Resolution 415RESOLUTION NO. 415
A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON
AUTHORIZING AN INTERFUND LOAN FROM THE.LOCAL
IMPROVEMENT GUARANTEE FUND NO. 613 TO THE EDMONDS
ELEMENTARY SCHOOL ACQUISITION /DEVELOPMENT FUND AND
STATING THE REASONS THEREFORE.
WHEREAS, at the time of formulation of the city
budget for 1978 it could not be determined if it would be
feasible to acquire the Edmonds Elementary School site, and
WHEREAS, since the time of passage of the 1978
budget it has been determined that it is desirable to acquire
said site, and
WHEREAS, the City Council finds and declares that
acquisition of the Edmonds Elementary School site for municipal
and recreational purposes is necessary for the public health,
safety and general welfare, and
WHEREAS, no provision was made in the 1978 budget
for funds to acquire said site, necessitating a loan between
funds of the City for this purpose -until bond proceeds are
received, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
1. It is hereby authorized that a loan be made
from the Local Improvement Guarantee Fund No. 613 to the
Edmonds Elementary School Acquisition /Development Fund in an
amount up to $8,000.00 for the purpose of providing funds to
acquire the Edmonds Elementary School site for municipal and
recreational purposes. Said loan shall bear interest at the
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rate of 5% per annum and the principal and interest shall be
paid in full before the end of the 1979 budget year with
funds acquired from the sale of bonds to be authorized for
this purpose.
2. The Finance Director is hereby authorized to
make the necessary transfers between funds and to make
payment of principal and interest as funds are available.
APPROVED:
.r
MAYOR, H. H. HARRISON
ATTEST /AUTHENTICATED:
C TY CLERK, IREN ARNEY MORAN
FILED WITH THE CITY CLERK: October 26, 1978
PASSED BY THE CITY COUNCIL: October 30, 1978
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