Resolution 327RESOLUTION NO. 327
A RESOLUTION OF THE CITY OF EDMONDS, WASHINGTON,
AUTHORIZING AN INTERFUND LOAN FROM THE FIREMEN'S
PENSION FUND TO THE GENERAL FUND AND STATING THE
REASONS THEREFOR.
WHEREAS, the City of Edmonds, in settlement of that certain
lawsuit eneitled "Wayne Smith, et ux, v. City of Edmonds,"
Snohomish County Cause No. 125401, was offered the right to
purchase plaintiffs' property at a price advantageous to the
City and which property is necessary for the future development
of public areas of the City and will facilitate use of existing
public facilities by the citizens, and
WHEREAS, such expenditure was not and could not have been
reasonably anticipated during the course of the budget hearings
for the budget for fiscal year 1975, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVE AS FOLLOWS:
Section 1. That there is hereby transferred from the
Firemen's Pension Fund #617 in the form of a loan, which loan
has been approved by the Board of said Fund of the sum of
$14,952.15. That said sums are hereby transferred to the General
Fund #001 to purchase the real property referred to hereinabove.
That said monies shall be repaid to the Firemen's Pension Fund
#617 at the rate of $5,000.00 plus accrued interest in 1976,
$5,000.00 plus accrued interest in 1977, and $4,952.15 plus
accrued interest in 1978. That the loan shall bear simple interest
at the rate of 6% per annum. Tba:t the monies for purposes of
repayment of the loan, together with accrued interest shall be
budgeted from general revenues available to the City in each
respective fiscal year as hereinabove indicated.
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Section 2. That the Acting Finance Director and the Acting
Treasurer is hereby directed to effectuate the transfers and
make other appropriate entries in the records of the City to
reflect this authorization.
APPROVED:
MAYOR
ATTEST:
Filed with the City Clerk: April 8, 1975
Passed by the City Council: April 15, 1975