3578RESOLUTION NO.3578
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
SANITATION FUND 490 FROM THE WATER/SEWER FUND 410
RECITALS:
1.The Sanitation Fund 490 will receive service fee revenues 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 Fund 410 shall oan $300,000 to the Sarlitation Fund 490 with nterest at 1%.
2.The loan shall be repaid to the Water/Sewer Fund 410 per the following schedule •
Date Payment Interest Principal Balance
300,000.00
12/22/16 78,000.00 3,000.00 75,000.00 225,000.00
12/22/17 77,250.00 2,250.00 75,000.00 150,000.00
12/22/18 151,500.00 1,500.00 150,000.00 -0-
Total 306,750.00 6,750.00 300,000.00
Adopted by the City Council on December 22,2015.
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Dick Deane Mayor
ATTEST:
Rooert Taylor,/Finance Director