Resolution 485RESOLUTION NO. 485
A RESOLUTION OF THE CITY COUNCIL OF
EDMONDS, WASHINGTON, AUTHORIZING AN
LOAN FROM THE EQUIPMENT RENTAL FUND
THE STREET ARTERIAL FUND NO. 112 IN
OF $70,000; ESTABLISHING AN INTERES'
AND PROVIDING FOR REPAYMENT
THE CITY OF
INTER -FUND
NO. 511 TO
THE AMOUNT
t ON SAID LOAN
WHEREAS, there was an unanticipated advance payment to
the State Department of Transportation for phase 2 of SR 524 from
the Street Arterial Fund No. 112, and
WHEREAS,.said advance was not reasonably foreseeable and
was not budgeted for in the 1980 budget, and
WHEREAS, it is necessary to loan monies from the Equipment
Rental Fund No. 511 to the Street Arterial Fund No. 112 until the
1981 revenues are received in said fund, and
WHEREAS, there are substantial excess monies in the Equipment
Rental Fund to permit said loans, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS., WASHINGTON, HEREBY
RESOLVES AS FOLLOWS:
Section 1. The sum of $70,000 shall be transferred from
the Equipment Rental Fund No. 511 to the Street Arterial. Fund No. 112
in the form of a loan to bear interest at the rate of 9% (per annum)
on the unpaid principal balance with said loan to be repaid on or
before August 31, 1981.
Section 2. The Finance Director is hereby authorized
to make the transfer referred to in Section 1 and to repay said
loan, together with interest, as monies are available for the
same without further direction from the City Council.
RESOLVED this 6th day of January, 1981.
APPROVED:
MAY H. H. HARRISON
ATTEST /AUTHENTICATED:
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CITY CLERK, IRENV VARNEY MORAN
FILED WITH THE CITY CLERK: January 2, 1981
PASSED BY THE CITY COUNCIL: January 6, 1981
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