WHEREAS: IC 36-9-23-1 Gives Municipalities the authority to operate and maintain a water company within their jurisdiction; and
WHEREAS: IC 8-1.5-3-12 Gives the Town Council, who governs, maintains and oversees the operation of the Bunker Hill Water Company, the authority to lend money to the Municipality by resolution; and
WHEREAS: The Bunker Hill Water Company has a surplus of cash exceeding the sum of indebtedness for the calendar years of 2003 and 2004, and
WHEREAS; The Bunker Hill Water Company has on hand the necessary amount to meet current expenses during the year, and the amount necessary to pay for contemplated improvements to be made during the current calendar year, minus the estimated receipts during the calendar year.
LET IT THEREFORE BE RESOLVED; That the Town Council of Bunker Hill, Indiana authorizes the Bunker Hill Water Company to loan $20,000 to the Town of Bunker Hill, Indiana.
Passed on the 19th day of September, 2003.
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Council President
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Councilman
ATTEST:
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