488.93
RESOLUTION SETTING PUBLIC HEARING ON FINANCIAL OBLIGATION OF
NORTH QUEENSBURY VOLUNTEER FIRE DEPARTMENT
RESOLUTION NO.: 488, 93
INTRODUCED BY: Mr. Pliney Tucker WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Betty Monahan
WHEREAS, the Town of Queensbury presently has a contract with
the North Queensbury Volunteer Fire Company, Inc. (hereinafter
"Company") dated January 5, 1993, wherein the Company has agreed to
provide fire protection services for a certain area of the fire
protection district located within the Town of Queensbury, and
WHEREAS, the Company is desirous of securing financing for the
construction of a new firehouse on real property situate on the
east side of New York State Route 9L in the Town of Queensbury,
Warren County, New York, and
WHEREAS, the Company has obtained the necessary authorization
from this Board to construct said firehouse upon the Company's said
property, and
WHEREAS, the First National Bank of Glens Falls is agreeable
to issuing to the Company a loan in the principal amount of
$1,300,000.00 upon certain terms and conditions, and
WHEREAS, in order for the interest paid on the loan to be tax
exempt thus enabling the Company to obtain a lower rate of interest
on the loan, certain public approval requirements as set forth in
§147 of the Internal Revenue Code must be followed, including the
requirement of an approval of the loan by this Board after a public
hearing upon notice,
NOW, THEREFORE, in consideration of the foregoing, it is
RESOLVED, that the Town Board of the Town of Queensbury shall
conduct a public hearing to consider approval of the loan from the
First National Bank of Glens Falls to the Company, and
BE IT FURTHER,
RESOLVED, that said hearing shall take place at the Queensbury
Activities Center, 531 Bay Road, Queensbury, New York on the 20th
day of September, 1993 at 7:00 p.m., and
BE IT FURTHER,
RESOLVED, that the Town Clerk of the Town of Queensbury shall
forthwith have notice of said hearing be published in the Post Star
Newspaper no fewer than 14 days before said hearing, and
BE IT FURTHER,
RESOLVED, that such 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, 531 Bay Road, Queensbury, New York on
the 20th day of September, 1993, at 7:00 p.m. The
public hearing shall be for the purpose of considering
the adoption of a resolution approving a loan between
the North Queensbury Volunteer Fire Company, Inc., and
the First National Bank of Glens Falls in the principal
amount of $1.3 million dollars, the purpose of which
loan is to finance the construction of a 12,162 square
foot firehouse for the housing and administration of the
equipment and activities of the North Queensbury
Volunteer Fire Company, Inc., as related to its
obligation under the contract with the Town of
Queensbury dated January 5, 1993. The maximum aggregate
face amount of the loan to be approved with respect to
the facility being $1.3 million dollars. The facility
shall be owned, operated, and managed by the North
Queensbury Volunteer Fire Company, Inc., and the
location of the facility shall be on the east side of
State Route 9L at the intersection of State Route 9L and
Cleverdale Road, Queensbury, Warren County, New York,"
and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury will,
after said public hearing, consider the adoption of a resolution
approving the Company's incurrance of financial obligations for the
construction of said 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 contract dated
January 5, 1993, entered into between the Town of Queensbury and
the Company for fire protection services.
Duly adopted this 30th day of August, 1993, by the following
vote:
AYES : Mrs. Goetz, Mr. Tucker, Mrs. Monahan, Mr. Brandt
NOES : None
ABSENT: Mr. Caimano