HomeMy WebLinkAbout1988-R-25 RESOLUTION NO. 88-R_~b~''
RESOLUTION AUTHORIZING SHORT-TERM BORROWING
WHEREAS, the city of jeffersonville, Indiana, has adopted
ordinance No. 88-OR-_~ ~ authorizing a short-term loan pursuant
to I.C. 36-4-6-20; and
WHEREAS, it is acknowledged that a period of up to sixty
(60) days may be necessary to complete and perfect the terms
and conditions of such loan; and
WHEREAS, the City of jeffersonville is desirous of
borrowing the sum of $400,000.00 pending the finalization of
a short-term loan pursuant to I.C. 36-4-6-20 in order t6
meet the City's and its Department of Redevelopment's
commitment for expenditures in the Falls Landing Riverfront
Development Project.
NOW, THEREFORE,
the
of
I.C.
BE IT RESOLVED by the common council of
City of jeffersonville, that it hereby authorizes the City
jeffersonville to borrow money pursuant to its power under
36-1-4-9 upon the following terms and conditions:
1. That a loan may be made from an appropriate financial
institution in an aggregate amount not to exceed
I.C. 36-4-6-20.
Passed and adopted this
1988, by the common council
Clark County, Indiana.
$400,000.00.
That such loan may be entered into for a period not
to ~xceed six (6) months.
That the interest rate to be charged upon such loan
shall not exceed the existing prime rate at the date
upon which such loan is executed·
That such loan shall be retired by notes issued under
of the city of aeffersonville,
ATTEST:
Presented by me as
Ci/~ of Jeffersonville,
~9~-~ , 1988.
Approved
and signed
, 1988.
Clerk-Treasurer to the Mayor of the
Indiana, this ~ day of
CLERK-TREASUREw
by me this ~ ~ day
of