HomeMy WebLinkAbout1992-05-11 92-259 ORDERnt uad For
Passage
❑ First Reading Paw—of—
Referred
age_ofReferral
Date naw 11, 1992
Item No. 92-259
Item/Subject: Prange, of General Fund due from Bass Park
and Nuraing Facility
to AlrpSat Fund
Responsible Department Financeto
Commentary:
This item would recover $822,229 of cash flow funds
due the General Fund
by Bass Park ($485,897) and Nursing Facility ($336.332)
by transferring
the amount due to the Aiport:and assassin interest
to the "borrowing"
funds at j the rate of Interest for delinquent taxes.
This item was reviewed at Finance Committee and recommended
for approval
with a long-term general policy being presented for
future committee
consideration
C
pe rt nt//nA
Manager's Comments:
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to
cayaamge,
Associated Information:
Budget Approval:
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Maturate
1pa Approval:
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nt uad For
Passage
❑ First Reading Paw—of—
Referred
age_ofReferral
92-259
A mired to Councilor Stone May 11,1992
a,r ; CITY OF BANGOR
(TiTl6) Mrberf Trarefer k general _Vg4 due from_$bsa Park and Nursing Facility to
Airport Fund
By the City Cpnnell oftw CUP OfBnrypr:
ORDERED,
TMT
$822,229 of cash advanced by the GemxAlFiotld to Pass Park and the
Nursing Facility be transfrred to the Aiprort Shod,
and that interest be paid to the Airport Fund by the respective borrowing
funds at a rate of interest equal to one-half of the approved interest
collect for delinquent taxes,
and, that the rate of interest will be adjusted annually as tax delinquency
interest rates are adjusted,
and, that a long -tem policy for cash advances be written and presented
to the Finance formless for review and consideration.
IN city Council May 11,1992
Amended by adding the following
General fund to reinbuxse Airport
by dune 30,1993
Passed as Amended
92-259
ORDER
Title,
transfer of general Fund due from Baas
...........sing facility
..to Airport park and nursing fad13[y to Airport
fund
Q Q two
......
Councilman w..... ocilrtan
01, �tB(