933RESOLUTION NO.933
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ENTER INTO
TEMPORARY INTERFUND LOANS FOR THE PURPOSE OF MAINTAINING
SOLVENCY OF CITY FUNDS
WHEREAS,Washington State Law requires that each city fund retain a cash solvency
position;and
WHEREAS,the LID No.37 Fund and the Urban Arterial Fund are in an insolvent
condition; and
WHEREAS,to bring these funds into a solvent position,it is necessary to provide
for temporary interfund loans;
,THEREFORE,BE IT RESOLVED that authority be given to the Finance Director to
make temporary interfund loans at six percent (6%)per annum interest rate from the
Water/Sewer Fund to the funds and in the amounts as provided below:
LID #37 Fund
Urban Arterial Fund
$2,000
$38,000
PASSED by the City Council of the City of Moses Lake,Washinqton and APPROVED by
its Mayor this 8th day of May,1979.
City Clerk