HomeMy WebLinkAboutResolution 1972 (46) V
RESOLUTION ON TEMPORARY LOANS
WHEREAS: The County of St. Croix, Wisconsin, may need a temporary loan of
money to pay its current and ordinary expenses; and
WHEREAS the County Board deems it necessary to the safety and interest of said
County that the sum hereinafter mentioned may be borrwed in order to pay the current
and ordinary expenses of said County; if required.
NOW THEREFORE BE IT RESOLVED that the County Board of St. Croix County, in
order to pay the current and ordinary expenses of said County, hereby authorize and
direct the Chiarman of the County Board, the County Clerk and the County Treasurer
of said County to borrow the sum of $100,000.00, and to evidence such indebtedness
Of said County said Chairman of the County Board, the County Clerk and the County
Treasurer of said County shall execute and deliver to the Lender or Lenders the
promissory notes of said County in such amounts as they from time to time may
determine, which notes shall bear interest at the rate of not more than 7% per annum
allowable by the Laws of the State of Wisconsin, said notes to be dated at such time
as the Chairman of the County Board, the County Clerk and the County Treasurer shall
deem advisable in order to borrow money for the purpose herein stated and maturity
date shall be determined at the time such loans are executed and shall be signed by
the Chairman of the County Board, the County Clerk and the County Treasurer:
BE IT FURTHER RESOLVED, that to provide for the payment of the principal and
interest on said notes, there is hereby levied on all taxable property of St.Croix
County, in addition to other County taxes, the following direct tax, to wit: For
the year 1973 a tax in the amount of $10,000.00 for the payment of principal and
interest upon said notes, said tax shall be collected at the same time and in the
same manner as other County Taxes are collected and shall be carried into the next
tax roll of the County, and the proceeds thereof shall be kept in a separate fund and
be used solely for paying for the principal and interest on said notes, and the said
tax shall continue irrepealable;
BE IT FURTHER RESOLVED that the Chairman of the County Board, the County Clerk
and the County Treasurer of said County be and they are hereby authorized to draw
such orders from the County Treasurer of St. Croix County for the purpose of repaying
said loans out of current funds.
DATED: November 14, 1972 Respectfully submitted,
Finance, Budget & Personnel Committee