HomeMy WebLinkAboutR-1344 - Authorizing an interfund loan and designating the interest rateCIT Y 0 F MAR Y S V ILL E
Marysville,Washington
RESOLUTION NO.I '3~lj
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
WHEREAS,the construction of improvements in
U.L.I.D.No.13 authorized by Ordinance No.1635-A is esti-
mated to cost $118,000.00;and
WHEREAS,Ordinance No.1635-A authorizes the issu-
ance of short-term obligations for providing interim financ-
ing of said improvements;and
WHEREAS,bonds will be sold to redeem such interim
financing obligations upon completion of construction of the
improvem nts and confirmation of the final assessment roll
for U.L.I.D.No.13;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
section 1.That the City Finance Director loan
$118,000.00 from the Water/Sewer Revenue Fund to the U.L.I.D.
No.13 Construction Fund;and
Section 2.That said loan shall be repaid,to-
gether with interest thereon,from proceeds of the revenue'
bonds issued,in accordance with Ordinance No.1635-A.
section 3.
the rate of Q .0 per
day year.
That said loan shall bear interest at
annum,computer on the basis of a 365
ADOPTED by the City Council and APPROVED by the
Mayor this 191t.-day of D<?L.0I'ukel!',1988.
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