RESOLUTION NO.   2014-7  

TOWN COUNCIL OF LEO-CEDARVILLE
RESOLUTION APPROVING THE TRANSFER OF APPROPRIATION FOR THE RIVERSIDE GARDENS CONSTRUCTION FUND ACCOUNT NO. 443002381,
“RGC—IAB LOAN PRINCIPAL”

WHEREAS, the Town Council for the Town of Leo-Cedarville previously established the Riverside Gardens Construction Fund in which to place grant monies and other donations to be used in the Riverside Garden’s Development Project; and

WHEREAS, the Town Council of the Town of Leo-Cedarville previously passed a resolution establishing Account No. 443002451, “RGC—Plan Expenditures” for monies to be used in paying for Riverside Garden Project expenses; and

WHEREAS, the Town of Leo-Cedarville previously passed a resolution establishing Account No. 443002381, “RGC—IAB Loan Principal” for monies to be used in paying for the loan balance to IAB Bank; and

WHEREAS, the Town Council has received a donation from the Leo-Cedarville Foundation in the amount of $5,000.00 to be used for repayment of the construction loan with iAB Financial Bank, however, the Town only has $1.00 of appropriation in account number 443002381 to be used to pay down the balance owed by the Town to iAB Financial Bank; and

WHEREAS, the Town Council has determined that it needs to transfer $5,000.00 of appropriation from account number 443002451 to account number 443002381 in order that this donation may be used to pay down the iAB loan balance.

NOW THEREFORE, be it resolved by the Leo-Cedarville Town Council:

1.     The amount of $5,000 in appropriation for the Account No. 443002451, “RGC—Plan Expenditures” is hereby transferred to Account No. 443002381, “RGC—IAB Loan Principal” and shall be immediately disbursed for payment of principal of the iAB construction loan.

Passed and adopted by the Leo-Cedarville Town Council on this   27th   day of   May  , 2014.

Signed,

  John Clendenen        
John Clendenen
President

  Tim Richards            
Tim Richards
Vice President

  Kevin Veatch             
Kevin Veatch
Council Member

  Paul Steffens            
Paul Steffens
Council Member

  Ted Garton               
Ted Garton
Council Member

      ATTEST: John Eastes                
John Eastes
Clerk-Treasurer