Red Hook WatchIndependent Community Resource

Salisbury Bank and Trust Company/Bonding for Red Hook Village 2018 Freightliner 108SD Snow Plow - Dump Truck

↑Meetings/Resolutions/33-2017
One-time (complete)formal_resolutionone_timeAuthorize the issuance of a municipal bond note for $88,855 through Salisbury Bank at 1.88% interest to purchase a 2018 Freightliner 108SD truck, with the down payment funded from multiple fund sources and with proceeds from the sale of the 1996 International truck and FEMA recovery money applied to the first bond payment.
First seen
2017-12-11
Latest event
2017-12-11
adopted
Expires
—

Resolution text

RESOLVED

  1. Authorization is given to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law for the purpose of the purchase of a new 2018 Freightliner Truck, with the down payment funded from specified fund sources.
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 will 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)

2017-12-11adoptedvote: unanimous
Accept Resolution 33-2017 regarding Salisbury Bank financing for a 2018 Freightliner highway plow truck.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. Authorization is given to issue a note for $88,855 in the form of a municipal bond pursuant to the Local Finance Law for the purpose of the purchase of a new 2018 Freightliner Truck, with the down payment funded from specified fund sources.
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 will 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_2018