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HomeMy WebLinkAbout2002-05-29 02-229 ORDERItem No, 02-229 �uGTiFJFI�'�Y1 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 �4�14 V 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 Puled F OHUHH IT4 (TITLE") Authorising the lkaosfor of Workers Compensation Designated ]Funds to the Economic Development Send - Assigned to ncn�cilloor��_�`���k o /1 u ✓"