98-063 - 07-21 Authorize Inter-Fund LoanResolution 98-63 July 21, 1998
Member LeSuer 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 1998-2002 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 $100,000 in 1998.
NOW, THEREFORE, BE IT RESOLVED, that the City Council authorizes the inter -
fund loan in the amount of $100,000 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 three years with the principal amount of this loan to be paid off in one lump sum
payment on 08/01/01. The interest on the unpaid balance of this inter -fund loan will accrue
annually at the rate of 6%.
Mary E. Anderson, Mayor
ATTEST:
Shirley J. Nelson, City Clerk
The motion for the adoption of the foregoing resolution was seconded by Member Micks
and upon a vote being taken thereon, the following voted in favor thereof: Anderson,
Bakken, Johnson, LeSuer and Micks; 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.