HomeMy WebLinkAboutR-2199 - Authorizing a $ 1,170,876.08 interfund loan from the Water Works Utility Fund 401 to the Street Construction Fund 305, and providing for payment andCITY OF MARYSILLE
Marysville,Washington
RESOLUTIONNO.~I qq
A RESOLUTION OF THE CITY OF MARYSVILLE AUTHORIZING A
$1,170,876.08 INTERFUND LOAN FROM THE WATER WORKS
UTILITY FUND 401 TO THE STREET CONSTRUCTION FUND 305,
AND PROVIDING FOR PAYMENT AND A FORMULA FOR PAYMENT
OF INTEREST.
WHEREAS,it was determinedto seek long-termfinancing to fund on goingand new
streetconstruction projects; and
WHEREAS,the need for short-termfinancing is necessary and accordingly, establishan
interfundloan fromthe Water Works UtilityFund 401 to the Street Construction Fund 305;and
WHEREAS,the Water WorksUtility Fund401 is able to loan the funds and will not
requirethe loaned funds during the loanperiod; and
WHEREAS,interest on said loanis subjectto interestimposed at a rate as set forthbythe
LocalGovernmentInvestment Pool; and
WHEREAS,the Street ConstructionFund 305 is obtaining permanentfinancing andwill
havethe ability to repay said loanand interestwhenpermanentfinancing is complete;
NOW THEREFORE,BE IT RESOLVED BYTHE CITY COUNCIL OF THE CITY OF
MARYSVILLE,WASHINGTON AS FOLLOWS:
Section 1.Loan.
There is established an interfund loan in the amount of $I,170,876.08fromthe Water Works
UtilityFund401 to the Street Construction Fund 305.
Section2. Interest.
The interestrate shall be adjusted monthlyon the last day of each month as set by the Local
GovernmentInvestment Pool (LGIP)AnticipatedGross EarningsRate.
Section3. Repayment.
The Loanshall be repaid with interestfrom the StreetConstruction Fund 305 to the Water Works
UtilityFund 40I on or before December3I, 2007.
Section4. Ratification.
RESOLUTION 20071NTERFUND LOAN FROM FUND 401 TO FUND 305
Iwptlmv/res.2007.lnterfund LoanFund 401 to Fund305 r
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Any act consistent with the authority and prior to the effective date of this resolution is hereby
ratified and affirmed
Section 5.Severability.
If any section,sentence,clause or phrase of this resolution should be held invalid or
unconstitutional by a court of competent jurisdiction,such invalidity or unconstitutionality shall
not affect the validity or constitutionality of any other section,sentence,clause or phrase of this
resolution.
Section 6. Effective Date.
This resolution shall take effect immediately upon passage by the Marysville City Council.
PA,SSED by the City Council and APPROVED by the Mayor this I~day of
('A~,2007.
CITY OF MARYSVILLE
By~~if~
Dennis Kendall,MAYOR
Attest:
By A ~"qci7Lm<K
Approved as to from:
BYP~C~,I
Grant K. Weed CITY ATTORNEY
RESOLUTION 2007 INTERFUND LOAN FROM FUND 40 1 TO FUND 305
Iwpf/mvlres.2007Jnterfund Loan Fund 401 to Fund 305r
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