HomeMy WebLinkAboutR-1285 - Authorizing an interfund loan and designating the interest rateCIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO.'2.a•
A RESOLUTION AUTHORIZING AN INTERFUND LOAN AND
DESIGNATING THE INTEREST RATE.
I
WHEREAS,
No.12 authorized
$459,306.89;and
the construction of improvements in
by Ordinance No.1553 is estimated
U.L.I.D.
to cost
WHEREAS,Ordinance No.1553 authorizes .the issuance of
short-term obligations for providing interim financing of said im-
provements;and
WHEREAS,bonds will be sold to redeem such interim fi-
nancing obligations upon completion of construction of the im-
provements and confirmation of the final assessment roll for
U.L.I.D.No.12;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.That the City Finance Director loan
$450,000.00 from the Water/Sewer Revenue Fund to the U.L.I.D.No.
12 Construction Fund;and
section 2.That said loan shall be repaid,together with
interest thereon,from proceeds of the revenue bonds issued,in
accordance with ordinance No.1553.
rate of
year.
sec~ion 3.That said loan shall bear interest at
'7 z.7t-per annum,computed on the basis of a 365
the
day
the Mayor()~ADOPTdEayD by the City Council and APPROVED by
this ~of ,D£c€-l1esr?.1987.
THE CITY OF MARYSVILLE
ATTEST:
~fX)~,'~
APPROVED AS TO FORM:
~~al corsb-~torney