HomeMy WebLinkAboutRes1959-128
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RESOLUTION NO. 128
WHEREAS the City of Seward School System requiras an additional I!lchool
bus for the transportation of pupils and,
WHEREAS there are insuffici.ent funds in the Seward School System school
bus depreciation accounts and,
WHEREAS the expenditure of the required sum of money to acquire such a
school bus was unanticipated in the current General Fund budget of the City of
, Seward and,
WHEREAS there are insufficient funds for the purpose in either the Sales
Tax or General Fund accounts of the City of Seward and,
WHEREAS it appears that as a condition preoedent to deli very the full co st
of the school bus in the sum of $6595.75 must be paid to the manufacturer by
the vendor, and,
WHEREAS it appears that the acquisition of such school bus must of neceSSit{
be financed by deferred paynent method
NCM, lliEREFORE BE IT REOOLVED, and it is hereby resolved, that the Mayor,
Perry R. Stockton Jr., and the City Clerk. Gene Snyder be, and they are hereby
authorized and instructed to borrCllW the required sum of $6,595.75 from the
First National Bank of Anchorage and to execute a promissory note, as officers
of the City of Seward, in favor of said bank in the principal sum of six thous-
and five hundred ninety five and seventy five one hundredths dollarsC$6,595.75)
bearinq interest thereon at legal rate and payable as follows:
Monthly payments of $500.00 plus accrued interest beginning on
the fifth day of April 1959 and continuing monthly through the fifth
day of August 1959.
A final payment of $4,095.75 plus accrued interest on the fifth
day of September 1959.
Said promissory note to be so conditioned as to permit accelerated
payment on the principal balance on any principal payment due date.
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Seward for the fiscal year 1958-1959. I
AN EMERGENCY IS HEREBY DECLJlRED TO EXIST and the rules governinq the pass..
age of ordinances and resolutions is hereby suspended and this resolution shall I
take effect immediately upon its pURge and approval. '
BE IT FURTHRR REOOLVED, and it 18 hereby further resolved that the full
faith and credit of the City of Seward is hereby pledged as security for the
repaynent of the sums borrowed under said promissory note which is hereby
declared to be a lien upon the qeneral property tax revenues of the City of
Passed and approved this fourth day of March 1959.
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Perry R.-I.Stockton Jr., MAior
ATl'EST: