07/27/2010 Resolutions 2010-201RESOLUTION 2010-201
WHEREAS, the City of Grand Island accrues interest on all commercial electric
service deposit accounts; and
WHEREAS, the City of Grand Island has maintained the same interest rate since
September 1, 1983; and
WHEREAS, economic conditions have changed and make the current rate obsolete;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF GRAND ISLAND, NEBRASKA, the interest rate payable on commercial electric
service deposit accounts be tied to the three month LIBOR (London Interbank Offered Rate) and
be adjusted annually on October 1, or the next business day;
BE IT FURTHER RESOLVED, that the mayor is hereby authorized and directed to
execute such agreement on behalf of the City Of Grand Island.
Adopted by the City Council of the City of Grand Island, Nebraska, July 27, 2010.
~~
Margaret ornady, Mayor
Attest:
~al lam ~~~~ W~-~-
RaNae Edwards, City Clerk
Approved as to Form n r
July 26, 2010 n City Attorney