Laserfiche WebLink
<br />r-- <br /> <br />It <br /> <br />T <br /> <br />RESOLUTION NO. 128 <br /> <br />WHEREAS the City of Seward School System requiras an additional I!lchool <br />bus for the transportation of pupils and, <br /> <br />WHEREAS there are insuffici.ent funds in the Seward School System school <br />bus depreciation accounts and, <br /> <br />WHEREAS the expenditure of the required sum of money to acquire such a <br />school bus was unanticipated in the current General Fund budget of the City of <br />, Seward and, <br /> <br />WHEREAS there are insufficient funds for the purpose in either the Sales <br />Tax or General Fund accounts of the City of Seward and, <br /> <br />WHEREAS it appears that as a condition preoedent to deli very the full co st <br />of the school bus in the sum of $6595.75 must be paid to the manufacturer by <br />the vendor, and, <br /> <br />WHEREAS it appears that the acquisition of such school bus must of neceSSit{ <br />be financed by deferred paynent method <br /> <br />NCM, lliEREFORE BE IT REOOLVED, and it is hereby resolved, that the Mayor, <br />Perry R. Stockton Jr., and the City Clerk. Gene Snyder be, and they are hereby <br />authorized and instructed to borrCllW the required sum of $6,595.75 from the <br />First National Bank of Anchorage and to execute a promissory note, as officers <br />of the City of Seward, in favor of said bank in the principal sum of six thous- <br />and five hundred ninety five and seventy five one hundredths dollarsC$6,595.75) <br />bearinq interest thereon at legal rate and payable as follows: <br /> <br />Monthly payments of $500.00 plus accrued interest beginning on <br />the fifth day of April 1959 and continuing monthly through the fifth <br />day of August 1959. <br /> <br />A final payment of $4,095.75 plus accrued interest on the fifth <br />day of September 1959. <br /> <br />Said promissory note to be so conditioned as to permit accelerated <br />payment on the principal balance on any principal payment due date. <br /> <br />I <br />I <br /> <br />Seward for the fiscal year 1958-1959. I <br /> <br />AN EMERGENCY IS HEREBY DECLJlRED TO EXIST and the rules governinq the pass.. <br />age of ordinances and resolutions is hereby suspended and this resolution shall I <br />take effect immediately upon its pURge and approval. ' <br /> <br />BE IT FURTHRR REOOLVED, and it 18 hereby further resolved that the full <br />faith and credit of the City of Seward is hereby pledged as security for the <br />repaynent of the sums borrowed under said promissory note which is hereby <br />declared to be a lien upon the qeneral property tax revenues of the City of <br /> <br />Passed and approved this fourth day of March 1959. <br /> <br />. f,~h Q d!j;it. )if <br /> <br />Perry R.-I.Stockton Jr., MAior <br /> <br />ATl'EST: <br /> <br />