2224RESOLUTION NO.2224
A RESOLUTION AUTHORIZING AN INTER-FUND LOANTOTHE PARKS
AND RECREATION IMPROVEMENT FUND314 FROM THESANITATION
FUND 490.
RECITALS:
1.The Parks and Recreation Improvement Fund will receive funds at a later date.
^_J 2.The present cash balance is not sufficient to meet the present and projected needs of the fund.
RESOLVED:
1.The Sanitation Fund 314 shall loan $650,000 to the Parks and Recreation Improvement Fund 314
with interest at 5.25%per annum.
2.The loan shall be repaid to the Sanitation Fund 314 per the following schedule:
Date Principal Balance
91/1999 $650,000
9/1/2000 $50,000 $600,000
9/1/2001 $50,000 $550,000
9/1/2002 $50,000 $500,000
9/1/2003 $100,000 $400,000
9/1/2004 $100,000 $300,000
9/1/2005 $100,000 $200,000
9/1/2006 $100,000 $100,000
9/1/2007 $100,000 -0-
Adopted by the City Council on December 14,1999.
ti Mayor
ATTEST:
stance Director
u