HomeMy WebLinkAboutR-0944 - Authorizing an interfund loan and designating the interest rateMarysville,Washington
CIT Y o F MAR Y S V ILL E l
RESOLUTION NO.91/'(
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
WHEREAS,it is the desire of the City Council to acquire and
develop lands for Parks,Recreation,and Open Space purposes;and
WHEREAS,the City Council has established certain land deve-
lopment fees for the purpose of acquiring and developing Parks,Recrea-
tion,and Open Space;and
WHEREAS,there is an immediate need for such funds to acquire
a certain parcel of land for Parks,Recreation,and Open Space;NOW
THEREFORE
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON DOES
HEREBY AUTHORIZE AND DIRECT
Section 1.
from the Water/Sewer
Space Fund;and
That the City Finance Director loan $200,000.00
Revenue Fund to the Parks,Recreation,and Open
Section 2.That such loan shall be repaid,together with in-
terest thereon,from the revenues received from land development fees
established by Ordinance No.IObb for acquiring and developing Parks,
Recreation,and Open Space;and
Section 3.That such loan shall bear interest at the rate of~%per annum,computed on the remaining balance at such time as re-
payments are made.
P~SFED ~~the City Council and APPROVED by the Mayor this
day of ."3o~Y'"1979.\Otl
ATTEST:
APPROVED AS TO FORM: