HomeMy WebLinkAboutResolution 95-044 loan from aepco for the construction of a water storage tank and improvements on the water linesRESOLUTION NO. 95-44
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF MARANA,
ARIZONA, ACC~G A ZERO-INTEREST LOAN FROM AEPCO FOR THE
CONSTRUCTION OF A WATER STORAGE TANK AND I~VIPROVEMENTS ON THE
WATER LRqES.
~S, the Town of Mararia requested a loan from the Arizona Electric Power Co-
Op (AEPCO), from funds provided to it by the Rural Electrification Administration (REA), for
the improvement of the water delivery system within the Town of Marana; and
WI4gREAS, AEPCO approved the Town's request for funds and has agreed to loan the
Town eighty eight thousand ($88,000.00) dollars at zero (0%) percent interest over ten years
with the first year deferred; and
WHEREAS, the Town Council believes that the loan would be beneficial to the Town,
such that the money would be used to improve the water storage and delivery capacities of the
Town; and
WHEREAS, the Town Council of the town of Marana, Arizona believes that entering
into the development agreement will be in the best interests of the Town.
NOW, TI4g. REFORE, BE 1T RESOLVED by the Town of Mararia, Arizona that the loan from
AECPO shall be accepted and the funds shall be spent to improve the water storage and delivery
capacities of the Town.
PASSED AND ADOFrED by the Mayor and Council of the Town of Mararia, Arizona,
this 1st day of August, 1995.
Mayor ED HONEA
A'I~ES T: ..,-/? --
Sandy Gro~!0se
APPRO~VED AS TO FORM:
Daniel J. Hochuli
Resolution No. 9544 Page 1 of 1