HomeMy WebLinkAboutR-1224 - Authorizing an interfund loan and designating the interest rateCIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTI ON NO.j:J...:;l't-
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
WHEREAS,the Police Department facilities have been determined
to be inadequate and new facilities are required;and
WHEREAS,the City Council has determined it is in the best
interest of the residents of the City of Marysville to consolidate the
Police and Fire Departments within one structure as a Public Safety
facility;and
WHEREAS,property in a highly desirable location has become
available and the City Council wishes to purchase the property at this
time;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
",ection 1.
from the Water/Sewer
Fund;and
That the City Finance Director loan $500,000.00
Construction Fund to the General Cumulative Reserve
Section 2.That said loan shall be repaid,together with inter-
est thereon,from anticipated resources within one year.
Section 3.That said loan shall bear interest at the rate
of 6.8%per annum,computed on the basis of a 360 day year.
/1 AD0fP!':by the
day of (lUST
City Council
,1986.
and APPROVED by the Mayor
THE CITY OF MARYSVILLE
this
ATTEST:
APPROVED AS TO FORM:
M