96-062 - 07-16 Authorize Loan for Building FundResolution 96-62
iMember Johnson 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
July 16, 1996
WHEREAS, the City Council has approved the 1996-2000 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 1996.
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 08/01/04. The interest on the unpaid balance of this inter -Fund loan will accrue
annually at the rate of 7%.
0
ATTEST:
`- -
ff5ffA.0'__r �'
ary E. erso�h, Mayor
The motion for the adoption of the foregoing resolution was seconded by Member LeSuer
and upon a vote being taken thereon, the following voted in favor thereof. Anderson,
Johnson, LeSuer, Micks and Russell; and the following voted against the same: none;
whereupon said resolution was declared duly passed and adopted, signed by the Mayor
and her signature attested by the City Clerk.
0