ref: reel030739 date: 1980-09-08 content: Mr. Britton reported that Mr. Hubbard and himself had been checking into financing for the Waterline Project. We are going to need approximately $62,000.00 to complete this project. We can borrow the money up to $80,000.00 at 7% interest and leave the big Certificate of Deposit in Savings until renewal date.
On a motion by Mr. Carson, seconded by Mr. Noble, Council voted to borrow up to $80,000.00 at 7% interest from the local bank to pay the debt on the Waterline Project and use the Certificate of Deposit Number 4508 for collateral. Upon the certificate of Deposit maturity date, the amount borrowed would be paid out of the C.D. and the balance reinvested.
Conner-aye Carson-aye Bass-aye Hubbard-aye Lawson-aye Noble-aye Motion carried unanimously.
There being no further business to come before Council the meeting adjourned at 9:35 P.M. chunkid: 20812 recordid: 1832 page_number: 1