HomeMy WebLinkAboutR-1991-D5932 Fairview - Sumac AreaRESOLUTION NO.
IY 5932
411 A RESOLUTION authorizing an Interfund Loan from 198 -Capitol
Theatre Reserve Fund to the 477 -Domestic Water
Improvement Fund, and providing for repayment.
•
WHEREAS, 198 -Capitol. Theatre Reserve Fund has sufficient
resources available for investment to make the Interfund Loan
authorized by this resolution; and
WHEREAS, funds must be loaned to the 477 -Domestic Water
Improvement Fund in order to provide sufficient resources for
the emergency repair of the Fairview -Sumac water system; and
WHEREAS, the City Council deems it to be in the best
interest of the City to make the Interfund Loan provided for
herein, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The amount of $290,000 is hereby transferred and loaned
from the 198 -Capitol Theatre Reserve Fund; which loan, togeth-
er with interest at the rate of 7.0% per annum, is to be
repaid from bond proceeds from the 477 -Domestic Water Improve-
ment Fund to the 198 -Capitol Theatre Reserve Fund on or before
June 30, 1994. The Director of Finance and Budget is hereby
directed to make the necessary transfer to accomplish the loan
authorized by this resolution.
ADOPTED BY THE CITY COUNCIL this ,V'day of /16i
1991.
ATTEST:
(res/intrfnd.jt)
Mayor