Resolution 391RESOLUTION NO. 391
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDMONDS, WASHINGTON, AUTHORIZING AN INTER -
FUND LOAN FROM GENERAL FUND NO. 001 TO THE
STREET FUND NO. 111 IN THE AMOUNT OF $12,500;
ESTABLISHING AN INTEREST RATE ON SAID LOAN
AND PROVIDING FOR REPAYMENT.
WHEREAS, there were unanticipated increases in equipment
rental charges in the amount of $4,000, employee benefits in the
amount of $6,000, and unanticipated expenses for LID No. 203 in the
amount of $2,500, payable from the Street Fund No. 111, and
WHEREAS, said charges were not reasonably foreseeable and
were not budgeted for in the 1977 budget, and
WHEREAS, it is necessary to loan monies from the General
Fund No. 001 to the Street Fund No. 111 until the 1978 revenues are
received into said Fund, and
WHEREAS, there are substantial excess monies in the Gen-
eral Fund to permit said loan, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHING-
TON, HEREBY RESOLVES AS FOLLOWS:
Section 1. The sum of $12,500 shall be transferred from
the General Fund No. 001
to
the Street Fund No.
111,
in
the form of
a loan to bear interest at
the
rate of six percent
(6 %)
per
annum on
7 1 4
the unpaid principal balance with said loan to be repaid on or before
December 31, 1978.
Section 2. The Finance Director is hereby authorized to make
the transfers referred to in Section 1 and to repay said loan, together
with interest, as monies are available for the same without further
direction from the City Council.
m
MAYOR, H. H. Harrison
ATTEST:
CITY CLERK, Iren Varney Moran
FILED WITH THE CITY CLERK: January 31, 1978
PASSED BY THE CITY COUNCIL: February 7, 1978
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