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Salisbury Bank and Trust Company/Bonding for Red Hook Village 2018 Freightliner 108SD Snow Plow - Dump Truck

↑Meetings/Document history/chain_0649
2 versions2017-11-03 → 2017-12-11#33-2017inline resolution

Versions

  1. 12017-11-03
    Salisbury Bank and Trust Company Bonding for Red Hook Village 2018 Freightliner Truck
    inline resolutionmeeting · 2017-11-03 · resolution 29A-2017 · passed
  2. 22017-12-11
    Salisbury Bank and Trust Company/Bonding for Red Hook Village 2018 Freightliner 108SD Snow Plow - Dump Truck
    inline resolutionmeeting · 2017-12-11 · resolution 33-2017 · passed

Latest version

Original file not available onlineView version history →Meeting on 2017-12-11 →

Salisbury Bank and Trust Company/Bonding for Red Hook Village 2018 Freightliner 108SD Snow Plow - Dump Truck

Resolution #33-2017 — 2017-12-11

WHEREAS

  • 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 will 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

  • Authorization is given to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law for the purpose of the purchase of a new 2018 Freightliner Truck, with the down payment funded from specified fund sources.

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.