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RESOLUTION NO. &9 -~3
.
A RESOLUTION of the City Council of
the City of Port Angeles authorizing
interfund loans totaling $140,000
from the Firemen's Pension Fund and
Local Improvement Guaranty Fund to
the Current Expense Fund.
WHEREAS, the City Council of the City of Port Angeles
previously authorized an interfund loan from the Water/Sewer
Fund to the Current Expense Fund to pay the general government
portion of the Corporation Yard constructioni and
WHEREAS, due to market rate changes, it is now desirous
to refinance said loan; and
WHEREAS, it is desirous to generate working capital
into the Water/Sewer Fundi now, therefore,
BE IT RESOLVED that an interfund loan of $100,000 from
the Firemen's Pension Fund to the Current Expense Fund is hereby
authorized, and be it further resolved that an interfund loan
of $40,000 from the Local Improvement Guaranty Fund to the
Current Expense Fund is hereby authorized. Said loan shall
have a term of 36 months and carry an interest rate of 9.25%
per annum. The loan shall he repaid in equal monthly install-
ments based on a five-year amortization commencing January 1,
1984. The proceeds from said loans shall be used to retire the
existing loan made by the Water/Sewer Fund.
These ,.loans or any portions thereof may be prepaid at
e
the option of the borrower without interest penalty.
PASSED by the City Council of the City of Port Angeles
at a regular meeting of the Council held on the ~ day of
.lOOLf/lYlA//v , 19 8'.3
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