HomeMy WebLinkAboutR-1510 - Authorizing an interfund loan and designating the interest rate-------------------------------
CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO./!:/0
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
WHEREAS,the construction of improvements in
U.L.I.D.No.17,authorized by Ordinance No. 1838 is
estimated to cost $45,000.00;and
WHEREAS,during 1991 there have been expenditures
from the U.L.I.D.No. 17 Construction Fund in the
approximate amount of $50,000.00;and
WHEREAS,Ordinance No. 1838 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.17;
NOW,THEREFORE,THE CITY COUNCIL OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.That the City Finance Director loan
$50,000.00 from the Utility construction Fund to the
U.L.I.D.17 Construction Fund;and
Section 2.
the rate of 4.8%per
day year.
That said loan shall bear interest at
annum,computed on the basis of a 365
A~Q~TED by the:~~ouncil and APPROVED by the
Mayor the .~day of ~1991.
CITY OF MARYSVILLE
~~YO~~
ATTEST:
~~CITYCLERK
APPROVED AS TO FORM:
A~I:.V..RdLd/
CITY ATTORNEY