3660RECITALS:
RESOLUTION NO.3660
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
AMBULANCE FUND 498 FROM THE WATER/SEWER FUND 410
1.The Ambulance Fund 498 will receive service fee revenues at a later date.
2. The present cash balance is not sufficient to meet the present and projected needs ofthe fund.
RESOLVED:
1.The Water/Sewer Fund 410 shall loan $300,000 to the Ambulance Fund 498 with nterest at 1%.
2.The loan s hall be repaid to the Water/S Bwer Fund 410 per the following schedule:
Date
12/22/17
12/22/18
12/22/19
Pavment
78,000.00
77,250.00
151,500.00
Interest
3,000.00
2,250.00
1,500.00
Principal
75,000.00
75,000.00
150,000.00
Balance
300,000.00
225,000.00
150,000.00
-0-
Total 306,750.00 6,750.00 300,000.00
Adopted by the City Council on December 27,2016
To^dVoth/^Msfyor