HomeMy WebLinkAbout01-79
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RESOLUTION NO. 1-79
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A RESOLUTION of the City Council of the
City of Port Angeles authorizing an
interfund loan of $115,000 from the
Current Expense Fund to the Sanitation
Fund.
WHEREAS, the City of Port Angeles will assume
its sanitary landfill operation in 1979; and
WHEREAS, the City must acquire new heavy equipment
7 to properly operate the City Landfill; and
8 WHEREAS, the Sanitation Fund has insufficient
9 financial resources to discharge capital equipment purchases; now,
10 therefore,
11 BE IT RESOLVED that an interfund loan of $115,000
12 from the Current Expense Fund to the Sanitation Fund is hereby
13 authorized for the purchase of Landfill equipment.
14 Said loan shall have a term of eighty-four (84)
15 months and carry an interest rate of 5 percent per annum.
16
The loan shall be repaid in equal
monthly
17 installments commencing on April 1st, 1979.
18 This loan or any portion thereof may be prepaid
19 at the option of the borrower without interest penalty.
20 PASSED by the City Council of the City of Port
21 Angeles at a regular meeting held by the Council on the 9th
22
day of January, 1979.
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Att;S.~ :
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Marian C.' Parrish, City Clerk
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Approved as to form:
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~CitY ~ttorney
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