HomeMy WebLinkAboutResolution 88-1998 RESOLUTION NO. 88-98
WHEREAS,the Solid Waste Disposal Fund (Sanitary Landfill) had entered into a
promissory note with the General Fund for a construction loan in the amount of$353,555 on
December 1, 1993, and
WHEREAS,the note allowed the principal to be paid in advance without
penalties, and
WHEREAS, the Solid Waste Disposal Fund has now paid the promissory note off
in its' entirety to the General Fund.
NOW THEREFORE BE IT AUTHORIZED by the Brookings City Commission
that the Finance Officer is hereby authorized to show said loan as paid in full as of this date, and
final payment in the amount of$37,000 has been received.
Passed and signed on this 18`''day of August, 1998.
Mayor
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Finance Officer
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PROMISSORY NOTE
$353,555.00 _ December 1, 1993
For value received, the Brookings Sanitary Landfill hereby promises to pay to the order of
the General Fund at the City of Brookings, a Municipal Corporation, at 3 l 1 Third Avenue,
Brookings, South Dal:ota, the principal sum of Three Hundred Fifty Tl-�ree Thousand Five
Hundred Fifty Five Dollars ($353,555.00), by DecemUer 2l, 2009.
Tl�is Promissory Note is intended to secure the payment of the sum of$353,555.00 by the
Brookin�s Sanitary Landfill for a portion of the construction of the new Brookings Landfill.
Any part of the principal may be paid in advance withaut penalties.
. BROOKINGS SAI�ITARY LANDFILL �
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Pu lic Works Commissioner
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Finance Officer