HomeMy WebLinkAboutR-1996 - Amending Resolution No. 1957 authorizing a one-year $ 150,000 interfund loan from the current expense fund to the Golf Fund, and providing a formula f------------------
CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.)qqf&
A RESOLUTION OF THE CITY OF MARYSVILLE AMENDING RESOLUTION
NO.1957 AUTHORIZING A ONE-YEAR $150,000 INTERFUND LOAN FROM THE
CURRENT EXPENSE FUND TO THE GOLF FUND,AND PROVIDING A FORMULA
FOR PAYMENT OF INTEREST.
WHEREAS,on December 13,1999 the Marysville City Council
adopted Resolution NO.1957 authorizing a one-year $150,000
interfund loan from the Current Expense Fund to the Golf Fund;
and
WHEREAS,approval of said resolution was subject to a
revision that interest on said loan be imposed at a rate to be
determined by a formula as recommended by the Local Government
Investment Pool;NOW,THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON AS FOLLOWS:
Resolution No.1957 is hereby amended to read as follows:
"1.That a $150,000 interfund 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.
"2.That interest on said loan shall be
determined by the Local Government Investment Pool
monthly rate."
_~PASSED by the City Council and APPROVED by the Mayor this
~')day of August,2000.
CITY O~ZV~E
By r-(1 43DAVI~EI ER,M\-a-y-o-r----
Approved as to form:
ByA~c~~
"GRANT K.WEED,C~rney
RESOLUTION
/wpf/mv/interfund.res
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