RES 1994-62 - 00003081RESOLUTION NO. 62 - 1994
' A RESOLUTION AMENDING THE REPAYMENT SCHEDULE OF A IRAN TO THE
FRIDLEY HISTORICAL SOCIETY
WHEREAS, on June 19, 1989, by Resolution No. 54 - 1989 the Fridley City Council
authorized a no interest loan of $7,000.00 to the Fridley Historical Society to
assist in the renovation of the former Hayes Elementary School to serve as a
historical museum, a project which has cost approximately $85,000; and
WHEREAS, according to Resolution No. 54 - 1989 one tenth (1 /10) of the total
amount of the loan shall be payable on the anniversary of the final payment by
the City of Fridley in each of the subsequent ten (10) years; and
WHEREAS, the final payment by the City of Fridley was made on July 19, 1990, so
that the first $700.00 repayment was due on July 19, 1991; and
WHEREAS, according to Resolution No. 64 - 1991 passed August 12, 1991 the Fridley
City Council amended the payment schedule to defer payments by one year; and
WHEREAS, the Fridley Historical Society, made its scheduled payment of $700.00 in
1992; leaving balance of $6,300.00; and
WHEREAS, according to Resolution No, 110 - 1993 passed December 13, 1993, the
Fridley City Council amended the payment schedule to defer payments by one more
year; and
' WHEREAS, the Fridley Historical Society has requested the Fridley City Council to
forgive the second scheduled payment of $700.00 due July 19, 1994; and
WHEREAS, it is in the public interest to assist the Fridley Historical Society in
the work of preserving the historical records of the City of Fridley for future
generations;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley that
the repayment schedule be amended as follows:
One tenth (1 /10) of the total amount of the loan shall be payable on the
second anniversary (1992) and the fifth anniversary (1995) of the final
payment by the City of Fridley and annually thereafter until the loan is
paid.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 1ST DAY OF
AUGUST, 1994.
kvzav
WILLIAfT. NEE - MAYOR
ATTEST:
WILLIAM A. CHAMPA - CITY CLERK