528 Term Interfund Loan SewerCITY OF YELM
RESOLUTION NO. 528
A RESOLUTION OF THE CITY OF YELM AMENDING RESOLUTION NO.
503 (OCT 09), PROVIDING FOR THE LENGTH OF THE TERM OF THE
LOAN AND INTEREST RATE TO BE PAID.
WHEREAS, the City of Yelm approved an interfund loan in the amount of $950,000 from
the Sewer Capital Improvement Fund 413 to the Killion Road Fund 310 for the
completion of the Killion Road Local Improvement District #2 (LID 2); and
WHEREAS, the term of that loan agreement is set to expire October 31, 2011; and
WHEREAS, the City wishes to amend the length of the term of the loan and the interest
rate to be paid; and
WHEREAS, the term can be extended to October 31, 2021;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Yelm,
Washington, as follows:
1. Interest shall be charged at the same rate the Sewer Capital Improvement Fund
(413) is currently receiving while invested in the Washington State Local
Government Investment Pool (LGIP). Interest shall be calculated monthly on the
last day of the month.
2. Funds advanced to the Killion Road Improvement Fund (310) shall be repaid
along with interest due to the Sewer Capital Improvement Fund (413) by October
31, 2021.
APPROVED by the ity ncil of Yelm this 13th day of September, 2011
on ar i " , Mayor
ATTEST: , /f
3ex �j�,
J nine Schnep /f, City C rk
PASSED AND APPROVED; September 13, 2011
Published; September 23, 2011
Effective date; September 28, 2011