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RESOLUTION NO. 71-87
Resolution Establishing x
A Public Works Trust x
Fund Loan Guaranty Fund x
WHEREAS, the County from time to time may borrow monies from
the Public Works Trust Fund division of the Department of
Community Development, and
WHEREAS, if the County has the funds to guaranty the payment
of Public Works Trust Fund loans, the County finds it desirable
to set aside funds for guaranty of repayment, and
WHEREAS, the County Road Fund has borrowed $597,514.12 from
the Public Works Trust Fund for the improvement of the Beaver
Valley Road, which with interest at 3% per annum will total
$778,000.00 in payments, and
WHEREAS, the County Road Fund has sufficient funds to set
aside for the repayment of the loan,
NOW THEREFORE BE IT RESOLVED, that the County Treasurer is
hereby authorized and directed to establish a Public Works Trust
Fund Loan Guaranty Fund from which to make annual installment
payments for outstanding loans, and
FURTHER BE IT RESOLVED, that the sum of $778,000.00 be
transferred to the Public Works Trust Fund Loan Guaranty Fund
from which to make annual installment payments for outstanding
loans, and
FURTHER BE IT RESOLVED, monies in the fund are to be paid
out only for repayment of Public Works Trust Fund Loans except
that when all loans are satisfied all monies remaining shall be
transferred to the County Road Fund.
APPROVED this
fJ
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day of ~ 1987.
BOARD OF COUNTY COMMISSIONERS
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B.G. Brown, Member
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'George C" rown, Member
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VOL 1:3 HCE, O' 3078