2834Ronald C. Covey, M ATTEST:
onald R. Cone, Finance Director
RESOLUTION NO. 2834 •
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
EQUIPMENT RENTAL FUND 519 FROM THE SANITATION FUND 490.
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RECITALS:
1.The Equipment Rental Fund 519 will receive revenue from services provided at a later date.
2.The present cash balance is not sufficient to meet the financial needs of this fund.
RESOLVED:
1.The Sanitation Fund 490 shall loan $600,000 to the Equipment Rental Fund 519 with interest at 5%
per annum.
2.The loaned funds shall be used to finance a portion of Equipment Rentals new operations facility.
3.The loan shall be repaid to the Sanitation Fund 490 per the following schedule:
Date Payment Interest Principal Balance
600,000.00
12/20/07 77,702.74 30,000.00 47,702.74 552.297.26
12/20/08 77,702.74 27,614.86 50,087.88 502,209.38
12/20/09 77,702.74 25,110.47 52.592.27 449,617.11
12/20/10 77,702.74 22,480.86 55,221.88 394,395.23
12/20/11 77,702.74 19,719.76 57,982.98 336,412.25
12/20/12 77,702.74 16,820.61 60,882.13 275,530.12
12/20/13 77,702.74 13,776.51 63,926.23 211,603.89
12/20/14 77,702.74 10,580.19 67,122.55 144,481.34
12/20/15 77,702.74 7,224.07 70,478.67 74,002.67
12/20/16 77,702.80 3,700.13 74,002.67
Total 777,027.46 177,027.46 600,000.00
Adopted by the City Council on December 26, 2006.
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