94-62 - 08-02 Authorize Inter-Fund Loan Building FundResolution 94-62
August 2, 1994
Member Thompson introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING AN INTER -FUND LOAN
FOR THE BUILDING FUND AND SETTING TERMS
OF THIS INTER -FUND LOAN
WHEREAS, THE City Council has approved the 1994-1998 CIP, which includes
the projected long-term financing of the Building Fund; and
WHEREAS, the projected financing includes the issuance of an inter -fund
loan from the Water & Sewer Utility Reserve Fund in the amount of $200,000.
NOW, THEREFORE, BE IT RESOLVED that the City Council authorizes the inter -
fund loan in the amount of $200,000 from the Water & Sewer Utility Reserve Fund
(Fund 27) to the Building Fund (Fund 31).
BE IT FURTHER RESOLVED that the City Council sets the term of this inter -
fund loan to be eight years with the principal amount of this loan to be paid
off in one lump sum payment on August 1, 2002. The interest on the unpaid
balance of this inter -fund loan will accrue annually at the rate of 7%.
Tree,li
ATTEST: Bar
mer
Shirley J lson, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member
Johnson, and upon a vote being taken thereon, the following voted in favor
thereof: Johnson, Micks, Russell, Thompson and Tremere; and the following voted
against the same: none; whereupon said resolution was declared duly passed and
adopted, signed by the Mayor and his signature attested by the City Clerk.