022.2000
RESOLUTION SETTING PUBLIC HEARING TO CONSIDER FINANCING
FOR BAY RIDGE VOLUNTEER FIRE COMPANY, INC.’S
CONSTRUCTION OF NEW FIREHOUSE
RESOLUTION NO.: 22, 2000
INTRODUCED BY: Mr. Daniel Stec WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, the Town of Queensbury and the Bay Ridge Volunteer Fire Company, Inc. (Fire
Company) previously contracted for fire protection services and are presently negotiating for a new
2000 Agreement for fire protection services, and
WHEREAS, the proposed Agreement for fire protection services 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 without prior
approval of the Queensbury Town Board, and
WHEREAS, the Fire Company has presented to the Town Board a proposal to construct a
new firehouse on the east side of Bay Road between the intersections of Old Bay Road and Old Bay
Road for a principal amount not to exceed $1,750,000 and proposes to finance the construction project
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through tax-exempt financing provided under 147(f) of the Internal Revenue Code of 1986, as
amended, and
WHEREAS, the Fire Company has negotiated with Evergreen Bank to enter into a financing
agreement for the amount of $1,750,000 for 20 years at a market rate expected to be approximately
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5.5% and this financing arrangement is intended to qualify as tax-exempt under 147(f) of the Internal
Revenue Code of 1986 as amended, and
WHEREAS, in accordance with §147(f) of the Internal Revenue Code of 1986, as amended,
the Fire Company has requested that the Town Board conduct a public hearing to authorize approval
of the financing and the Town Supervisor to execute approval of the financing to comply with the
statutory requirements, and
WHEREAS, the Town Board has determined that it is in the best interest of the Fire Company
and Town residents as required by the Internal Revenue Code to conduct a public hearing concerning
the proposed construction project,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury shall conduct a public hearing
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on January 24, 2000 at 7:00 p.m. at the Queensbury Activities Center, 742 Bay Road, Queensbury to
consider approval of the financing of Bay Ridge Fire Company, Inc.’s, proposed construction of a new
firehouse on the east side of Bay Road between the intersections of Old Bay Road and Old Bay Road
for a principal amount not to exceed $1,750,000, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Town Clerk to publish a Notice
of Hearing in The Post-Star as required by statute at least fourteen (14) days before the hearing, and
BE IT FURTHER,
RESOLVED, that the notice shall be in substantially the following form:
"NOTICE IS HEREBY GIVEN that the Queensbury Town Board shall conduct a
public hearing at the Queensbury Activities Center, 742 Bay Road, Queensbury, New
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York on January 24, 2000 at 7:00 p.m. The public hearing, as required by 147(f) of
the Internal Revenue Code, shall be for the purpose of considering the adoption of a
Resolution approving a financing agreement between the Bay Ridge Volunteer Fire
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Company, Inc., and Evergreen Bank in a principal amount not to exceed $1,750,000,
the purpose of which loan is to finance construction of a new firehouse for the housing
and administration of the equipment and activities of the Bay Ridge Volunteer Fire
Company, Inc., as related to its obligation under its fire protection service agreement
with the Town of Queensbury. The facility shall be owned, operated, and managed by
the Bay Ridge Volunteer Fire Company, Inc., and the location of the facility shall be on
the east side of Bay Road between the intersections of Old Bay Road and Old Bay
Road."
and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury will, after the public hearing,
consider adoption of a Resolution approving the Fire Company's incurrance of financial obligations for
the construction of the firehouse, with the understanding that the Town of Queensbury shall not, by the
adoption of any Resolution, create or intend to create any assumption on the part of the Town of
Queensbury of any obligation or liability for said financing, other than that which may exist by virtue of
the Agreement entered into between the Town of Queensbury and the Fire Company for fire protection
services.
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Duly adopted this 1 day of January, 2000, by the following vote:
AYES : Mr. Brewer, Mr. Martin, Mr. Turner, Mr. Stec, Mr. Brower
NOES : None
ABSENT: None
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