2409_00001RESOLUTION NO.2409
ARESOLUTIONAUTHORIZINGANINTER-FUND LOANTO THE PARKSANDRECREATIONIMPROVEMENTFUND314FROMTHESANITATIONFUND490.
RECITALS:
1.The Parks and Recreation Improvement Fund willreceive funds at a later date.
2.The present cash balance is not sufficient to meet thepresent and projected needs ofthefund.
RESOLVED:
1.The SanitationFund 490 shall loan $500,000to the Parks and Recreation Improvement Fund 314withinterestat2%perannum.
2.The loan shallbe repaid totheSanitationFund 490 per the following schedule:
Date Principal Balance
$500,0009/1/2003 $100,000 $400,0009/1/2004 $100,000 $300,0009/1/2005 $100,000 $200,0009/1/2006 $100,000 $100,0009/1/2007 $100,000 -0-
Adopted by theCityCouncil on February 12,2002.
ATTEST:
nance Director