RESOLUTION TO APPROVE REFINANCING FOR NEW GARBAGE/LEAF TRUCK USING FUND BALANCE IN ADDITION TO OTHER FUNDING
Resolution #2-2024 — 2024-01-25
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
- the Village Board of Trustees previously approved using the following funding: $29,000 taken from the Highway Reserve Fund held at M&T Bank (subject to a permissive referendum) and $39,000 will be from CHIPS funding (Acct A5110.3)
RESOLVED
- the following additional funding for the new Garbage/Leaf Truck will be as follows: $17,400 from the proceeds of the sale of the old garbage/leaf truck at auction, $2,500 from A9621 Highway Reserve Fund line item, and $80,100 from the General Fund, Fund Balance
- the refinanced amount of $50,000 will be refinanced for a 3-year term