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RESOLUTION TO APPROVE REFINANCING FOR NEW GARBAGE/LEAF TRUCK USING FUND BALANCE IN ADDITION TO OTHER FUNDING

↑Meetings/Resolutions/2-2024
Activeformal_resolutionongoingThe Village Board approves refinancing the new Garbage/Leaf Truck purchase with $17,400 from truck sale proceeds, $2,500 from Highway Reserve Fund line item, and $80,100 from General Fund balance, with a $50,000 refinanced amount for a 3-year term.
First seen
2024-01-25
Latest event
2024-01-25
adopted
Expires
2027-01-25

Resolution text

RESOLVED

  1. 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
  2. the refinanced amount of $50,000 will be refinanced for a 3-year term
Show preamble — 4 WHEREAS clauses
  • WHEREAS, the purchase of the new Garbage/Leaf Truck (2020 International) cost $218,000
  • WHEREAS, this purchase was made in August of 2023 and was financed with a short term bond
  • WHEREAS, 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
  • WHEREAS, 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)

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Lifecycle (1 event)

2024-01-25adoptedvote: 5-0
Approve refinancing for new garbage/leaf truck using fund balance in addition to other funding.
moved by Bradley-Rickard · seconded by Appenzeller
Show text snapshot for this event
Resolved
  1. 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
  2. the refinanced amount of $50,000 will be refinanced for a 3-year term
Whereas
  • WHEREAS, the purchase of the new Garbage/Leaf Truck (2020 International) cost $218,000
  • WHEREAS, this purchase was made in August of 2023 and was financed with a short term bond
  • WHEREAS, 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
  • WHEREAS, 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)
Subject key: garbage_leaf_truck_refinancing