HomeMy WebLinkAboutR-1133 - Authorizing an interfund loan and designating the interest rate---------------------------~~--
CIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO.1/3'5
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
WHEREAS,
and U.L.I.D.No.9
tion notes;and
the construction of improvements in L.I.D.No. 62
are being financed by the issuance of bond anticipa-
WHEREAS,the City must redeem bond anticipation notes held
by Peoples Bank on June 1,1984;and
WHEREAS,new bond anticipation notes will be sold to Ci ti zens
Bank on June 5,1984;and
WHEREAS,it is necessary for the City to provide interim
financing of these notes for the five days from June 1 to June 5,1984;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.The City Finance Deirector shall use the City
surplus cash to provide the necessary interim financing in the amount
of $395,196.00 for the period of May 31,1984 to June 5,1984.
Section 2.Said loan of City funds shall be treated in the
same manner as a repurchase agreement and shall bear interest at the
rate of 9.00'7,.
Section
funds provided by
Bank.
3.Said loan shall be redeemed on June
the issuance of bond anticipation notes
5,1984 by
to Citizens
Z9 ADOPTED by the
day of H A V
f
City Council and APPROVED by the Mayor this
,1984.
THE CITY OF MARYSVILLE
ATTEST:
APPROVED AS TO FORM:
~~~O'it)TAtforney v