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2.7 2.7 FINANCIAL\2018\Establish Cap Proj Fund 218—Halfway Brook-From Cap#64-Permissive Ref-2-26-18 RESOLUTION AUTHORIZING ESTABLISHMENT OF HALFWAY BROOK TRAIL CAPITAL PROJECT FUND #223 RESOLUTION NO.: , 2017 INTRODUCED BY: WHO MOVED ITS ADOPTION SECONDED BY: WHEREAS, the Queensbury Town Board wishes to establish a Capital Project that will provide for final design and construction of the Halfway Brook Trail from Aviation Road to Peggy Ann Road, and WHEREAS, this project will be reimbursed by a $100,000 New York State and Municipal Facilities Program (SAM) grant through the Dormitory Authority of the State of New York (DASNY), and WHEREAS, establishment of this Capital Project account is a necessary financial documentation step toward securing the SAM grant funding through DASNY, and WHEREAS, the Town Board wishes to authorize a withdrawal and expenditure in the total estimated amount of$100,000 from Capital Reserve No. 64 toward this Capital Project, and WHEREAS, the Town Board also wishes to authorize a temporary loan from Capital Reserve Fund No. 64 up to $100,000 until such time as such $100,000 in grant funds are received from the Dormitory Authority of the State of New York (DASNY), and WHEREAS, in accordance with New York State General Municipal Law §6(c), the Town Board is authorized to withdraw and expend funds from Reserve 464 subject to permissive referendum, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board hereby authorizes and directs the establishment of the Halfway Brook Trail Capital Project Fund 4223 in the amount of$200,000 which will establish funding for the expenses delineated in the preambles of this Resolution, and BE IT FURTHER, RESOLVED, that the Town Board hereby finds that the withdrawal and expenditure for such Project are expenditures for a specific capital project for which the Capital Reserve Fund 464 was established, and BE IT FURTHER, RESOLVED, that the Town Board authorizes and directs that funding for such Capital Project shall be by a transfer from Capital Reserve Fund 464 in the amount of $100,000 to transfer to Halfway Brook Trail Capital Project Fund 4223, and BE IT FURTHER, RESOLVED that the Town Board authorizes and directs the Town Budget Officer to take all action necessary to establish the following accounts for such appropriations and revenues as necessary: • Revenue Acct No. —223-0000-55031 (Interfund Revenue) $100,000; • Revenue Acct. No. — 223-0000-53897 (Culture and Recreation Capital Projects) $100,000; 2 • Expense Acct. No. —223-7110-2899 (Capital Construction) $200,000; and • Increase Appr 001-9950-9030-0064 Transfer to Cap Project $100,000; and BE IT FURTHER, RESOLVED, that the Town Board also further authorizes a temporary loan from the Capital Reserve Fund 464 up to $100,000 until such time as grant funds are received, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to sign any needed Agreements and/or documentation to effectuate the Town's engagement of such services, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Budget Officer to amend the Town Budget, make any adjustments, budget amendments, transfers or prepare any documentation necessary to establish such appropriations and estimated revenues, and BE IT FURTHER, RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, Purchasing Agent, Senior Planner and/or Town Budget Officer to take any and all actions necessary to effectuate all terms of this Resolution, and BE IT FURTHER, 3 RESOLVED, that this Resolution is subject to a permissive referendum in accordance with the provisions of Town Law Article 7 and the Town Board hereby authorizes and directs the Town Clerk to publish and post such notices and take such other actions as may be required by law. Duly adopted this 26 I day of February, 2018, by the following vote: AYES NOES ABSENT : 4