2555_00001RESOLUTION NO,2555
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
CENTRAL DRIVE LID#58 FUND FROM THE SANITATIONFUND
RECITALS:
1.The CentralDrive LID#58 Fund willreceive funds at a later date.
2.The present cash balance isnotsufficienttomeet thepresent and projectedneeds ofthefund.
RESOLVED:
1.The SanitationFund490 shallloan$586,351.98totheCentralDrive LID#58 Fund 283 withinterest
at 1.5%per annum,
2.The loan shall be repaidtotheSanitationFund 490 perthefollowing schedule:
Date Principal Interest Payment Balance
4/1/2003 586,351.98
4/1/2004 88,865.26 8,795.28 80,069,98 506,282.00
4/1/2005 88,865.26 7,594.23 81,271.03 425,010.97
4/1/2006 88,865.26 6,375.16 82,490.10 342,520.87
4/1/2007 88,865.26 5,137.81 83,727.45 258,793.42
4/1/2008 88,865.26 3,ß81.90 84,983.36 173,810.06
4/1/2009 88,865.26 2,607.15 86,258.12 87,551.95
4/1/2010 88,865.26 1,313.28 87,551.95 -0-
Adopted by theCityCouncil on August 26,2003.
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ATTEST:
inance Director
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