Red Hook WatchIndependent Community Resource

BODY ARMOR – FUNDING STATEMENT WITH RESOLUTION – Line of Credit and Grant

↑Meetings/Resolutions/13-2019
One-time (complete)formal_resolutionone_timeAuthorize the Treasurer to utilize a line of credit from Salisbury Bank at 3.0% interest up to $12,500 to fund body armor purchase from KVI Uniforms & Equipment for $10,798.28, with grant receipts, donations, and budget lines to be used for repayment.
First seen
2019-03-11
Latest event
2019-03-11
adopted
Expires
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Resolution text

RESOLVED

  1. 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 purchase costs, up to $12,500. With line of credit option utilized, the Village will use grant receipt amounts, donations and budget lines to pay down the line of credit accordingly and reduce the amount borrowed from Salisbury Bank to a $0 balance for this activity
Show preamble — 5 WHEREAS clauses
  • WHEREAS, the Village of Red Hook Board has received grant to purchase body armor via the Office of NYS Senator Serino, has researched and reviewed options with it's police department, and complied with purchasing obligations with a state contract supplier
  • WHEREAS, the village selected KVI Uniforms & Equipment, Middletown, NY to supply and fit the officers for a cost of $10,798.28
  • WHEREAS, the Village will utilize a purchase order to make the order and list the state contract number
  • WHEREAS, the grant is a reimbursement style grant and the Village will incur the costs and then submit for payment to NYS
  • WHEREAS, the Village also has a line of credit with Salisbury Bank at 3.0% interest

Lifecycle (1 event)

2019-03-11adoptedvote: unanimous
Authorize the Treasurer to utilize a line of credit from Salisbury Bank to fund body armor purchase via KVI Uniforms & Equipment.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. 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 purchase costs, up to $12,500. With line of credit option utilized, the Village will use grant receipt amounts, donations and budget lines to pay down the line of credit accordingly and reduce the amount borrowed from Salisbury Bank to a $0 balance for this activity
Whereas
  • WHEREAS, the Village of Red Hook Board has received grant to purchase body armor via the Office of NYS Senator Serino, has researched and reviewed options with it's police department, and complied with purchasing obligations with a state contract supplier
  • WHEREAS, the village selected KVI Uniforms & Equipment, Middletown, NY to supply and fit the officers for a cost of $10,798.28
  • WHEREAS, the Village will utilize a purchase order to make the order and list the state contract number
  • WHEREAS, the grant is a reimbursement style grant and the Village will incur the costs and then submit for payment to NYS
  • WHEREAS, the Village also has a line of credit with Salisbury Bank at 3.0% interest
Subject key: body_armor_purchase_financing