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394.96 RESOLUTION SETTING PUBLIC HEARING ON FINANCIAL OBLIGATION OF WEST GLENS FALLS VOLUNTEER FIRE COMPANY, INC. RESOLUTION NO.: 394, 96 INTRODUCED BY: Mrs. Connie Goedert WHO MOVED ITS ADOPTION SECONDED BY: Mr. Theodore Turner WHEREAS, the Town of Queensbury presently has a contract with the West Glens Falls Volunteer Fire Company, Inc. (hereinafter referred to as the "Company") dated December 29, 1995, wherein the Company has agreed to provide fire protection services for a certain area of the fire protection district located within the Town of Queensbury, and WHEREAS, by resolution no. 152, 96, the Town Board of the Town of Queensbury modified said agreement to increase the dollar figure in the agreement by $81,000 in anticipation of the Company's proposal to renovate and add to the firehouse, and WHEREAS, bids have come in higher than anticipated now the agreement would have to be increased by another $41,000, and WHEREAS, the Company is desirous of now securing financing for the construction at the firehouse on real property situate on Luzerne Road in the Town of Queensbury, Warren County, New York, and WHEREAS, the Company has obtained a Resolution of Intent from this Board for such construction at said firehouse upon the Company's said property, and WHEREAS, Evergreen Bank is agreeable to issuing to the Company a loan in the principal amount of $1,600,000 upon certain terms and conditions, and WHEREAS, in order for the interest paid on the loan to be tax exempt thus enabling the Company to obtain a lower rate of interest on the loan, certain public approval requirements as set forth in §147 of the Internal Revenue Code must be followed, including the requirement of an approval of the loan by this Board after a public hearing upon notice, NOW, THEREFORE, in consideration of the foregoing, it is RESOLVED, that the Town Board of the Town of Queensbury shall conduct a public hearing to consider approval of the loan from the Evergreen Bank to the Company, and BE IT FURTHER, RESOLVED, that said hearing shall take place at the Queensbury Activities Center, 742 Bay Road, Queensbury, New York on the 4th day of November, 1996 at 7:00 p.m., and BE IT FURTHER, RESOLVED, that the Town Clerk of the Town of Queensbury shall forthwith have notice of said hearing be published in the Post Star Newspaper no fewer than 14 days before said hearing, and BE IT FURTHER, RESOLVED, that such notice shall be in substantially the following form: "NOTICE IS HEREBY GIVEN that the Queensbury Town Board shall conduct a public hearing at the Queensbury Activities Center, 742 Bay Road, Queensbury, New York on the 4th day of November, 1996, at 7:00 p.m. The public hearing shall be for the purpose of considering the adoption of a resolution approving a loan between the West Glens Falls Volunteer Fire Company, Inc., and Evergreen Bank in the principal amount of $1,600,000, the purpose of which loan is to finance firehouse renovation and the construction of an 8,200 square foot addition to the firehouse for the housing and administration of the equipment and activities of the West Glens Falls Volunteer Fire Company, Inc., as related to its obligation under the contract with the Town of Queensbury dated December 29, 1995. The maximum aggregate face amount of the loan to be approved with respect to the facility being $1,600,000. The facility shall be owned, operated, and managed by the West Glens Falls Volunteer Fire Company, Inc., and the location of the facility shall be on Luzerne Road, Queensbury, Warren County, New York." and BE IT FURTHER, RESOLVED, that the Town Board of the Town of Queensbury will, after said public hearing, consider the adoption of a resolution approving the Company's incurrance of financial obligations for the construction at said firehouse, with the understanding that the Town of Queensbury shall not, by the adoption of any resolution, create or intend to create, any assumption on the part of the Town of Queensbury, of any obligation or liability for said financing, other than that which may exist by virtue of the contract dated December 29, 1995, entered into between the Town of Queensbury and the Company for fire protection services. Duly adopted this 7th day of October, 1996, by the following vote: AYES: Mr. Turner, Mrs. Goedert, Mrs. Monahan, Mr. Champagne NOES: None ABSENT:None ABSTAIN:Mrs. Pulver