HomeMy WebLinkAbout2512 Resolution RESOLUTION NO. 2512
A RESOLUTION AUTHORIZING AN INTER FUND LOAN
FROM EQUIPMENT RENTAL REPLACEMENT FUND TO THE
CEMETERY FUND IN THE AMOUNT OF UP TO $200,000.
WHEREAS, the City Council of the City of Pasco, pursuant to RCW 35.33.121,
found that it is in the best interest of the City to lend funds from the Equipment Rental
Replacement Fund to the Cemetery Fund and to provide for the repayment thereof, and
WHEREAS, the 2000 Capital Improvement Project Budget includes the Cemetery
Expansion Project, which includes a one-acre expansion with construction of a niche feature
for cremation remains and an improved entryway to the cemetery; and
WHEREAS, the Equipment Rental Replacement (ERR) Fund has sufficient funds
available over the next 10 years to finance this project, while the Cemetery Fund is
currently in a negative cash balance situation; and
WHEREAS, the Cemetery Expansion Project is expected to bring in additional
revenue to the Cemetery Fund; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, HEREBY
RESOLVES AS FOLLOWS:
1. Authorization for loan. The Finance Manager of the City of Pasco is
hereby authorized and directed to loan from the City of Pasco Equipment Rental
Replacement Fund to the Cemetery Fund the sum of$200,000 dollars.
2. Terms and memorialization. The effective date of the loan shall be March
15, 2000 and such loan shall be due and payable on or before March 14, 2010, and subject to
annual interest at the same rate as paid by the Local Government Investment Pool of the
Washington State Treasurer's Office.
PASSED by the City Council of the City of Pasco, Washington, this 6"' day of March,
2000. SIGNED in authentication of its passage this 6' day of March, 2000.
Michael L. Garnis n, Mayor
ATTEST: APPROVED AS TO FORM:
Catherine D. Seaman, Deputy City Clerk Leland B. Kerr, City Attorney