HomeMy WebLinkAbout1999-06-07-Resolutions 99-55_Library Facility - Temp Line of CreditCITY OFWaukeeATHEKEYTOGOODLIVING
RESOLUTION NO.99-55
AUTHORIZING A TEMPORARY LINE OF CREDIT TO THE WAUKEE LmRARY
FOUNDATION USING THE CITY OF WAUKEE GENERAL FUND
WHEREAS,The provision of public library services has been found to be a general corporate purpose
pursuant to Section 384.24 (4)(c)of the Iowa Code,AND;
WHEREAS,The Waukee City Council has determined that the current library facility is inadequate and
in need of replacement,AND;
WHEREAS,The Waukee Library Foundation has exhibited significant leadership leadership in the
effort to construct anew library for the City of Waukee,AND;
WHEREAS,The Foundation has selected American City Bureau as its fundraising coordinator,AND;
WHEREAS,The Foundation has also selected FEH Incorporated of West Des Moines as its architect for
the project,AND;
WHEREAS,The Foundation has already expended $3,000 of its own funds to secure the option on land
for the new library,AND;
WHEREAS,The Foundation is in need of up to $60,000 in start up funds to continue work on the
project,AND;
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in session this 7th day of
June,1999 that it hereby authorizes and directs the preparation of documents necessary to make a line of
credit in the amount of $60,000 from the City of Waukee General Fund available to the Waukee Library
Foundation.
BE IT FURTHER RESOLVED that this line of credit shall carry an interest rate of 5%and shall be
repaid to the City of Waukee no later than June 6,2000.
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ROLL CALL VOTE
Nicholas C.Gruber
Marvin Berger
Robyn S.Heath
Bill Peard
Larry Lyon
AYE NAY ABSENT
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