HomeMy WebLinkAboutResolution 97-123 loan agreement with AEPCOMARANA RESOLUTION NO. 9%123
A RESOLUTION OF TI{E MAYOR AND COUNCIL OF TH~ TOWN OF MARANA,
ARIZONA, RATIFYING THE EXECUTION OF LOAN DOCKS AND APPROVING
THE LOAN AGi~I~M~NT WITH TKE ARIZONA ELECTRIC POWER COOPERATIVE,
INC. (AEPCO) FOR THE PROVISION OF FUNDING FOR ONGOING WATER SYSTEM
I/vfPROVElffENTS ~ TI-IE TOWN.
WHEREAS, it is in the best interests of the Town that its citizens have access to a reftable
water source, and it is necessary to maintain current the water system quality by periodic funding
of improvements; and
W'rrPREAS, the Town applied for a seventy thousand dollar ($70,000) zero interest loan
from the Arizona Electric Power Cooperative, Inc. (AEPCO) in 1995, and has recently been
notified of the approva~ of said loan; and
~S, the funding from said loan will allow for ongoing water system improvements
within the Town, and the repayment terms of the loan are such that they will allow the Town
sufficient time to budget for such repayment without putting undue burden on Town resources.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the Town of
Mararia hereby ratify the execution of loan documents and approve the loan agreement with the
Arizona Electric Power Cooperative, Inc. (AEPCO) for the provision of funding for ongoing
water system improvements within the Town.
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
16~ day of December, 1997.
Mayor~HARN
Daniel .1. Hochuli
Town Attorney
Mararia, Arizona Resolution No. 97-123 Page l of l