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<br />RESOLUTION NO. 5A <br /> <br />Series 1979 <br /> <br />A RESOLUTION APPROVING AND ACCEPTING <br />THE PROPOSAL BY THE UNITED BANK OF <br />DENVER FOR. FURNISHING INTERIM FINANCING <br />FOR THE PLANNED IMPROVEMENTS TO THE <br />CITY'S WATER SYSTEM. <br /> <br />WHEREAS, the City of Louisville has made application to, <br /> <br />and has been approved by Farmer's Home Administration for a grant- <br /> <br />loan funding to improve and update the City's water system; and, <br /> <br />WHEREAS, it is necessary for the City to obtain interim <br /> <br />financing pending the receipt of the necessary funds from Farmer's <br /> <br />Home Administration to commence work on this project; and, <br /> <br />WHEREAS, the United Bank of Denver has agreed to advance <br /> <br />funds to a maximum of $344,000 to the City at an interest rate of <br /> <br />7% per annum until July 1, 1979, as interim financing for this <br /> <br />project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY 'I'HE CITY COUNCIL OF <br />THE CITY OF LOUISVILLE: <br /> <br />That the proposal for interim financing for the water <br /> <br />system project submitted to the City by the United Bank of Denver <br /> <br />is hereby accepted. The City Council further authorizes the opening <br /> <br />of a checking account in the name of the City of Louisville and the <br /> <br />Farmer's Home Administration to facilitate the disbursement of the <br /> <br />required funds and designates the Mayor, the City Treasurer, and <br /> <br />the City Clerk as the signer of the account on behalf of the City. <br /> <br />Adopted this 20th day of March, 1979. <br /> <br />//lJ~ ..) <br />(> <t-c,/~ <br />Mayor'-:;::"-/ <br />v <br /> <br />~TT' : <br />. .. / 1/ if <br />. . v,' 11-)1/ ,~h <br /> <br />City Clerk <br />