384.2020 Approve S. Qsby Fire Company Renovations
RESOLUTION APPROVING SOUTH QUEENSBURY VOLUNTEER FIRE
COMPANY, INC.’S INCURRENCE OF TAX-FREE FINANCING FOR
FIREHOUSE RENOVATIONS/CONSTRUCTION COSTS
RESOLUTION NO.: 384, 2020
INTRODUCED BY: Mr. Harrison Freer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mrs. Amanda Magee
WHEREAS, the Town of Queensbury and the South Queensbury Volunteer Fire Company,
Inc. (Fire Company) have entered into an Agreement for fire protection services, which Agreement sets
forth a number of terms and conditions including a condition 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 that would require the Fire Company to acquire a loan or
mortgage or use money placed in a “vehicles fund” without prior approval of the Queensbury Town
Board, and
WHEREAS, the Fire Company has presented to the Town Board a proposal to make certain
firehouse renovations for a principal amount not to exceed $2,500,000 with financing of the
renovations to be through tax-exempt financing as provided for under the Internal Revenue Code, and
WHEREAS, the Fire Company has obtained a commitment from Glens Falls National Bank
and Trust Company to enter into such a tax-exempt financing agreement for the amount of
$2,500,000 and in accordance with the Internal Revenue Code, has requested that the Town Board
conduct a public hearing to authorize approval of the financing to comply with the statutory
requirements, and
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WHEREAS, on Monday, December 7, 2020, the Town Board duly held a public hearing
concerning the Fire Company’s proposed tax-exempt financing for the firehouse renovations as
required by the Fire Company’s Agreement with the Town and the Internal Revenue Code and
heard all interested persons, and
WHEREAS, the Town Board believes that the proposal will help to ensure additional safety
protection for the Town and therefore wishes to adopt a Resolution authorizing the Fire Company’s
incurrence of tax-exempt debt for the renovations,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves of the South Queensbury
Volunteer Fire Company, Inc.’s incurrence of a principal amount not to exceed $2,500,000 of tax-
exempt financing as provided for under the Internal Revenue Code, for the Fire Company’s firehouse
renovations project, with such tax-exempt financing to be with the Glens Falls National Bank and
Trust Company for a construction to permanent mortgage with a term of 26 years, and
BE IT FURTHER,
RESOLVED, that the Town of Queensbury does not guarantee such debt with the Glens
Falls National Bank and Trust Company on behalf of the Fire Company nor does the Town Board
create or intend to create any assumption on the part of the Town of Queensbury of any
obligation or liability for the financing, and
BE IT FURTHER,
RESOLVED, that the Town Board authorizes and directs the Town Supervisor and/or Budget
Officer to take such other and further actions necessary to effectuate the terms of this Resolution.
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Duly adopted this 7 day of December, 2020 by the following vote:
AYES : Mr. Strough, Mr. Freer, Mr. Ferone, Mr. Magee
NOES : None
ABSENT:None
ABSTAIN: Mr. Metivier
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