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RESOLUTION NO /3 -19
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A RESOLUTION of the City of Port Angeles
authorizing an Interfund loan of $65,000
from the Current Expense Fund to the
Water Fund.
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6 WHEREAS, the City of Port Angeles will implement a billing
7 system for the City water utility based upon metered consumption;
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9 WHEREAS, present rates for water usage are charged custom-
10 ers in ad vance; and
11 WHEREAS, conversion to the new system will require termi-
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12 nation of advance billing rates thereby causing a temporary cash
13 shortage in the Water Fundi
14 NOW THEREFORE, be it resolved by the Council of the City
15 of Port Angeles, as follows:
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1. An interfund loan of $65,000 is hereby authorized
from the Current Expense Fund to the Water Fund.
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2. Said loan shall have a term of ten (10) months
and carry an interest rate of 5 percent per annum.
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3. The loan shall be repaid in equal monthly install-
ments commencing June 1st, 1979; interest shall
accrue from the date of the loan transfer.
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PASSED by the City Council of the City of Port Angeles
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this dO ti day of M ~
I 1979.
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Marian C. Parrish, City Clerk
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