ° f ^ t p - a t i o n, wit h S S ^ S t o ^ S
exempt and taxable bonds, notes, or other instruments on behalf of the Villag e in furtherance o f
d by
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subdivisio n thereS
(other than Corporation) shall be liable thereon; and be it

FURTHER RESOLVED , tha t th e Villag e Boar d hereb y authorize s th e Villag e t o
covenant an d agre e with th e Corporation i n any transaction undertake n b y the Corporatio n n
a ^ f n r T I r , L D A A n ' ** ****** ° f Incor Poration, and any initiatives descnUherein
and for the benefit o f the Corporation and the holders from time to time of any bonds note s £
other instrument s o r othe r securitie s (hereinafte r collectively , th e "Securities" ) issue d b y th e
Corporate th at the Village will not limit or alter the rightsof the Corporation to fulfiU L term l
of its agreement s with the holders of the Securities or in any way impair the rights a^d r e m S
of such holders of the security for the Securities unti l the Securities, tt^S^TSS
due thereon o r payabl e i n respect thereo f an d al l cost s an d expense s i n connect ^ w S aT y
action or proceeding by or on behalf of such holders, are fully me t and discharged AuThoriS d
S e S S S i l C ^ T " " f ^^
** P — t o mak e suc h a I v e n i uo S d
agreement with the Corporation and to take any and all actions necessary or desirable to cause
such covenant and agreement to be made or enforced. Th e Corporations hereb y auLrized t o
assign to or for the benefit of the holders of its Securities
any covenant or a ^ ^ t ^ f S
Village pursuant to the foregoing provisions; and be it y
FURTHER RESOLVED, that these resolutions shall take effect immediately .
On motion dul y made by Trustee Handelma n an d seconde d b y Trustee C*™M\ th e
foregoing resolution was placed before the members of the Boar d of Trustees of ttTvSto o f
Sleepy Hollow: Vote : 6-0 . Vot e was unanimous. 8

f t U l J U A H c C o ^ J W ^ th e urdersioned
Clerk/Deputy Clerk, do hereby certify that the foregoingis
a true copy of an extract duly adopted by the Board of
Trustees rithe VUlage of Sleepy Hollow, on the 'rfn da y
of '~^*2&gt;&amp;ftMI. 20 1 f- an d of the whole thereof,
and I further certify that the" same was entered Into the
' minute s of the meeting of said Board of Trustees held on
said date.
IN WTTNESS WHEREOF, I have.hereunto set ^y hand and
ofTWaUeil twse ^_day o fJ z t g M f ^ M ^
IQ1&amp;,

-3-

�EXHIBIT A
FORM OF CERTIFICATE OF INCORPORATION

CERTIFICATE OF INCORPORATION
OF
SLEEPY HOLLOW LOCAL DEVELOPMENT CORPORATION
A Not-For-Profit Local Development Corporation
under Section 1411 of the Not-For-Profit
Corporation Law of the State of New York
THE UNDERSIGNED, being over the age of eighteen years, for the purpose of
forming a not-for-profit loca l development corporatio n pursuan t to Section 141 1 of the
Not-For-Profit Corporatio n Law of the State of New York, hereby certifies as follows:
FIRST: Th

e nam e o f th e corporatio n shal l b e "Sleep y Hollo w Loca l

Development Corporation" (hereinafter referred to as the "Corporation").
SECOND: Th

e Corporation will be a corporation a s defined i n subparagraph

(a)(5) of Section 10 2 of the Not-For-Profit Corporatio n La w of the State of New York
and, a s provide d i n Sectio n 141 1 o f th e Not-For-Profi t Corporatio n Law , wil l b e a
charitable corporation as defined i n Section 201 of the Not-For-Profit Corporatio n Law.
The Corporatio n shal l serv e as a supporting organizatio n for , bu t operat e separat e and
apart fromthe Village of Sleepy Hollow, New York (the "Village").
THIRD: Th

e purpose s fo r whic h th e Corporatio n i s t o b e forme d an d

operated are exclusively for charitable purposes within the meaning of Section 501(c)(3)
of the Internal Revenue Code of 1986, as amended, to relieve and reduce unemployment,
promote an d provid e fo r additiona l an d maximu m employment , improv e an d maintain

4

�job opportunities , lesse n th e burden s o f government , an d ac t i n th e publi c interest . I n
furtherance o f said purposes, the Corporation's powers shall include:
(a) T

o construct , acquire , rehabilitate an d improv e fo r us e b y

others, facilities in the territory i n which its operations are principally to be conducted, to
assist financiall y i n suc h construction , acquisition , rehabilitatio n an d improvement , t o
maintain and/o r leas e suc h facilitie s o n it s behal f o r fo r other s i n suc h territory ; t o
disseminate information an d furnish advice , technical assistance and liaison with federal ,
state and local authorities with respect thereto;
(b) T

o acquir e b y purchase , lease , gift , bequest , devis e o r

otherwise real or personal property or interests therein;
(c) T

o appl y fo r loan s an d borro w mone y withou t limi t a s t o

amount; to make, draw, accept, endorse, execute and issue negotiable bonds, debentures,
notes and other obligations therefor ;
(d) T

o sell , lease , mortgag e o r otherwis e dispos e o f o r

encumber any such facilities o r any of its real or personal propert y o r any interes t therein
upon such terms as it may determine;
(e) T

o enter into covenants and agreements and to comply with

all the terms, conditions an d provision s thereof , and otherwis e t o carr y ou t it s corporat e
purposes an d t o foste r an d encourag e th e locatio n o r expansio n o f facilitie s an d relate d
businesses in the territory i n which the operations of the Corporation ar e principally to be
conducted;
(f) T

o apply for and make grants and loan s and to execut e any

and all documents necessary in connection therewith;

5

�(g) T

o do any other act or thing incidental to or connected with

the foregoin g purpose s o r i n advancemen t thereof , bu t no t fo r th e pecuniar y profi t o r
financial gain of its members, directors, officers o r any private person.
(h) I

n general , t o perfor m an y an d al l act s an d things , an d

exercise any and all powers which may now or hereafter b e lawful fo r the Corporation to
do or exercise under and pursuant to the laws of the State of New York fo r the purpose of
accomplishing an y of the foregoing purpose s of the Corporation.
FOURTH: Th

e Corporation' s missio n an d publi c objective , whic h th e

Corporation's purpose s wil l achieve , shal l includ e th e lessenin g o f th e burden s o f
government an d fosterin g th e creation , retentio n an d expansio n o f jobs an d economi c
opportunities for the benefit o f the Village, New York State and local economies .
FIFTH: Th

e operation s o f th e Corporatio n wil l b e principall y conducte d

within the Village of Sleepy Hollow, New York and surrounding communities.
SIXTH: Pursuan

t t o th e requirement s o f Sectio n 1411(e ) o f th e Not-For -

Proflt Corporation Law :
(a) Al

l incom e an d earning s o f th e Corporatio n shal l b e use d

exclusively fo r it s corporate purpose s with the intent bein g that al l income an d earning s
will b e expende d o r deposite d i n appropriat e reserve s fo r corporat e purposes ; t o th e
extent no t s o used , th e incom e an d earning s wil l accru e an d b e pai d t o th e Jo b
Development Authorit y t o th e exten t require d b y Sectio n 141 1 o f th e Not-for-Profi t
Corporation Law .
(b) Th

e property o f the Corporation i s irrevocably dedicated t o

its corporate purposes . N o par t of the income or earnings o f the Corporatio n shal l inur e
to the benefit o r profit of , no r shall an y distributio n of its property o r assets be made to,
any member , directo r o r office r o f th e Corporation , o r privat e person , corporat e o r

6

�individual, or to any othe r privat e interest , excep t tha t the Corporatio n ma y repay loan s
made to it and may repay contribution s (othe r than dues ) made to it to the extent that any
such contributio n ma y no t b e allowabl e a s a deductio n i n computin g taxabl e incom e
under the Internal Revenu e Code of 1986 , as amended.
(c) I

f th e Corporatio n accept s a mortgag e loa n o r loan s from

the Ne w Yor k Jo b Developmen t Authority , th e Corporatio n shal l b e dissolve d i n
accordance wit h th e provision s o f paragrap h (g ) o f Sectio n 141 1 o f th e Not-For-Profi t
Corporation La w upon th e repayment o r other discharge in full b y the Corporatio n o f all
such loans.
SEVENTH: (a ) Th

e Corporatio n shal l no t attemp t t o influenc e legislatio n

by propagand a o r otherwise , o r participat e o r intervene , directl y o r indirectly , i n an y
political campaign o n behalf of or in opposition to any candidate for public office .
(b) Th

e Corporatio n shal l no t engag e i n an y activitie s no t

permitted t o b e carrie d o n b y a n organizatio n exemp t from federa l incom e taxatio n
pursuant to Section 501(c)(3) of the Internal Revenue Cod e of 1986 , as amended, and the
regulations promulgated thereunder .
EIGHTH: I

n the event of the dissolution o f the Corporation o r the winding up

of it s affairs , th e Boar d o f Director s shall , afte r payin g o r makin g provisio n fo r th e
payment o f al l debt s an d liabilitie s o f th e Corporatio n o f whatsoeve r kin d o r nature ,
distribute al l o f th e remainin g asset s an d propert y o f th e Corporatio n t o th e Villag e fo r
furtherance o f th e purpose s se t fort h i n Sectio n 141 1 o f th e Not-for-Profi t Corporatio n
Law. An y of such assets not s o disposed o f shall be disposed o f by order of the Suprem e
Court o f th e Stat e o f Ne w Yor k pursuan t t o Sectio n 100 8 o f th e Not-For-Profi t
Corporation Law .
NINTH: Th

e offic e o f th e Corporatio n shal l b e locate d i n Westcheste r

County, New York.

7

�TENTH: Th

e office s o f the Corporatio n shal l b e functionall y separat e fro m

those o f th e Villag e o r an y o f it s affiliated entitie s (collectively , th e "Villag e Entities" )
(although suc h offic e ma y be in a facility lease d from th e Village o r an y o f it s affiliate s
on arms-length terms). Th e Corporation at all times shall:
(a) maintai

n separat e accountin g record s an d othe r corporat e

records from those of the Village Entities;
(b) no

t diver t th e Corporation' s fund s t o an y othe r perso n o r

for othe r tha n th e us e o f th e Corporatio n an d no t commingl e an y o f th e Corporation' s
assets with those of the Village Entities;
(c) pa

y an y employee , consultant o r agent o f the Corporation ,

or an y othe r operatin g expens e incurre d b y th e Corporation , from th e asset s o f th e
Corporation an d not from the assets of any of the Village Entities;
(d) maintai

n its own deposit account or accounts, separate from

those o f th e Villag e Entities , wit h commercia l bankin g institution s and/o r trus t
companies;
(e) t

o the extent that the Corporation contract s or does business

with vendors or service providers where the goods an d services provided ar e partially fo r
the benefit o f any othe r person , the cost s incurre d i n s o doing shal l b e fairl y allocate d t o
or among the Corporation an d such persons for whose benefit th e goods and services are
provided, and the Corporation and each such person shall bear its fair shar e of such costs;
(f) conduc

t it s busines s i n it s ow n nam e an d conduc t al l

material transactions betwee n th e Corporatio n an d th e Village Entities onl y o n an arm'slength basis;

8

�(g) observ

e all necessary, appropriat e an d customary corporat e

formalities, including , bu t no t limite d to , holding al l regula r an d specia l members ' an d
directors' meeting s appropriat e t o authoriz e al l corporat e action , keepin g separat e an d
accurate minute s o f suc h meetings , passin g al l resolution s o r consent s necessar y t o
authorize action s take n o r t o b e taken , an d maintainin g accurat e an d separat e books ,
records, an d accounts , including, bu t no t limite d to , intercompany transactio n accounts .
Regular members' an d directors' meetings shall be held at least annually;
(h) ensur

e tha t decision s wit h respec t t o it s busines s an d dail y

operations shall b e independently mad e b y the Corporation (althoug h th e officer makin g
any particula r decisio n als o ma y b e a n employee , office r o r directo r o f th e Villag e
Entities);
(i) ac

t solel y i n it s ow n corporat e nam e an d throug h it s ow n

authorized officer s an d agents, and use its own stationery;
(j) othe

r tha n a s expressl y provide d herein , pa y al l expenses ,

indebtedness and other obligations incurred by it;
(k) no

t ente r int o an y guaranty , o r otherwis e becom e liable ,

with respect to any obligation o f the Village Entities;
(1) caus

e an y financia l report s require d o f th e Corporatio n t o

be prepare d i n accordance wit h generall y accepte d accountin g principle s an d b e audite d
annually an d b e issue d separatel y from, althoug h the y ma y b e consolidate d with , an y
reports prepared fo r any member of the Village Entities; and
(m) ensur

e that at all times it is adequately capitalized to engage

in the transactions contemplated herein .

9

�ELEVENTH: Th e type s o r classe s o f Membershi p i n th e Corporatio n an d th e
number of Members o f the Corporatio n shal l b e described i n the Corporation' s By-laws .
The initial Member of the Corporation shall be the Village.
TWELFTH: Th e Corporatio n shal l b e manage d b y a Boar d o f Director s
consisting of not less than three (3) nor more than fifteen (15 ) Directors. An y subsequent
increase o r decreas e i n th e siz e o f th e Boar d o f Director s wil l requir e th e unanimou s
approval of the Members and the affirmative vot e of a majority o f the Directors.
THIRTEENTH: Th

e names an d addresse s o f th e initia l Director s o f th e

Corporation will be as follows:
Name Addres

s

Hon. Kenneth Wray 2

8 Beekman Avenue, Sleepy Hollow, New York 1059 1

Hon. Bruce Campbell 2

8 Beekman Avenue, Sleepy Hollow, New York 10591 "

Hon. Jennifer Lobato-Churc h 2 8 Beekman Avenue, Sleepy Hollow, New York 10591
Hon. Dorothy Handelman 2

8 Beekman Avenue, Sleepy Hollow, New York 10591 "

Hon. Glenn Rosenbloom 2

8 Beekman Avenue, Sleepy Hollow, New York 1059 1

Hon. Evelyn Stupel 2

8 Beekman Avenue, Sleepy Hollow, New York 1059 1

Hon. Karin Wompa 2

8 Beekman Avenue, Sleepy Hollow, New York 1059 1

FOURTEENTH: Th

e duration of the Corporation shall be perpetual.

FIFTEENTH: Th e Corporatio n shal l indemnif y eac h Member , eac h Director ,
each officer , and , t o th e exten t authorize d b y th e Boar d o f Directors , eac h othe r perso n
authorized t o ac t fo r th e Corporatio n o r o n it s behalf , t o th e ful l exten t t o whic h
indemnification i s permitted under the Not-For-Profit Corporatio n Law.
SIXTEENTH: The Secretar y o f Stat e o f th e Stat e o f New Yor k i s designate d a s
agent o f the Corporation upo n who m process agains t i t may b e served . Th e pos t offic e
address t o whic h th e Secretar y o f Stat e shal l mai l a cop y o f an y proces s agains t th e

10

�Corporation serve d upo n hi m i s a s follows : Sleep

y Hollo w Loca l Developmen t

Corporation, 28 Beekman Avenue, Sleepy Hollow, New York 10591 .
SEVENTEENTH: Th

e By-law s o f the Corporatio n ma y b e adopted , amende d

or repealed by a majority o f the Directors of the Corporation .
EIGHTEENTH: Th

e Corporation will not do any of the following :

(a) Withou

t th e affirmativ e vot e o f al l Member s o f th e

Corporation an d th e affirmativ e vot e o f a majority o f the Directors, increase or decrease
the numbe r o f Member s o f th e Corporatio n o r increas e o r decreas e th e numbe r o f
Directors of the Corporation.
(b) Withou

t th e affirmative vot e of a majority o f the Director s

of th e Corporatio n an d al l o f th e Corporation' s members , (i ) dissolv e o r liquidate , i n
whole o r i n part , o r institut e proceeding s t o b e adjudicate d bankrup t o r insolvent , (ii )
consent t o th e institution o f bankruptc y o r insolvenc y proceeding s agains t it , (iii ) file a
petition seekin g or consentin g to reorganization o r relief unde r an y applicabl e federa l o r
state la w relatin g t o bankruptc y o r insolvency , (iv ) consen t t o th e appointmen t o f a
receiver, liquidator , assignee , trustee , sequestrato r o r othe r simila r officia l o f th e
Corporation o r a substantia l par t o f it s property, (v ) mak e a genera l assignmen t fo r th e
benefit o f creditors , (vi) admit i n writin g it s inability t o pay it s debt s generall y a s the y
become du e o r (vii ) tak e an y corporat e actio n i n furtheranc e o f th e action s se t fort h i n
clauses (i) through (vi ) of this paragraph.
(c) Withou

t th e affirmativ e vot e o f al l o f th e Director s o f the

Corporation an d al l o f th e Corporation' s members , merge o r consolidat e wit h an y othe r
corporation, compan y o r entit y or , excep t t o th e exten t contemplate d b y paragrap h
THIRD hereof, sell all or substantially all of its assets or acquire all or substantially all of
the assets or capital stock or other ownership interes t o f any other corporation , compan y
or entity.

11

�IN WITNES S WHEREOF , thi s certificat e ha s bee n subscribe d thi s _ da y o f
August, 2014.

/s/ Justin S. Miller
Justin S. Miller, Esq., Incorporator
Harris Beach PLLC
677 Broadway, Suite 1101
Albany, New York 12207

12

�CERTIFICATE OF INCORPORATION
OF
SLEEPY HOLLOW LOCAL DEVELOPMENT CORPORATION
(Under Section 1411 of the Not-For-Profit Corporatio n Law of the State of New York)

Filed by:
Justin S. Miller, Esq.
Harris Beach PLLC
677 Broadway, Suite 1101
Albany, New York 12207

�</text>
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