HomeMy Public PortalAbout07-2007-7 4 SC""7D
1 RESOLUTION 2007-7
A RESOLUTION AUTHORIZING A TEMPORARY LOAN FOR THE CITY OF
II GREENCASTLE GENERAL FUND
WHEREAS, the property tax distribution for the 2007 year (2006 payable 2007)
will not be available until after the regular June distribution; 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 $385,000.00 (Three hundred eighty-five
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
2007 with no interest to be paid.
PASSED AND RESOLVED by the Common Council of the City of Greencastle at
Special Meeting on this 26th day of April 2007.
COMMON COUNCIL OF CITY OF GREENCASTLE
/7,Q....s,e/C4/ Z` "---/ /l/ ii
Russell W. Evans Mark N. Hammer
he
ohn Lanie Thomas W. Roach
-)),_- --1_Jf.---z-4._
Robert Sedlack
App ed and signed by me this 26th day of April 2007 at&''13 o'clock p.m.
o1A-4-"— --)C
Nancy A.Michael, Mayor
ATTEST:
Teresa P. Glenn, C erk Treasurer