82-R-46y
RESOLUTION 82-R-4
A RESOLUTION OF THE CITY OF EDGEWATER, FLORIDA
AUTHORIZING THE CITY MVN�GER TO BORROW FUNDS
FROM THE POOLED CASH IN RESTRICTED FUNDS FOR
USE IN THE ROAD PAVING PROGRAM UNTIL SUCH TIME
AS THE FUNDS SHALL BECOME AVAILABLE THROUGH
BORROWING FROM A FINANCING INSTITUTION,
REPEALING ALL RESOLUTIONS IN CONFLICT
HEREWITH, AND PROVIDING AN EFFECTIVE DATE.
WHEREAS the city council of the city of Edgewater, Florida,
has determined that the city should begin a paving or hard
surfacing program within the city of Edgewater, Florida; and
WHEREAS the city council has authorized the city manager to
negotiate with banks and financial institutions for purposes of
borrowing funds to begin and complete said paving program; and
WHEREAS the city is ready to begin the road paving program
but the funds to be borrowed from a bank or financial institution
will not be available until a future date;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EDGEWATER, FLORIDA:
SECTION 1. That the city manager is hereby authorized to
borrow the sum of $190,000.00 from pooled cash in internal
uP restricted funds for use in the road paving program.
SECTION 2. That these funds shall be available for use in
the road paving program until such time as the loan from a bank
or financial institution shall be closed and the funds from said
loan from a bank or financial institution are available for use.
SECTION 3. That these borrowed internal funds shall be
replaced from the proceeds of the loan from a bank or financial
institution as soon as said bank loan is closed.
SECTION Q. That all resolutions or parts of resolutions in
conflict be and the same are hereby repealed.
SECTION 5. That this resolution shall take effect
immediately upon its adoption by the City Council of the City of
Edgewater, Florida, and approval as provided by law.
The The resolution was introduced by Mr. G(J,,/,/
The resolution was read in full and passed by a majority
vote of the City Council of the City of Edgewater, Florida, at a
special meeting of said council held on the 15th day of
September, 1982, and approved as provided by law.
Roll call vote as follows:
r
The vote on the above and foregoing Resolution No.y
following first reading thereof was as follows:
CITY CLi�KA
Authen 'cated this _jgY V`day of
1982.
MAR ✓w w
Approved for legality andnfoorm:
b�/
ar Jane Nettles Henderson
CITY ATTORNEY, Acting
C:��
MAYOR Robert H. Christy
E ONE CO LD
acob Lodico
Z TWO COUNCILMAN.
David Ledbetter
ZONE THRE CO ILMAN
Wilbert Pendleton
0 E •OU CO N ILMAN
o n Wilbur