1978-068 Authorizing Loan from Idaho First National $175,000 for Construction4'73
RESOLUTION N0. 68
A RESOLUTION AUTHORIZING THE BORR01~1ING OF MONEY BY THE CITY OF
MERIDIAN, ADA COUNTY, IDAHO. -
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MERIDIAN,
ADA COUNTY, IDAHO:
Section l: That the City of Meridian, through their properly
designated officials, to-wit: RICHARD C. WILLIAMS, President of
the City Council, HERALD J. CO%, City Clerk, and ANN M. KIEBERT,
City Treasurer, are hereby authorized to borrow from The
Idaho First National Bank, the sum of X175,000.00, at an interest
rate not to exceed ~ per annum, For a period of not to exceed
sixty days.
Section 2: That this resolution is passed and is related to
that bond issue previously passed by the City of Meridian in the
amount of 2.325 million dollars, for the improvement of water and
sewer facilities for the Municipality of Meridian, Ada County,
Idaho. In addition, the purpose of this resolution is to enable
the City to meet payment committments under existing and ongoing
contracts; that funds have not been received from the Federal
Government as of the date of this Resolution; that payment by the
Federal Government has been approved and funds are forthcoming
from the Federal Government but will not be received prior to the
time the contract payments are to be made.
PASSED by the City Council of the City of Meridian, this
5th day of June, 1878.
Pres dent o the City Council
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