1281RESOLUTION NO.1281
A RESOLUTION AUTHORIZING AN INTER-FUND LOAN
RECITALS:
1.The Firemen's Pension Fund is a fiduciary fund within the budget and ac
count 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 for the payment of
pensions i the Firemen's Pension Fund;
4.The City Council has authorized the borrowing of funds for the construc
tion and other associated costs relating to the remodeling of City Hall;
5.It is in the city's best interests for the Firemen's Pension Fund to loan
$450,000,which is reserved for the payment of future pensions,to the
Building and Equipment Capital Fund,#310.
RESOLVED:
1. The Firemen's Pension Fund shall loan $450,000 to the Building and Equip
ment Capital Fund,#310,for a period of ten years.
2.The loaned funds shall be used to partially fund the construction and
other associated costs related to the remodeling of City Hall.
3.The loan shall bear interest at 5%per annum on the unpaid principal.
4.Annually a principal payment may be made at any time during the calendar
year which shall reduce the amount of principal remaining to be paid.
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.
Adopted by the City Council on October 28,1986
/^MaVor<r Mayor