HomeMy WebLinkAboutRES 1447 r
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RESOLUTION No. �'%��,
WHEREAS it is necessary and in the public interest that the Street Depart-
c�ent borro�a the sum of $25,000.00�pending receipt of tax monies�fror� the Cedar River
Acquisition Fund, NOW THEREFORE I
BE IT RESOLVED BY TEE MAYOR AND TEiE CITY CAUNCIL OF THE CITY OF RTNZON AS
F�LIAWS:
SECTION I: The City Clerk and City Treasurer are hereby authorized and
directed to transfer the sum of $25,000,00 from the Cedar River Acquisition Fund unto
the Street Department Fund, as a loan, and to be repaid unto said Cedar River Acquisi-
tion P�nd not later than June 30� 1967. Said loan st�all bear interest at the same
rate as presently derived by the City from the investment pf monies in said fund� but
in no event less than 3� per annur.►. Said loan to be effective �s of April 24, 1967. i
PASSED BY THE CITX COUNCIL this lst day of May� 1967.
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Helmie Nelson, _City Clerk
APPROVED BY THE MAYt�R this lst day of May, 1967'.
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Doc�ald W. Custer, Mayor
Approeed as to for�;, .,,
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�Ge�rd M. Shellan, City Attorney
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