HomeMy Public PortalAbout40-2005-40 CANN!D
RESOLUTION 200 f40
A RESOLUTION AUTHORIZING A TEMPORARY LOAN FOR THE CITY OF
GREENCASTLE GENERAL FUND
WHEREAS, the property tax distribution for the 2005 year (2004 payable 2005)
will not be available until after the end of the 2005 business year; ;and
WHEREAS, the City of Greencastle has obligations to make payment of
accounts payable and payroll; and
WHEREAS, the EDIT Fund has available monies to be borrowed until the
property tax distribution is available;
NOW THEREFORE, BE IT RESOLOVED that the Greencastle Common Council
authorizes the Clerk-Treasurer to borrow $350,000.00 (Three hundred fifty thousand
dollars) from EDIT funds and place them in the General Fund to meet monthly
obligations. This loan will be repaid upon receipt of property tax distribution payable
2005 with no interest to be paid.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at
Special Meeting on this 27th day of December 2005.
COMMON COUNCIL OF CITY OF GREENCASTLE
Russell W. Evans M1{k . Hammer
f
n Lanie Thomas W. Roach
CP
Robert Sedlack
Appro d signed by me this 27th day of December 2005 at �: � 3 o'clock p.m.
Nancy A. Mi ael, Mayor �� )
ATTEST:
Teresa P. Glenn, Clerk Treasurer