213.2021 Authorizing WGF EMS Squad to Refinance Squad Bldg
RESOLUTION AUTHORIZING WEST GLENS FALLS EMERGENCY
SQUAD, INC. TO REFINANCE SQUAD BUILDING
RESOLUTION NO.: 213, 2021
INTRODUCED BY: Mr. Tim McNulty
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. George Ferone
WHEREAS, the Town of Queensbury and the West Glens Falls Emergency Squad, Inc.
(Squad) have entered into an Agreement for emergency services, which Agreement sets forth a number
of terms and conditions including a condition that the Squad 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 Squad 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 Squad has advised the Town Board that it has an opportunity to
refinance its mortgage at a lower interest rate, and
WHEREAS, the Squad’s current mortgage has a balance of approximately $680,520 at
3.50% with a term of 76 months remaining with an approximate monthly payment of $9,866.76
with Adirondack Trust Company, and
WHEREAS, the proposed new mortgage/commercial loan financing of $700,000 is at an
interest rate of 3.5% fixed for five (5) years and on each subsequent fifth year anniversary, the
rate is to be reset to the prevailing Adirondack Trust Company Base Lending Rate thereby
reducing the monthly payment to $5,004.18, assuming 180 month amortization remains
unchanged, such refinancing to occur with new money to be used for closing costs and/or
working capital, 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, in accordance with §8(A) of the Town of Queensbury’s Agreement with the
West Glens Falls Emergency Squad, Inc. (Squad) for emergency services, that the Queensbury Town
Board hereby authorizes the Squad’s mortgage/commercial loan refinancing as generally set forth in
the preambles of this Resolution, and
BE IT FURTHER,
RESOLVED, that the Town of Queensbury does not guarantee such debt with the
financial institution on behalf of the Squad 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 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 21 day of June, 2021 by the following vote:
AYES : Mr. McNulty, Mr. Strough, Mr. Metivier, Mr. Freer, Mr. Ferone
NOES : None
ABSENT: None