HomeMy WebLinkAboutR-1867 - Relating to Local Improvement Districts Nos. 66 and 67 and authorizing interfund loans pending the issuance of Bonds authorized pursuant to Ordinances--:-::-I-r~
CITY OF MARYSVILLE
MARYSVILLE, WASHINGTON
RESOLUTION NO./8"7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MARYSVILLE, WASHINGTON, RELATING TO LOCAL IMPROVEMENT
DISTRICTS NOS. 66 AND 67; AND AUTHORIZING INTERFUND LOANS
PENDING THE ISSUANCE OF BONDS AUTHORIZED PURSUANT TO
ORDINANCES NOS. 2120 AND 2148, RESPECTIVELY.
WHEREAS, pursuant to Ordinances No. 2120 (the "LID 66 Fonnation Ordinance") and
Ordinance No. 2148 (the "LID 67 Formation Ordinance) (collectively, the "Formation
Ordinances"), the City of Marysville, Washington (the "City") formed Local Improvement
Districts ("LIDs") Nos. 66 and 67; and
WHEREAS, the total estimated cost and expense of the improvements of LID No. 66
were declared in the LID 66 Formation Ordinance to be $36,853; and
WHEREAS, the total estimated cost and expense of the improvements of LID No. 67
were declared in the LID 67 Formation Ordinance to be $303,960; and
WHEREAS, the City desires and deems it to be in the best interest of the City that the
City make temporary loans from available City funds for the purpose of providing a part of the
funds with which to pay costs of constructing the LIDs Nos. 66 and 67 improvements described
in the Formation Ordinances; NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON, as follows:
Section 1. Authorization of Interfund Loans. Pending the receipt of the proceeds of the
bonds authorized pursuant to the Formation Ordinances, the Finance Director of the City is
authorized to provide for temporary loans (the "Loans") to the City's Local Improvement Fund,
District No. 66 and to the Local Improvement Fund, District No. 67, from the City's General
Fund or other available funds of the City for the purpose of paying costs of the LIDs Nos. 66
and 67 improvements. Loans for LIDs Nos. 66 and 67 shall be in the aggregate principal
amount of not to exceed $36,853 and $303,960, respectively. The Loans shall bear interest at
a rate equal to the interest rate earned on investmentsin the Stateof WashingtonInvestment Pool
(computed on the basis of a 360-day year of twelve 30-day months) and shall be payable as
determined by the Finance Director, except that the term of the Loans shall not exceed one year.
RESOLUTION - 1
The City Council finds that making the Loans will not render the lending fund for funds
insolvent and is in the best interest of the City.
Section 2. Ratification. All actions previously taken and consistent with the provisions
of this resolution are ratified and confirmed.
The foregoing resolution was ADOPTED by the City Council of the City of Marysville,
Washington, at a regular open public meeting thereof this 8th day of December,1997.
CITY OF MARYSVILLE
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MAYOR
ATTEST:
CLERK
Approved as to form:
Foster epper Shefelman PLLC
Special Counsel and Bond Counsel
to the City
0314045.01
RESOLUTION - 2