HomeMy WebLinkAboutRESOLUTION 1971-14„
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RE5ULU'I'ION N0. 71 - 14
A RESOLUTION AUTHORIZING "1'HE AUMIN1STRt1TI0h TO BOKkUW
$120,000 FOR G~NERAL OPERATING REVENUG5.
~yH~R~AS, the cash flow of the City are such that anticipated
current cash demands cannot be met, and
WHEREAS, the anticipated tax levy of the City of Kenai on
real and personal property will exceed $350,000; and,
WHEREAS, it is appropriate to borrow against the anticipated
" tax and other revenues of the City
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' NOW THEREFORE BE IT RESOLVED:
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That the administration is hEreby authorized
to borrow up to the maximum amount of $120,OU0
from Bank at ~ in-
terest per annum.
~ That the revenue from the General tax levy and
~ other sources available to the City are hereby pledged
• I to the repayment of this debt.
' ; That the administration is hereby authorized
~ to accept $70,000 immediately and to accept the
! balance on prior notice and approval of the Council
i as the need matures.
I PASSED this Sth day of May 1971
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. . ATTEST:
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~ aron Ster ing, City C e
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