Resolution 351RESOLUTION NO. 351
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EDMONDS,
WASHINGTON, TRANSFERRING THIRTY THOUSAND AND N01100
DOLLARS FROM THE L.I.D. GUARANTY FUND NO. 613 TO THE
SENIOR CENTER FUND NO. 320 IN THE FORM OF AN INTERFUND
LOAN UNTIL FEDERAL MATCHING MONIES ARE RECEIVED, SAID
LOAN TO BEAR INTEREST AT THE RATE OF FIVE AND ONE -HALF
PERCENT PER ANNUM.
WHEREAS, the City of Edmonds, Washington, has received approval
from the Department of Housing and Urban Development of an application
for a grant from said department to provide for the remodelling and
construction of the senior. center located in said City, and
WHEREAS, there is a delay between the time that the. expenses
for such remodelling and construction have been incurred and are
payable and the time that said grant matching monies are received
from the federal government, and
WHEREAS, there are sufficient funds in the L.I.D. Guaranty
Fund No. 613 to make an interim interfund loan to the Senior Center
Fund No. 320 until such grant monies are received from the federal
government, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDMONDS,
WASHINGTON AS FOLLOWS:
Section 1. That there is hereby ordered transferred from the
L.I.D. Guaranty Fund No. 613 the sum of $30,000 to the Senior Center
Fund No. 320 which transfer shall be in the nature of an interfund
loan for the purposes recited hereinabove and which shall bear interest
at the rate of 5 -1/2% per annum on the declining principal balance and
shall be repaid in full together with all accrued interest upon receipt
of the grant monies from the Department of Housing and Urban Development.
Section 2-. The Finance Director is hereby instructed to make
the necessary transfers and to repay the principal and accrued interest
of said loan as the monies are received.
APPROVED:
1
ATTEST: MAYOR, H. H. HARRISON
CIT CLERK, IRENF VARNEY MORAN
FILED WITH THE CITY CLERK: January 6, 1976
PASSED BY THE CITY COUNCIL: January 20, 1976