01/27/2004 Resolutions 2004-16
I
I
I
RES 0 L UTI 0 N 2004-16
WHEREAS, the City of Grand Island presently has Certificates of Deposit which will
mature in the near future; and
WHEREAS, cashing in such Certificates of Deposit prior to their maturity date will
subject the City to penalties; and
WHEREAS, the City is in need of financing for operating expenses prior to the
maturity date of such Certificates of Deposit; and
WHEREAS, due to the financing terms available at the present time, it would be
advantageous for the City to obtain short term financing for such operating expenses instead of
cashing in Certificates of Deposit which would result in penalties and a lesser net return on the
money; and
WHEREAS, it is recommended that the City obtain short term financing in the
amount of $5,000,000 from Wells Fargo Bank, NA to pay for operating expenses, with a maturity
date on such loan of February 1, 2005.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, that short term financing with Wells Fargo Bank,
NA for operating expenses in the amount of $5,000,000 is hereby approved in accordance with the
terms of the Promissory Note and related documents.
BE IT FURTHER RESOLVED, that the Mayor is hereby authorized to execute such
promissory note and related documentation on behalf of the City of Grand Island to complete such
financial arrangements.
Adopted by the City Council of the City of Grand Island, Nebraska, January 27,2004.
QJ\~ FD~
RaNae Edwards, City Clerk
Approved as to Form
January 22, 2004