95-061 - 07-18 - Authorizing Inter-Fund Loan for the Building Fund Resolution 95-61 July 18, 1995
Member introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING AN INTER-FUND LOAN FOR THE BUILDING
FUND AND SETTING THE TERMS OF THIS INTER-FUND LOAN
WHEREAS, the City Council has approved the 1995-1999 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 in 1995.
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 08/01/03. The interest on the unpaid balance of this inter-fund loan
will accrue annually at the rate of 7%.
Blair Tremere, Mayor
ATTEST:
Shirley J. Nelson, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member; and
upon a vote being taken thereon, the following voted in favor thereof: ; and the
following voted against the same: ; whereupon said resolution was declared duly
passed and adopted, signed by the Mayor and his signature attested by the City Clerk.