3138RESOLUTION NO.3138
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
STORMWATER FUND 493 FROM THE WATER/SEWER FUND 410
RECITALS:
1.The Storm Water Fund 493 will receive user fees 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 $100,000 to the Storm Water Fund 493.
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 when adequate user fee revenues are received.
Adopted by the City Council on April 13,2010.
ATTEST:
Ronald R.Cone,Finance Director