HomeMy WebLinkAboutR-1957 - Authorizing a one year $ 150,000 interfund loan from the current expense fund to the Golf FundCITY OF MARYSVILLE,WASlllNGTON
RESOLUTION NO./957
A RESOLUTION OF THE CITY OF MARYSVILLE,
WASlllNGTON,AUTHORIZING A ONE YEAR $150,000 INTERFUND
LOAN FROM THE CURRENT EXPENSE FUND TO THE GOLF FUND
WHEREAS,the past two years the Cedarcrest Golf Course has failed to meet revenue
projections,AND
WHEREAS,there is a need to provide cash to the Golf Fund for cash-flow purposes
related to debt service and the seasonal nature ofthe golf business;NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,that an interest free,$150,000 inter-fund loan be granted from the Current
Expense Fund to the Golf Fund, for not more than one year, to be repaid as soon as the Golf
Fund has adequate cash balances to fund short-term operations.
PASSED by the City Council and APPROVED by the Mayor of the City of Marysville,
Washington, at a regular open public meeting thereof this 13 th day of December,1999.
By fl£Ww
Mayor
ATTEST:
./jhL '~~LI'~/
Mary P~nson,City Clerk
APPROVED AS TO FORM:
"Grant K. Weed, City Attorney
I