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Madrid board approves $155,000 bond to buy CAT backhoe
Summary
The Madrid Town Board adopted a bond resolution authorizing up to $155,000 in serial bonds or notes to purchase a CAT backhoe loader and tools; the measure passed with four ayes and one abstention. The resolution allows the supervisor to execute financing agreements and contemplates state or federal assistance.
The Madrid Town Board voted May 14 to authorize issuance of up to $155,000 in serial bonds or notes to finance the purchase of a CAT backhoe loader and an equipment package.
The bond resolution, certified by Town Clerk Zoe Hawkins, specifies the town may use grants or assistance from USDA Rural Development, the New York State Environmental Facilities Corporation or other state development authorities to fund the purchase. The resolution describes a maximum estimated cost of $155,000, estimates a probable useful life of 15 years, and delegates authority to the Town Supervisor to execute bond and financing documents. Town Clerk Zoe Hawkins recorded the roll call: Anthony Cooper — Aye; Emily Losey — Abstain; Clark Putnam — Aye; David Fisher — Aye; Kevin Finnegan — Aye, resulting in adoption with four ayes and one abstention.
The resolution includes a requirement that the clerk publish a summary as prescribed by Section 81.00 of the Local Finance Law and notes that challenges to validity must be brought within 20 days of publication. The text also authorizes the supervisor to enter finance agreements with state agencies, including the State Environmental Facilities Corporation, if necessary to effectuate the financing.
The board did not attach a separate timeline for delivery; minutes note that ordering equipment now would lock pricing but that vehicles may not arrive until 2027. The board will consider next steps for procurement and any outside financing offers at a future meeting.
