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Key Bank Parking Lot Purchase – Capital Grants Project Ccap 6545–grant Disbursement Agreement Resolution

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1 versions2016-03-14#6-2016inline resolution

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  1. 12016-03-14
    Key Bank Parking Lot Purchase – Capital Grants Project Ccap 6545–grant Disbursement Agreement Resolution
    inline resolutionmeeting · 2016-03-14 · resolution 6-2016 · passed

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KEY BANK PARKING LOT PURCHASE – CAPITAL GRANTS PROJECT CCAP 6545–GRANT DISBURSEMENT AGREEMENT RESOLUTION

Resolution #6-2016 — 2016-03-14

WHEREAS

  • the Village of Red Hook has been awarded the capital project for $125,000 from NY state sources which is a 100% re-imbursement type grant
  • the required paperwork has been filed by the Village of Red Hook with NYS Dormitory Authority (DASNY), the governing agency/funding source, and we now have the Grant Disbursement Agreement (GDA) and DASNY
  • the Property has been purchased with previously approved bridge loan funding with Salisbury Bank for the sale price of $60,000 at 1.35 % interest
  • DASNY is requested an update of the Questionnaire, Opinion of Counsel letter and completion of the GDA so the next step for released of funds can proceed
  • the GDA instructs the Village to evidence that a segregated account will be established to accept funds and disburse funds related to the project

RESOLVED

  • the Village Mayor is authorized to sign the GDA and any subsequent, directly related paperwork required by DASNY
  • the Treasurer has designated Trust and Agency Account T10,10 to be the segregated account for fund acceptance and disbursement of grant funds