2794RESOLUTION NO. 2794
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
WATER/SEWER FUND 410 FROM THE SANITATION FUND 490
RECITALS:
1.The Water/Sewer Fund will receive insurance reimbursement payments at a later date.
2.The present cash balance is not sufficient to meet the expenses of the fund.
RESOLVED:
1.The Sanitation Fund 490 shall loan $500,000 to the Water/Sewer Fund #410 at an interest rate of
5.2%.
2.The loaned funds shall be used to pay bills from the Water/Sewer Fund 410.
3.The loan shall be repaid to the Sanitation Fund 490 as insurance reimbursement payments are
received.
Adopted by the City Council on September 26, 2006.
t.
Ronald C. Covey, Mayor
ATTEST:
Ronald R. Cone, Finance Director
IOW