431.96
RESOLUTION APPROVING THE INCURRING OF FINANCIAL OBLIGATION
BY THE WEST GLENS FALLS VOLUNTEER FIRE CO. INC.
RESOLUTION NO. 431, 96
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED ITS ADOPTION
SECONDED BY: Mrs. Connie Goedert
WHEREAS, the Town of Queensbury presently has an agreement
with the West Glens Falls Volunteer Fire Company, Inc.,
(hereinafter referred to as "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, for a new total for
1996 to be $232,450, and
WHEREAS, the Fire Company is desirous of 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, and
WHEREAS, the Town Board of the Town of Queensbury conducted a
public hearing on the 4th day of November, 1996 and notice thereof
was published in the Post Star Newspaper, a newspaper of general
circulation available to residents of the Queensbury community,
and
WHEREAS, said public hearing gave those interested individuals
a reasonable opportunity to express their views as to the issuance
of a loan in the principal amount of $1.6 million dollars from
Evergreen Bank to the West Glens Falls Volunteer Fire Company,
Inc., for the purpose of financing 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., on real property
situate on Luzerne Road in the Town of Queensbury, Warren County,
New York, and
WHEREAS, the Town Board has duly deliberated the testimony
presented at said public hearing,
NOW, THEREFORE, in consideration of the foregoing, it is
RESOLVED, that the Town Board of the Town of Queensbury hereby
approves the incurring on the part of the West Glens Falls
Volunteer Fire Company, Inc., of financial obligations in the
principal amount of $1.6 million dollars for the financing of
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., located on Luzerne Road, Queensbury, Warren County,
New York, in accordance with the previous resolution of the Town
Board, and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury does
not and shall not, by the adoption of this resolution, create or
intend to create, any assumption on the part of the Town of
Queensbury, of any obligation or liability for the financing
referred to herein, other than that which may exist by virtue of
the contract entered into between the Town of Queensbury and the
West Glens Falls Volunteer Fire Company, Inc., dated December 29,
1995, for fire protection services and amendment dated April 23,
1996, which contract and amendment are in writing and contain the
full terms agreed to by the parties.
Duly adopted this 4th day of November, 1996, by the following
vote:
AYES : Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mrs. Goedert,
Mr. Champagne
NOES : None
ABSENT: None