RESOLUTION TO APPROVE CHIPS & HIGHWAY RESERVE FUNDING TOWARD NEW GARBAGE/LEAF TRUCK FINANCING

Resolution #1-2024 — 2024-01-08

WHEREAS

• the purchase of the new Garbage/Leaf Truck (2020 International) cost $218,000
• this purchase was made in August of 2023 and was financed with a short term bond
• the Village had always intended to convert this short-term bond into longer term financing while reducing the total cost with other sources of funds

RESOLVED

• that two sources of funding for the new Garbage/Leaf Truck will be as follows: $29,000 will be taken from the Highway Reserve Fund held at M&T Bank and $39,000 will be from CHIPS funding (Acct A5110.3)
• that further funding sources may be identified before finalizing the long-term financing