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RESOLUTION NO.2239
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
CENTRAL DRIVE LID #58 FUND FROM THE SANITATION FUND
RECITALS:
1.The Central Drive LID #58 Fund will receive funds at a later date.
2. The presentcash balanceis not sufficient to meet the presentand projected needs ofthe fund.
RESOLVED:
1.The Sanitation Fund 490 shall loan $788,000 to the Central Drive LID#58 Fund 283 with interest at
5.25%per annum.
2. The loan shall be repaid tothe Sanitation Fund 490 perthe following schedule:
Date Principal Interest Payment Balance
4/1/2000 788,000.00
4/1/2001 61,552.18 39,902.90 101,455.08 726,447.82
4/1/2002 64,862.15 36,592.93 101,455.08 661,585.67
4/1/2003 68,350.97 33,104.11 101,455.08 593,234.70
4/1/2004 72,027.09 29,428.06 101,455.08 521,207.68
4/1/2005 75,900.76 25,554.32 101,455.08 445,306.92
4/1/2006 79,982.85 21,472.23 101,455.08 365.324.07
4/1/2007 84,284.48 17,170.60 101,455.08 281,039.59
4/1/2008 88,817.46 12,637.62 101,455.08 192,222.13
4/1/2009 93,594.23 7,860.85 101,455.08 98,627.90
4/1/2010 98,627.90 2,827.18 101,455.08 -0-
Adopted by the City Council on March 28, 2000.
Mayor
ATTEST:
•inance Director