363.2022 Res. Set PH WGF Emergency Squad to Refinance Bldg RESOLUTION SETTING PUBLIC HEARING ON WEST GLENS FALLS
EMERGENCY SQUAD, INC.'S PROPOSAL TO REFINANCE ITS SQUAD
BUILDING BY USE OF TAX-EXEMPT FINANCING
RESOLUTION NO.: 363,2022
INTRODUCED BY: Mr. Timothy McNulty
WHO MOVED ITS ADOPTION
SECONDED BY: Mr.Anthony Metivier
WHEREAS, in accordance with New York State Public Health Law Article 30, the Town of
Queensbury and the West Glens Falls Emergency Squad, Inc. (Squad) have entered into an
Agreement for general emergency ambulance services within the Town,which Agreement sets forth a
number of terms and conditions, including a condition that the Squad 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 Squad to acquire a loan or mortgage without prior approval
of the Queensbury Town Board, and
WHEREAS, by Resolution No.: 213,2021, the Town Board authorized the Squad to refinance
its Squad Building but the Squad subsequently did not refinance, and
WHEREAS, the Squad has advised the Town Board that it now wishes to renew its
interest rate for the final five (5) years of its 20 year commercial loan (building mortgage), and
WHEREAS, the proposed new mortgage/commercial loan financing not to exceed the
amount of $546,000 is at a tax-exempt interest rate of 4.3% fixed for 60 months with the
Adirondack Trust Company such renewed interest financing to occur with principal and interest
used to pay the loan in full by year-end 2027, and
WHEREAS, the Town Board wishes to set a public hearing concerning the Squad's proposed
building refinancing as Town Board approval of such proposed refinancing is required by the Squad's
Agreement with the Town and such proposed tax-exempt financing requires a public hearing under the
Internal Revenue Code,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning
West Glens Falls Emergency Squad Inc.'s proposed building refinancing delineated in the preambles of
this Resolution and the Squad's proposed use of tax-exempt financing, on Monday, October 17t", 2022
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.
Duly adopted this 26t'day of September, 2022,by the following vote:
AYES Mr. Strough, Mr. Metivier, Mr. Freer, Mr. McNulty
NOES None
ABSENT: Mr. Ferone