Red Hook WatchIndependent Community Resource

JCB Backhoe Purchase – Funding Statement with Resolution

↑Meetings/Resolutions/3-2017
One-time (complete)formal_resolutionone_timeThe Board authorizes the replacement of the old Terex backhoe with a new JCB backhoe at a cost of $86,300, funded through trade-in allowance, unreserved fund balances, and a five-year loan from Salisbury Bank at 2.45% interest with annual payments of $6,734.67.
First seen
2017-01-09
Latest event
2017-01-09
adopted
Expires
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Resolution text

RESOLVED

  1. the Village Treasurer is authorized to move the above listed amounts from the unreserved fund balances to fund the purchase along with the $9,000 allocated from budget line 5110.3 to fund the purchase
  2. the $31,300 balance will be borrowed from Salisbury Bank
  3. the Mayor and/or Treasurer are authorized to exercise the line of credit up to the amount of the purchase contract, $86,297.99, less the trade in for ease of conveyance
  4. if the line of credit option is utilized, then the Village will transmit the amounts of the fund transfer to pay down the line of credit accordingly and borrow the $31,300 from Salisbury Bank for the five year loan
Show preamble — 3 WHEREAS clauses
  • WHEREAS, the Village of Red Hook Board has researched and reviewed options, and has previously agreed to replace the old Terex backhoe with a new JCB backhoe at a cost of $86,297.99, rounded to $86,300
  • WHEREAS, the trade-in value and unreserved fund balances will be applied to the purchase cost as follows: $86,300 Purchase Cost, -$16,000 Trade In Allowance, -$25,000 Unreserved Fund Balance General Fund, -$5,000 Unreserved Fund Balance Water Fund, -$9,000 CHIPS/PAVE NY Fund 2016-17 FY, A5110.3, leaving a balance of $31,300 that will be borrowed from Salisbury Bank at five year (5) option of $31,300 at 2.45% interest = Annual payment of $6,734.67, with first payment due January 31, 2018, in the next fiscal year
  • WHEREAS, the Village also has a line of credit with Salisbury at 1.88% interest

Lifecycle (1 event)

2017-01-09adoptedvote: unanimous
Authorize funding for JCB Backhoe purchase through fund transfers and a five-year loan from Salisbury Bank.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. the Village Treasurer is authorized to move the above listed amounts from the unreserved fund balances to fund the purchase along with the $9,000 allocated from budget line 5110.3 to fund the purchase
  2. the $31,300 balance will be borrowed from Salisbury Bank
  3. the Mayor and/or Treasurer are authorized to exercise the line of credit up to the amount of the purchase contract, $86,297.99, less the trade in for ease of conveyance
  4. if the line of credit option is utilized, then the Village will transmit the amounts of the fund transfer to pay down the line of credit accordingly and borrow the $31,300 from Salisbury Bank for the five year loan
Whereas
  • WHEREAS, the Village of Red Hook Board has researched and reviewed options, and has previously agreed to replace the old Terex backhoe with a new JCB backhoe at a cost of $86,297.99, rounded to $86,300
  • WHEREAS, the trade-in value and unreserved fund balances will be applied to the purchase cost as follows: $86,300 Purchase Cost, -$16,000 Trade In Allowance, -$25,000 Unreserved Fund Balance General Fund, -$5,000 Unreserved Fund Balance Water Fund, -$9,000 CHIPS/PAVE NY Fund 2016-17 FY, A5110.3, leaving a balance of $31,300 that will be borrowed from Salisbury Bank at five year (5) option of $31,300 at 2.45% interest = Annual payment of $6,734.67, with first payment due January 31, 2018, in the next fiscal year
  • WHEREAS, the Village also has a line of credit with Salisbury at 1.88% interest
Subject key: jcb_backhoe_purchase