161.2003
RESOLUTION AUTHORIZING LOAN AND TRANSFER OF GENERAL
FUNDS OF THE TOWN OF QUEENSBURY TO PAY A PORTION OF
THE COST OF ACQUISITION, CONSTRUCTION, AND INSTALLATION
OF INFRASTRUCTURE FOR THE ROUTE 9 SEWER DISTRICT
RESOLUTION NO.: 161, 2003
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, the Town of Queensbury (Town) established the Route 9 Sewer District
(District) in accordance with New York State Town Law, and
,
WHEREASthe Route 9 Sewer District Capital Project Account was established for the
purpose of making capital improvements to the District, and
,
WHEREAS on February 10, 2003, the Town adopted a Resolution (Bond Resolution)
authorizing the issuance of its bonds or bond anticipation notes in an amount not exceeding Five
Million One Hundred Seventy Thousand Dollars ($5,170,000) (Bonds) to finance a portion of the
cost of the acquisition, construction, and installation of a sanitary sewage disposal system for the
District, including gravity collection sewers, pump stations, pressurized force main sewers and a
gravity sewer, and further including related preliminary and incidental costs, all as more fully
described in the Engineer’s Report prepared for the District by C.T. Male Associates, P.C., and
further including related preliminary and incidental costs (Project), and
WHEREAS, the Town plans to obtain financing through the New York State
Environmental Facilities Corporation (EFC) which will take some time to arrange, and
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WHEREAS, due to the delay expected in obtaining such EFC financing, certain costs of
the Project will be paid before receipt of proceeds of the issuance of the Bonds or bond
anticipation notes, and
WHEREAS, the Town has funds in General Fund Balance, various Reserves and Capital
Projects which may be used only for certain purposes, but which are not immediately required for
such purposes and which the Town Board wishes to temporarily use for the Project until such
time as financing is obtained,
NOW, THEREFORE, BE IT
§
RESOLVED, that, in accordance with Local Finance Law 165.10, the Queensbury Town
Board hereby authorizes and directs the transfer of no more than $5,170,000 from the General
Fund Balance or a Reserve or Capital Project to the Route 9 Sewer District Capital Project
Account to pay a portion of the costs associated with the Project provided, however, that the
transfer is made as a short term, no interest loan which shall be repaid from proceeds of the bonds
or bond anticipation notes issued pursuant to the Bond Resolution as soon as such financing
occurs and that such repayment will take place during 2003, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor
and/or Town Comptroller to take any and all actions necessary to effect the terms of this
Resolution.
th
Duly adopted this 10 day of March by the following vote:
AYES : Mr. Boor, Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Brower
NOES : None
ABSENT: None
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