Minutes 10/27/1992 - Laserfiche WebLink

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TUESDAY, OCTOBER 27, 1992 items: (1) the "599" law enforcement' funding program; (2) regional jail funding; and (3) funding for local prison farm operations. Members of Council expressed appreciation to Mr. Rollins and the other officials for making the presentation. Council acknowledged a financial report for the month ending 9/30/92 as presented by Richard D. Fitts, Director of Finance, and upon motion, duly seconded and by unanimous vote, adopted the following Resolution authorizing the temporary borrowing of funds to meet cash flow needs: BE IT RESOLVED by the Council of the City of Martinsville, Virginia, in regular session held on October 27, 1992 that the City of Martinsville, Virginia acting by and through the City Manager or its Assistant City Manager, and its Director of Finance and the City Treasurer, be, and it hereby is authorized to make short term loans for a term not to exceed ten (10) days from the Patrick Henry National Bank at an interest rate that equals the average federal funds rate plus one percent (1%) as stated in the Wall Street Journal on the date the funds are borrowed, and BE IT FURTHER RESOLVED that no such loan shall be binding upon the City of Martinsville, Virginia unless the promissory note or other instrument evidencing said indebtedness is signed by the City Manager or Assistant City Manager, and the Director of Finance and the City Treasurer. BE IT FURTHER RESOLVED that this Resolution shall become effective on and after October 27, 1992. Mr. Reynolds and Mr. Fitts stated that they did not anticipate that funds would need to be borrowed during October, but that this would allow them to better manage the cash flow operations of the City in the future. Upon motion, duly seconded and by unanimous vote, Council endorsed a proposed program of work and mission statement for the Martinsville- Henry County Long-Term Solid Waste Disposal Facility Siting Committee.