VILLAGE OF RED HOOK RESOLUTION #___ - 2026 DATED: FEBRUARY 23, 2026
A meeting of the Village of Red Hook Board of Trustees was convened in public session at the Village Hall, 7467 South Broadway, Red Hook, NY on February 23, 2026. The meeting was called to order by Mayor Smythe.
A RESOLUTION AUTHORIZING A TEMPORARY INTERFUND ADVANCE FROM THE GENERAL FUND TO THE SEWER FUND FOR PAYMENT OF DEBT SERVICE.
WHEREAS, the Village maintains a General Fund and a Sewer Fund; and
WHEREAS, 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
WHEREAS, 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
WHEREAS, 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;
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Village of Red Hook, as follows:
1. Authorization of Temporary Interfund Advance. 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
2. Source of Funds; Availability. 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.
3. Repayment; Timing. The Sewer Fund shall repay the Advance to the General Fund as soon as available. A repayment plan will be developed prior to the end of the fiscal year.
4. Records; Accounting. The Village Treasurer/Chief Fiscal Officer is authorized and directed to (i) make the Advance, (ii) maintain suitable records of the Advance and 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.
5. Effective Date. This Resolution shall take effect immediately.
Motion by: ____________________ Seconded by: _________________
|Motion by: ____________________ Seconded by: _________________|Motion by: ____________________ Seconded by: _________________|Motion by: ____________________ Seconded by: _________________|Motion by: ____________________ Seconded by: _________________|Motion by: ____________________ Seconded by: _________________|Motion by: ____________________ Seconded by: _________________| |---|---|---|---|---|---| |The foregoingresolutionwas duly putto a vote, which resulted as follows:|||||| |Mayor Smythe|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |DeputyMayor Kjarval|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Trustee Uku|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Trustee Smith|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |TrusteeMaccarini|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Vote Total|||||| |Result|Motion:|||||
I hereby attest that the above Resolution was approved by the Board of Trustees at its February 23, 2026 meeting, and that I have been authorized to sign this Resolution by decision of the Board of Trustees.
______________________ ____________________ Jennifer Cavanaugh, Clerk Date