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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