HomeMy WebLinkAboutR-1992-D6224 Interfund Loan / Garage / HousingRESOLUTION NO D 62 2 4
A RESOLUTION authorizing an. Interfund Loan from 551 -Equipment Rental Fund to the 124 -
Housing Fund, and providing for repayment.
WHEREAS, 551 -Equipment Rental Fund has sufficient resources available for investment
to make the Interfund Loan authorized by this resolution, and
WHEREAS, funds must be loaned to the 124 -Housing Fund in order to provide interim
resources for the HOPE 3 Housing Program administered by the Office of Housing and
Neighborhood Conservation, 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.
A line of credit limited to a maximum amount of $350,000.00 is hereby authorized and
loaned from the 551 -Equipment Rental Fund, which loan, together with interest at the rate of 6.0%
per annum, is to he repaid from the 124 -Housing Fund to the 551 -Equipment Rental Fund on or
before February 28, 1993 The Director of Finance and Budget is hereby directed to make the
necessary transfer of funds as needed to accomplish the loan authonzed by this resolution.
ADOPTED BY THE CITY COUNCIL this '671 -day of December, 1992
AllEST
Mayor
City Clerk