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Salisbury Bank and Trust Company Line of Credit Note for Red Hook Village 2016 RAM Truck

↑Meetings/Resolutions/7-2016
One-time (complete)formal_resolutionone_timeAuthorizes the issuance of a $71,765.30 line of credit note from Salisbury Bank and Trust Company at 1.35% interest for the purchase of a new 2016 RAM dump truck for highway use.
First seen
2016-04-11
Latest event
2016-04-11
adopted
Expires
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Resolution text

RESOLVED

  1. Authorizes the issuance of a note for $71,765.30 in the form of a commercial line of credit pursuant to the Local Finance Law, for the purpose of the purchase of a new 2016 RAM truck.
Show preamble — 4 WHEREAS clauses
  • WHEREAS, the Village of Red Hook purchased from Robert Green Truck Inc. a 2016 RAM Dump truck for the sole purpose of highway use.
  • WHEREAS, Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.35%
  • WHEREAS, the power to prescribe the terms, forms and contents of such note is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook is hereby directed to sign any note and ancillary documents 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.
  • WHEREAS, The Village Board has indemnified 2015-2016 fiscal year line items that will be compiled as surplus and utilized to reduce the borrowing after the initial funds are disbursed.

Lifecycle (1 event)

2016-04-11adoptedvote: unanimous
Authorize the issuance of a note for $71,765.30 as a commercial line of credit from Salisbury Bank and Trust Company at 1.35% interest for the purchase of a new 2016 RAM dump truck.
moved by Kovalchik · seconded by Norris
Show text snapshot for this event
Resolved
  1. Authorizes the issuance of a note for $71,765.30 in the form of a commercial line of credit pursuant to the Local Finance Law, for the purpose of the purchase of a new 2016 RAM truck.
Whereas
  • WHEREAS, the Village of Red Hook purchased from Robert Green Truck Inc. a 2016 RAM Dump truck for the sole purpose of highway use.
  • WHEREAS, Salisbury Bank has a line of credit and offers that to the Village of Red Hook at an interest rate of 1.35%
  • WHEREAS, the power to prescribe the terms, forms and contents of such note is hereby delegated to Edward Blundell, Mayor of the Village of Red Hook. The Mayor of the Village of Red Hook is hereby directed to sign any note and ancillary documents 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.
  • WHEREAS, The Village Board has indemnified 2015-2016 fiscal year line items that will be compiled as surplus and utilized to reduce the borrowing after the initial funds are disbursed.
Subject key: ram_truck_financing