Red Hook WatchIndependent Community Resource

Federal Highway/NY DOT Sidewalk Project 8760.64 Funding Statement and Resolution

↑Meetings/Resolutions/11-2012
One-time (complete)formal_resolutionone_timeThe Village Board authorizes the Mayor to exercise a bridge loan up to the bid contract amount for the Federal Highway/NY DOT sidewalk project at 1.35% interest to cover short-term cash flow gaps between contractor payment and grant reimbursement.
First seen
2012-08-13
Latest event
2012-08-13
adopted
Expires
—

Resolution text

RESOLVED

  1. the village Mayor can exercise the bridge loan up to the amount of the bid contract, if needed
Show preamble — 6 WHEREAS clauses
  • WHEREAS, the Village of Red Hook has been awarded the sidewalk and crosswalk grant from federal and state sources which is 100% reimburseable
  • WHEREAS, the program has been approved and authorized to proceed by NY DOT
  • WHEREAS, the low bidding contractor Fourmen Construction Inc. has been awarded the job for the bid price of $187,787
  • WHEREAS, the DOT reviews bills from the contractor before reimbursing the village and there may be short term time delays (several weeks) between payment to the contractor and reimbursement to the Village of Red Hook
  • WHEREAS, there may be a need to reduce the impact on the General Fund by exercising the bridge loan for the gap between payment by the village and reimbursement by the grantor
  • WHEREAS, Salisbury Bank has analyzed the project and financial data and offers a bridge loan to the Village of Red Hook at 1.35% interest

Lifecycle (1 event)

2012-08-13adopted
Authorize the Mayor to exercise a bridge loan up to the amount of the sidewalk project contract ($187,787) at 1.35% interest from Salisbury Bank if needed.
Show text snapshot for this event
Resolved
  1. the village Mayor can exercise the bridge loan up to the amount of the bid contract, if needed
Whereas
  • WHEREAS, the Village of Red Hook has been awarded the sidewalk and crosswalk grant from federal and state sources which is 100% reimburseable
  • WHEREAS, the program has been approved and authorized to proceed by NY DOT
  • WHEREAS, the low bidding contractor Fourmen Construction Inc. has been awarded the job for the bid price of $187,787
  • WHEREAS, the DOT reviews bills from the contractor before reimbursing the village and there may be short term time delays (several weeks) between payment to the contractor and reimbursement to the Village of Red Hook
  • WHEREAS, there may be a need to reduce the impact on the General Fund by exercising the bridge loan for the gap between payment by the village and reimbursement by the grantor
  • WHEREAS, Salisbury Bank has analyzed the project and financial data and offers a bridge loan to the Village of Red Hook at 1.35% interest
Subject key: sidewalk_project_bridge_loan_8760_64