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463.91 RESOLUTION AUTHORIZING WITHDRAWAL FROM RECREATION ASSESSMENT RESERVE FUND #61 RESOLUTION NO. 463, 1991, Introduced by Mrs. Marilyn Potenza who moved for its adoption, seconded by Mr. Ronald Montesi: WHEREAS, the Town Board of the Town of Queensbury has previously established a Recreation Assessment Reserve Fund (Fund #61), and a Hovey Pond Capital Project Fund (Fund #82), and WHEREAS, the Town Board of the Town of Queensbury is desirous of transferring $50,000.00 from the aforesaid Recreation Assessment Reserve Fund #61, into the Hovey Pond Capital Fund #82, and WHEREAS, the sum to be transferred from the Recreation Assesment Reserve Fund #61, will be expended for improvements to be made at Hovey Pond Park, said improvements to include those necessary to regrade the areas about the pond, repair a spillway,a dn deepen the pond, to benefit the entire community, including those subdivision and multi-family developments, the developers of which have previously paid fees in lieu of dedicating land for recreational purposes as required by law, and WHEREAS, the Town Board of the Town of Queensbury is authorized by Seciton 6(c) of the General Municipal of the State of New York to withdraw and expend funds from the aforesaid Recreation Assessment Reserve Fund #61, in accordance with the terms and conditions set forth therein, NOW, THEREFORE, BE IT RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes a withdrawal and expenditure from the Recreation Assessment Reserve Fund #61, in the total amount of $50,000.00 to be deposited in the Hovey Pond Capital Project Fund #82, to make improvements at the Hovey Pond Park, and BE IT FURTHER RESOLVED, that the Town Board of the Town of Queensbury hereby further directs that in the event there are any funds remaining in the said Hovey Pond Capital Project Fund #82, after the completion of the project, or in the event that said project is not undertaken, the money in the said account shall be returned to the Recreation Assessment Reserve Fund #61, and BE IT FURTHER, RESOLVED, that the Town Board of the Town of Queensbury hereby further finds that the withdrawal and expenditure for the previously identified recreation project at Hovey Pond Park is an expenditure for improvements or items of equipment for which the Reserve Fund was established, and BE IT FURTHER RESOLVED, that the Town Board of the Town of Queensbury hereby finds that the $50,000.00 amount transferred from the Recreation Assessment Reserve Fund #61, shall be used to improve the Hovey Pond Park, whcih is an existing park, and that it will serve the twon's residential neighborhoods and subdivisions and multi-family dwellings, the developers of which have heretofore contributed fees in lieu of developing recreational areas, and BE IT FURTHER, RESOLVED, that this resolution shall be subject to a permissive referendum in accordance with the provisions of Article 7 of the Town Law of the Town Clerk of the Town of Queensbury is hereby authorized and directed to publish and post such notices and take such other actions as may be required by law. Duly adopted this 21st. day of August, 1991, by the following vote: Ayes: Mrs. Potenza, Mr. Montesi, Mrs. Monahan, Mr. Borgos Noes: None Absent: Mr. Kurosaka