RES 1993-110 - 00003325' RESOLUTION NO. 110 - 1993
A RESOLUTION AMENDING THE REPAYMENT SCHEDULE OF A LOAN
TO THE FRIDLEY HISTORICAL SOCIETY
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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 a balance of $6,300.00, and
WHEREAS, the Fridley Historical Society has requested the Fridley City Council
to forgive the second scheduled payment of $700.00 due July 19, 1993; 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 fourth anniversary (1994)
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 13TH DAY OF
DECEMBER, -1993.
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WILLIAM . NEE - MAYOR
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WILLIAM A. CHAMPA - CITY LERK