HomeMy WebLinkAbout06-83 e e RESOLUTION NO. t.-.?J A RESOLUTION of the City of Port Angeles authorizing an interfund loan from the Equipment Rental Fund to the Solid Waste Fund. WHEREAS, the City of Port Angeles maintains a Solid Waste Fund, charged with maintaining sanitary conditions within the City limits1 and WHEREAS, historical sanitation rates have not generated sufficient income to guarantee continued operation of this fund1 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ANGELES as follows: section 1. That an inter fund loan of $20,000 from the Equipment Rental Fund to the Solid Waste Fund is hereby authorized. Section 2. Said loan shall have a term of twelve (12) months and shall carry an interest rate of 7.8% per annum. Section 3. Said loan shall be repaid in equal monthly installments commencing April 30, 1983. Said loan or any portion thereof may be prepaid by the borrowing fund at any time without interest penalty. PASSED by the City Council of the City of Port Angeles at a regular meeting of said council held on the /~~ day of ~ , 1983. ATTEST: ~~~ M A 0 R ~e.~ Marian C. Parrish, City Clerk APPROVED AS TO FORM: -1-