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RECITALS:
RESOLUTION NO.1540
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO WATER/-
SEWER UUD #4 FROM THE GENERAL FUND
1. The U.LI.D.#4 Account 462 is a utility assessment account authorized by Ordinance #1342
ordering U.LI.D.#4 withinthe budget and account reporting system of the City of Moses Lake.
2. The present cash balance is not sufficient to meetthe expenses of this account,which is a division
of 1985 Revenue Bond Account #460.
RESOLVED:
1.The General Fund #000 shall loan $785,000 to the U.LI.D.#4 Account,#462 at an interest rate of
8.5%per annum.
2. The loaned funds shall be used to pay a grant anticipation note due U.S. Bank inthe amount of
$758,600 plus interest to May 1,1990,which is the due date.
3. The loan shall be repaid to the General Fund from the proceeds of an HUD grant and an inter
governmentalloanfromthe State Department of Ecologyforan SRF Program as submitted by the
Municipal Services Departmentof the Cityof Moses Lake.
Adopted by the City Council on April 24,1990.
ATTEST:
Finance Director