Red Hook WatchIndependent Community Resource

Salisbury Bank and Trust Company Bonding for Red Hook Village 2018 Freightliner Truck

↑Meetings/Resolutions/29A-2017
ActiveoperationalongoingAuthorizes the issuance of a note for $88,855 through Salisbury Bank at 1.88% interest for the purchase of a 2018 Freightliner 108SD dump/plow truck, with a down payment of $84,500 from identified fund sources and proceeds from the sale of the 1996 truck and FEMA recovery funds to be deposited toward the first bond payment.
First seen
2017-11-03
Latest event
2017-11-03
adopted
Expires
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Resolution text

RESOLVED

  1. The Mayor and Treasurer are authorized to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law through Salisbury Bank and Trust Company at an interest rate of 1.88% for the purchase of a 2018 Freightliner 108SD dump/plow truck, with down payment funded from identified 2016-17 and 2017-2018 fiscal year line items totaling $84,500
Show preamble — 5 WHEREAS clauses
  • WHEREAS, the Village of Red Hook intends to purchase from Patriot Truck Inc. a 2018 Freightliner 108SD Dump/Plow truck as fitted with options as listed in Unit #JE 4874; for the purpose of highway department and water department use, subject to bonding requirements
  • WHEREAS, Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.88% and the Village may utilize that as a down payment conveyance vehicle
  • WHEREAS, The Village Board has identified 2016-17 and 2017-2018 fiscal year line items that will be compiled and utilized to reduce the borrowing. This amount will be $40,000 from the General Fund –Fund Balance; $20,000 CHIPS 5110.3,; $10,000 Highway Capital Outlay 5110.2;Highway CD Reserve Fund A9621 $5,000; Water -Fund Balance $7,500; Snow Vehicle Repair 5142.42 $2,000= $84,500. This amount is to be used to reduce the purchase price as a down payment
  • WHEREAS, Proceeds from the sale of the 1996 International truck and FEMA recovery money from Storm Stella will be deposited in the Highway Reserve CD Fund #A9621 toward the first bond payment
  • WHEREAS, the terms, forms and contents of such bond are proscribed by law, authority to complete the process is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook or Treasurer Cynthia Chiarella is hereby directed to sign any note and ancillary documents to gather the funds issued pursuant to this resolution, and the Village Clerk Cynthia Chiarella is hereby directed to attest said signature and to affix to such notes the corporate seal of the Village of Red Hook

Lifecycle (1 event)

2017-11-03adoptedvote: unanimous
Authorize the Mayor and Treasurer to issue a municipal bond for $88,855 through Salisbury Bank and Trust Company for the purchase of a 2018 Freightliner dump/plow truck.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. The Mayor and Treasurer are authorized to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law through Salisbury Bank and Trust Company at an interest rate of 1.88% for the purchase of a 2018 Freightliner 108SD dump/plow truck, with down payment funded from identified 2016-17 and 2017-2018 fiscal year line items totaling $84,500
Whereas
  • WHEREAS, the Village of Red Hook intends to purchase from Patriot Truck Inc. a 2018 Freightliner 108SD Dump/Plow truck as fitted with options as listed in Unit #JE 4874; for the purpose of highway department and water department use, subject to bonding requirements
  • WHEREAS, Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.88% and the Village may utilize that as a down payment conveyance vehicle
  • WHEREAS, The Village Board has identified 2016-17 and 2017-2018 fiscal year line items that will be compiled and utilized to reduce the borrowing. This amount will be $40,000 from the General Fund –Fund Balance; $20,000 CHIPS 5110.3,; $10,000 Highway Capital Outlay 5110.2;Highway CD Reserve Fund A9621 $5,000; Water -Fund Balance $7,500; Snow Vehicle Repair 5142.42 $2,000= $84,500. This amount is to be used to reduce the purchase price as a down payment
  • WHEREAS, Proceeds from the sale of the 1996 International truck and FEMA recovery money from Storm Stella will be deposited in the Highway Reserve CD Fund #A9621 toward the first bond payment
  • WHEREAS, the terms, forms and contents of such bond are proscribed by law, authority to complete the process is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook or Treasurer Cynthia Chiarella is hereby directed to sign any note and ancillary documents to gather the funds issued pursuant to this resolution, and the Village Clerk Cynthia Chiarella is hereby directed to attest said signature and to affix to such notes the corporate seal of the Village of Red Hook
Subject key: highway_plow_truck_bond