3659RESOLUTION NO.3659
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 notsufficient to meet the present and projected needs ofthe fund.
RESOLVED:
1.The Water/Sewer Fund 410 shall loan $300,000 to the Sanitation Fund 490 with interest 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
225,000.00
150,000.00
-0-
12/22/17
12/22/18
12/22/19
Total
78,000.00
77,250.00
151,500.00
306,750.00
3,000.00
2.250.00
1,500.00
6,750.00
Adopted by the City Council on December 27,2106.
75,000.00
75,000.00
150,000.00
300,000.00
Todd VothfMayo