393.96
RESOLUTION SETTING PUBLIC HEARING ON FINANCIAL OBLIGATION OF
WEST GLENS FALLS VOLUNTEER FIRE COMPANY, INC.
RESOLUTION NO.: 393, 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: Mrs. Goedert
NOES: Mrs. Monahan
ABSENT:None
ABSTAIN:Mr. Turner, Mrs. Pulver, Mr. Champagne