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RECITALS:
RESOLUTION NO.1738
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE BUILD
ING MAINTENANCE FUND 528 FROM THE FIREMEN'S PENSION FUND
611
1.The Firemen'sPension Fundis a fiduciary fund within the budget and account reporting system of
the City of Moses Lake.
2. The reserve for pensions contained in the fund is invested until the funds are needed to pay
pensions.
3.Currently there is approximately $500,000 reserved forthe payment of pensions inthe Firemen's
Pension Fund.
4. The City Council has authorized the borrowingof funds forthe construction and other associated
costs relating to the construction of a satellite fire station.
5. It is in the city's best interests for the Firemen's Pension Fund #611 to loan $500,000, which is
reserved forthe payment of future pensions, to the Building Maintenance Fund #528.
RESOLVED:
1. The Firemen's Pension Fund shall loan $500,000to the Building Maintenance Fund,#528, for a
period of one year.
2. The loaned funds shallbe used to partially fundthe construction and other associated costs related
to the construction of a satellite fire station.
3. The loan shall bear interest at 3.5%perannum on the unpaid principal.
4. The loanmay be repaid in full at anytime prior to the end ofthe loantermwithoutpenalty,withthe
payment of the principal remaining due and any accrued interest.The loan may be extended on
a year to year basis in an amount and upon terms deemed appropriateat the time the inter-fund
\_J loan is further considered.
Adopted by the City Council on March 9, 1993.
ATTEST: