388.98
RESOLUTION APPROVING PURCHASE OF NEW PUMPER TRUCK
BY THE NORTH QUEENSBURY VOLUNTEER FIRE CO., INC.
RESOLUTION NO.: 388.98
INTRODUCED BY: MR. RICHARD MERRILL WHO MOVED FOR ITS ADOPTION
SECONDED BY: MR. DOUGLAS IRISH
WHEREAS, the Town of Queensbury and the North Queensbury Volunteer Fire Company,
Inc., (Fire Company) have contracted for fire protection services and such agreement is in full force
and effect, and
WHEREAS, the agreement sets forth a number of terms and conditions, including an
agreement that the Fire Company will not purchase or enter into any binding contract to purchase any
piece of apparatus, equipment, vehicles, real property, or make any improvements thereon, that would
require the Fire Company to acquire a loan or mortgage, without prior approval of the Town Board of
the Town of Queensbury, and
WHEREAS, the Fire Company wishes to purchase one new Pumper Truck from Saulsbury
Fire Rescue Inc., for the approximate total sum of $351,715, and
WHEREAS, the Fire Company plans to use $216,715 currently existing in its truck fund, 1999
truck fund and non-fire funds toward the purchase of the truck, and
WHEREAS, the Fire Company has negotiated with Commercial Municipal Capital to enter
into a purchase agreement to finance the remainder amount of $135,000 for five (5) years at a market
rate expected to be approximately 4.10%, and this financing arrangement qualifies as a tax-exempt
lease purchase under §147(f) of the Internal Revenue Code of 1986, as amended, and
WHEREAS, in accordance with §147(f) of the Internal Revenue Code of 1986, as amended,
the Fire Company requested that the Town Board hold a public hearing to authorize the approval of
the financing and the Town Supervisor to execute approval of the financing to comply with the
statutory requirements, and
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WHEREAS, on October 19, 1998 the Town Board held a public hearing, all interested
persons were heard and the Town wishes to facilitate the financing on behalf of the Fire Company,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby approves of the
purchase of one new Pumper Truck for the approximate sum of $351,715 by the North Queensbury
Volunteer Fire Company, Inc., with the understanding that the Fire Company will use $216,715
currently existing in its truck fund, 1999 truck fund and non-fire funds toward the purchase and will
finance the remaining $135,000, and
BE IT FURTHER,
RESOLVED, that the Town Board hereby approves the incurring on the part of the North
Queensbury Volunteer Fire Company, Inc. of financial obligations in the maximum, aggregate principal
amount of $135,000 in accordance with tax-exempt financing provided pursuant to §147(f) of the
Internal Revenue Code of 1986, as amended, provided, however, that the Town Board shall not and
does not by 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.
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Duly adopted this 19 day of October, 1998, by the following vote:
AYES : Mr. Tucker, Mr. Merrill, Mr. Turner, Mr. Irish, Mr. Champagne
NOES : None
ABSENT: None