2714_00001RESOLUTION NO.2714
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
BUILDINGMAINTENANCEFUND 528 FROM THE CAPITALFUND 308
RECITALS:
1.The Building Maintenance Fund willreceive grants funds at a later date.
2.The present cash balance is not sufficient to meet the present and projected needs ofthe fund.
RESOLVED:
1.The Capital Fund 308 shall loan $556,500to the Building Maintenance Fund 528.
2.The loan shall bear interest at 3.75%per annum on the unpaid principal.
3.The loan shall be repaid to the Capital Fund 308 when the grant funds are received,
Adopted by the City Council on November 22,2005.
Ronald C.Covey,Mayor