222.94
RESOLUTION ESTABLISHING INTEREST RATE TO BE PAID
IN CONNECTION WITH THE FIRE FIGHTER SERVICE AWARD PROGRAM
RESOLUTION NO. 222.94
INTRODUCED BY: Mrs. Betty Monahan WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Nick Caimano
WHEREAS, Article 7 of the Plan Document established for the
Town of Queensbury Service Award Program provides that the Town
Board, as Trustees, will determine annual contributions to the
Plan, as well as the percentage of interest to be paid by the Town
on contributions for the period of time the annual contribution due
the Service Award Program Trust Fund has not been made, and the
rate of interest used to calculate the annual contribution
calculated to fund any prior service liability in accordance with
Section 7.03 of the Program Document, and
WHEREAS, the Town Board has been advised that interest rates
earned in January of 1994 on investments of funds accruing from
taxes were at the rate of 4.65%, as calculated by the Director of
Accounting Services for the Town of Queensbury,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
determines that the interest rate to be paid on unfunded
contributions to the date of funding for annual contributions to be
made to fund prior service liability, shall be 4.65%, and
BE IT FURTHER
RESOLVED, that the Town Supervisor, working with the Fire
Service Awards Administrator, Mr. Ed Holohan, is authorized to make
the contribution to the Fire Service Award Fund as soon as
practical, and said contribution, after being calculated, shall be
paid for from Account No.: 005-3410-4980.
Duly adopted this 2nd day of May, 1994, by the following vote:
AYES : Mrs. Pulver, Mrs. Monahan, Dr. Wiswall, Mr. Caimano, Mr.
Champagne
NOES : None
ABSENT: None