526.2006
RESOLUTION AUTHORIZING INTERFUND LOAN TO THE
CONNECTOR ROAD CAPITAL PROJECT#161 FROM GENERAL FUND
RESOLUTION NO.: 526,2006
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, by previous Resolution, the Queensbury Town Board authorized
establishment of the Connector Road Project#161, and
WHEREAS, the Main Street Connector Road Project, P.I.N. 1756.69, (Project), is
eligible for funding under Title 23 U.S. Code, as amended, that calls for the apportionment of the
costs of such program to be borne at the ratio of 100% Federal funds and 0% non-federal funds,
and
WHEREAS, by Resolution 512,2006 the Town of Queensbury authorized the
advancement for the Project by making a commitment of 100% of the federal and non-federal
share of the costs of the Main Street Connector Road Project, in the amount of $130,500 to be
appropriated from 161 5110 2899, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs $130,500 in the form of
an interfund loan from the General Fund to the Connector Road Project #161 to be repaid upon
the availability of the Federal Funds and such sum is made available to cover the cost of
participation in the Project, and
BE IT FURTHER,
RESOLVED, that in the event that the full federal and non-federal share costs of the
Project exceeds the amount appropriated above, the Queensbury Town Board shall convene as
soon as possible to appropriate such excess amount immediately upon the notification by the
Town’s Supervisor and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Budget
Officer to amend the 2006 Town Budget, make any adjustments, budget amendments, transfers
or prepare any document necessary to establish such appropriations and estimated revenues and
effectuate all terms of this Resolution, and
BE IT FURTHER,
RESOLVED, that this Resolution shall take effect immediately.
Duly adopted this 6th day of November , 2006, by the following vote:
AYES : Mr. Boor, Mr. Sanford, Mr. Strough, Mr. Brewer, Mr. Stec
NOES : None
ABSENT : None