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RESCHEDULED MEETING OF THE OROI10 COU.ICIL, DECEMBER 18, 1978 Page 24 <br /> The monies were budgeted for 1978 as part of the TRANSFER * <br /> General Fund Continc�ency. General Fund to Equip- <br /> ment Outlay Fund <br /> Council Meeting - Decer.tber 18, 1978 (Continued) <br /> Butler moved, Massenc�ale seconded, to apProve the <br /> transfer of $10 , 000 from the General Fund to the <br /> Equipment Outlay I'und. i�otion, Ayes (4) - Nays (0) . <br /> P-7r. Dick Benson, City Adr►inistrator, presented the <br /> City Council with a memo from Thormas F:uehn, Finance TRAP�SFER & PAYR�ENT * <br /> Director, dated Decerlber 6 , 1978, which states: Front-End Loader � <br /> On i!Iarch 17, 1977, Council approved the financing <br /> of the front-end loader, purchased later in 1977, <br /> f ror.i the �quiprient Outlay Fund. As a condition <br /> of the purchase, the a�ount paid for the front-end <br /> loader was to be repaid to the EquiPrment Outlay <br /> Fund from the street ciepartment budget over a period <br /> of five years. The street department was also to <br /> pay interest at the rate of 5� per annum. <br /> It is requested that Council approve a transfer of <br /> $8, 089 from the �eneral Fund-Street Department to <br /> the Equipment Outlay Fund as the first of five <br /> installments to repay the cost of the front-end <br /> loader. The payment breaks down as follows: <br /> Principal $6, 656 <br /> Interest 1, 433 <br /> 8 ,089 <br /> Council Meeting �- Decer,lber 18, 1978 <br /> Butler moved, PZassengale seconded, to approve the <br /> transfer of $8, 089 fror,i the �eneral Fund-Street <br /> Department to the Equipment Outlay Fund for a payment <br /> for the front-end loader. P�Iotion, Ayes (4) - Nays (0) . <br /> P�r. Dick Benson, City Administrator, presented the <br /> City Council with a rlemo frori Thomas Kuehn, Finance <br /> Director, dated December 6, 1978, which states: <br /> Each year we try to ninirmize the accounts payable <br /> balance at December 31, by paying as many bills � <br /> as possible. In order to accomplish this, it will <br /> be necessary to hold open the books. It is , there- <br /> fore, requested that the 1978 books of the City be <br /> held open until January 23, 1979, the last regular <br /> scheduled Council meeting for that month. � <br /> �ouncil Meeting - December 18 , 1978 j � <br /> ! <br /> IIulter moved, P2assengale seconded, to approve holding j ' <br /> the 1978 books open until Januar�� 23, 1979 . :�otion, <br /> _ �; <br /> Aye s (4) - rlays (0) . ; i <br /> ii <br /> I � <br /> ; � <br />