Red Hook WatchIndependent Community Resource

Salisbury Bank Line of Credit Renewal - Amended

↑Meetings/Resolutions/26-2016
Activeformal_resolutionongoingAmendment to Resolution 26-2016 updating the interest rate to 1.88% for the two-year $200,000 line of credit from Salisbury Bank for interim funding of public improvements.
First seen
2016-10-17
Latest event
2016-10-17
amended
Expires
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Resolution text

RESOLVED

  1. the interest rate on the line of credit from Salisbury Bank is hereby set at 1.88% for a two year term
  2. the Mayor is authorized to sign the line of credit note and any ancillary documents with the interest rate set at 1.88% per loan documents
Show preamble — 4 WHEREAS clauses
  • WHEREAS, the Village of Red Hook periodically receives grants for various infrastructure improvements and vehicle/equipment purchases that are "reimbursement" grants where the village has to spend it's resources and process reimbursement requests
  • WHEREAS, these grants are a significant aspect in the Village's ability to perform infrastructure upgrades and make certain purchases
  • WHEREAS, there are needs to reduce the impact on the Village's General Fund by exercising the line of credit as a bridge loan for the time gap between payment by the Village and reimbursement by the grantor
  • WHEREAS, Salisbury Bank offers a line of credit at an interest rate of 1.35 % or up to 1.5% interest

Lifecycle (2 events)

2016-10-17adoptedvote: unanimous
Approve Resolution 26-2016 authorizing the continuance of a $200,000 line of credit from Salisbury Bank at 1.35% or up to 1.5% interest for interim funding of public improvements.
moved by Blundell · seconded by Trapp
Show text snapshot for this event
Resolved
  1. the Village Board authorizes the continuance of the line of credit from Salisbury Bank for $ 200,000 at 1.35 or up to 1.5% interest
  2. the specific purpose and amount utilized in a bridge load of the obligation is to be stated in separate, specific resolutions when the need arises
  3. the Mayor is authorized to sign the continuance note and any ancillary documents related to this resolution. The Village Clerk is directed to attest and affix to such notes the corporate seal of the Village of Red Hook
  4. the faith and credit of the Village of Red Hook are hereby pledged for the payment of the principal and interest on the note
Whereas
  • WHEREAS, the Village of Red Hook periodically receives grants for various infrastructure improvements and vehicle/equipment purchases that are "reimbursement" grants where the village has to spend it's resources and process reimbursement requests
  • WHEREAS, these grants are a significant aspect in the Village's ability to perform infrastructure upgrades and make certain purchases
  • WHEREAS, there are needs to reduce the impact on the Village's General Fund by exercising the line of credit as a bridge loan for the time gap between payment by the Village and reimbursement by the grantor
  • WHEREAS, Salisbury Bank offers a line of credit at an interest rate of 1.35 % or up to 1.5% interest
2016-10-17amendedvote: unanimous
Approve modified Resolution 26-2016 allowing the Mayor to sign the Salisbury Bank line of credit agreement with the interest rate set at 1.88% per loan documents.
moved by Blundell · seconded by Zacharzuk
Show text snapshot for this event
Resolved
  1. the interest rate on the line of credit from Salisbury Bank is hereby set at 1.88% for a two year term
  2. the Mayor is authorized to sign the line of credit note and any ancillary documents with the interest rate set at 1.88% per loan documents

Supersedes

26-2016
Subject key: salisbury_bank_line_of_credit