HomeMy WebLinkAboutR-1404 - Authorizing an interfund loan and designating the interest rateCITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO./404
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
WHEREAS,the construction of improvements in L.I.D.No. 63
authorized by Ordinance No.1602 exceeded by $370,000.00 the funds
provided by the Bond Anticipation Notes;and
WHEREAS,these additional costs,relating primarily to util-
ities improvements,will be repaid before January 31,1990;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
section 1.That the City Finance Director loan $370,000.00
from the city's Utility Construction Fund to the L.I.D.No. 63 Con-
struction Fund per following schedule:
$170,000.00 on September I,1989
75,000.00 on October I,1989
105,000.00 on November I,1989
20,000.00 on December I,1989
section 2.Said loan shall be repaid,together with interest
thereon from utility Construction Funds,Storm Drainage Funds and
L.I.D.No. 63 assessments.
section 3.Said loan shall bear interest at the rate of 8.4%
per annum,computed on the basis of a 365 day year.
ADOPTED by the city Council and APPROVED by the Mayor this ~~
day of :sL~n+Yer~,1990.
THE CITY MARYSVILLE
ATTEST:
APPROVED AS TO FORM: