429.2008
.
RESOLUTION SETTING PUBLIC HEARING ON BAY RIDGE
VOLUNTEER FIRE COMPANY, INC.’S PROPOSAL TO SEEK TAX-
EXEMPT FINANCING TO PAY FOR UNEXPECTED EXPENSES RELATED
TO HEATING OIL SPILL
RESOLUTION NO.: 429, 2008
INTRODUCED BY: Mr. Anthony Metivier
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, the Town of Queensbury and the Bay Ridge 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 due to a serious heating oil
spill into the basement of its Fire Station resulting in the contamination of the drywell system, the Fire
Company has incurred thousands of dollars of unexpected expenses related to the spill, clean-up and
other related costs in the approximate amount of $200,000, and
WHEREAS, the Fire Company has arranged for a 10 year tax-exempt installment loan in an
amount up to $200,000 with TD Banknorth to pay for such unexpected expenses until such time that
the Fire Company may be reimbursed for such expenses by insurance carrier(s), with payments on the
loan to be made from the Fire Company’s operating budget, such monies already included in the Fire
Company’s approved 2008 budget and Agreement with the Town, and
WHEREAS, such expenses relate directly to the reconstruction or improvement of the Fire
Company’s Fire Station and/or the land where the Fire Station is located, and
WHEREAS, the Town Board realizes that the Fire Company had no choice but to arrange for
the clean-up of and payment for the heating oil spill, and therefore the Town Board wishes to set a
public hearing concerning the Fire Company’s proposed tax-exempt financing, which financing requires
such a public hearing under the Internal Revenue Code,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning Bay
Ridge Volunteer Fire Company’s proposed tax exempt financing to pay for unexpected expenses
related to the fuel oil spill, clean-up and other related costs in the approximate amount of $200,000 on
nd
Monday, September 22, 2008 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 ten (10) days prior to
the Public Hearing.
th
Duly adopted this 10day of September, 2008, by the following vote:
AYES : Mr. Metivier, Mr. Strough, Mr. Stec
NOES : None
ABSENT: Mr. Montesi, Mr. Brewer