378.2022 Authorizing WGF EMS Inc Refinance Squad Bldg RESOLUTION AUTHORIZING WEST GLENS FALLS EMERGENCY
SQUAD, INC. TO REFINANCE SQUAD BUILDING BY USE OF
TAX-EXEMPT FINANCING
RESOLUTION NO.: 378,2022
INTRODUCED BY: Mr.Anthony Metivier
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. George Ferone
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, Town Board approval of this proposed building refinancing is required by the
Squad's Agreement with the Town, and the proposed tax-exempt financing requires a public hearing
under the Internal Revenue Code, and
WHEREAS, on Monday, October 17th, 2022, the Town Board held a public hearing
concerning the Squad's proposed building refinancing and tax-exempt financing as required by the
Squad's Agreement with the Town and the Internal Revenue Code and heard all interested
persons, and
WHEREAS, the Town Board has determined that it is necessary, financially beneficial and in
the public interest to authorize such refinancing, and
WHEREAS, the Town Board therefore wishes to adopt a Resolution authorizing such
building refinancing and the Squad's corresponding incurrence of tax-exempt debt and financing,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby approves of the West Glens Falls
Emergency Squad, Inc. (Squad)proposal for mortgage/commercial loan financing not to exceed the
amount of$546,000 as set forth in the preambles of this Resolution, and
BE IT FURTHER,
RESOLVED, that the Town Board further approves of the Squad's incurrence of
approximately $546,000 maximum amount in debt for such building refinancing and approves of the
tax-exempt financing with the Adirondack Trust Company for the purpose of such building refinancing,
with such tax-exempt financing having a tax-exempt interest rate of 4.3% fixed for 60 months, such
renewed interest financing to occur with principal and interest used to pay the loan in full by year-
end 2027, 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.
Duly adopted this 17t'day of October, 2022 by the following vote:
AYES Mr. McNulty, Mr. Strough, Mr. Metivier, Mr. Ferone
NOES None
ABSENT: Mr. Freer