HomeMy WebLinkAbout2002-05-29 02-229 ORDERItem No, 02-229
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Item/Subject: ORDER, AMhorizing the Transfer of Workers' Compensation Designated!
Funds to the Economic Development Fund -- Hildreth Street Properly
Responsible Department: Legal
nis Order will authorize the transfer of up to $1.3 million dollars from the Workers' Compensation
Designated Fund to the Economic Development Fund. Such a transfer is authorized by Article VI, Sec. B
of the City Charter. The money will be used for the acquisition of 110 Hildreth Street. The Economk
Development Fund will repay the Ponds m the Workers' Compensation Designated Fund on a 20 year
amortization schedule with interest at a rate of 6.5%. A promissory note will he eeecuted to evidence the
repayment obligation.
artrnent Head
Manager's Comments:
1
City Manager
Information:
Finance Director
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City Solicitor
_ Passage
First Reading Page—or—
Referral
age_MReferral
02-229
Auignedw Councilor Palaer may 29. 2002
CITY OF BANGOR
(TYLE.) ORDER, Authorizing the Transfer of Worken'Compensation Designated
Funds to the Economic Development Fund— Hildreth Street Property
By the Cit Council of the Cit of Bangor:
ORDERED,
THAT the City Manager is authorized to transfer up to $1.3 million dollars from the City of
Bangor Workers' Compensation Designated Fund to the City of Bangor Economic Development
Fund, said funds to be used for the purchase of t 10 Hildreth Street.
Be it further
ORDERED,
THAT the Economic Development Fund sball repay the funds to the Workers' Compensation
Designated Fund based on a 20 year amortization schedule with an interest rate of 6.5%, to be
evidenced by a promissory note.
Id CITY CO u
May 29. 2002
Hotmoo Made and Seconded# 02-229
for Passage
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