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