RES NO 12-03-1981 CITY OF VAN BUREN, ARKANSAS
RESOLUTION NO. J J2 -1981
0
A RESOLUTION AUTHORIZING THE MAYOR TO ARRANGE FOR INTERIM FINANCING
ON THE VAN BUREN STREET IMPROVEMENT PROJECT.
WHEREAS, The Farmers Home Administration, U.S. Department of
Agriculture, has committed to loan $850,000.00 to the
City of Van Buren for Street Improvements in the City
of Van Buren; and
WHEREAS, Loan funds will be disbursed upon certification by
the City, the Engineer and Farmers Home Administration
that the street work has been completed in accordance
with the approved plans and specifications for this
work; and,
WHEREAS, The City of Van Buren must finance the improvements
during the progress of the project by interim financing:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
VAN BUREN, ARKANSAS:
THAT Robert E. Bell, Mayor, is hereby authorized and
directed to borrow from local financial institutions
a maximum of $850,000.00 for the interim financing of
this project.
PASSED AND APPROVED THIS 21st DAY OF December 19 81
ATTESTED:
alleat L i
ITY CLERK TREASURER