1976-08-04 - Resolution 1976-39 - Loan of funds to Nortran RESOLUTION NO. 76-39
BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
The Village will loan the North Suburban Mass Transportation
District (Nortran) , a corporation , the sum of $250.00 per week for nine
consecutive weeks beginning August 2, 1976, provided however, Nortran will
maintain its current transportation service in the Village. Should the
services cease, no further loans shall be made.
Nortran will repay the Village any sums so loaned plus interest
at 6% per annum from dates of payments on or before 30 days after the
validation of the current budget of the Regional Transportation Authority
(RTA) and in no event later than six months from the date of the last
monies so loaned.
A certified copy of this Resolution shall be sent to Nortran.
The first payment shall be made upon proper acknowledgement of the obligation
to repay as above set forth.
DATED this 'JLj day of August , 1976.
Village President
ATTEST:
Village' Clerk