COMMUNIPARK – FUNDING STATEMENT WITH RESOLUTION – Line of Credit and Grant

Resolution #30-2019 — 2019-06-20

WHEREAS

• the Village of Red Hook Board has received the $125,000 NYS DASNY grant to purchase and improve the municipal lot and complied with purchasing standards.
• the village selected Stat Construction; Hitchcock and Company Electric; F.Vosburg & Son and Keeler Vault to supply and install improvements to the lot for parking and community events with projected costs of approximately $41,000
• the Village will utilize its Highway Department staff for excavation and trenching, including purchase certain components and at its cost, for the grant reimbursement and/or "in-kind" matching requirements;
• the DASNY grant is a reimbursement style grant and the Village will incur the costs and then submit for payment to DASNY;
• the Village also has a line of credit with Salisbury Bank at 3% interest;

RESOLVED

• the village Treasurer is authorized to utilize the line of credit from Salisbury Bank to pay the direct costs. The Mayor and/or Treasurer are authorized to exercise the line of credit up to the amount of the installation and materials costs, up to $45,000. With line of credit option utilized, the Village will use grant receipt amounts to pay down the line of credit accordingly and reduce the amount borrowed from Salisbury Bank to a $0 balance for this activity.