2678_00001RESOLUTION NO.2678
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
EQUIPMENT RENTALFUND FROM THE SANITATIONFUND 490.
RECITALS:
1.The Moses Lake CityCouncil directed the expenditure offunds for operations building constructionwhichismanagedinthecity'sEquipment Rental Fund.
2.The present cash balance is not sufficient tofund the operations building project.
3.The Equipment Rental Fund must receive a loan of funds to finance the operations buildingconstructionproject.
RESOLVED:
1.The Sanitation Fund 490 shall loan $600,000tothe Equipment RentalFund 519 withinterestat 3.5%
per annum to fund the operations building project.
2.The loan shallbe repaidtothe Sanitation Fund 490 per the following schedule:
Datt Principal Balance
$600,00012/1/2006 $60,000 $540,00012/1/2007 $60,000 $480,00012/1/2008 $60,000 $420,00012/1/2009 $60,000 $360,00012/1/2010 $60,000 $300,00012/1/2011 $60,000 $240,00012/1/2012 $60,000 $180,00012/1/2013 $60,000 $120,00012/1/2014 $60,000 $60,000
Adopted12/1/h2e01C
tyCouncil onApril 12,2005.
$60,0