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A Resolution Authorizing a Temporary Interfund Advance from the General Fund to the Sewer Fund for Payment of Debt Service

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Inline resolution2026-02-23#7-2026
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A RESOLUTION AUTHORIZING A TEMPORARY INTERFUND ADVANCE FROM THE GENERAL FUND TO THE SEWER FUND FOR PAYMENT OF DEBT SERVICE

Resolution #7-2026 — 2026-02-23

WHEREAS

  • the Village maintains a General Fund and a Sewer Fund; and
  • the Village anticipates that the Sewer Fund is experiencing a temporary cash flow shortfall such that sufficient cash may not be available to timely make a scheduled debt service payment when due; and
  • General Municipal Law Section 9-a authorizes a municipal corporation to make temporary interfund advances of moneys not immediately required for the purpose for which they were raised or received, provided such advance is duly authorized and repaid as required by law; and
  • the Board of Trustees finds that it is in the best interest of the Village to authorize a temporary interfund advance from the General Fund to the Sewer Fund to avoid late payment, penalties, or default with respect to such debt service obligation

RESOLVED

  • Pursuant to General Municipal Law Section 9-a, the Board hereby authorizes a temporary interfund advance from the Village General Fund to the Village Sewer Fund in an amount not to exceed $205,430 (the "Advance"), for the purpose of paying Sewer Fund debt service due on or about March 18, 2026
  • The Advance shall be made only from General Fund moneys that are not immediately required for General Fund purposes and that are otherwise legally available for temporary advance under General Municipal Law Section 9-a.
  • The Advance is a temporary interfund advance, not a transfer. The Sewer Fund shall repay the Advance to the General Fund from Sewer Fund revenues as soon as moneys are available, but in any event no later than the close of the fiscal year ending May 31, 2026, together with no interest. A repayment schedule shall be prepared by the Village Treasurer and presented to the board no later than May 11, 2026.
  • The Village Treasurer is authorized and directed to (i) make the Advance, (ii) maintain suitable records of the Advance and any repayment, and (iii) take all actions necessary to properly account for the transaction in accordance with applicable law and guidance from the Office of the State Comptroller.
  • The officers, employees, and agents of the Village are authorized and directed to take all further actions and execute all documents as may be necessary or convenient to carry out the intent of this Resolution.
  • If any provision of this Resolution is determined to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
  • This Resolution shall take effect immediately.