353.2020 Set PH South Qsby Fire Tax Excempt Financing Renovations Firehouse
RESOLUTION SETTING PUBLIC HEARING ON SOUTH QUEENSBURY
VOLUNTEER FIRE COMPANY, INC.’S PROPOSAL TO USE
TAX-EXEMPT FINANCING FOR FINANCING OF
FIREHOUSE RENOVATIONS/CONSTRUCTION COSTS
RESOLUTION NO.: 353, 2020
INTRODUCED BY: Mr. George Ferone
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Amanda Magee
WHEREAS, the Town of Queensbury and the South Queensbury 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 without prior approval of the Queensbury Town Board, and
WHEREAS, the Fire Company has presented to the Town Board a proposal to make certain
firehouse renovations for a principal amount not to exceed $2,500,000 with financing of the
renovations to be through tax-exempt financing as provided for under the Internal Revenue Code, and
WHEREAS, the Fire Company has obtained a commitment from Glens Falls National Bank
and Trust Company to enter into such a tax-exempt financing agreement for the amount of
$2,500,000 and in accordance with the Internal Revenue Code, has requested that the Town Board
conduct a public hearing to authorize approval of the financing to comply with the statutory
requirements, and
WHEREAS, the Town Board wishes to set a public hearing concerning the Fire Company’s
proposed renovations project and tax-exempt financing as required under the Internal Revenue Code,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning
South Queensbury Volunteer Fire Co., Inc.’s proposed renovations/construction project with the
th
financing of such project to be through tax-exempt financing, on Monday, December 7, 2020 at 7:00
p.m., and
BE IT FURTHER,
RESOLVED, that the Town Board hereby authorizes and directs the Queensbury Town Clerk
to publish a Notice of Public Hearing in the Post-Star Newspaper once at least fourteen (14) days prior
to the Public Hearing.
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Duly adopted this 2 day of November, 2020, by the following vote:
AYES : Mr. Metivier, Mr. Freer, Mr. Ferone, Mrs. Magee, Mr. Strough
NOES : None
ABSENT: None