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Agenda <br />City Council Meeting <br />June -24 -1981 <br />Cont. <br />Council Legislative Matters. <br />PUBLIC SAFETY MR. HANSON. <br />13. Canadian Days Police <br />14. Emergency Loan: <br />SEE CORRESPONDENCE PAGE -19- <br />EXPLANATION: <br />(Tape no. <br />On June -16- 1981 the City made an investment of $ 409,640.11 on a 30 C.D. <br />interest rate 16.5 %. <br />On June 17th 1981 the City received a 2nd notice from 1st National bank <br />indicating that the $ 91,302,90 principal & interest payment on bonds of <br />1967 has not been paid. I check the Voucher list and the claim was not there <br />hut claim was with the vouchers. A check for $ 59.15 was written and it Should have <br />been 91,302.90 <br />I, called the bank and asked them what the penalty is for cashing a note before <br />termination. The bank informed me that it would be about $ 600.G0. That was no <br />problem. Then the bank called me back and informed me that the penalty would be <br />about $ 4,500.00 and that is a problem. The bank informed me that we could take <br />out a temporay loan for 30 days. I Called Ray and we made arrainagements for <br />a ;temporary loan for 15 days. ( We have a C.D. note due on July -2- 1981) <br />SEE CORRESPONDENCE PAGE- 18.- <br />14. Other. <br />Page -6- <br />