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Salisbury Line of Credit renewal Resolution

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1 versions2017-11-13#32-2017inline resolution

Versions

  1. 12017-11-13
    Salisbury Line of Credit renewal Resolution
    inline resolutionmeeting · 2017-11-13 · resolution 32-2017 · passed

Document

Original file not available onlineView version history →Meeting on 2017-11-13 →

Salisbury Line of Credit renewal Resolution

Resolution #32-2017 — 2017-11-13

WHEREAS

  • the Village of Red Hook periodically receives grants for various infrastructure improvements and vehicle/equipment purchases that are 'reimbursement' grants where the village has to spend it's resources and process reimbursement requests
  • these grants are a significant aspect in the Village's ability to perform infrastructure upgrades and make certain purchases
  • there are needs to reduce the impact on the Village's General Fund by exercising the line of credit as a bridge loan for the time gap between payment by the village and reimbursement by the grantor
  • Salisbury Bank offers a line of credit at an interest rate of 1.88 or up to 2%

RESOLVED

  • The continuance of the line of credit from Salisbury Bank for $200,000 at 1.88 or up to 2% interest
  • The specific purpose and amount utilized in a bridge loan of the obligation is to be stated in separate, specific resolutions when the need arises
  • The Mayor is authorized to sign the continuance note and any ancillary documents related to this resolution. The Village Clerk is directed to attest and 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 and interest on the note

Changes between versions

2017-11-03→2017-12-11
substantive change+4 −4

The document title was updated and the RESOLVED clause was significantly condensed.

  • Title changed from 'Salisbury Bank and Trust Company Bonding for Red Hook Village 2018 Freightliner Truck' to 'Salisbury Bank and Trust Company/Bonding for Red Hook Village 2018 Freightliner 108SD Snow Plow - Dump Truck'
  • Document date advanced from 2017-11-03 to 2017-12-11
  • The RESOLVED clause was substantially condensed, removing specific references to 'Salisbury Bank and Trust Company', the '1.88%' interest rate, and the specific '$84,500' down payment total
Show red-line diff
WHEREAS clauses: - the Village of Red Hook intends to purchase from Patriot Truck Inc. a 2018 Freightliner 108SD Dump/Plow truck as fitted with options as listed in Unit #JE 4874; for the purpose of highway department and water department use, subject to bonding requirements - Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.88% and the Village may utilize that as a down payment conveyance vehicle - The Village Board has identified 2016-17 and 2017-2018 fiscal year line items that will be compiled and utilized to reduce the borrowing. This amount will be $40,000 from the General Fund –Fund Balance; $20,000 CHIPS 5110.3,; $10,000 Highway Capital Outlay 5110.2;Highway CD Reserve Fund A9621 $5,000; Water -Fund Balance $7,500; Snow Vehicle Repair 5142.42 $2,000= $84,500. This amount is towill be used to reduce the purchase price as a down payment. - Proceeds from the sale of the 1996 International truck and FEMA recovery money from Storm Stella will be deposited in the Highway Reserve CD Fund #A9621 toward the first bond payment. - the terms, forms and contents of such bond are proscribed by law, authority to complete the process is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook or Treasurer Cynthia Chiarella is hereby directed to sign any note and ancillary documents to gather the funds issued pursuant to this resolution, and the Village Clerk Cynthia Chiarella is hereby directed to attest said signature and to affix to such notes the corporate seal of the Village of Red Hook. RESOLVED clauses: - TheAuthorization Mayoris and Treasurer are authorizedgiven to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law throughfor Salisburythe Bank and Trust Company at an interest ratepurpose of 1.88% for the purchase of a new 2018 Freightliner 108SD dump/plow truckTruck, with the down payment funded from identifiedspecified 2016-17fund and 2017-2018 fiscal year line items totaling $84,500sources.

Recurring pattern

These other chains use the same template but are separate decisions: