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RESOLUTION NO. $~fQ
1
A RESOLUTION of the City of Port Angeles
authorizing an inter fund loan from the
Firemen's Pension Fund to the Equipment
Rental Fund.
2
WHEREAS, the City of Port Angeles maintains an
3 Equipment Rental and Revolving Fund according to the provision of
e 4 RCW 35.21.088; and
e
5
WHEREAS, said fund is charged with maintaining and
e replacing City mobile equipment; and
7
WHEREAS, historical equipment rental rates have not
8 generated sufficient replacement reserves thereby jeopardizing
9 the acquisition of needed replacement units; now therefore,
10
BE IT RESOLVED by the City Council of the City of
11 Port Angeles than an interfund loan of $166,-000 from the Firemen's /
i'
12 Pension Fund to the Equipment Rental Fund is hereby authorized.
13
Said loan shall have a term of eighty-four (84)
14 months and shall carry an interest rate of 10 percent per annum.
15
Said loan shall be repaid in equal monthly in-
stallments commencing on April 1st, 1980.
16
17
Said loan or any portion thereof may be pre-paid
by the borrowing fund at any time without interest penalty.
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19
PASSED by the City Council of the City of Port
held by the Council on the tf-t;C
20 Angeles at a regular meeting
day Of~~~ 1980.
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