HomeMy WebLinkAboutRESOLUTIONS-1964-011-R-645
ll-R-64
RESOLUTION
WHEREAS, the proceeds from the 1964 Water
Revenue Bond issue will not be received until approx-
imately May 1, 1964; and
WHEREAS, additional monies are required now to
finance the water plant expansion work and to repay a
portion of -the loans made from the General Fund to the
Water Fund to finance this construction; and
WHEREAS, the City has monies available in other
reserves and funds which can legally be loaned to the
Water Fund for the purposes named; and
WHEREAS, the Water Fund will be able to repay
• all loans before the monies are needed for purposes of
the ending reserves and funds:
NOW, THEREFORE, BE IT RESOLVED that the City
Council hereby authorizes the Finance Director and
Comptroller to loan money to the Water Fund from the
following reserves and funds up to the following amounts:
Water Fund Special Reserve for Contingencies $ 90,000
Beach Improvement and Shore Protection Bond Fund 345,000
Special Assessment Unclaimed Rebates Fund 365,000
AND BE IT FURTHER RESOLVED that all loans made
pursuant to this resolution shall be repaid no later
than May 31, 1964.
ATTEST:
/s/ Maurice F. Brown
City Clerk
Adopted March 2, 1964
/s/ John D. Emery
Mayor
Approved as to form:
/s/ Jack M. Sieeel