VILLAGE OF TAOS SKI VALLEY

RESOLUTION NO. 2004-83

A RESOLUTION AUTHORIZING REPAYMENT OF TEMPOPARY LOAN AS FOLLOWS

            WHEREAS, hereby resolved that the Village of Taos Ski Valley having met in a regular meeting on March 9, 2004 proposes to repay the temporarily transfer of cash as follows:

ACCOUNT                     DESCRIPTION                           TRANSFER                   FROM               TO

TYPE

03 - General                General Fund Cash Balance       Permanent               $19,424.87

32 - O&M Reserve         O&M Reserve Fund Cash Balance Permanent                             $19,424.87

            WHEREAS,      A temporary loan of $19,424.87 from O&M Reserve to General was made on December 31, 2003 to pay for expenditures made during that month; and

            WHEREAS,      As of January 31, 2004, a positive cash balance is available in the General Fund to repay the temporary loan from O&M Reserve; and

            WHEREAS,      Resolution 2004-82 stated that as soon revenues were available the loan would be paid back to the O&M Reserve fund;

            WHEREAS,      The temporary loan under such circumstances was necessary and lawful, and the proposed loan should be repaid as of January 31, 2004.

            THEREFORE, BE IT RESOLVED, that the Village of Taos Ski Valley hereby approves, authorizes and directs that the Village of Taos Ski Valley budget for fiscal year 2003-2004 be amended accordingly.

PASSES, APPROVED and ADOPTED this _______ day of ______________, 2004.

                                                                                          THE VILLAGE OF TAOS SKI VALLEY

                                                                                          By __________________________

                                                                                               Neal King, Mayor

(Seal)

ATTEST

 __________________________

Vanessa N. Chisholm, Clerk

Vote For Against