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RESOLUTION NO.1947
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN TO THE
BUILDING MAINTENANCE FUND #528 FROM THE FIREMEN'S PEN
SION FUND #611
RECITALS:
1. The Firemen's Pension Fund is 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 $450,000 reserved forthe payment of pensions inthe Firemen's
Pension Fund.
4. It is in the city's best interests for the Firemen's Pension Fund #611 to loan $350,000 which is
reserved forthe payment of future pensions, to the Building Maintenance Fund#528.
RESOLVED:
1.The Firemen's Pension Fund shall loan $350,000 to the Building Maintenance Fund #528, for a
period of one year.
2. The loan shall bear interest at 4.75% per annum on the unpaid principal.
3. The loan may be repaid in full at any time prior to the end of the loan term without penalty, with
the 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 March 12,1996.
ATTEST:
Ohtfo ^c
finance Director