Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Town agrees to four-year SIB with CCTC for Western Star truck balance
Summary
The Board authorized a four-year SIB through Chemung Canal Trust Company for $160,000 at 6% interest to cover the balance of a Western Star truck purchased in 2024, with annual payments of $40,000 plus interest; the resolution passed unanimously.
Supervisor David Scott informed the Board that Chemung Canal Trust Company agreed to a four-year bond (SIB) for the Western Star truck purchased in 2024. The Board adopted Resolution #57 authorizing the Town to enter into a four-year SIB through CCTC for the balance of the Western Star in the amount of $160,000 with a 6% interest rate and yearly payments of $40,000 plus interest (Ayes – 4, Noes – 0).
The minutes record the numeric terms of the financing but do not provide the repayment schedule beyond the annual payment amount and interest rate or the amortization details. The entry also notes a local line item: "Havana Glen: Up $1,061.15 from 2024."
