ORD 75-02 INSTALLMENT PROMISSORY NOTE TO THE STREETS FUNDORDINANCE NO. 75-2
AN ORDINANCE AUTHORIZING ISSUANCE OF AN INSTALLMENT
PROMISSORY NOTE PAYABLE OUT OF LOCAL IMPROVEMENT
DISTRICT NO. 2 AND AUTHORIZING SALE OF SAID INSTALL-
MENT NOTE TO THE STREETS FUND.
WHEREAS, Local Improvement District No. 2 was duly and
regularly established by Ordinance No. 73-12 of the City of
Winslow and after a public hearing the final assessment roll
was approved and that more than thirty days have elapsed;
and
WHEREAS, the outstanding unpaid assessment balance as
of December 31, 1974 totals $11,282.33, plus accrued interest;
and
WHEREAS, there exist surplus funds available in the
Streets Fund and that it would'be in the best interests of
the City of Winslow that said installment note be purchased
at par by the Streets Fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF WINSLOW
DO ORDAIN AS FOLLOWS:
There shall be issued by the City of Winslow an install-
ment note in the principal sum of $11,282.33 which note shall
bear interest at the rate of six per cent per annum and which
shall be repayable in ten equal annual installments of prin-
cipal plus accrued interest commencing December 31, 1975, and
on the 31st day of December of each year thereafter, and that
said installment note shall be payable to and purchased by
the Streets Fund of the City of Winslow and the Mayor is
authorized to execute said installment no~.~2 on behalf of the
City of Winslow ,,'!::ich signature shall be attested by the City
Clerk.
PASSED by ~he Council <~ the City of Winslow and approved
by me this day of ,i975.
ATTEST:
.......... M~kYOR
CLERK/TREASURER
APPROVED AS TO FORM:
Robert W. McKisson
of Beresford, Booth, Lehne & McKisson
City Attorneys