HomeMy Public PortalAbout04-1998-4 •
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RESOLUTION 1998-4
A RESOLUTION AUTHORIZING LOAN OF
INDUSTRIAL DEVELOPMENT FUNDS
(FUNDING FOR COMPUTER UPDATE FOR CITY HALL,WATER UTILITY AND
SEWAGE UTILITY)
WHEREAS, a computer system hardware and software update is needed to stay in step
with updated programs and to enhance productivity; and
WHEREAS, the program updates were not known about at budget time, and the utility
office does not have the revenue available to make a lump sum payment;
WHEREAS, the funds will be distributed as follows for the purchase of computer
software and hardware:
City Hall $13,000.00
Water Utility $27,083.50
Sewage Utility $10,083.50
TOTAL $50,167.00
WHEREAS, the funds will be repaid over a five (5)year period with annual payments
being divided evenly over those five years and paid by December 31st of each year at a
proportionate amount from each of the above three listed accounts. Early repayment is
acceptable. No interest will be paid.
NOW THEREFORE BE IT RESOLVED, that the Common Council of the City of
Greencastle authorize the loan in the total amount of$50,167.00, as distributed above, from
,,— Industrial Development Funds for the purpose of updating the computer systems in City Hall and
the Utility Office as well as supplying hand held computers for water meter reading.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at it's
special meeting this 26th day of January, 1998.
COMMON COUNCIL OF THE CITY OF GREENCASTLE
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Thomas Roach Barry>nard
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Mark Hammer David Masten
Kie Green Approved and signed by me this 26th day of January 98 at CO o'clock p.m.
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Nancy . chael, Mayor
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Pamela S. Jones,-C Treasurer