HomeMy WebLinkAboutR-1211 - Authorizing an interfund loan and designating the interest rates-e».Dlr~
F:le".CIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO.I Z II
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
WHEREAS,the construction of improvements in U.L.l.D.No. 11
authorized by Ordinance No.1446 is estimated to cost $150,000.00;and
WHEREAS,Ordinance No.1446 authorizes the issuance of short-
term obligations for providing interim financing of said improvements;and
WHEREAS,bonds will
obligations upon completion of
mation of the final assessment
be sold to redeem such interim financing
construction of the improvements and confir-
roll for U.L.I.D.No.11;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.That the City Finance Director loan $150,000.00 from
the Water/Sewer Revenue Fund to the U.L.I.D.No. 11 Construction Fund;and
Section 2.That said loan
interest thereon,from proceeds of the
with Ordinance No.1446.
shall be repaid,together with
revenue bonds issued,in accordance
Section 3.That said loan shall bear interest at the rate ofZZ2:%per annum,computed on the basis of a 360 day year.
~AD0'irED by the City Council
?J?day of Hee.I'-,1986.
ATTEST:
APPROVED AS TO FORM:
~~tJu <~.{Ir-i Y Attorn •
and APPROVED by the Mayor this
THE CITY OF MARYSVILLE