NOTICE OF BOND RESOLUTION

CITY OF OLEAN

NOTICE IS HEREBY GIVEN that a bond resolution, a summary of which is published herewith, has been adopted by the Common Council of the City of Olean, County of Cattaraugus (the “City”), on April 22, 2025 and the validity of the obligations authorized by such resolution may be hereafter contested only if:

1. (a) such obligations were authorized for an object or purpose for which the City is not authorized to expend money or

(b) the provisions of law which should have been complied with as of the date of publication of this notice were not substantially complied with

and an action, suit or proceeding contesting such validity is commenced within 20 days after the date of publication of this notice; or

2. such obligations were authorized in violation of the provisions of the Constitution of New York.

SUMMARY OF BOND

RESOLUTION

The following is a summary of a bond resolution adopted by the Common Council of the City of Olean on April 22, 2025. The proceeds from the sale of the obligations authorized in said bond resolution will be used for the specific purpose of financing the reconstruction of and construction of improvements to the pool at the William O. Smith Recreation Center in the City. Such work will include, but not be limited to, reconstruction of the pool filters, pumps, pool deck, ladders, rails, and fencing to improve safety, the realignment and/or replacement of the underground main pool drain, and the installation of a portable ADA lift, as well as other such improvements as more fully identified in (or contemplated by) a report prepared in connection with such project, such work to also include all preliminary work and necessary equipment, materials, and site work and all preliminary costs and costs incidental thereto and in connection with the financing thereof, at an estimated maximum cost of $977,158. Such bond resolution authorizes the issuance and sale of a serial bond or bonds and a bond anticipation note or notes in anticipation of the issuance and sale of said serial bonds, in an aggregate principal amount not to exceed $977,158 hereby authorized to be issued therefor pursuant to the Local Finance Law, such amount of bonds to be offset by any federal, state, county and/or local funds received including, but not limited to, available or appropriated funds of the City. The period of probable usefulness for such purpose is 15 years. A copy of the resolution summarized herein is available for public inspection during normal business hours at the Office of the City Clerk, located in the City Hall, 101 East State Street, Olean, New York.