Salisbury Bank line of credit for vehicle purchases
One-time (complete)operationalone_timeThe Village Board authorizes a bridge loan in the form of a commercial line of credit from Salisbury Bank at 1.35% for the time gap between payment for new vehicles (dump trailer and dump truck) and reimbursements from NYSDOT CHIPS allocation, not to exceed $72,000.
First seen
2015-08-10
Latest event
2015-08-10
adopted
Expires
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Resolution text
RESOLVED
- The Village Board of Trustees shall exercise, as needed, a bridge loan in the form of a commercial line of credit from Salisbury Bank at a rate of 1.35% for the time gap between payment by the Village for new vehicles (Dump trailer and Dump Truck) and reimbursements from the NYSDOT FY2015-2016 CHIPS Allocation. The Village shall issue this line of credit not to exceed the not-to-exceed aggregate amount of $72,000.
Lifecycle (1 event)
2015-08-10adoptedvote: unanimous
Exercise a bridge loan line of credit from Salisbury Bank not to exceed $72,000 at 1.35% for new vehicle purchases.
moved by Kovalchik · seconded by Zacharzuk
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Resolved
- The Village Board of Trustees shall exercise, as needed, a bridge loan in the form of a commercial line of credit from Salisbury Bank at a rate of 1.35% for the time gap between payment by the Village for new vehicles (Dump trailer and Dump Truck) and reimbursements from the NYSDOT FY2015-2016 CHIPS Allocation. The Village shall issue this line of credit not to exceed the not-to-exceed aggregate amount of $72,000.
Subject key:
vehicle_bridge_financing