HomeMy WebLinkAboutR-1383 - Authorizing an interfund loan and designating the interest rateCITY OF MARYSVILLE
Marysville,Washington
RESOLUTION No./3?3
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
WHEREAS,the construction of improvements in
U.L.I.D.No.14 authorized by Ordinance No.1694 is esti-
mated to cost $107,000.00;and
WHEREAS,Ordinance No.1694 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 inter-
im financing obligations upon completion of construction of
the improvements and confirmation of the final assessment
roll for U.L.I.D.No.14;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
section 1.That the city Finance
$107,000.00 from the Water/Sewer Revenue
U.L.I.D.No.14 Construction Fund;and
Director loan
Fund to the
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.1694.
the
365
section 3.That said loan shqll bear
rate of 8'per annum,computed on the
day year.
interest at
basis of a
A~by thb,City ~ouncil
Mayor this day Of~,
THE CIT
APPROVED AS
C
and APPROVED by the
1989.