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Salisbury Bank and Trust Company Bonding for Red Hook Village 2018 Freightliner Truck

↑Meetings/Documents/res::29A-2017::2017-11-03::_11032017-47
Inline resolution2017-11-03#29A-2017
Original file not available onlineView version history →Meeting on 2017-11-03 →

Salisbury Bank and Trust Company Bonding for Red Hook Village 2018 Freightliner Truck

Resolution #29A-2017 — 2017-11-03

WHEREAS

  • the Village of Red Hook intends to purchase from Patriot Truck Inc. a 2018 Freightliner 108SD Dump/Plow truck as fitted with options as listed in Unit #JE 4874; for the purpose of highway department and water department use, subject to bonding requirements
  • Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.88% and the Village may utilize that as a down payment conveyance vehicle
  • The Village Board has identified 2016-17 and 2017-2018 fiscal year line items that will be compiled and utilized to reduce the borrowing. This amount will be $40,000 from the General Fund –Fund Balance; $20,000 CHIPS 5110.3,; $10,000 Highway Capital Outlay 5110.2;Highway CD Reserve Fund A9621 $5,000; Water -Fund Balance $7,500; Snow Vehicle Repair 5142.42 $2,000= $84,500. This amount is to be used to reduce the purchase price as a down payment
  • Proceeds from the sale of the 1996 International truck and FEMA recovery money from Storm Stella will be deposited in the Highway Reserve CD Fund #A9621 toward the first bond payment
  • the terms, forms and contents of such bond are proscribed by law, authority to complete the process is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook or Treasurer Cynthia Chiarella is hereby directed to sign any note and ancillary documents to gather the funds issued pursuant to this resolution, and the Village Clerk Cynthia Chiarella is hereby directed to attest said signature and to affix to such notes the corporate seal of the Village of Red Hook

RESOLVED

  • The Mayor and Treasurer are authorized to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law through Salisbury Bank and Trust Company at an interest rate of 1.88% for the purchase of a 2018 Freightliner 108SD dump/plow truck, with down payment funded from identified 2016-17 and 2017-2018 fiscal year line items totaling $84,500