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RESOLUTION NO. 1/3-8/
, ,. 17.81
A RESOLUTION of the City of Port Angeles
authorizing an interfund loan from the
Water Fund to the Current Expense Fund.
WHEREAS, the City Council of the City of Port Angeles
deems it necessary in the public interest to authorize an inter-
fund loan from the Water Fund to the Current Expense Fund for
completion of the Corporation Yard construction projecti
NOW THEREFORE, be it resolved by the City Council of
the City of Port Angeles that an interfund loan of $l70,000
from the Water Fund to the Current Expense fund is hereby
authorized.
Said loan shall have a term of seven years, be payable
in seven equal installments, and shall carry an interest rate
of l5% per annum. The loan installments shall commence December
I, 1982.
Said loan or any portion thereof may be prepaid by the
borrowing fund at any time prior to maturity without interest
penalty.
PASSED by the City Council of the City of Port Angeles
at a regular meeting held by the Council on the seventeenth day
of November, 1981.
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Mar~an C. Parrish, Clty Clerk
APPROVED AS TO FORM: