Loading...
276.2011 2012-2014 Qsby Central Agreement Expa RESOLUTION APPROVING 2012 - 2014 FIRE PROTECTION SERVICES AGREEMENT BETWEEN TOWN OF QUEENSBURY AND QUEENSBURY CENTRAL VOLUNTEER FIRE COMPANY, INC. AND AUTHORIZING INCURRENCE OF TAX-FREE FINANCING/DEBT FOR FIREHOUSE EXPANSION RESOLUTION NO.: 276, 2011 INTRODUCED BY: Mr. Ronald Montesi WHO MOVED FOR ITS ADOPTION SECONDED BY: Mr. Tim Brewer WHEREAS, the Town of Queensbury and the Queensbury Central Volunteer Fire Company, Inc. (Fire Company) previously contracted for fire protection services, and WHEREAS, the Agreement for fire protection services 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 without prior approval of the Queensbury Town Board, and WHEREAS, the Fire Company has presented to the Town Board a proposal to construct an expansion of its firehouse on Lafayette Street for a principal amount not to exceed $1,700,000 and proposes to finance the expansion project through tax-exempt financing provided under §150(e) of the Internal Revenue Code of 1986, as amended, and WHEREAS, the Fire Company plans to negotiate with local banksto enter into a financing agreement for the amount of $1,700,000 for 15-20 years at a market rate expected to be approximately 2.5% and this financing arrangement is intended to qualify as tax-exempt under §150(e) of the Internal Revenue Code of 1986 as amended, if tax-exempt financing is available, and, if not, non tax-exempt financing is estimated to be approximately 3.75%,and WHEREAS, in accordance with §150(e)(3) and §147(f) of the Internal Revenue Code of 1986, as amended, the Fire Company has requested that the Town Board conduct a public hearing to authorize approval of the financing and the Town Supervisor to execute approval of the financing to comply with the statutory requirements, and WHEREAS, the Town Board has determined that it is in the best interest of the Fire Company and Town residents as required by the Internal Revenue Code to conduct a public hearing concerning the proposed expansion project, and WHEREAS, the Town and the Fire Company have also negotiated terms for a new three (3) year Agreement for fire protection services, and WHEREAS, in accordance with Town Law §184 and General Municipal Law §209(b), the th Town Board scheduled and duly held a public hearing on September 12, 2011 concerning the proposed Agreement, and in accordance with §150(e)(3) and §147(f) of the Internal Revenue Code of 1986, as amended, the Town Board also conducted a public hearing to authorize approval of the financing and the Town Supervisor to execute approval of the financing to comply with the statutory requirements the Fire Company’s proposal and tax-exempt financing as required by the Fire Company’s Agreement with the Town and the Internal Revenue Code, and heard all interested persons, and WHEREAS, a copy of the proposed Agreement has been presented at this meeting, and WHEREAS, the Town Board believes that the firehouse expansion will help provide for additional safety protection for the Town, and WHEREAS, the Town Board therefore wishes to adopt a Resolution authorizing the 2012- 2014 Agreement, firehouse expansion and the Fire Company’s corresponding incurrence of tax- exempt debt, 2 NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board on behalf of the Fire Protection District, hereby approves the Fire Protection Service Agreement between the Town and the Queensbury Central Volunteer Fire Co., Inc., for the years 2012- 2014 substantially in the form presented at this meeting, and BE IT FURTHER, RESOLVED, that the Town Board further approves of the Queensbury Central Volunteer Fire Company, Inc.’s proposal to construct an expansion of its firehouse on Lafayette Street for a principal amount not to exceed $1,700,000 and proposal to finance the expansion project through tax- exempt financing provided under §150(e) of the Internal Revenue Code of 1986, as amended, and BE IT FURTHER, RESOLVED, that the Town Board further approves of the Fire Company’s incurrence of approximately $1,700,000 maximum amount in debt for such expansion, and BE IT FURTHER, RESOLVED, that the Town of Queensbury does not guarantee such debt with the financial institution 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 further authorizes and directs the Town Supervisor to execute the 2012-2014 Agreement substantially in the form presented at this meeting and the Town 3 Supervisor and/or Town Budget Officer to take any action necessary to effectuate all terms of this Resolution. th Duly adopted this 12 day of September, 2011 by the following vote: AYES : Mr. Metivier, Mr. Montesi, Mr. Strough, Mr. Stec NOES : Mr. Brewer ABSENT: None 4