261.99
RESOLUTION AUTHORIZING EQUIPMENT LEASE-PURCHASE
AGREEMENT WITH CHASE EQUIPMENT LEASING, INC.
RESOLUTION NO.: 261.99
INTRODUCED BY: Mr. Douglas Irish
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Richard Merrill
WHEREAS, the Town Board of the Town of Queensbury is seeking bank financing for
replacement of all Town of Queensbury non-Highway Department vehicles over the next three (3)
years, and
WHEREAS, the Town Board has received and reviewed proposals for such financing from
Glens Falls National Bank, Evergreen Bank and Chase Manhattan Bank, and
WHEREAS, the Town Board has determined that the terms of the proposal from Chase
Manhattan Bank are the most advantageous to the Town, and
WHEREAS, the Town is authorized to enter into installment purchase and lease purchase
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agreements in accordance with General Municipal Law 109-b,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes and directs
the Town Supervisor to execute and deliver the Equipment Lease-Purchase Agreement by and
between the Town as Lessee and Chase Equipment Leasing, Inc., an affiliate of the Chase Manhattan
Bank, as Lessor (the “Agreement”), substantially in the form presented at this meeting, and
BE IT FURTHER,
RESOLVED, that the period of probable usefulness of the vehicles being financed under the
Agreement is hereby determined to be three (3) years in accordance with Subdivision 77 of paragraph
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(a) of Local Finance Law 11 and therefore the Board further determines that the term of the
Agreement will not exceed three (3) years, and
BE IT FURTHER,
RESOLVED, that the purchase of the vehicles being financed under the Agreement shall
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comply with the public bidding requirements of General Municipal Law 103, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Controller’s Office
to make the required payments under the Agreement from the Central Fleet Internal Service Fund and
take such other and further action as may be necessary to comply with the requirements of the
Agreement and effectuate the terms of this Resolution
nd
Duly adopted this 2 day of August, 1999, by the following vote:
AYES: Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Tucker, Mr. Champagne
NOES: None
ABSENT:None