270.98
RESOLUTION AUTHORIZING RETENTION OF SERVICES OF
STATE STREET BANK & TRUST CO., N.A., AS ESCROW AGENT
IN CONNECTION WITH THE TOWN OF QUEENSBURY’S REFINANCING OF THE
WATER TREATMENT PLANT
RESOLUTION NO.: 270.98
INTRODUCED BY: Mr. Richard Merrill
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, the Town Board of the Town of Queensbury previously authorized engagement
of the services of Environmental Capital Associates, Inc., for purposes of providing financial advisory
services in connection with the Town of Queensbury’s borrowing from the Environmental Facilities
Corporation (EFC) under the Drinking Water State Revolving Fund (DWSRF) to refinance its existing
1995A Bonds issued for purposes that qualify under the DWSRF, and
WHEREAS, Environmental Capital Associates, Inc.(ECA) has advised Town Controller
Henry Hess that the Town of Queensbury needs to retain an Escrow Agent to provide other various
financial services in connection with the EFC refinancing, including investment of defeasement funds
through the year 2009, and
WHEREAS, State Street Bank & Trust Co., N.A. has offered to act as the Town’s Escrow
Agent for a one-time administration fee of $2,750 payable at the closing of the refinancing transaction,
plus a transaction fee of $20 for each wire transfer, and
WHEREAS, Henry Hess has recommended that the Town Board engage the services of State
Street Bank & Trust Co., N.A., as Escrow Agent,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes engagement
of State Street Bank & Trust Co., N.A. as Escrow Agent for the purposes of providing the financial
services referenced above, for an amount not to exceed $2,750 as a one-time administration fee
payable at closing of the refinancing, plus a transaction fee of $20 for each wire transfer, and
BE IT FURTHER,
RESOLVED, that the Town Board of the Town of Queensbury hereby authorizes and directs
the Town Controller and/or Town Supervisor to execute any forms or documents necessary to
effectuate this Resolution, and
BE IT FURTHER,
RESOLVED, that the costs of the services provided for in this Resolution shall be paid for
from the appropriate account.
th
Duly adopted this 6 day of July, 1998, by the following vote:
AYES : Mr. Turner, Mr. Tucker, Mr. Merrill, Mr. Champagne
NOES : None
ABSENT:Mr. Irish