Resolution 368r
RESOLUTION NO. 368
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, TRANSFERRING THE SUM OF
NINETEEN THOUSAND FIVE HUNDRED FIFTY AND N01100
DOLLARS FROM THE WATER /SEWER CONSTRUCTION FUND
NO. 412 TO THE STREET ARTERIAL FUND NO. 112 IN
THE FORM OF AN INTERFUND LOAN TO BEAR INTEREST
AT THE RATE OF FIVE PERCENT PER ANNUM ON THE
DECLINING PRINCIPAL BALANCE AND TO BE REPAID
ON OR BEFORE DECEMBER 31, 1977.
WHEREAS, the City Council of the City of Edmonds,
Washington, has determined subsequent to department studies
and public hearings that the proposed improvement of a portion
of 88th Avenue West would best serve the public interest and
allocation of the City resources by expanding said proposed
project to include installation of additional storm sewer
facilities, and
WHEREAS, the additional expenditure was not and could
not be reasonably foreseen at the time of the passage of the
budget for the fiscal year 1976, and
WHEREAS, it is necessary for the public health, safety
and general welfare that the improvements be accomplished in
conjunction with resurfacing of said roadway, now, therefore,
IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF TH.E CITY OF
EDMONDS, WASHINGTON, AS FOLLOWS:
Section 1. The sum of $19,550. is hereby transferred
from the Water /Sewer Construction Fund No. 412 to the Street
Arterial Fund No. 112, in the form of an interfund loan to
bear interest at the rate of five percent per annum on the
declining principal balance and to be repaid in full on or
me
before December.31, 1977, for the purpose of installing
necessary storm sewer facilities on 88th Avenue West in
conjunction with other improvements to said roadway.
Section 2. The Finance Director is hereby instructed
to make the necessary transfers and repayments of said loan
without further direction from the City Council.
APPROVED:
MAYOR, H. H. HARRISON
ATTEST:
CITY`CLERK, IRENE ARNEY MORAN
FILED WITH THE CITY CLERK: September 3, 1976
PASSED BY THE CITY COUNCIL: September 21, 1976
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