Borrowing Resolution 2018-4

RESOLUTION 2018-4

BORROWING RESOLUTION

TOWN OF LOWELL

DODGE COUNTY, WISCONSIN

 

WHEREAS, the Wisconsin State Statutes Chapter 67.12, paragraph (12)

BORROWING ON PROMISSORY NOTES provides for the borrowing by a municipality; and

WHEREAS, the Wisconsin State Statutes Chapter 82.03(1) (a) and 82.03(60.23(2) TOWN HIGHWAYS – Duties of Town Board which states that “the town board shall have the care and supervision of all highways under the town’s jurisdiction”, and “the town board shall provide machinery, implements, material, and equipment needed to construct, maintain, and repair the highways and bridges under the town’s jurisdiction,” and

WHEREAS, the Town of Lowell is in need of funds to finance the purchase of a 2019 Mack Truck.

NOW THEREFORE BE IT RESOLVED that the Town Board of the Town of Lowell, Dodge County, Wisconsin is to borrow the sum of one hundred seventy thousand dollars and no cents ($170,000.00) from American Bank, Beaver Dam, Wisconsin for the term of seven years (7) at 3.50% interest.  The principal and interest is to be repaid semi-annually beginning February 15, 2019, from general taxes levied in the fiscal years 2018 thru 2025.  The authorized signers for the Promissory Note will be Chairman John H. Schmitt and Clerk Susan L. Caine.

BE IT FURTHER RESOLVED that this Resolution was discussed and voted on in the August 29, 2018 Town Board Meeting, which had been properly posted according to State Statute and held at the Town Office Building on August 29, 2018.

Passed this 29th day of August, 2018 by the Town Board of the Town of Lowell, Dodge County, Wisconsin with a YES VOTE:

__Signature on File __________________

John H. Schmitt, Chairman Town of Lowell

__Signature on File___________________

David W. Huebner, Supervisor Town of Lowell

__Signature on File___________________

Gregory J. Caine, Supervisor Town of Lowell

ATTEST:

__Signature on File___________________

Susan L. Caine, Clerk Town of Lowell