432.99
RESOLUTION AMENDING RES. 261.99 REGARDING EQUIPMENT
LEASE-PURCHASE AGREEMENT WITH
CHASE EQUIPMENT LEASING, INC.
RESOLUTION NO.: 432, 1999
INTRODUCED BY: Mr. Pliney Tucker
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Richard Merrill
WHEREAS, by Resolution No. 261.99, the Queensbury Town Board authorized entering into
an equipment lease-purchase agreement with Chase Equipment Leasing, Inc., and
WHEREAS, Chase Equipment Leasing, Inc., has provided the agreement in the form
authorized with a provision where the Town is to designate it as exempt under Internal Revenue Code
§
265(b)(3), and
WHEREAS, this is acceptable to the Town Board,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury hereby amends Resolution
No. 261.99 by adding the following “RESOLVED” clause to the end of that Resolution to read as
follows:
RESOLVED, that to the extent that it is permitted to do so under the Internal Revenue
Code of 1986, as amended (the “Code”), the Town hereby designates the bonds and/or notes as
§
“qualified tax-exempt obligations” under 265(b)(3) of the code. The Town hereby covenants
that it will (I) take all actions on its part necessary to cause interest on the bonds and/or notes to
be excluded from gross income for purposes of Federal income taxes and (ii) refrain from taking
any action which would cause interest on the bonds and/or notes to be included in gross income
for purposes of Federal income taxes.
and
BE IT FURTHER,
RESOLVED, that Resolution No.: 261.99 is hereby affirmed and ratified in all other respects.
th
Duly adopted this 6 day of December, 1999, by the following vote:
AYES : Mr. Turner, Mr. Irish, Mr. Tucker, Mr. Merrill, Mr. Champagne
NOES : None
ABSENT: None