HomeMy Public PortalAbout1986-066Member Ade /OGM a i1/
moved its adoption:
introduced the following resolution and
CITY OF MEDINA
RESOLUTION NO. OG - G lv
RESOLUTION AUTHORIZING INTERNAL BORROWING
BY THE CITY OF MEDINA FROM THE MEDINA PARK FUND
WHEREAS, the City of Medina wishes to pay in full the
outstanding balance of water revenue bonds borrowed from the
Farmers State Bank of Hamel, Long Lake State Bank, and Loretto State
Bank, for the purchase of the Medina Morningside Water System in
the amount of $48,000.00; and
WHEREAS, permanent financing of the said cost shall be
arranged through the user rates charged for 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 Revenue Bond Fund at % % interest with a
maturity date of 07/ years; and
WHEREAS, the amount contained in the Medina Park Fund is $63,205.73,
as of January 1/86 and it is a reasonable investment decision to
invest $48,000.00 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 $48,000.00
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 Morningside Revenue Bond Fund to the Medina Park Fund as
hereinabove set forth, subject to further direction of the City
Council.
Dated:
�wlu s t / , 19 �(!
ATTEST:
Donna Roehl, Clerk
The motion for the ado2tionn of the
seconded by member �S'
taken thereon, the following vote
644,icP 7/ S ems' Ste!/ Yze
Anderson, Mayor
foregoing resolution was duly
and upon vote heing
in favor thereof:
and the following voted against same: ho /7e
Whereupon said resolution was declared duly passed
Absent: '7Wwly
and adopted.