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126.2002 RESOLUTION AUTHORIZING ADVANCE OF MONIES FROM TOWN OF QUEENSBURY GENERAL FUND NO. 01 TO SOUTH QUEENSBURY – QUEENSBURY AVENUE SEWER DISTRICT FUND NO. 35 RESOLUTION NO.: 126, 2002 INTRODUCED BY: Mr. Tim Brewer WHO MOVED ITS ADOPTION SECONDED BY: Mr. Daniel Stec WHEREAS , the Town of Queensbury (the "Town") has decided to establish the Town of Queensbury South Queensbury-Queensbury Avenue Sewer District (the "QASD") in accordance with New York Town Law; and WHEREAS , the Town has adopted a Bond Resolution authorizing issuance of Bonds and/or Bond Anticipation Notes of the Town in an amount not to exceed $903,195 (the "Bonds") to finance the cost of the acquisition, construction, and installation of infrastructure for the QASD to connect an existing wastewater collection system to the City of Glens Falls Wastewater Treatment Plant (the "Project"); WHEREAS, the Town Wastewater Superintendent has advised the Town Board of his need for a temporary advance of monies to the South Queensbury – Queensbury Avenue Sewer District Fund No. 35 for the purpose of commencing the Project, with the advance to be repaid with proceeds of the Bonds; and WHEREAS , the Town Board is agreeable to a temporary advance of monies from the General Fund No. 01 to the South Queensbury – Queensbury Avenue Sewer District Fund No. 35 for the aforesaid purpose; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN BOARD OF THE TOWN OF QUEENSBURY, WARREN COUNTY, NEW YORK, AS FOLLOWS: Section 1. The Town Comptroller is hereby authorized to temporarily advance up to the sum of Nine-Hundred Three Thousand One-Hundred Ninety-Five Dollars ($903,195) from the General Fund No. 01 to the South Queensbury – Queensbury Avenue Sewer District Fund No. 35 of the Town pursuant to the provisions of Section 9-a of the General Municipal Law of the State of New York. Section 2. This temporary advance will be repaid by the South Queensbury – Queensbury Avenue Sewer District Fund No. 35 to the General Fund No. 01 from proceeds of the Bonds immediately following receipt thereof, but in any event not later than December 31, 2002. Section 3. In that monies in the South Queensbury – Queensbury Avenue Sewer District Fund No. 35 and the General Fund No. 01 are raised from taxes on different bases of properties, the repayment for the temporary advance shall include an amount of interest reasonably estimated to have been earned on the investment of monies in the General Fund No. 01 had such advance not been made. Section 4. In Town Supervisor and/or Town Comptroller are authorized and directed to take all actions necessary to effectuate this Resolution. Section 5. This Resolution shall take effect immediately. th Duly adopted this 25 day of February, 2002, by the following vote: AYES : Mr. Stec, Mr. Brewer, Mr. Brower, Mr. Boor, Mr. Turner NOES : None ABSENT: None 2