RES 1991-64 - 00003720103
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RESOLUTION NO. 64 1991
A RESOLUTION AMENDING THE REPAYMENT SCHEDULE
OF A LOAN 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, in a letter dated May 15, 1991, the Fridley Historical
Society requested that the Fridley City Council forgive the first
loan repayment of $700.00; 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 of the final payment by the
City of Fridley and on the same anniversary in each of the
subsequent nine (9) years.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
12TH DAY OF AUGUST, 1991.
WILLIAM J. NEE MAYOR
ATTEST:
SHIRLEY A. AAP� �I PAY CLERK
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