R-70-165
RESOLUTIONS
RESOLUTION N0. 165
r~
U
N~ 238
WHEREAS, The City Council of the City of Clermont has entered
into a contract or agreement with Griffin-Johnston Corporation and
Martin Winther to purchase certain lands and building at a net cost
to the City of Clermont of Sixty Thousand Dollars ($60,000.00), and,
WHEREAS, the necessary funds for such purchase are not available
in the current fiscal budget, thereby making it necessary to adopt some
method of securing the required funds from some source other than
said current budget,
THEREFORE BE IT RESOLVED by the City Council of the City of
Clermont that the aforementioned amount of Sixty Thousand Dollars
($60,000.00) be made available for immediate use in the following
manner:
1. Ten thousand dollars ($10,000.00) to be transferred
from the General Fund Reserves to the current budget,
and,
II. Fifty thousand dollars ($50,000.00) be borrowed from
the Equipment Replacement Fund at an annual interest
rate of five percent (5~) and that said amount of
Fifty Thousand Dollars ($50,000.00) be repaid from the
General Revenues of the City of Clermont according to
the following schedule:
Interest Principal Total
1970-71 2,500.00 5,000.00 7,500.00
1971-72 2,250.00 5,000.00 7,250.00
1972-73 2,000.00 5,000.00 7,000.00
1973-74 1,750.00 5,000.00 6,750.00
1974-75 1,500.00 5,000.00 6,500.00
1975-76 1,250.00 5,000.00 6,250.00
1976-77 1,000.00 5,000.00 6,000.00
1977-78 750.00 5,000.00 5,750.00
1978-79 500.00 5,000.00 5,500.00
1979-80 250.00 5,000.00 5,250.00
BE IT FURTHER RESOLVED that the Controller of th
and its City Clerk be authorized and directed to make
transfer of funds required to carry out the terms and
this RESOLUTION including payment to Griffin-Johnston
the purchase price of the lands and building upon the
of the Mayor and City Attorney.
e City of Clermont
the necessary
requirements of
Corporation for
authorization
ADOPTED by the City Council of the City of Clermont, Lake County,
Florida at a Regular Meeting held on August 11, 1970.
CC\ ~
~1~n~
Dolores W.~arroll, City Clerk
City of Clermont, Florida