215.2001
RESOLUTION APPROVING PURCHASE OF ONE (1) 2002 CUSTOM
ENGINE TANDEM AXLE TRUCK BY WEST GLENS FALLS
VOLUNTEER FIRE CO., INC.
RESOLUTION NO.: 215. 2001
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Daniel Stec
WHEREAS, the Town of Queensbury and the West Glens Falls 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 wishes to replace its 1988 Saulsbury Truck by purchasing one
(1) 2002 Custom Engine Tandem Axle Truck for the approximate sum of $430,000, and
WHEREAS, the Fire Company plans on selling its 1988 Saulsbury Truck and using the
proceeds to cover payments for the new truck purchase from the time of tentative delivery until a new
fire protection services agreement with the Town takes effect in 2003, with any additional proceeds
from the truck sale being deposited back into the restricted vehicle fund, and
WHEREAS, the Fire Company plans to enter into a Purchase Agreement with a local
commercial bank or another authorized financial institution offering the best financing terms for
$430,000 for a term of 20 years at a competitive market interest rate commensurate with the Fire
Company’s tax exempt status, and
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WHEREAS, on May 21, 2001, the Town Board held a public hearing, heard all interested
persons and the Town wishes to facilitate the financing on behalf of the Fire Company,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves of the purchase of one (1)
2002 Custom Engine Tandem Axle Truck for the approximate sum of $430,000 by the West Glens
Falls Volunteer Fire Company, Inc., with the understanding that the Fire Company will sell its 1988
Saulsbury Truck and use the proceeds to cover payments for the new truck purchase from the time of
delivery until a new fire protection services agreement with the Town takes effect in January 2003,
with any excess proceeds from the truck sale being deposited back into the restricted vehicle fund, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby approves the incurring of debt on the part of the
West Glens Falls Volunteer Fire Company, Inc., secured by a lien on the purchased fire truck, in an
amount which is the lesser of the purchase price of the truck or $430,000, for a 20 year term at a
competitive market interest rate commensurate with the Fire Company’s tax exempt status provided,
however, that the Town Board shall not and does not by this Resolution create or intend to create any
assumption on the part of the Town of Queensbury of any obligation or liability for the financing.
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Duly adopted this 21 day of May, 2001 by the following vote:
AYES : Mr. Brewer, Mr. Martin, Mr. Turner, Mr. Stec
NOES : Mr. Brower
ABSENT: None