123.2015 Set PH WGF Fire Purchase of Rescue Pumper RESOLUTION SETTING PUBLIC HEARING ON WEST GLENS FALLS
VOLUNTEER FIRE COMPANY, INC.'S PROPOSAL TO
PURCHASE RESCUE PUMPER AND USE TAX-EXEMPT FINANCING
FOR SUCH PURCHASE
RESOLUTION NO.: 123,2015
INTRODUCED BY: Mr.Anthony Metivier
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Doug Irish
WHEREAS, the Town of Queensbury and the West Glens Falls 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 or use money placed in a "vehicles fund" without prior approval of the Queensbury Town
Board, and
WHEREAS, the Fire Company has advised the Town Board that it wishes to purchase a
new Spartan ERV Rescue Pumper (Truck) from the Arrowhead Equipment, Inc. Fire Rescue
Division to replace a 1991 Saulsbury apparatus for the approximate purchase price not to exceed
$595,000, such purchase already included in the Fire Company's five (5) year capital plan that
forecasts future capital needs and expenditures, including anticipated vehicles, equipment, tools,
other apparatus, facilities or improvements to facilities to be used for firematic purposes, and
WHEREAS, proceeds from the sales of the Fire Company's replaced apparatus would be
placed either: 1) against the principal of the new, proposed Truck; and/or 2) toward creation of a
vehicle replacement line item in the Fire Company's budget, and
WHEREAS, once the new Truck is placed into service, the Fire Company will remove the
replaced apparatus from service and sell it after all potential warranty/service issues are resolved with
the new Truck, and
WHEREAS, the Fire Company plans on paying for the proposed, new Truck by refinancing,
modifying and extending its current business loan#6196801 with Glens Falls National Bank and Trust
Company in order to cash out equity for the purpose of purchasing the new truck and all associated
equipment, such financing to be an amount up to $1,240,000 but limited to 65% of the appraised value
of the property to be mortgaged, with such tax-exempt financing having a 5 year fixed rate of 3.25%,
then adjusting at five year intervals to 67% of the total of the five year Federal Home Loan Bank of
New York regular fixed advance rate plus 275 basis points for an estimated monthly payment amount
of$8,743, and
WHEREAS, the Town Board believes it to be necessary, financially beneficial and in the public
interest to consider such refinancing, and
WHEREAS, the Town Board wishes to set a public hearing concerning the Fire Company's
proposed purchase and refinancing, as such proposed purchase is required by the Fire Company's
Agreement with the Town, and such proposed tax-exempt financing also requires a public hearing
under the Internal Revenue Code, and
WHEREAS, the Truck will be owned and used by the Fire Company to provide fire protection
to the Town and maintained at its firehouse(s)located in the Town of Queensbury,New York,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning
West Glens Falls Volunteer Fire Co., Inc.'s proposed Truck purchase delineated in the preambles of
this Resolution and the financing of such proposed purchase using tax-exempt financing/refinancing on
Monday, April 20'`, 2015 at 7:00 p.m., and
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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 23rd day of March, 2015, by the following vote:
AYES Mr. Metivier, Mr. Irish, Mr. VanNess, Mr. Strough
NOES None
ABSENT: Mr. Clements
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