HomeMy WebLinkAbout1957-02-04; Municipal Water District; Resolution 49RESOLUTION NO. 49
A RESOLUTION OF THE BOW OF UIRXCTORS OF THE CAIiLSBAD MUNICIPAL WATER DISTRICT
AUTHORIZING THE BOFUIOKING OF FUNDS FOR THE PURPOSE OF MEETING ITS OBLIGATION TO
BOYLE ENGINEERING AS PER TERMS OF THE AGREENENT WITH THEM.
c 1 WHEREAS, the Carlsbad Municipal Water District for the fiscal year 1956, 1957 has an assessed valuation of $l9,316,4.CO0O0 and under and pursuant to the terms
of the Municipal Water District Act of 19U, as amended, has the authority te borraw
on temporary prornissary unsecured notes the sum of $193,164,00; and -
WEREAS, the indebtedness of the Carlsbad Municipal Water District does not at present exceed #37,376.85; and
WHEREAS, Boyle Engineering has submitted a bill to the Carlsbad Municipal
Water District which, der the terms of the Agreement between Boyle Engineering and
Carlsbad Municipal Water District, dated October 11, 1956, is due and payable; and
WHEREAS, Boyle Engineering has requested partial payment of said bill in the amount of $3O,OOO,OO which is less than the total bill; and
UHmS, said bill is payable from funds of Improvement District No. 1 of
Carlsbad Municipal Water District as authorized by an election of said Improvement Oistrict held on October 5, 1956; and
will be sold in the amount ef 3b1,250,000,00 within thirty days of the date of this document, with proceeds from sale of said bonds to be mads available thereafter.
WHEREAS, the bonds authorized by said election have not yet been sold, but
NOW, THEREFORE, BE IT RESOLVED that the proper officers of the Carlsbad Municipal Water District, to wit: the President and Secretary, are authorized to borrew the sum of ~30,000.00 from the SeCUrity Trust and Savings Bank of San Diego,
Carlsbad Branch, at the rate of L$@ interest per annum for the period of sixty days or less, upon such terms and conditions as the said officers deem to be to the best interests of the District, and said officers are further Buthorimd to execute all documents necessary to complete said loan.
1
The foregoing Resolution, numbered 49, was duly and regularly passed and adopted at a special meeting of the Bead of ZHrectors of the Carlsbad Municipal Water District held on the 4th day of February, 1957. Roll call vote was as follows:
AYES3 DIRECTORS: EliULD, FRY, ROGERS, ZA€IL'ER
NOES : DIRECTORS: NONE
ABSENT: DIRECTORS: KELLY
ATTEST t
JdLF&;] I
President of the/Board of,@irectors
CARLSBBD MUNICIPAL WATER~~STRICT
Secretary of the Board of Directors CARLSEAD MUNICIPAL WATER DISTRICT