HomeMy WebLinkAboutLaurel Airport Authority Minutes 09.29.1987C
City of Laurel
P.O. BOX 10 LAUREL, MONTANA 59044 LAUREL AIRPORT AUTHORITY
PHONE: 628$791 DEPARTMENT
September 29, 1987
Meeting was called to order at 7:05 PM by Chairman Smith, Attending
the meeting were Mary McKamy, Bill Brennan, Dzve Powere and Claude Cory.
Terry Fatzinger and Jim Fels of-HKM were in attendance.
Minutes.of the August 25, 1987meeting were read and approved as read.
Dr. Smith reported on the.airpoirt construction project and he stated taht
Empire Sand & Gravel were approved as contractor for the project. The FAA
approved the grant for airport construction of $385,575.00. Taxi will be
35feet wideThe FAA.also approved the change in plan to slope the Fox property
North of the East end of the runway 23. it, - 1 &.A< ?
Motion by-Dave Powers that we accept the grant from FAA.- Second by Bill
Brennan, motion,.passed.
Dave made a motion the approve payment of HKM $31,536.39 for engineering
completed to date. Motion second by Bill, motion passed.
Discussion concerning leases that are up for renewal, no action taken. John
Pearce has been notified to paint his hanger and keep in cleaned up aroung
the hanger area.
No furth business meeting adjourned at 8:30 PM.
g3 hn H. - SiniCh Chairman
n r
Secretary
/
City of Laurel is an EEO Employer
RESOLUTION NO.
A RESOLUTION ENTITLED; "A RESOLUTION OF THE LAUREL AIRPORT AUTHORITY,
LAUREL, MONTANA, APPROVING A LOAN IN THE AMOUNT OF EIGHTEEN THOUSAND
EIGHT HUNDRED FORTY-ONE DOLLARS ($18,841), TOGETHER WITH INTEREST
THEREON AT THE RATE OF 7.109% PER ANNUM ON THE UNPAID BALANCE OF THE
PRINCIPAL UNTIL PAID, FROM THE AERONAUTICS DIVISION, DEPARTMENT OF
COMMERCE OF THE STATE OF MONTANA TO SAID LAUREL AIRPORT AUTHORITY, r
LAUREL, MONTANA, FOR THE PURPOSE OF AIRPORT IMPROVEMENTS TO INCLUDE
OBSTRUCTION REMOVAL, TAXIWAY CONSTRUCTION AND REHABILITATION, AND
SAFETY AREA WORK ON THE LAUREL AIRPORT, LAUREL, MONTANA, PROVIDING FOR
THE REPAYMENT OF SAID LOAN, AND THE TERMS THEREOF,"
WHEREAS, the Laurel Airport Authority, Laurel, Montana has
applied to the Aeronautics Dlvislon, Department of Commerce of the
State of Montana for a loan of State funds i,n the amount of $18,841
together with Interest thereon at the rate of 7.109% per annum on the
unpaid balance of the principal until paid, for the purpose of
obstruction removal, taxiway construction and rehabilitation, and
• safety area work at the Laurel Airport, Laurel, Montana; and
WHEREAS, the State of Montana, by and through the Aeronautics
Division, Department of Commerce, has prescribed the terms and
conditions under which said loan is to be repaid, to wit: Said sum of
418,841 together with interest thereon at the rate of 7.109% per annum
on the unpaid balance of the principal until paid, must be repaid to
the Aeronautics Division, Department of Commerce, in semiannual
Installments in such payment amounts and in accordance with the
l J schedule of repayments as set forth in the repayment schedule, a copy
?r of which is to be hereto attached, marked EXHIBIT "D" and by this
ty•set forth .at this point
The first and only the first of said payments shall include an
additional amount, as set forth In the repayment schedule, and which
amount shall constitute payment of an administrative fee equal to one
percent (1%) of the principal of the loan.
WHEREAS, It Is necessary that the Laurel Airport Authority,
Laurel, Montana, accept such State monies and expend same upon such
terms and conditl"ons as are prescribed by the State of Montana.
f
NOW, THEREFORE, BE IT RESOLVED by the Laurel Airport Authority,
/ 'w Laurel, Montana, as follows:
1. That said: Laurel Airport Authority hereby agrees to receive
and expend such loan totaling $18,841 for the improvements of the
Laurel Airport, Laurel, Montana, in the manner and form applied for,
and as approved by the Aeronautics Division, Department of Commerce.
2. That In consideration of said loan, the said Laurel Airport
Authority, Laurel, Montana, hereby obligates itself during the period r
of time as set forth In EXHIBIT "D", the repayment schedule, to repay
to the Aeronautics Division, Department of Commerce of the State of
Montana, said loan totaling $18,841, together with Interest thereon at
the rate of 7.109% per annum on the unpaid balance of the principal
until paid, in semiannual installments in accordance with EXHIBIT "D."
And, further, the first of said payments, in the amount as stated In
EXHIBIT "D", Including interest, will be made on or before the date
set forth in EXHIBIT "D", and final payment In the amount as set forth
In EXHIBIT "D" will be made on or before the date set forth In EXHIBIT
"D", in the full amount of the loan together with interest as
aforesaid; and
3, That said: Laurel Airport Authority, Laurel, Montana, In
oonslderatiion of said loan does hereby obligate itself to Include
within Its budget for the period
of time during which said loan is to be repaid, sufficient funds to
pay and discharge said loan together with interest thereon in the
amount as stated in EXHIBIT "D", In the manner herein set forth.
Unanimously passed and approved by the Laurel Airport Authority,
Laurel, Montana, this day of ~ 19 4"7
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a rmait-i- L rel irport Authority
of Laurel, ontana
ATT
. Secretary, Laurel PFP??Frt Authority
of Laurel, Montan
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