1801RESOLUTION NO.1801
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE BUILD
ING MAINTENANCE FUND 528 FROM THE FIREMEN'S PENSION FUND
611
RECITALS:
1. The Fireman's Pension Fund is a fiduciaryfund 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 for the payment of pensions in the Firemen's
Pension Fund.
4. The City Council has authorized the borrowing of funds for the 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 for the payment of future pensions,to the Building Maintenance Fund #528.
RESOLVED:
1. The Firemen's Pension Fund shall loan $500,000 to the Building Maintenance Fund,#528,for a
period of one year.
2. The loaned funds shall be used to partially fund the construction and other associated costs related
to the construction of a satellite fire station.
3. The loan shall bear interest at 3.75% per annum on the unpaid principal.
4. The loan may be repaid infull at any time prior to the end of the loan term without penalty, withthe
payment of the principal remaining due and any accrued interest.The loan may be extended on
a year to year basis inan amount and upon terms deemed appropriate at the time the interfund loan
is further considered.
Adopted by the City Council on February 8,1994.
ATTEST: