Loading...
2.14 2.14 FIRE AND RESCUE\Bay Ridge Fire-Set Public Hearing on Tax Exempt Loan for Truck Purchase—11-19-12 RESOLUTION SETTING PUBLIC HEARING ON BAY RIDGE VOLUNTEER FIRE COMPANY, INC.'S PROPOSAL TO PURCHASE A TRUCK AND TO USE TAX-EXEMPT FINANCING FOR SUCH PURCHASE RESOLUTION NO.: , 2012 INTRODUCED BY: WHO MOVED ITS ADOPTION SECONDED BY: WHEREAS, the Town of Queensbury and the Bay Ridge 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 WHEREAS, the Fire Company has advised the Town Board that it wishes to purchase a new 2013 Rosenbauer Rescue Apparatus (Truck) to replace one of its current apparatus, as previously recommended by the 2009 Fire Study Report issued for the Town by MMA Consulting Group, Inc., for the approximate purchase price not to exceed $156,000, such purchase already included in the Fire Company's five (5) year capital plan that forecasts future capital needs and expenditures, including anticipated vehicles, equipment, tools, other apparatus, facilities or improvements to facilities to be used for firematic purposes, and WHEREAS, the Fire Company hopes to take advantage of a pre-pay discount which would 1 lower the amount due and amount borrowed, and WHEREAS, proceeds from the sales of the Fire Company's replaced apparatus would be placed either: 1) against the principal of the new, proposed Truck; and/or 2) toward other Fire Company debt; and WHEREAS, once the new Truck is placed into service, the Fire Company will remove the replaced apparatus from service and sell it, and will sell it after all potential warranty/service issues are resolved with the new Truck, and WHEREAS,the Fire Company plans on paying for the proposed, new Truck as follows: 1. $26,000 down payment from the Fire Company fundraising proceeds; 2. Approximately $130,000 maximum amount of tax-exempt financing (having a 10 year term)with a financial institution; and WHEREAS, the Town Board wishes to set a public hearing concerning the Fire Company's proposed purchase, as Town Board approval of such proposed purchase is required by the Fire Company's Agreement with the Town, and such proposed tax-exempt financing requires a public hearing under the Internal Revenue Code, and WHEREAS, the Truck will be owned and used by the Fire Company to provide fire protection to the Town and maintained at its firehouse located at 1080 Bay Road in the Town of Queensbury, New York, NOW,THEREFORE,BE IT RESOLVED, that the Queensbury Town Board shall conduct a public hearing concerning Bay 2 Ridge Volunteer Fire Co., Inc.'s proposed Truck purchase delineated in the preambles of this Resolution and the partial financing of such proposed purchase using tax-exempt financing on Monday, December 17th, 2012 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 19th day of November,2012,by the following vote: AYES NOES : ABSENT: 3