1542RESOLUTION NO.1542
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE STREET
IMPROVEMENT FUND FROM THE CAPITAL FUND
RECITALS:
1. The present cash balance in the Street Improvement Fund #309 is not sufficient to meet the
expenses of this fund.
[^_J RESOLVED:
1.The city's Capital Fund #308 shall loan$210,000 to the Street ImprovementFundatan interestrate
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
$200,400 plus interest to May 1,1990,which is the due date.
3. The loan shall be repaidto the Capital Fund from revenues which accrue to Fund #309, which
include proceeds of non-voted G.O.Bonds.
Adopted by the City Council on April 24,1990.
ATTEST:
Finance Director
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