HomeMy WebLinkAbout1988-R-20RESOLUTION NO. 88-R-~..
WHEREAS, it is necessary for the Department of
Redevelopment of the City of jeffersonville, Indiana, to borrow
funds on a short-term basis for use in the Falls Landing
Riverfront Development Project, which funds shall be borrowed
under the anticipation of revenues from such project; and
WHEREAS, it is necessary for the city of jeffersonville to
guarantee the repayment of any such funds extended for the
improvement of costs in the project.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of
the City of jeffersonville that Council President John Perkins
is hereby authorized to execute any documents with any
financial institution lending money on a short-term basis to
the Department of Redevelopment in anticipation of future
revenue from the Falls Landing Riverfront Development Project,
provided such short-term loan is made by the institution at a
competitive rate upon competitive terms,'and further provided
that such transaction meets with the approval of the
Redevelopment Commission.
It is expressly understood that any such loans shall not
exceed the face amount of $400,000.00, and that the full faith
and credit of the City of jeffersonville shall be extended to
guarantee the repayment
revenues from the project.
Passed and adopted this
1988, by the Common Council
of any such loan in anticipation of
/~/.. day ..'
of the Cit~'~f jeffersonville,
Clark County,
Indiana.
HN D. PERKINS, JR
IDENT,cOMMON COUNCI~
ATTEST:
~. VRiCHARD SPEN~ER, ~
CLERK-TREASURE~
Presented by me as Clerk-Treasurer to the Mayor of the
Approved
jeffersonville,
1988.
and signed
, 1988.
Indiana, this ~. day of
CLERK-TREASURER ~
by me this __ day of