HomeMy WebLinkAboutResolution 219RESOLUTION #219
•A RESOLUTION AUTHORIZING TEMPORARY BORROWING FOR FINANCING
1967LW-1 And LS -1 From The 1963-64 And 1965
SEWER DENT REDEMPTION FUNDS
WHEREAS, the sewer debt tedemp� ion funds created for the
ment of bonds issued for the financing of the 1963-64`and 1965 sewer
projects contain cash in a total amount of $176,950.00, and
-.1
WHEREAS, if said funds were to lend $145,000 of its cash the
cash remaining in said funds together with the income receivable by th,e
funds in 1968, 1969, and 1970 would be sufficient to provide for the
annual payments of interest and principal on said bonds due and payable in
the years 1968, 1969, and 1970, and
19WHEREAS, it appears to -be in the best interests of the Village
to have said funds loan up'to $145,000 to a fund or funds to be created
for the financing of the Village improvement known as 1967LW-1 and LS -1,
the -loan to'be paid on or before December 31, 1970, together with interest
at 4-1/2 percent per annum payable semi-annually on the unpaid balance, and
WHEREAS, said -loan will'be repaid with cash secured from permanent
financing of 1967LW-1 and LS -1 ot•from the prepayment of special assess-
ments for 1967LW-1 and LS -1.
NOW, THEREFORE, BE IT RESOLVED, by the Village Council of the
Village of Orono, Minnesota, as follows:
1) The appropriate officers or employees of the Village
are hereby authorized to transfer cash not to exceed
$145,000 from the 1963-64'and 1965 sewer improvement
redemption funds to a fund or funds to be created for
the purpose of financing the Village improvement known
as 1967LW-1 and LS -1, any cash s.o transferred will be :3
repaid or re -transferred to the funds on or before
December 31, 1970, and will bear interest at 4-1/2 per-
cent per annum payable semi-annually on the balance of any
such cash not repaid or re -transferred. 3
Adopted by the Village Council of the Village of Orono at a regular
meeting held January 8, 1968.
�le 11
H. Ross, Mayor
y
Attes r y
Frank Mixa, Cler -Admin strator