Red Hook WatchIndependent Community Resource

Bridge Loan at 1.35% Interest

↑Meetings/Resolutions/9-2014
Expiredformal_resolutionone_timeAuthorizes the Village Mayor to exercise a bridge loan from Salisbury Bank at 1.35% interest to cover budget shortfalls in snow removal and highway vehicle repair expenses, with repayment and amount to be included in the 2014-2015 budget.
First seen
2014-04-14
Latest event
2014-04-14
adopted
Expires
2014-06-30

Resolution text

RESOLVED

  1. the Village Mayor can exercise the bridge loan up to the amount of the shortfall, if needed, and the sum plus interest will be inserted in the 2014-2015 budget
Show preamble — 7 WHEREAS clauses
  • WHEREAS, the Village of Red Hook has drafted its tentative budget for 2014-2015
  • WHEREAS, the final phases of the 2013-2014 budget year are approaching and it is known that budget lines for central district snow removal, snow removal materials were exceeded as well as highway vehicle repairs budget line
  • WHEREAS, the overages may be addressed with transfer funds from other budget lines at year end, that is not certain until the final fiscal year figures are reviewed
  • WHEREAS, the potential overages of $15,000.00 need a funding source
  • WHEREAS, the Village can modify its bridge loan by resolution to borrow the shortfall and repay it in June 2014 with budget lines increases for said expenses
  • WHEREAS, there may be a need to reduce the impact on the General Fund by exercising the bridge loan for the gap between payment by the Village and the current budget
  • WHEREAS, Salisbury Bank has an existing line of credit and financial date and offers a bridge loan to the Village of Red Hook at 1.35% interest

Lifecycle (1 event)

2014-04-14adoptedvote: unanimous
Authorize a bridge loan up to the amount of the budget shortfall at 1.35% interest from Salisbury Bank.
moved by Trapp · seconded by Norris
Show text snapshot for this event
Resolved
  1. the Village Mayor can exercise the bridge loan up to the amount of the shortfall, if needed, and the sum plus interest will be inserted in the 2014-2015 budget
Whereas
  • WHEREAS, the Village of Red Hook has drafted its tentative budget for 2014-2015
  • WHEREAS, the final phases of the 2013-2014 budget year are approaching and it is known that budget lines for central district snow removal, snow removal materials were exceeded as well as highway vehicle repairs budget line
  • WHEREAS, the overages may be addressed with transfer funds from other budget lines at year end, that is not certain until the final fiscal year figures are reviewed
  • WHEREAS, the potential overages of $15,000.00 need a funding source
  • WHEREAS, the Village can modify its bridge loan by resolution to borrow the shortfall and repay it in June 2014 with budget lines increases for said expenses
  • WHEREAS, there may be a need to reduce the impact on the General Fund by exercising the bridge loan for the gap between payment by the Village and the current budget
  • WHEREAS, Salisbury Bank has an existing line of credit and financial date and offers a bridge loan to the Village of Red Hook at 1.35% interest
Subject key: bridge_loan_salisbury_bank