HomeMy WebLinkAbout08/22/1988 •
FINANCE COMMITTEE
August 22, 1988
6 : 30 p.m.
Large Conference Room
Members present: Chairperson Angel, Wright and Buck.
Moved by Buck, seconded by Wright that the Agenda, as proposed,
be approved. Motion carried.
The request of the Metropolitan Transit Authority for a line of
credit with the National Bank of Waterloo was reviewed. The
guaranty is based upon the City's subsidy to MET in the amount of
$388,371. The MET has asked the City to guarantee a $250,000
line of credit with the National Bank until January, 1989 to
allow operational funding for the Authority. Federal subsides
that MET depends on are not available until that time. If MET
should default on its payments to the National Bank, the City' s
subsidy would be paid to the National Bank in lieu of direct
subsidy payments to MET. Moved by Wright, seconded by Angel that
a recommendation of approval be forwarded to the City Council to
authorize the Clerk/Auditor to sign a guaranty for a line of
credit with the National Bank of Waterloo for Metropolitan
Transit Authority. Ayes: Wright, Angel. Abstain: Buck.
Motion carried.
Moved by Buck, seconded by Wright that the recommendation of
denial for a garbage exemption at 1315 Hammond Avenue be
approved. Motion carried.
Moved by Angel, seconded by Wright that the bills payment be
approved as contained in Schedule A918, pp. 1-64, totaling
$1,255, 900.71 and Schedule W900, pp. 1-3, totaling $44,939, dated
August 22, 1988 . Ayes: Angel, Wright. Abstain: Buck. Motion
carried.
With no further business before the Committee, the meeting was
adjourned.
Larry P. Burger
Clerk/Auditor