3507RESOLUTION NO.3507
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
GENERAL FUND 000 FROM THE WATER/SEWER CONSTRUCTION
FUND 477
RECITALS:
1.The General Fund 000 will receive funds at a later date.
2. The present cash balance is not sufficient to meet the present and projected needs of the fund.
RESOLVED:
1.The Water/Sewer Construction Fund 477 shall loan $1,000,000 to the General Fund 000.
2.The loan shall bear interest at 1%per annum on the unpaid principal.
3.The loan shall be repaid to the Water/Sewer Fund 410 per the following schedule:
Date Principal Balance
4/1/2016
4/1/2017
4/1/2018
Adopted by the City Council on March 24,2015.
ATTEST:<7
Sbert Taylof,Finance Director
$250,000
$250,000
$500,000
Dick Deane,Mayor
$1,000,000
$750,000
$500,000
$-0-
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