Red Hook WatchIndependent Community Resource

COMMUNIPARK – FUNDING STATEMENT WITH RESOLUTION – Line of Credit and Grant

↑Meetings/Resolutions/30-2019
One-time (complete)formal_resolutionone_timeAuthorizes the Village Treasurer to utilize a line of credit from Salisbury Bank at 3% interest up to $45,000 to pay for municipal parking lot improvements, with repayment from DASNY grant reimbursement.
First seen
2019-06-20
Latest event
2019-06-20
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 installation and materials costs, up to $45,000. With line of credit option utilized, the Village will use grant receipt amounts 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 the $125,000 NYS DASNY grant to purchase and improve the municipal lot and complied with purchasing standards.
  • WHEREAS, the village selected Stat Construction; Hitchcock and Company Electric; F.Vosburg & Son and Keeler Vault to supply and install improvements to the lot for parking and community events with projected costs of approximately $41,000
  • WHEREAS, the Village will utilize its Highway Department staff for excavation and trenching, including purchase certain components and at its cost, for the grant reimbursement and/or "in-kind" matching requirements;
  • WHEREAS, the DASNY grant is a reimbursement style grant and the Village will incur the costs and then submit for payment to DASNY;
  • WHEREAS, the Village also has a line of credit with Salisbury Bank at 3% interest;

Lifecycle (1 event)

2019-06-20adoptedvote: 4-0
Authorize use of line of credit from Salisbury Bank to fund CommuniPark municipal parking lot improvements with DASNY grant reimbursement.
moved by Blundell · seconded by Trapp
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 installation and materials costs, up to $45,000. With line of credit option utilized, the Village will use grant receipt amounts 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 the $125,000 NYS DASNY grant to purchase and improve the municipal lot and complied with purchasing standards.
  • WHEREAS, the village selected Stat Construction; Hitchcock and Company Electric; F.Vosburg & Son and Keeler Vault to supply and install improvements to the lot for parking and community events with projected costs of approximately $41,000
  • WHEREAS, the Village will utilize its Highway Department staff for excavation and trenching, including purchase certain components and at its cost, for the grant reimbursement and/or "in-kind" matching requirements;
  • WHEREAS, the DASNY grant is a reimbursement style grant and the Village will incur the costs and then submit for payment to DASNY;
  • WHEREAS, the Village also has a line of credit with Salisbury Bank at 3% interest;
Subject key: communipark_parking_lot_improvement