Resolution 325RESOLUTION NO. 325
A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON, LOANING
AND TRANSFERRING CERTAIN SUMS FROM THE UNDERGROUND WIRING
FUND NO. 115 AND THE WATER /SEWER OPERATING FUND NO. 411
TO THE GENERAL FUND; PROVIDING FOR REPAYMENT OF SAID LOANS
AND FOR PAYMENT OF INTEREST.
WHEREAS, a substantial portion of the anticipated revenues for
fiscal year 1975 for the City of Edmonds, Washington, are attributable
to and received from property taxes, and
WHEREAS, said property tax revenues are not expected to be
received from the Snohomish County Treasurer for a period of approxi-
mately sixty (60) days from the date of this resolution, and
WHE- REAS;'it is necessary for the City to borrow monies from funds
containing a surplus balance to meet current expenses until such
anticipated and budgeted revenues are in fact received, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, HEREBY
RESOLVES AS FOLLOWS:
That the acting Finance Director and acting Treasurer be and are
hereby directed to transfer the sum of One Hundred Thousand Dollars
($100,000.00) from the Underground Wiring Fund, Fund No. 115, and the
sum of One Hundred Thousand Dollars from the Water /Sewer Operating
Fund, Fund No. 411, to the General Fund, Fund No. 001. Said transfer
shall be in the nature of a loan to the General Fund, shall bear six
percent (6%) per annum interest on the declining principal balance
and shall be repaid in full on or before sixty (60) days from the date
of said loan upon receipt of first half of property tax revenues and
such other revenues as have been anticipated but not received as of
this date.
RESOLVED by the City Council of the City of Edmonds, Washington,
March 18, 1975.
ATTEST:
APPROVED:
e.
CITY CLERK
Filed with the City Clerk: March 18, 1975
Passed by the City Council: March 18, 1975