461.95
RESOLUTION ESTABLISHING INTEREST RATE TO BE PAID
IN CONNECTION WITH THE FIRE FIGHTER SERVICE AWARD PROGRAM
AND AUTHORIZING TRANSFER TO FIRE SERVICE AWARD TRUST FUND
RESOLUTION NO.: 461, 95
INTRODUCED BY: Mrs. Connie Goedert
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, Article 7 of the Plan Document established for the
Town of Queensbury Service Award Program provides that the Town
Board, as Trustees, will determine annual contributions to the
Plan, as well as the percentage of interest to be paid by the Town
on contributions for the period of time the annual contribution due
the Service Award Program Trust Fund has not been made, and the
rate of interest used to calculate the annual contribution
calculated to fund any prior service liability in accordance with
Section 7.03 of the Program Document, and
WHEREAS, the Town Board has been advised that interest rates
earned in January of 1995 on investments of funds accruing from
taxes at the rate of 5%, as stated on the Town's investment
statements from Evergreen Bank, and
WHEREAS, in accordance with the terms of the Volunteer
Firefighter's Service Award Program, the Town of Queensbury shall
make an annual contribution, in trust, in the amount of $400.00 for
each participating, qualified and eligible Volunteer Firefighter,
and
WHEREAS, the Town of Queensbury has contracted with Penflex,
Inc. to calculate the amounts due, and
WHEREAS, Penflex, Inc. has indicated in a letter dated July
25, 1995, that the amount to be paid as of January 1, 1995,
exclusive of interest, is $74,035.67,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby
determines that the interest rate to be paid on unfunded
contributions to the date of funding for annual contributions to be
made to fund prior service liability shall be 5%, and
BE IT FURTHER
RESOLVED, that the Town Supervisor, working with the Fire
Service Awards Administrator, Mr. Ed Holohan, of Penflex, Inc., is
authorized to make the contribution to the Fire Service Award Fund,
including interest at 5%, as soon as practical, and said
contribution, after being calculated, shall be paid for from
Account No.: 005-3410-4980.
Duly adopted this 21st day of August, 1995, by the following
vote:
AYES: Mrs. Goedert, Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mr.
Champagne
NOES: None
ABSENT:None