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363.2022 Res. Set PH WGF Emergency Squad to Refinance Bldg RESOLUTION SETTING PUBLIC HEARING ON WEST GLENS FALLS EMERGENCY SQUAD, INC.'S PROPOSAL TO REFINANCE ITS SQUAD BUILDING BY USE OF TAX-EXEMPT FINANCING RESOLUTION NO.: 363,2022 INTRODUCED BY: Mr. Timothy McNulty WHO MOVED ITS ADOPTION SECONDED BY: Mr.Anthony Metivier WHEREAS, in accordance with New York State Public Health Law Article 30, the Town of Queensbury and the West Glens Falls Emergency Squad, Inc. (Squad) have entered into an Agreement for general emergency ambulance services within the Town,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 without prior approval of the Queensbury Town Board, and WHEREAS, by Resolution No.: 213,2021, the Town Board authorized the Squad to refinance its Squad Building but the Squad subsequently did not refinance, and WHEREAS, the Squad has advised the Town Board that it now wishes to renew its interest rate for the final five (5) years of its 20 year commercial loan (building mortgage), and WHEREAS, the proposed new mortgage/commercial loan financing not to exceed the amount of $546,000 is at a tax-exempt interest rate of 4.3% fixed for 60 months with the Adirondack Trust Company such renewed interest financing to occur with principal and interest used to pay the loan in full by year-end 2027, and WHEREAS, the Town Board wishes to set a public hearing concerning the Squad's proposed building refinancing as Town Board approval of such proposed refinancing is required by the Squad's Agreement with the Town and such proposed tax-exempt financing requires a public hearing under the Internal Revenue Code, NOW, THEREFORE, BE IT RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning West Glens Falls Emergency Squad Inc.'s proposed building refinancing delineated in the preambles of this Resolution and the Squad's proposed use of tax-exempt financing, on Monday, October 17t", 2022 at 7:00 p.m., and BE IT FURTHER, RESOLVED, that the Town Board hereby authorizes and directs the Queensbury Town Clerk to publish a Notice of Public Hearing in the Post-Star Newspaper once at least fourteen(14) days prior to the Public Hearing. Duly adopted this 26t'day of September, 2022,by the following vote: AYES Mr. Strough, Mr. Metivier, Mr. Freer, Mr. McNulty NOES None ABSENT: Mr. Ferone