09/27/2016 Resolutions 2016-230RESOLUTION 2016-230
WHEREAS, with the extension of sanitary sewer to the south side of Interstate 80
along US Highway 281 the City Of Grand Island is requesting to enter into a Promissory Note
with Sanitary Sewer Improvement District No. 2 to accommodate repayment of such sanitary
sewer extension; and
WHEREAS, the final construction cost of such sanitary sewer extension is
$2,572,013.30, of which $2,369,722.83 is the responsibility of Sanitary Sewer Improvement
District No. 2; and
WHEREAS, such promissory note provides for semi-annual installations in the
amount of $60,000.00 principal plus accrued interest commencing December l, 2016 and on
each June 1 and December 1 thereafter; and
WHEREAS, the interest rate of 2.5% shall apply to the promissory note for a term
of twenty (20) years.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE CITY OF GRAND ISLAND, NEBRASKA, that the promissory note for Sanitary
Sewer Improvement District No. 2 is hereby approved in the amount of $2,369,723.00 with a
2.5% interest rate for a twenty (20) year term.
Adopted by the City Council of the City of Grand Island, Nebraska, September 27, 2016
Attest:
��Q.�.- �
RaNae Edwards, City Clerk
Jer my . Jen en, a or
Approved as to Form tt
September 26, 2016 � ity rney