HomeMy WebLinkAboutR-1511 - Authorizing an interfund loan and designating the interest rateThat said loan shall bear interest at
annum,computed on the basis of a 365
A~O?rED by the City Council and APPROVED by the
Mayor the "t1I'day of ~1991.
J-G?.J.0~~
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APPROVED AS TO FORM:
CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.I S"II
CITY~:~~
A RESOLUTION AUTHORIZING AN INTERFUND LOAN
AND DESIGNATING THE INTEREST RATE.
NOW,THEREFORE,THE CITY COUNCIL OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
ATTEST:
Section 2.
the rate of 4.8%per
day year.
Section 1.That the City Finance Director loan
$5,000.00 from the Utility construction Fund to the U.L.I.D.
18 Construction Fund;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.18;
WHEREAS,during 1991 there have been expenditures
from the U.L.I.D.No. 18 Construction Fund in the
approximate amount of $5,000.00;and
WHEREAS,Ordinance No. 1858 authorizes the
issuance of short-term obligations for providing interim
financing of said improvements;and
WHEREAS,the construction of improvements in
U.L.I.D.No.18,authorized by Ordinance No. 1858 is
estimated to cost $51,730.00;and
-CITY ATTORNEY