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Home My Public Portal About1982-021Member William Reiser introduced the following resolution and moved its adoption: CITY OF MEDINA RESOLUTION N0.82-21 RESOLUTION AUTHORIZING INTERNAL BORROWING BY THE CITY OF MEDINA FROM THE MEDINA PARK FUND WHEREAS, there is a need for interim financing to pay a portion of the cost of the construction of a water main and appurtenances in the Medina Morningside Water System in the amount of 33 ,000.00; and WHEREAS, permanent financing of the said cost shall be arranged through an increase in the rates charged to the users of the said water main and water supply system; and WHEREAS, such interim financing shall be in the form of Internal Borrowing which shall be repaid by the City of Medina through the Medina Morningside Water System Fund at 11 % interest with a maturity date of 7 years; and WHEREAS, the amount contained in the Medina Park Fund is$65,500. as of June 1/82 and it is a reasonable investment decision to invest 03,000.00 thereof upon the terms above -stated; and WHEREAS, the City Council reserves the right to adjust the interest rate and extend the maturity date in accordance with sound fiscal and investment practices, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Medina as follows: 1. The City Clerk is hereby authorized to transfer 33 ,000.00 from the Medina Park Fund to the Medina Morningside Water System Fund; 2. The City Clerk is hereby authorized to make quarterly payments of interest and annual payments of principal from the Medina Morning - side Water System Fund to the Medina Park Fund as hereinabove set forth, subject to further direction of the City Council; 3. The City Clerk is hereby directed to establish a sinking fund for the purpose of repaying the principal with interest as set forth herein and to fund said sinking fund from the proceeds of an increase in the water rate charged to the users of the water supply system herein described. Dated: August 17 , 19 82 ATTEST: Donna Roehl, Clerk The motion for the adoption of the foregoing resolution was duly seconded by member Wilfred Scherer and upon votebeing taken thereon, the following voted in favor thereof: Anderson, Lutz, Reiser, Scherer and the following voted against same: none Absent: Crosby Whereupon said resolution was declared duly passed and adopted.