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RESOLUTION NO. R2008-219 <br /> RESOLUTION AUTHORIZING THE CITY MANAGER <br /> TO BORROW FUNDS FROM LOCAL BANKS <br /> TO COVER MASS TRANSIT OPERATING EXPENSES <br /> WHEREAS, the City of Decatur sent the Illinois Department of Transportation a <br /> reimbursement request for $1,589,432 on September 15, 2008, with the expectation that it <br /> would be received in October, and <br /> WHEREAS, the Mass Transit funds were not received in October and IDOT has <br /> indicated that we may not get the funds in November and that further delays are likely, <br /> and <br /> WHEREAS, the City will most likely need to borrow funds to make up the <br /> shortfall that will take place if the grant funds are not received by the end of November. <br /> NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF <br /> THE CITY OF DECATUR, ILLINOIS: <br /> Section 1. That the City Manager and Finance Director are hereby authorized to <br /> transfer funds from a City fund as determined by the City Manager in a sum not to <br /> exceed $400,000.00 which will then be repaid with interest when the funds are received <br /> from the State. <br /> PRESENTED and ADOPTED this 17th day of November, 2008. <br /> � <br /> CHAEL . CARRIGAN, AYOR <br /> AT�FST: � <br /> � � � <br /> 7 <br /> 1 / <br /> �> ,�� `\ .. � J <br /> CITY CLERK <br />