HomeMy WebLinkAboutR-1538 - Authorizing an interfund loan and designating the interest rateCITY OF 11ARYSVILLE
Marysville,Washington
RESOLUTION NO ./S-38
A RESOLUTION AUTHORIZING AN·INTERFUND LOAN
AND DESIGNATING THE INTERES~RATE.
WHEREAS,the construction of improvements in U.L.!.D.
No.18,authorized by Ordinance No.1858 is estimated to cost
$51,730.00;and
WHEREAS,Ordinance No.1858..authorizes the issuance of
short-term obligations for providing interim financing of said
improvements;and
WHEREAS,bonds ~lill be sold 'to redeem such interim
financiny obligations upon completion of construction oJ the
improvements and confirmation of the final assessment roll·for
·U.L.I.b.No~18;
NOW·,THEREFORE,THE CITY.COUNCIL OF MARYSVILLE,
WASHINGTON,DO HEREBY AUTHORIZE AND DIRECT:
Section 1.That the City Finance Director loan
$51,730.00 from the Utility Construction Fund to the U.L.I.D.
No;18 Construction Fund;and
Section 2.That said loan shall bear interest at the
rate of 4.8%per annum,computed on the basis of a 365 day year;
and
Section 3.The inter fund loan of $5,000.00 authorized
by Resolution No.1511,adopted by the City Council on December 9,
1991,shall be repaid from proceeds from this loan.
the ;pl:i<ADOPTED by the City Council and APPROVED by the Mayor
day of ~.,1992.
CITY OF MARYSVILLE
APPROVED AS.TO FORM:ATTEST:
HAYOR
~~I::.~
CITY ATTORNEY