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RECITALS:
1.
RESOLUTION NO.1541
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO WATER/-
SEWER UUD #3 FROMTHEWATER/SEWER CONSTRUCTION ACCOUNT
The U.LI.D.#3 Account 461 is a utility assessment account authorized by Ordinance #1339
ordering U.LI.D.#3 withinthe budget and account reporting system of the Cityof Moses Lake.
The present cash balance is not sufficient to meet the expenses of this account,which is a division
of 1985 Revenue Bond Account #460.
RESOLVED:
1.The Water/Sewer Fund's Account #477 shall loan $230,000 to the U.LI.D.#3 Account #461 at an
interest rate of 8.5% per annum.
2. The loaned funds shall be used to pay a bond anticipation note due U. S. Bank inthe amount of
$325,700 plusinterestto May 1,1990,whichisthe due date. Thereis $115,000 presentlyavailable
in the fund.
3. The loan shall be repaid totheWater/Sewer Fund's Account#477 from assessment bond proceeds
which accrue to Fund #461 and which are included in an advance refunding of the present
water/sewer revenue bonds. The advance refunding is in progress.
Adopted by the City Council on April 24,1990.
ATTEST:
Finance Director