3111RESOLUTION NO.3111
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
t I STREET REPAIR/RECONSTRUCTION FUND 119 FROM THE
WATER/SEWER FUND 410
RECITALS:
1.The Street Repair/Reconstruction Fund 119 will receive grant financing 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 loan $700,000 to the Street Repair/Reconstruction Fund 119.
2.The loan shall bear interest at .5%per annum on the unpaid principal.
3.The loan shall be repaid to the Water/Sewer Fund 410 when the grant financing revenues are
received.
Adopted by the City Council on December 8,2009.
Ronald C.Covey,Mayc
ATTEST:
Ronald R.Cone?mnance Director