Loading...
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