HomeMy WebLinkAboutResolution 69-1992 RESOLUTION H0. 69-92
WHEREAS, The City of Brookings has the need to accumulate funds
for the purposes of Edgebrook Golf Course improvements and clubhouse
addition.
WHEREAS, the funds to be set aside each year are to be derived
primarily from estimated golf course income in excess of operating
expenses.
THEREFORE, the City of Brookings hereby resolves to authorize the
following schedule for Capital Outlay Accumulations for the purposes
described above:
1991 - S 10, 000
1992 - 16, 650 (includes 5650 interest)
1993 - 11, 332 (includes 51332 interest)
1994 - 17, 000
1995 - 19, 000
S 73, 982
BE IT FURTHER RESOLVED, That it is the intent of the City
Commission that a dollar amount equal to the compounded interest
earnings of this fund shall be added to the money available for golf
course purposes at the conclusion of the accumulated period.
BE IT FURTHER RESOLVED, That the years 1991, 1992 and 1993 are
actual amounts accumulated with six and one-half percent interest
earned in 1991 and 5% in 1992. The amounts for 1994 and 1995 are
estimates and are sub�ect to change.
Passed and approved this i5th day of September, 1992.
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