229.2002
RESOLUTION AUTHORIZING INCURRING OF DEBT CONCERNING
WEST GLENS FALLS VOLUNTEER FIRE CO., INC.’S PURCHASE OF
ONE (1) 2002 CUSTOM ENGINE TANDEM AXLE TRUCK
RESOLUTION NO.: 229, 2002
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, the Town of Queensbury and the West Glens Falls Volunteer Fire Company, Inc.,
(Fire Company) have entered into an Agreement for fire protection services which Agreement sets
forth a number of terms and conditions including a condition that the Fire Company will not purchase
or enter into any binding contract to purchase any piece of apparatus, equipment, vehicles, real
property or make any improvements that would require the Fire Company to acquire a loan or
mortgage or use money placed in a “vehicles fund” without prior approval of the Queensbury Town
Board, and
WHEREAS, by Resolution No.: 215.2001, the Town Board authorized the Fire Company’s
purchase of a 2002 Custom Engine Tandem Axle Truck for the approximate sum of $430,000 and
approved the incurring of debt on the part of the Fire Company for the purchase, and
WHEREAS, the Fire Company has advised that it will soon receive the new Truck and has
provided the Town with additional specific financing information, and
WHEREAS, the Town Board wishes to restate its previous approval of the Fire Company’s
truck purchase as delineated in Resolution No.: 215.2001 and give final approval for the financing,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby restates its approval delineated in
Town Board Resolution No.: 215.2001 and approves of West Glens Falls Volunteer Fire Company,
Inc.’s purchase of a 2002 Custom Engine Tandem Axle Truck for the approximate sum of $403,950
with the understanding that the Fire Company will sell its 1988 Saulsbury Truck and use the proceeds
to cover payments for the new truck purchase from the time of delivery until a new fire protection
services agreement with the Town takes effect in January 2003, with any excess proceeds from the
truck sale being deposited back into the restricted vehicle fund, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby approves the incurring of debt on the part of the
West Glens Falls Volunteer Fire Company, Inc., secured by a lien on the purchased fire truck, in the
amount of $403,950 for a 20 year term at a 4.8% interest rate for three years, monthly payments to be
in the approximate amount of $2,807, with rate adjustments at three year intervals to .3% over the
three year Federal Home Loan Bank of New York Fixed Advance Rate, provided, however, that the
Town Board shall not and does not by this Resolution create or intend to create any assumption on the
part of the Town of Queensbury of any obligation or liability for the financing.
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Duly adopted this 20 day of May, 2002 by the following vote:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Boor
NOES : Mr. Brower
ABSENT: None