517.95
RESOLUTION AUTHORIZING SRF APPLICATION AND PROJECT
FINANCING AND LOAN AGREEMENT
RESOLUTION NO. 517, 95
INTRODUCED BY: Mrs. Connie Goedert
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Carol Pulver
WHEREAS, the Town of Queensbury, hereinafter also referred to
as "Borrower," previously authorized the establishment of a sewer
district known as the Central Queensbury Quaker Road Sewer
District, the construction of various sewage collection facilities
for said district, and made arrangements for and contracted with
the City of Glens Falls for the treatment of the collected sewage
from the district, and thereafter, on at least one occasion,
extended said sewer district, and
WHEREAS, the Town of Queensbury arranged for financing in
connection with the establishment and construction of the
aforedescribed sewer district, a portion of said financing being a
part of the Town of Queensbury $8,000,000 Public Improvement
(Serial) Bonds, 1987, a portion of additional costs incurred in
connection with the project being previously financed through the
New York State Revolving Loan Fund, and a portion of the same being
financed by Public Improvement (Serial) Bonds, Series 1995A, and
WHEREAS, the Town of Queensbury, after thorough consideration
of the various aspects of the problems and studying the available
data, has determined that the Town should pursue refinancing of
existing serial bonds in the amount of $4,700,000. to refinance the
outstanding debt on the Central Queensbury Quaker Road Sewer
District, which constitutes a portion of the Town of Queensbury
$8,000,000. Public Improvement (Serial) Bonds, 1987, this
particular refinancing being identified as the SRF Project, and
bearing project number 5550-01-1, and the Town Board of the Town of
Queensbury, having determined that it is in the public interest to
pursue such financing, and
WHEREAS, the United States, pursuant to the Federal Water
Quality Act of 1987 (as such may be amended from time to time, the
"Water Quality Act"), requires each State to establish a water
pollution control revolving fund to be administered by an
instrumentality of the State before the State may receive
capitalization grants under the Water Quality Act, and
WHEREAS, the State of New York has, pursuant to the State
Water Pollution Control Revolving Fund Act, Chapter 565 of the Laws
of New York 1989, as amended (the "SRF Act") established in the
custody of the New York State Environmental Facilities Corporation
(the "Corporation") a water pollution control revolving fund (the
"Fund") to be used for purposes of the Water Quality Act, and
WHEREAS, the Corporation has been created, reconstituted and
continued pursuant to the New York State Environmental Facilities
Corporation Act, as amended (the "Act") being Chapter 744 of the
Laws of 1970, as amended, and constituting Title 12 of Article 5 of
the Public Authorities Law and Chapter 43-A of the Consolidated
Laws of the State of New York, and constitutes a public benefit
corporation under the laws of the State of New York, being a body
corporate and politic with full and lawful power and authority to
provide financial assistance from the Fund, and
WHEREAS, the Corporation has the responsibility to administer
the Fund and to provide financial assistance from the Fund to
municipalities for eligible projects, as provided in the SRF Act,
and
WHEREAS, the SRF Act authorizes the establishment of a program
for financial assistance for planning, design, and construction of
eligible projects,
NOW, THEREFORE, BE IT
RESOLVED, by the Town Board of the Town of Queensbury, as
follows:
1. The filing of an application for SRF assistance in the form
required by the Corporation in conformity with the SRF Act is
hereby authorized, including all understandings and assurances
contained in said application.
2. The following person, as Chief Fiscal Officer, is directed and
authorized as the official representative of the Borrower to
execute and deliver an application for SRF assistance, to
execute and deliver the Project Financing and Loan Agreement
and any other documents necessary to receive financial
assistance from the Fund for the Project, to act in connection
with the Project and to provide such additional information as
may be required and to make such agreements on behalf of the
Borrower as may be required: Town Supervisor.
3. The official designated above is authorized to make
application for financial assistance under the SRF Program for
either short-term or long-term financing or both.
4. One (1) certified copy of this Resolution shall be prepared
New York State Environmental Facilities
and sent to the
Corporation, 50 Wolf Road, Albany, New York 12205-2603.
5. This Resolution shall take effect immediately and is
conditioned upon: a) the Town of Queensbury not being
committed to the refinancing for which the application is
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authorized herein, and for which the Chief Fiscal Officer is
directed and authorized to take certain action, unless, when
the sale of bonds has occurred or is imminent, or whatever the
last opportunity of the Town Board is to review the
arrangements, that the Town Board specifically, by Town Board
resolution, further authorizes the refinancing; and b) that in
the event that the Town Board, in its sole discretion,
determines not to proceed with the refinancing, it shall not
be liable for any penalty or other cost or amount to New York
State, the Environmental Facilities Corporation, the New York
State Department of Environmental Conservation, or the Federal
Government.
Duly adopted this 2nd day of October, 1995 by the following
vote:
AYES : Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mrs. Monahan,
Mr. Champagne
NOES : None
ABSENT: None
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The attached Resolution is a true and correct copy of
Resolution No. 517 authorizing the execution and filing of an
application and the execution and delivery of a Project Financing
and Loan Agreement and other documents necessary for SRF
assistance, as regularly adopted at a legally convened meeting of
the Town Board of the Town of Queensbury duly held on the 25th day
of September, 1995, and further, that such Resolution has been
fully recorded in the Queensbury Town Board Minute Book in
(Title of Record Book)
my office.
In witness whereof, I have hereunto set my hand on this 3rd
day of October, 1995.
(SEAL) ______________________________
Signature of Recording Officer
__ Town Clerk________________
Title of Recording Officer
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