Resolution 396RESOLUTION NO. 396
A RESOLUTION OF THE, -CITY OF EDMONDS, WASHINGTON,
AUTHORIZING AN 1NTERFUND LOAN FOR THE PURPOSE
OF PROVIDING MATCHING MONIES IN ORDER TO OBTAIN
AVAILABLE FEDERAL GRANT FUNDS FOR RENOVATION OF
THE CITY MUSEUM.
WHEREAS, subsequent to the adoption of the 1978
Budget, the City was successful in obtaining a grant from
the federal,government for the purpose of renovating the
City museum, and
WHEREAS, it is necessary that the City match the
amount of the federal grant with local funds as a condition
precedent to receiving said grant monies, and
WHEREAS, the City Council finds and so declares
that renovation of the City museum is necessary for the
public health, safety and general welfare, and
WHEREAS, no provision was made in the 1978 Budget
for such matching funds necessitating an interim loan
between funds, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVE AS FOLLOWS:
.1. It is hereby authorized a loan from the Local
Improvement Guaranty Fund No. 613 to the Capital Improvement
Fund No. 325 in the amount of $9,500.00 for the purpose of
providing matching funds to obtain federal grant monies for
renovation of the City museum. Said loan shall bear interest
at the rate of 5% per annum and the principal and interest
shall be paid in full on or before May 1, 1979, either out of
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unexpended monies from the 1978 Budget, which are available
for said payment, or by provision in the 1979 Budget for
repayment of the same.
2. The Finance Director is hereby authorized to
make the necessary transfers between funds and to make
repayment of principal and interest as funds are available.
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- 2k MAYOR, H. H. Harrison
ATTEST /AUTHENTICATED:
CITY CLERK, Irenj Varney Moran
FILED WITH THE CITY CLERK: April 13, 1978
PASSED BY THE CITY COUNCIL: April 18, 1978
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