162.2003
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 SOUTH QUEENSBURY –
QUEENSBURY AVENUE SEWER DISTRICT
RESOLUTION NO.: 162, 2003
INTRODUCED BY: Mr. Theodore Turner
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Roger Boor
WHEREAS, the Town of Queensbury (Town) established the South Queensbury –
Queensbury Avenue Sewer District (District) in accordance with New York State Town Law, and
,
WHEREASthe South Queensbury – Queensbury Avenue Sewer District Capital Project
Account was established for the purpose of making capital improvements to the District, and
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,
WHEREAS on August 5, 2002, the Town adopted a Resolution (Bond Resolution)
authorizing the issuance of its bonds or bond anticipation notes in an amount not exceeding One
Million Three Hundred Sixty Seven Thousand Five Hundred Ninety One Dollars ($1,367,591)
(Bonds) to finance a portion of the cost of the acquisition, construction, and installation of
infrastructure for the District to connect an existing wastewater collection system to the City of
Glens Falls Wastewater Treatment Plant and further including related preliminary and incidental
costs, all as more fully described in the Engineer’s Report prepared for the District by Jarrett-
Martin, LLP (Project), and
WHEREAS, the Town plans to obtain financing from the New York State Department of
Environmental Conservation Clean Water/Clean Air and the U.S. Department of Commerce-
Economic Development Administration, which will take some time to arrange, and
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WHEREAS, due to the delay expected in obtaining such 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 $1,367,591 from the General
Fund Balance or a Reserve or Capital Project to the South Queensbury – Queensbury Avenue
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.
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Duly adopted this 10 day of March by the following vote:
AYES : Mr. Turner, Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor
NOES : None
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ABSENT: None
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