Resolution 340RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, TRANSFERRING THE SUM OF TWENTY
THOUSA;N ?D DOLLARS FROM THE WATER REVENUE BOND CONSTRUC-
TION FUND NO. 411 TO THE STREET ARTERIAL FUND NO. 112
FOR THE PURPOSE OF CONSTRUCTING STORM SEWERS AND
NECESSARY RESTORATION ON A PORTION OF TALBOT ROAD;
PROVIDING THAT SAID TRANSFER OF FUNDS SHALL BE IN
THE NATURE OF INTERFUND LOAN AND MAKING PROVISION
FOR REPAYMENT OF SAID LOAN WITHIN ONE CALENDAR YEAR
WHEREAS, the City Council of the City of Edmonds,
Washington, has determined.that the construction of necessary
storm drainage in conjunction with resurfacing of a portion of
Talbot Road is in.the best interest of the public health,
safety and general welfare, and
WHEREAS, it was not and could not be anticipated that
such additional funds as are necessary to pay for the cost
of said improvement would be needed for the calendar year
1975 for the reason that sufficient funds for resurfacing
were, in fact, budgeted for 1975, now, therefore,
IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EDMONDS AS FOLLOWS:
Section 1. There is hereby transferred in the form of a
loan, the sum of $20,000.00 from the Water Revenue Bond Construc-
tion Fund No. 411 to the Street Arterial Fund No. 112 for the
purpose of construction and installation of storm sewers and
necessary restoration on a portion of Talbot Road. Said loan
to bear interest at the rate of 7% per annum and to be repaid
in full together with interest on or before December 31, 1976.
Section 2. The Acting Finance Director is hereby instructed
to make the necessary transfer pursuant to Section 1 of this
Resolution.
APPROVED:
MAYOR, H. H. HARRISON
ATTEST:
CITY CLERK, IRENE aARNEY MORAN
FILED WITH THE CITY CLERK: August 21 1975
PASSED BY THE CITY COUNCIL: Awjust 26, fi9175