HomeMy WebLinkAboutR-2029 - Authorizing a $ 125,000 interfund loan from the general fund to the Golf Course/Construction of Restaurant and Pro-shop fund and providing a formula f.--~~~~~~~~~~~-~--_._---_.------~-
CITY OF MARYSVILLE
Marysville,Washington
RESOLUTION NO.d-62 q
A RESOLUTION OF THE CITY OF MARYSVILLE AUTHORIZING A
$125,000 INTERFUND LOAN FROM THE GENERAL FUND TO THE
GOLF COURSE/CONSTRUCTION OF RESTAURANT AND PRO-SHOP
FUND, AND PROVIDING A FORMULA FOR PAYMENT OF INTEREST.
WHEREAS, the City Council of Marysville approved an architectural
contractfor design and construction specifications;and
WHEREAS, there is a need to maintain cash in the Golf
Course/Construction of Restaurant and Pro-Shop Fund for cash-flow purposes
relatedto architectural services; and
WHEREAS, the Golf Course/Restaurant and Pro-Shop Fund has
insufficient funds for design and architectural services, and accordingly,it is
necessaryto establish an interfund loanfrom the General 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 permanent financing is
complete; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON, AS FOLLOWS:
1. That the $125,000 interfund loan from the General Fund to the Golf
Course/Restaurant and Pro-Shop Fund be established as of March
1, 2001, and be repaid as soon as permanent financing for the
project is complete.
2. That interest on said loan shall be determined by the Local
Government Investment Poolmonthly rate.
PASSED by the City Council and APPROVED by the Mayor on this
2(;,tj:;,day of ~, 2001.
CITY OF MARYSVILLE
MAYOR
ATTEST:
By~h~
/CITY CLERK
APPROVED AS TO FORM:
BY~J:.~
7 CITY ATTORNEY
2