|NOTICE OF PUBLIC HEARING|
|By Board Member Office of the President|
|August 17, 2023|
Public Hearing Date: August 24, 2023
NOTICE IS HEREBY GIVEN that North Babylon Volunteer Fire Company, Inc., a New York membership corporation and volunteer fire department, also known as North Babylon Volunteer Fire Company (the “Fire Department”), will hold a public hearing at the request of and on behalf of the Town of Babylon (the “Town”), as required pursuant to Section 147(f) of the Internal Revenue Code of 1986 (the “Code”). The public hearing will be held on August 24, 2023, at 7 P.M., regarding the proposed plan of finance by the Fire Department to purchase three (3) Ferrara custom pumper trucks and related firefighting and fire rescue apparatus and equipment (collectively, the “Equipment”) , which will be owned and operated by the Fire Department exclusively for the benefit of the North Babylon Fire Protection District No. 15 (the “District”) pursuant to an arrangement between the Fire Department and the Town. The Equipment will be located at the following addresses: 20 Hale Road, North Babylon, NY 11703; 397 Belmont Avenue, West Babylon, NY 11704; and 3 Wallace Court, North Babylon, NY 11703 all within the jurisdictional boundaries of the Town and the District. The purpose of the Fire Department acquiring the Equipment is to replace obsolete fire trucks and related firefighting and fire rescue apparatus and equipment. As part of the proposed plan of finance for the Equipment, the Fire Department expects to enter into a tax-exempt debt obligation (the “Lease”) and use proceeds of the Lease to purchase the Equipment. The maximum principal amount of the Lease will not exceed $3,000,000. The Fire Department expects that approximately $1,000,000 of the proceeds of the Lease will be allocated to Equipment located at each address included in this public notice but may allocate up to $3,000,000 of proceeds of the Lease to pay costs of the Equipment at each address included in this public notice.
At the public hearing, members of the public may appear in person to make or give oral or written comments in favor of or in opposition to the plan of finance for the Equipment and the Lease and/or the location and nature of the Equipment. Handicapped persons who require assistance in attending the hearing or in furnishing comments, should contact Paul Miller at (631) 540-0818 to request such assistance.
Following the public hearing, approval of the plan of finance for the Equipment and the Lease by the Town Supervisor is necessary for the interest portion of rental payments under the Lease to be excludable from gross income for federal income tax purposes and in satisfaction of the requirements of Section 147(f) of the Code.
By order of the Town Board of the Town of Babylon.
DATED: August 17, 2023.