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1.1 1.1 FIRE&RESUTNorth Qhy Fire-Authorize Tax Exempt Financing to Pay for Trick After PH-7-3-17 RESOLUTION AUTHORIZING NORTH QUEENSBURY VOLUNTEER FIRE COMPANY, INC.'S PURCHASE OF TANKER TRUCK AND INCURRENCE OF TAX-FREE FINANCING/DEBT FOR SUCH PURCHASE RESOLUTION NO.: ,2017 INTRODUCED BY: WHO MOVED FOR ITS ADOPTION SECONDED BY: WHEREAS, the Town of Queensbury and the North 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 or use money placed in a "vehicles fund" without prior approval of the Queensbury Town Board, and WHEREAS, the Fire Company advised the Town Board that it wishes to purchase a new Rosenbauer Tanker Truck (Truck) to replace its 1987 Tanker Truck 429 for the approximate purchase price not to exceed $374,070, 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, the Fire Company plans on paying for the proposed,new Truck as follows: 1. Approximately$150,000 from Vehicle Reserve funds; and 2. Approximately$224,070 maximum amount of tax-exempt financing; 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 located at 2663 Route 9L, Cleverdale in the Town of Queensbury,New York, and WHEREAS, on Monday, July 3rd, 2017, the Town Board duly held a public hearing concerning the Fire Company's proposal and tax-exempt financing as required by the Fire Company's Agreement with the Town and the Internal Revenue Code, and heard all interested persons, and WHEREAS, the Town Board believes that this new Truck will provide additional safety protection for the Town while eliminating an aging apparatus from the Fire Company's fleet, and therefore wishes to adopt a Resolution authorizing such Truck purchase and the Fire Company's corresponding incurrence of tax-exempt debt, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby approves of and authorizes the North Queensbury Volunteer Fire Company, Inc.'s proposal to purchase a new Rosenbauer Tanker Truck (Truck) to replace its 1987 Tanker Truck 429 as set forth in the preambles of this Resolution for an amount not to exceed $374,070, 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 BE IT FURTHER, RESOLVED, that the Town Board further approves of and authorizes the Fire 2 Company's incurrence of approximately $224,070 maximum amount of tax-exempt financing for such purchase, with the understanding that the Town Board is relying upon the Fire Company's assurance that the Truck is serviceable and suitable for its long-term intended use, and BE IT FURTHER, RESOLVED, that the Town of Queensbury does not guarantee such debt with a financial institution on behalf of the Fire Company nor does the Town Board create or intend to create any assumption on the part of the Town of Queensbury of any obligation or liability for the financing, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor and/or Town Budget Officer to take any action necessary to effectuate all terms of this Resolution. Duly adopted this 3rd day of July, 2017 by the following vote: AYES NOES ABSENT: 3