RESOLUTION NO. 2013-9
TOWN COUNCIL OF LEO-CEDARVILLE
RESOLUTION APPROPRIATING EXPENDITURE OF MONEY IN THE RIVERSIDE GARDENS CONSTRUCTION FUND
WHEREAS, the Town Council for the Town of Leo-Cedarville previously authorized a loan from IAB Bank (hereinafter “the Loan”) to pay off a prior loan and to borrow an additional $330,000 to cover certain construction expenses relating to the improvement of the Riverside Garden’s Park generally known as the Riverside Gardens Improvement Project; and
WHEREAS, the Town Council determined, by ordinance, that all unrestricted monies donated to the Riverside Gardens Park should be applied to the principle of the Loan until it is repaid in full, and the Town established, the Riverside Gardens Construction Fund for purposes of repaying the Loan; and
WHEREAS, the Town has received a donation from the Leo-Cedarville Foundation for the Park in the amount of $10,000.00 (hereinafter “the Donation”), which has been allocated to the Riverside Gardens Construction Fund, RGC—IAB Loan Principle Account No. 443002381; and
WHEREAS, the Town’s Clerk-Treasurer, acting consistent with the prior ordinance, paid the Donation proceeds to IAB Bank on October 21, 2013 to be applied to the loan principle; and
WHEREAS, since the Donation proceeds are new money outside of the Town’s 2011 budget, an appropriation is required to spend that money; and
WHEREAS, the Town Council desires to appropriate the Donation for repayment of the Loan principle, consistent with the prior ordinance, and to ratify the payment made by the Clerk-Treasurer on October 21, 2013;
NOW THEREFORE, be it resolved by the Town Council of the Town of Leo-Cedarville, Indiana that:
The amount of $10,000.00 is hereby appropriated for paying down the principle of the IAB Loan. This brings the total amount appropriated in the Riverside Gardens Construction Fund, Account No. 443002381 RGC—IAB Loan Principle to $10,001.00.
The Leo-Cedarville Clerk-Treasurer is hereby authorized to make a payment from this fund to IAB Bank towards the Loan in the amount of $10,000.00.
The payment of the Donation money already expended by the Clerk-Treasurer out of the RCG—IAB Loan Principle Account and paid to IAB Bank to be applied to the Loan Principle is hereby ratified.
Passed and adopted by the Town Council of the Town of Leo-Ccdarville, Indiana on this 22nd day of October , 2013.
| John Clendenen
| Paul Steffens