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HomeMy WebLinkAboutRES 1296 bt-er-7(-6-', RESOLUTION NO. /2.0 WHEREAS it is necessary for the belowmentioned Departments to borrow certain funds pending receipt of tax monies, and WHEREAS said loans are necessary for the proper administration of said Departments and in the public interest, NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF RENTQ AS FOLLOWS : Section 1 : The City Clerk and City Treasurer are hereby authorized and directed to borrow the following amounts from the Cedar River Acquisition Fund, to- wit : The sum of $50,000.00 for Current Fund The sum of $25,000.00 for Park Fund The sum of $30,000.00 for Street Department Fund The sum of $10,000.00 for Library Fund and the aforesaid funds shall be and constitute a loan from the Cedar River Acquisition Fund to be repaid not later than December 31, 1965, bearing interest at the rate of 4k7. . PASSED BY T: E CITY COUNCIL this 22nd day of March, 1965. 4'4 Helmie Nelson, City Clerk APPROVED BY THE MAYOR this 22nd day of March, 1965. G�fV1 75 7 C----— { Donald W. Custer, Mayor APPROVED AS TO FORM: Gerard M. Shellan, City Attorney