303.95
RESOLUTION AUTHORIZING RETENTION OF SERVICES OF
ENVIRONMENTAL CAPITAL ASSOCIATES, INC.
RESOLUTION NO.: 303. 95
INTRODUCED BY: Mr. Nick Caimano WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town Board of the Town of Queensbury desires to
retain the services of Environmental Capital Associates, Inc., for
purposes of providing financial advisory services in connection
with a study as to whether a refunding of some or all of the 1987
bonds will save the Town sufficient funds to warrant such a
refunding, and
WHEREAS, it is the Town Board's understanding that
Environmental Capital Associates, Inc., shall not be paid for any
of its services unless the Town Board should determine it
appropriate to arrange for the bonding and accordingly, the
refunding of existing bonds, and that whether to do so will be at
the sole discretion of the Town Board,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
authorizes the retention of Environmental Capital Associates, Inc.,
for the purposes of providing financial advisory services in
connection with the Town's borrowing from Environmental Facilities
Corporation under State Revolving Fund for the purpose of refunding
all or part of its existing 1987 bonds, and for certain other
purposes, and
BE IT FURTHER,
RESOLVED, that the Town Supervisor is hereby authorized to
execute the proposed, letter-form agreement dated May 4, 1995 with
Environmental Capital Associates, Inc., provided that the following
statement is also added to the agreement:
"It is agreed by the parties that the Town of Queensbury shall
not be liable or obligated to pay Environmental Capital Associates,
Inc., or Richard N. McCarthy, any amount of money if the Town
decides not to proceed with a refunding of the 1987 bonds by the
issuance of new bonds through the Environmental Facilities
Corporation. The decision whether to proceed will lie in the total
and complete discretion of the Town Board and if such bonding or
refunding does not occur, Environmental Capital Associates, Inc.,
will not be paid any sum of money from the Town of Queensbury,
regardless of the amount of work and time that the Corporation or
Mr. McCarthy shall have spent in connection with the project."
and
BE IT FURTHER,
RESOLVED, that the costs of the services provided for in this
resolution shall be paid for from Account #32-8110-4400, with
estimated revenues from bond proceeds to offset the increase in
appropriations.
Duly adopted this 15th day of May, 1995, by the following
vote:
AYES : Mr. Caimano, Mrs. Pulver, Mr. Turner, Mr. Champagne
NOES : None
ABSENT: Mrs. Monahan