0150 RESOLUTION NO. /CO - J
A RESOLUTION APPROVING THE BORROWING OF $100,000.00 for THE
CITY OF JACKSONVILLE WATER DEPARTMENT AND FOR OTHER
PURPOSES.
WHEREAS, the Water and Sewer Department of the City of Jackson-
ville, Arkansas has funds invested in certificates of deposit with various
banks; and
WHEREAS, the City Water and Sewer Department is in immediate
need of funds for operation; and
WHEREAS, the Water and Sewer Department would suffer legal
penalties if it prematurely cashed the certificates of deposit; and
WHEREAS, it would be more economical for the Water and Sewer
Department to borrow the $100,000.00 than to sustain the legal penalties
for the early cashing of the certificates of deposit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF JACKSONVILLE, ARKANSAS, that:
Section 1. That the City of Jacksonville, Arkansas, be and hereby is
permitted and authorized to borrow the sum of $100,000.00 on behalf of the
Water and Sewer Department for use by said department as the need may
arise.
Section 2. This resolution shall become effective immediately upon
its passage.
PASSED and APPROVED this i day of May, 1975.
/ i
"Ley A — allied
` YOR
ATTEST:
City j erk
APPROVED AS TO FORM;
737-17-117,7"6:1:;":,76;17 �