HomeMy WebLinkAboutR-1281 - Authorizing an interfund loan and designating the interest rateCIT Y o F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO./&~I,
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
WHEREAS,it is the intent of the city Council to finance
the construction of the Golf Course maintenance shops by the issu-
ance of Revenue Bonds;and
WHEREAS,the Golf Course Operating Fund does
ate sufficient revenues to provide for construction of
facilities before the bonds are issued;
not gener-
the shop
the Mayor
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 Operating Fund to the Golf Course
Operating Fund;and
section 2.That said loan shall be repaid,together with
interest thereon,from anticipated resources within one year.
Section 3.That said loan shall bear interest at the
rate of 7.0%per annum,computed on the basis of a 360 day year.
C)~DOPTED by .~he City Council and APPROVED by
this _+--I--4-,=-day of ,1!plleHeee ,1987.
THE CITY OF MARYSVILLE
ATTEST:
APPROVED AS TO FORM: