HomeMy WebLinkAboutR-1454 - Authorizing an interfund loan and designating the interest rateCITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.tlfSlj..
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
estimated to costV$50,000;and
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WHEREAS,Ordinance No. 1694 authorizes the
issuance of short-term obligations for providing interim
financing of said improvements;and
WHEREAS,bonds will be sold to redeem such interim
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 Director loan
$50,000 from the Water/Sewer Revenue Fund to the U.L.I.D.
No. 14 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.1694.
Section 3.
the rate of 7.50 per
day year.
That ssaid loan shall bear interest at
annum,computed on the basis of a 365
ADOPTW-by theii~Council and APPROVED by the
Mayor this (0 day of c';>=(~~,1990.
ATTEST:
APPROVED AS TO FORM:
THE CITY OF MARYSVILLE