R-64-030•
•
RESOLUTIONS N ~ 4 7
No . 30
WHEREAS, the City Council of the City of Clermont has entered
into a contract for the construction of a Police and Fire Departments
building at an approximate cost, including furnishings and. parking
area, of Ninety thousand C90,000.00) dollars; and
`~~JHE~iEAS, only twenty five thousand 0 25,000.00) dollars are
available from allocated reserves for this project, thereby making
it necessary to provide additional funds approximating Sixty Five
Thousand 065,000.00) dollars; and
'~JHEREAS; during this fiscal year the City of Clermont received
from the sale of real estate the amount of thirty five hundred
C~P3~5OO.OO) dollars, of ~rhich approximately Three Thousand
C3,000.00) is net after deducting expenses incurred; and
~IIiEREAS, the City of Clermont now has in unallocated cash reserves
the amount of Sixty Three Thousand !vine Hundred and nifty dollars
and Eight cents (~a63,950.08); and
~THE:tEAS, it is concluded by the Finance Officer of the City of
Clermont and the City Council of the City of Clermont that ap,~roxi-
mately ten percent (10/) of the average annual budget, or Thirty
Three thousand Nine Hundred and Fifty Dollars and light cents
(~w33,950.08), constitutes sufficient reserves for the normal,
effici~;nt and economical operation of the financial affairs of
the amity of Clermont; therefore
BE IT RFStLVED by the City Council of the City of Clermont that
the pity perk and/or Finance Officer be authorized to transfer
from current revenues, to the Police and Fire Departments Building
Fund the amount of Three 'thousand (~3,~00.00) do11.7rs derived from
the sale of city owned real estate and to transfer from unallocated
reserves, to the Police~nd Fire Departments Building Fund, the
amount of Thirty Thousand (~w30,000.00) dollrs, and
BE IT FURTHER RESOLVED that, in order to make available to the
Police and Fire Departments Building Fund the additional approximately
Thirty Two Thousand 0 32,000.00) dollars needed, the City Clerk
and/or rinance Officer be authorized to borrow from the Equipment
and Replacement Fund of the City of Clermont an amount not to
exceed shirty Two Thousand 0 32,000.00) dollars at an annual interest
rate of three and one half percent (3/~/) and to repay any funds
so borrowed in annual payments of not less than ~t5,000.00 plus
interest.
ADOPTED by the City Council of the City of Clermont, Lake County
Florida, at its SPECIAL meeting held on Aril 30, 1964, in Clermont,
Florida.