HomeMy WebLinkAbout35095 / 88-333 October 20, 1988 #333 RESOLUTION
(CARRIE� LOST LAID OVER WITHDRAWN )
PURPOSE: APPROYE PROMISSORY NOTE FOR IMPROVEMENTS/F&M BANK
INITIATED BY: CITY ADMINISTRATIOfd
WHEREAS, the F&M Bank of Omro/Winneconne plans construction this
autumn of a branch banking facility on newly annexed property at the southeast
corner of West Ninth Avenue and Oakwood Raad; and
WHEREAS, to facilitate construction, the City needs to install water
service to the site promptly, rather than as a part of the 1989 Capital Improve-
ment Program; and
WHEREAS, no funds had been budgeted for this unforeseen development, and
the F&M Bank of Omro/Winneconne has agreed to lend the City at no interest suffi-
cient money to pay for the extension of water service to the site, said funds to
be repaid from future borrowing;
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City officials are authorized and directed to execute a
promissory note, and necessary related documents, in favor of the F&M Bank of
Omro/Winneconne in the amount of $ 58,550.00 , representing the Bank' s share of
the cost of water service extension to its proposed branch banking facilities
at Ninth Avenue and Oakwood Road, at no interest to the City, to be repaid from
future borrowing.
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