378.94
RESOLUTION AUTHORIZING LOAN AGREEMENT BETWEEN THE
TOWN OF QUEENSBURY AND AMG INDUSTRIES, INC.
REGARDING SMALL CITIES COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM
RESOLUTION NO. 378, 94
INTRODUCED BY: Mr. Fred Champagne
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town of Queensbury, New York has heretofore made
application to the United States Department of Housing and Urban
Development ("HUD") for a grant under Title I of the Housing and
Community Development Act of 1974 (Public Law 93-383) as amended,
through the Small Cities Community Development Block Grant Program,
and
WHEREAS, such application has been duly accepted pursuant to
conditions by HUD and HUD Grant was awarded to the town, and
WHEREAS, the purpose of the HUD Grant is to provide funds for
financing the purchase of equipment and for working capital to be
operated and managed by AMG Industries, Inc., and
WHEREAS, pursuant to Article 5, §99-h of the General Municipal
Law of the State of New York, the Town has the power to accept and
expend funds made available by the Federal Government to administer
and conduct programs with such federal assistance related to the
general welfare of inhabitants of the Town and the Town has
received approval of its program as required by law, and
WHEREAS, the Town wishes to enter into a Loan Agreement
between the Town and AMG Industries, Inc., for purposes of lending
a portion of the proceeds of the HUD Grant to AMG Industries, Inc.,
and providing for the repayment thereof and security therefore,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the execution, delivery, and due performance of the loan
agreement, and authorizes the Town, through the Town Supervisor and
Town Clerk, to take any and all actions, including the disbursement
of loan funds, as may be required on the part of the Town, to
consummate the transactions contemplated by the loan agreement
subject to the condition that the documents are in a form
acceptable to the Town Attorney.
Duly adopted this 8th day of August, 1994, by the following
vote:
AYES: Mrs. Monahan, Dr. Wiswall, Mrs. Pulver, Mr. Champagne
NOES: None
ABSENT: Mr. Caimano