HomeMy WebLinkAboutR-2052 - Authorizing a $ 800,000.00 Interfund Loan from the General Fund to the Golf Course Construction Fund 320 and providing a formula for payment of intere,:<\~".'.:-..
CITY OF MARYSVILLE
Marysville, Washington
RESOLUTION NO.),,05;;2.
AN RESOLUTION OF THE CITY OF MARYSVILLE
AUTHORIZING A $800,000 INTERFUND LOAN FROM THE
GENERAL FUND TO THE GOLF COURSE CONSTRUCTION
FUND 320, AND PROVIDING A FORMULA FOR PAYMENT OF
INTEREST.
WHEREAS,the City Council of Marysville approved the construction of a
restaurant at Cedarcrest Golf Course; and
WHEREAS,it was determined to seek long-term financing upon the
completion of the Cedarcrest Restaurant; and
WHEREAS,the need for short-term financing is necessary and
accordingly, establish an interfund loan from 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
compete; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON,AS FOLLOWS:
1. That the $800,000 interfund loan from the General Fund to the Golf
Course/Restaurant and Pro-Shop Construction Fund 320 be
established 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 Pool monthly rate.
PASSED by the City Council and APPROVED by the Mayor this /tJ 1tJ
day of December, 2001.
CITY OF MARYSVILLE
By {lJ ~l---'
Mayor
BudgetAmend
Page 1 of 2
Attest:
By J5~~
Del''''''City Clerk
Approved as to form:
By ~K 4lt0..!2
City Attorney
l
BudgelAmend
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