653RESOLUTION NO.653
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR
TO ENTER INTO TEMPORARY INTERFUND LOANS FOR
THE PURPOSE OF MAINTAINING FUND SOLVENCY.
WHEREAS,working State Law as contained in R.C.W.35.39.030,
requires that each city fund retains a cash solvency position;and
^O WHEREAS,R.C.W.35.21.086 specifically outlines the steps
CC necessary to bring insolvent funds into a solvent position,NOW
THEREFOREoc
O BE IT RESOLVED:That authority is given to enter into temporary
interfund loans at a 6%per annum interest rate for the following
specific loan:
$15,000 loan from Federal Revenue Sharing Fund to the
Urban Arterial Fund.
PASSED by the City Council and APPROVED by its Mayor this l__
day of December,1973.
ATTEST:
City Attorney-John E.Calbom
--2_City Clerk-R. R.Ga^nier
APPROVED AS TO FORM:
k&i
Mayor _ottcWM.Skaug