290.2001
RESOLUTION APPROVING INCURRING OF
FINANCIAL OBLIGATION OF NEW FIREHOUSE BY
BAY RIDGE VOLUNTEER FIRE COMPANY, INC.
RESOLUTION NO.: 290. 2001
INTRODUCED BY: Mr. Daniel Stec
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. James Martin
WHEREAS, the Town of Queensbury and the Bay Ridge Volunteer Fire Company, Inc. (Fire
Company) previously contracted for fire protection services and such Agreement is in full force and
effect, and
WHEREAS, the Agreement sets forth a number of terms and conditions, including an
agreement 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 without prior approval of the Queensbury Town
Board, and
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WHEREAS, on January 24, 2000, the Town Board adopted Resolution No.: 43, 2000
authorizing the incurring of debt by the Fire Company concerning construction of a new firehouse on
he east side of Bay Road between the intersections of Old Bay Road and Old Bay Road, and
WHEREAS, the Fire Company has presented to the Town Board an amended proposal
concerning construction of the new firehouse for an amount not to exceed $2,152,803 and proposes to
finance the construction project through tax-exempt financing provided under §147(f) of the Internal
Revenue Code of 1986, as amended, and
WHEREAS, the Fire Company is negotiating with Evergreen Bank to enter into a financing
agreement for the amount of $1,702,803 for 30 years at a market rate expected to be approximately
5.5% for the first five years; and $200,000 from a New York State Revolving Loan at 2.5% for 20
years and that these financing arrangements are intended to qualify as tax-exempt under §147(f) of the
Internal Revenue Code of 1986 as amended, and
WHEREAS, in accordance with §147(f) of the Internal Revenue Code of 1986, as amended,
the Fire Company has requested that the Town Board conduct a public hearing to authorize approval
of the financing to comply with the statutory requirements, and
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WHEREAS, on July 9 and July 12, 2001, the Town Board held the required public hearings,
all interested persons were heard and the Town Board now wishes to approve the amended
construction project and financing as requested by the Fire Company,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board hereby approves the incurring on the part of the Bay Ridge
Volunteer Fire Company, Inc. of financial obligations in the maximum, aggregate principal amount of
$2,152,803 in accordance with tax-exempt financing provided pursuant to §147(f) of the Internal
Revenue Code of 1986, as amended, 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 12 day of July, 2001, by the following vote:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Martin
NOES : Mr. Brower
ABSENT: None