RES 1972-127 - 00008532255
RESOLUTION 127- 1972
A RESOLUTION CONFIRMING ENTERING INTO AN AGREEMENT WITH THE FRIDLEY
' VOLUNTEER FIREMEN'S RELIEF ASSOCIATION AND THE CITY OF FRIDLEY FOR
THE PURPOSE OF PROVIDING FUNDS FOR BUILDING AN ADDITION TO THE
MUNICIPAL GARAGE AND FURTHER AUTHORIZING BORROWING FUNDS FOR THE
PURCHASE OF LAND FOR THE GARAGE BUILDING
WHEREAS, The City of Fridley entered into an agreement with the
Fridley Volunteer Firemen's Relief Association on August 30, 1971 for
the purpose of building an addition to the Fridley Municipal Garage,
and
WHEREAS, The Fridley Volunteer Firemen's Relief Association agreed
to furnish the necessary funds for the construction of the addition to
the garage, and
WHEREAS, Said agreement provided for the payment of interest at
the rate of five and three - eights (5 3/8%) percent interest over a ten
(10) year period, and
WHEREAS, The costs of the garagQ is now determined to be $106,361.68,
NOW, THEREFORE, BE IT RESOLVED, By the Council of the City of Fridley
that the Council hereby confirms the commitment to repay $106,361.68 to
the Fridley Volunteer Firemen's Relief Association over a ten (10) year
period, and
BE IT FURTHER RESOLVED, That the Fridley City Council hereby authorizes
borrowing $62,545.35 for the purpose of purchasing land for the garage
building, and for escrow money for ivy, and further authorizes the repayment
of these funds over a ten year period.
HOW, THEREFORE, BE IT RESOLVED, That the attached repayment schedule
is hereby approved.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY
THIS 6TII
ATTEST:
DAY OF NOVEMBER , '1972.
CIT CLE - MARVIN C. BRUNS LL