HomeMy WebLinkAboutR-2018 - Amending Resolution No. 1996 authorizing a one-year extension on the $ 150,000 interfund loan from the current expense fund to the golf fund and provi.~".'.
CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.201 g
A RESOLUTION OF THE CITY OF MARYSVILLE AMENDING
RESOLUTION NO. 1996 AUTHORIZING A ONE-YEAR
EXTENSION ON THE $150,000 INTERFUND LOAN FROM THE
CURRENT EXPENSE FUND TO THE GOLF FUND, AND
PROVIDING A FORMULA FOR PAYMENT OF INTEREST.
WHEREAS, the past three years the Cedarcrest Golf Course revenues
were less than projected; and
WHEREAS, there is a need to maintain cash in the Golf Fund for cash-
flow purposes related to debt service and the seasonal nature of the golf
business; and
WHEREAS, on December 13, 1999, the Marysville City Council adopted
Resolution No. 1996 authorizing a one-year $150,000 interfund loan from the
Current Expense Fund to the Golf fund; and
WHEREAS, interest on said loan is subject to interest imposed at a rate to
be determined by a formula as recommended by the Local Government
Investment Pool; and
WHEREAS, said loan will not be repaid until December, 2001; NOW,
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE, WASHINGTON AS FOLLOWS:
Resolution No. 1996 is hereby amended to read as follows:
1. That the $150,000 interfund loan from the Current Expense Fund to
the Golf Fund be extended, to December 31, 2001, and 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.
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PASSED by the City Council and APPROVED by the Mayor this
gu.day of ~,2001.
CITY OF MARYSVILLE
{l;jVJftW(
DAVID A.WEISER, Mayor
ATTEST:
By ~Lf.A~(iERK
Approved as to form:
BY~K~
;;>CITY ATTORNEY
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