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Salisbury Bank and Trust Company Line of Credit Note for Red Hook Village 2016 RAM Truck

↑Meetings/Documents/res::7-2016::2016-04-11::_04112016-8
Inline resolution2016-04-11#7-2016
Original file not available onlineView version history →Meeting on 2016-04-11 →

Salisbury Bank and Trust Company Line of Credit Note for Red Hook Village 2016 RAM Truck

Resolution #7-2016 — 2016-04-11

WHEREAS

  • the Village of Red Hook purchased from Robert Green Truck Inc. a 2016 RAM Dump truck for the sole purpose of highway use.
  • Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.35%
  • the power to prescribe the terms, forms and contents of such note is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook is hereby directed to sign any note and ancillary documents 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.
  • The Village Board has indemnified 2015-2016 fiscal year line items that will be compiled as surplus and utilized to reduce the borrowing after the initial funds are disbursed.

RESOLVED

  • Authorizes the issuance of a note for $71,765.30 in the form of a commercial line of credit pursuant to the Local Finance Law, for the purpose of the purchase of a new 2016 RAM truck.