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Federal Highway/NY DOT Sidewalk Project 8760.64 Funding Statement and Resolution

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  1. 12012-08-13
    Federal Highway/NY DOT Sidewalk Project 8760.64 Funding Statement and Resolution
    inline resolutionmeeting · 2012-08-13 · resolution 11-2012 · passed

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Federal Highway/NY DOT Sidewalk Project 8760.64 Funding Statement and Resolution

Resolution #11-2012 — 2012-08-13

WHEREAS

  • the Village of Red Hook has been awarded the sidewalk and crosswalk grant from federal and state sources which is 100% reimburseable
  • the program has been approved and authorized to proceed by NY DOT
  • the low bidding contractor Fourmen Construction Inc. has been awarded the job for the bid price of $187,787
  • the DOT reviews bills from the contractor before reimbursing the village and there may be short term time delays (several weeks) between payment to the contractor and reimbursement to the Village of Red Hook
  • there may be a need to reduce the impact on the General Fund by exercising the bridge loan for the gap between payment by the village and reimbursement by the grantor
  • Salisbury Bank has analyzed the project and financial data and offers a bridge loan to the Village of Red Hook at 1.35% interest

RESOLVED

  • the village Mayor can exercise the bridge loan up to the amount of the bid contract, if needed