Red Hook WatchIndependent Community Resource

Salisbury Bank and Trust Company – Line of Credit Note for Red Hook Village Water Improvement Project (Well #15)

↑Meetings/Document history/chain_0403
1 versions2014-08-11#15-2014inline resolution

Versions

  1. 12014-08-11
    Salisbury Bank and Trust Company – Line of Credit Note for Red Hook Village Water Improvement Project (Well #15)
    inline resolutionmeeting · 2014-08-11 · resolution 15-2014 · passed

Document

Open original PDFView version history →Meeting on 2014-08-11 →

Salisbury Bank and Trust Company – Line of Credit Note for Red Hook Village Water Improvement Project (Well #15)

Resolution #15-2014 — 2014-08-11

WHEREAS

  • the Village of Red Hook has been awarded a CDBG for Water System Improvement Projects (Well #15) from Dutchess County Department of Planning which is reimbursable up to $150,000.00
  • Dutchess County Department of Planning and Development 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 Village's Water Fund by exercising the bridge loan for the time gap between payment by the Village and reimbursement by the grantor, and Project costs in excess of $150,000.00
  • Salisbury Bank and Trust Company has analyzed the project and financial data and offers a bridge loan to the Village in the form of a commercial line of credit to the Village of Red Hook at 1.35% interest
  • the Village Board of the Village of Red Hook, at its meeting on August 11, 2014, adopted a resolution effective August 11, 2014, authorizing the issuance of a line of credit note in the amount of $200,000.00

RESOLVED

  • The Village of Red Hook shall issue this line of credit note in the aggregate principal sum of $200,000.00
  • The specific object or purpose for which the obligation is to be issued is for the Red Hook Water Improvement Project (Well #15)
  • 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 is hereby directed to attest said signature and to affix to such notes the corporate seal of the Village of Red Hook
  • The faith and credit of the Village of Red Hook are hereby pledged for the payment of the principal of and interest on the Note
  • This resolution shall take effect immediately