HomeMy WebLinkAbout02-79
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RESOLUTION NO. :< -77
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A RESOLUTION of the City of Port Angeles
authorizing an interfund loan from the
Current Expense Fund to the Equipment
Rental Fund.
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WHEREAS, the City of Port Angeles maintains an
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Equipment Rental and Revolving Fund according to the provision of
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RCW 35.21.088; and
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WHEREAS, said fund is charged with maintaining and
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replacing City mobile equipment; and
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WHEREAS, historical equipment rental rates have
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not generated sufficient replacement reserves -thereby,
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jeopardizing the acquisition of needed replacement units; now
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therefore,
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BE IT RESOLVED by the City Council of the City
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of Port Angeles that an interfund loan of $117,000 from the
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Current Expense Fund to the Equipment Rental Fund is hereby
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authorized.
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Said loan shall have a term of eighty-four (84)
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months and shall carry an interest rate of 5 percent per annum.
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Said loan shall be repaid in equal monthly
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installments commencing on April 1st, 1979.
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Said loan or any portion thereof may be pre-
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paid by the borrowing fund at any time without interest penalty.
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PASSED by the City Council of the City of Port
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A~geles at a regular meeting held by the Council on the 9th day
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of January, 1979;
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Attes,t:
J;;;/;<t e'.~
r C~ty Clerk
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Approved as to Form:
~ __;>;r7/? /:
~ ~ --//~L-,
/ C~tyAttorney
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