145.2010 WGF Fire Refinance Fire Station
RESOLUTION AUTHORIZING WEST GLENS FALLS VOLUNTEER FIRE
COMPANY, INC. TO REFINANCE FIRE STATION
RESOLUTION NO.: 145, 2010
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, the Town of Queensbury and the West Glens Falls 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
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WHEREAS, by email dated March 9, 2010 from the Fire Company’s President to the
Town Supervisor (a copy of which has been presented at this meeting), the Fire Company advised
that it has an opportunity to refinance its Fire Station at a lower interest rate, and
WHEREAS, the Fire Company’s current mortgage has a balance of $979,440.50 at
4.85%$9164.43,
with a term of 22 months remaining with an approximate monthly payment of
and upon the end of such term, the mortgage terms are to be renegotiated for the remaining 12
year life of the loan, and
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WHEREAS, the proposed mortgage financing is for a term of 60 months at an
3.85%$8673.55
interest rate of with an approximate monthly payment of , after which term the
mortgage terms are to be renegotiated, and
WHEREAS, the Town Board has determined that it is necessary, financially beneficial and in
the public interest to authorize such refinancing,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the mortgage refinancing of
West Glens Falls Volunteer Fire Company, Inc. as generally set forth in the preambles of this
Resolution, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor, and/or
Town Budget Officer to take any action necessary to effectuate all terms of this Resolution.
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Duly adopted this 15 day of March, 2010 by the following vote:
AYES: Mr. Montesi, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier
NOES: None
ABSENT: None
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