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<br />" <br />, <br /> <br />RESOLUTION NO. 90- 9 <br /> <br />State of Minnesota <br />County of Ramsey <br />City of New Brighton <br /> <br />RESOLUTION AUTHORIZING LOAN AGREEMENI' FOR CONTRAC'IDR r S PAYMENT <br /> <br />Whereas, the City acts as the contracting. party for the construction of <br />the water treatment plant; <br /> <br />Whereas, as a tenn of this contract the construction finn is due payrrent <br />on invoices within a 30 day period; <br /> <br />Whereas, the Anny has been unable to forward the necessary funds to the <br />City wi thin this time frame; <br /> <br />Whereas, the City has reached satisfactory agreezrent with theAnny on the <br />advance of local funds to pay the invoiced arrount; <br /> <br />Whereas, Firstar-New Brighton can supply the City with the rroney for the <br />advance; <br /> <br />Whereas, the tenn of the offer from Firstar is to loan the nnney at pri.rre; <br /> <br />Whereas, this rate is below the level normally charged to commercial accounts; <br /> <br />NOW, therefore be it resolved that: <br /> <br />1. The City shall advance payzrent to the contractor. <br /> <br />2. The City shall recover in full the costs of the local advance from the <br />Al:rny . <br /> <br />3. The Army shall send future payments by an alternate that is agreeable <br />to the City. <br /> <br />4. The City Manager and Finance Director shall be authorized to execute an <br />agreement with Firstar-New Brighton to supply the needed rroney. <br /> <br />Adopted this 2 :) day of <br /> <br />JA.nUAry. 1000 <br /> <br />A'ITEST: <br /> <br />~~L <br />Robert J. e, Mayor <br /> <br />~ ' <br />\ " /' . I. f\ <br />tu .... .' rn, C0v^J,~ <br />David M. Q1ilds , City Manager <br /> <br />Cf"\"VY <br />, \ \ (, CSfi\'---- <br />Margare A. Egan <br />Finance Director/ <br />City Clerk <br /> <br />J'". <br /> <br />'I <br /> <br />::"::','i <br />.. ~... <br /> <br />, ~. <br />'I <br />