HomeMy WebLinkAbout6863RESOLUTION NO. 6863
A RESOLUTION AUTHORIZING THE CITY MANAGER TO NEGOTIATE
A FINANCIAL LOAN AGREEMENT BETWEEN THE CITY OF PUEBLO AND
THE SANGRE DE CRISTO ARTS & CONFERENCE CENTER BOARD OF DIRECTORS
WHEREAS, a representative of the Sangre de Cristo Arts & Conference Center
Board of Directors has approached the City and requested financial assistance
for a Capital Improvement Program in the form of an interest free loan to be
repaid over a six year period of time; and
WHEREAS, it is the desire of the City Council to provide the Sangre de
Cristo Arts & Conference Center financial assistance in the form of an interest
free loan that is to be repaid over a six year period of time, now, therefore;
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO that:
SECTION 1:
The City Manager or his official representative is hereby authorized to
negotiate a financial loan agreement for a Capital Improvement program between
the City of Pueblo and the Sangre de Cristo Arts & Conference Center Board of
Directors, in the amount of $360,000 interest free, which will be repaid at
$60,000 per year.
SECTION 2:
The financial loan agreement shall be approved as to form by the City
Attorney and formally submitted to the City Council for final approval.
SECTION 3:
The funds for said financial loan agreement shall be transferred from the
City of Pueblo Mountain View Cemetery Endowment Fund and invested in the
financial loan agreement. All monies repaid under said financial loan agreement
shall be deposited into the City of Pueblo Mountain Veiw Cemetery Endowment Fund.
INTRODUCED December 9 , 1991
ATTEST:
BY: FAY KASTELIC
Councilperson
APPROVED:
C ty - Clerk Pr 'dent of the Council