HomeMy WebLinkAboutResolution 66-1991 RESOLUTION NO. 66-91
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 - $ 10, 650 (includes $650 interest)
1992 - 16, 000
1993 - 15, 000
1994 - 17, 000
1995 - 19, 000
$ 77, 650
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 and 1992 are actual
amounts accumulated with six and one-half percent interest earned in
1991. The amounts for 1993, 1994 and 1995 are estimates and are
subject to change.
ssed and approved this 3rd day of September, 1991.
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