THE CITY OF MONTICELLO, IOWA
RESOLUTION #14-111
Resolution to approve payment of MUSCO Lighting Invoice.
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF MONTICELLO, IOWA
WHEREAS, The City of Monticello City Council has previously considered investing in MUSCO lights for the Prep Diamond located at the Monticello Sports Complex, and
WHEREAS, The City Council previously authorized investment in same, and also approved of the entry into a lease agreement with MUSCO to cover the remaining balance, with MYBSA funds and previously approved annual City investment in MYBSA to cover the lease payments, and
WHEREAS, The Council subsequently considered paying the entire balance due instead of entering a lease agreement, with MYBSA funds and previously approved City investment in MYBSA to cover the balance of $36,500 that would otherwise have been covered by the lease agreement and interest being paid to the City on said balance at 3.75% per annum.
NOW THEREFORE BE IT RESOLVED by the City of Monticello, through its’ City Council, in session this 3rd day of November 2014, does hereby approve payment of the MUSCO Invoice in the amount of $71,500, and directs the City Administrator to prepare an agreement providing for the repayment to the City of the balance remaining of $36,500 at 3.75% interest by the MYBSA.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused the Great Seal for the City of Monticello, Iowa to be affixed. Done this 3rd day of November, 2014.
Dena Himes, Mayor
Attest:
Sally Hinrichsen, City Clerk