2660_00001RESOLUTION NO.2660
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THESTREETREPAIRANDRECONSTRUCTIONFUND119FROMTHESANITATIONFUND490.
RECITALS:
1.Ttie Moses Lake City Council directed the expenditure offunds for sidewalk (paver)constructionwhichismanagedinthecity's Street Repair and Reconstruction Fund.
2.The present cash balance is not sufficient to fund the sidewalk (paver)project.
3.The Street Repair and Reconstruction Fund must receive a loan of funds to finance the sidewalk(paver)construction project.
RESOLVED:
1.The Sanitation Fund 490 shall loan $280,000to theStreet Repair and Reconstruction Fund 119 withinterestat2%per annum tofund the sidewalk(paver)project.
2.The loan shall be repaid to the Sanitation Fund 490 per the following schedule:
Date Principal Balance
$280,00012/1/2005 $28,000 $252,00012/1/2006 $28,000 $224,00012/1/2007 $28,000 $196,00012/1/2008 $28,000 $168,00012/1/2009 $28,000 $140,00012/1/2010 $28,000 $112,00012/1/2011 $28,000 $84,00012/1/2012 $28,000 $56,00012/1/2013 $28,000 $28,00012/1/2014 $28000 $-0-
Adopted bythe City Council on December 14,2004.
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ATTEST:
inance Director
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