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RESOLUTION NO. J./-3/
~1.
3.?~1
A RESOLUTION providing for re-financing certain loans
due to the llunicipal General Fund.
WHEREAS, the City General Fund has two outstanding loans to the
Equipment Rental and Solid Waste Utilities FUnds establised by Resolutions 5-80
~ and 1-79; and
WHEREAS, revenues to the General Fund have suffered severe deteriora-
e
l
tion i.n recent years; and
WHEREAS, it is desirous to increase the General Fund balance and that
re-financing of the Solid Waste and Equipment Rental loans will provide usable
monies to the General Fund; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ANGELES, as
follows:
Section 1- Re-financing of the General Fund loan' to 'the Solid Waste
Utility established by Resolution 1-79. The outstanding balance of the loan
to Solid Waste shall be purchased by the local improvement guaranty fund at
a re-negotiated interest rate of 10% per annum. The term of the re-financed
note shall be 75 months and the principal and interest portions shall be paid
in equal monthly installments over the term of the note.
Section 2- Re-financing of the General Fund loan to the Equipment
oJ. -19~
Rental Fund established by Resolution ~ The City Fireman I s Pension Fund
shall purchase the outstanding balance of the Equipment Rental loan with a
re-negotiated annual interest rate of 10%. The term of this note shall be for
the period of 75 months and the principal and interest portions of the note
shall be paid in equal monthly installments over the term of the note.
PASSED by the City Council this .3~
day of March, 1981.
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