HomeMy WebLinkAbout1958-11-05; City Council; Resolution 4551
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RESOLUTION NO, 455
RESOLUTION OF THE CITY COUNCEL OF THE CITY OF CARLSBAD AUTHORIZING BORROWING OF FUNDS, AND ISSUANCE OF A MOTE TO SECURE SAID LOAN.
WHEREAS, the City of Carlsbad expects to receive approximately
TWO HUNDRED THOUSAND DOLLARS ($200,000.00) in revenue from taxes
during the fiscal year commencing July 1, 1958 and ending June 30, 1959; and
WHEREAS, the current revenues by the City of Carlsbad are not
sufficient to meet the regular obligations of the City of Carlsbad; and
WHEREAS, Sections 53850 and 53855 of the Government Code authorizes
cities to issue temporary notes for the purpose of meeting current obligations;
and
WHEREM, the City Council has received the recommendation of the Cit
Treasurer and the Director of Finance of the City of Carlsbad recommending
the City Council to borrow THIRTY-FIVE THOUSAND DOLLARS ($35,000.00)
from the Security First National Bank,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. That the Director of Finance of the City of Carlsbad, RALPH
SCHOLINK, be instructed, authorized and empowered to negotiate far and
borrow from the Security Trust and Savings Bank of San Diego a sum of
money not to exceed THIRTY-FIVE THOUSAM) DOLLARS {$35,000.00).
2. That the Director of finance be authorized and empowered to issue
to the Security First National Bank a temporary note for and in behalf of the
City of Carlsbad, and to affix his name thereto as the authorized agent of the
City of Carlsbad; that said note shall bear interest at a rate not to exceed six
per cent (6%) per annum, and to be due and payable on or before June 30, 1959;
and that said note shall be negotiable.
3. That the City Clerk shall be authorized and empowered to attest
to said note, and to affix the seal of the City of Carlsbad thereto.
ad j owned
PASSED, APPROVED AND ADOPTED at a regdadmeeting of the
City Council of the City of Carlsbad held on the 5th day of November, 1958,
by the following vote, to wit:
AYES: Mayor Ledgerwood, Councilman Grober, Helton, and Councilwo~ Sonneman and Coats.
NOES: None
ABSENT: None
Carlsbad," California .
ATTEST:
RIGS;, City Clerk
-2 -
I, RALPH SCHOLINK, being the Director of Finance of the City of Carlsbad, herewith recommend that the City of Carlsbad borrow from the Security First
National Bank the sum of THIRTY-FIVE THOUSAND DOLLARS ($35,000.00), and issue as security therefor a promissory note, which promissory note shall bear interest at a rate not to exceed six per cent (6%) per annum.
DATED: November 5, 1958
RALPH SCHOLINK Director of Finance
I, WESLEY F. GREEK, being the City Treasurer of the City of Carlsbad, herewith recommend that the City of Carlsbad borrow from the Security First
National Bank, the sum of TKIRTY-FIVE THOUSAND DOLLARS ($35,000.00), and issue as security therefor
a promissory note, which promissory note shall bear interest at a rate not to exceed six per cent (6%) per annum.
DATED: November 5, 1958
City %Teasurer