Resolution 7760006.030.003A
WSS /are
07/27/93
RESOLUTION NO. 776
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDMONDS, WASHINGTON, AUTHORIZING AN
INTERFUND LOAN OF UP TO $700,000 FROM THE
COMBINED UTILITY OPERATING FUND NO. 411 TO THE
PARK ACQUISITION AND IMPROVEMENT FUND NO. 125,
AND ESTABLISHING AN INTEREST RATE AND TERM
THEREFORE.
WHEREAS, the City Council of the City of Edmonds wishes
to authorize an interfund loan from the Combined Utility Operating
Fund to the Park Acquisition and Improvement Fund in order to
assist in the short term financing of certain park property
purchased by the City and formerly known as the Anderson Marine
site; and
WHEREAS, the City Council finds it to be a benefit to
make such loan from the Combined Utility Operating Fund in that, by
so doing, the City may save taxpayer funds by acquiring the funds
at a lower rate of interest than would otherwise be available to
the City; now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
Section 1. A loan of up to $700,000 from the Combined
Utility Operating Fund No. 411 to the Park Acquisition and
Improvement Fund No. 125 is hereby authorized. Such loan shall pay
the rate of interest which the City was receiving on its
investments in the State Investment Pool at the date the loan was
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made. Such loan shall have a 90 day term and shall be repaid
within 90 days from the date of the transfer of funds from Fund No.
411 to Fund No. 125.
Section 2. The 1993 annual budget appropriations shall
be amended to reflect an increase of One Million Six Hundred
Thirteen Thousand One Hundred and Seventy Dollars ($1,613,170).
RESOLVED this 3rd day of August , 1993.
APPROVED:
MAYO , URA 9. HALL
ATTEST /AUTHENTICATED:
4Y CI CLERK,
ki (J, �22���
NDA MARCH
FILED WITH THE CITY CLERK: 07/27/93
PASSED BY THE CITY COUNCIL: 08/03/93
RESOLUTION NO. 776
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