HomeMy WebLinkAboutR-2079 - Authorizing a $ 2,100,00.00 interfund loan from the Utility Fund 401 to the General Fund 001 and providing a formula for payment of interestCITY OF MARYSVILLE
Marysville,Washington
RESOLUTION No.;)079
A RESOLUTION OF THE CITY OF MARYSVILLE
AUTHORIZING A $2,100,000 INTERFUND LOAN FROM THE
UTILITY FUND 401 TO THE GENERAL FUND 001, AND
PROVIDING A FORMULA FOR PAYMENT OF INTEREST.
WHEREAS,the City Council of Marysville approved the purchase of a
building on State Street; and
WHEREAS,it was determined to expedite the purchase and seek long-
term financing after the property purchase was complete;and
WHEREAS,the need for short-term financing is necessary and
accordingly, establish an interfund loan from the Utility 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 $2,100,000 interfund loan from the Utility Fund to the
General Fund be established and be repaid as soon as permanent
financing for the purchase 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 /J-f:1-,
day of August, 2002.
CITY OF MARYSVILLE
Mayor
Attest:
BudgetAmend
Page 1 of 1
BY~/~erk
Approved as to form:
BudgetAmend
Page 2 012