503 Amend 491 Interfund LoanCITY OF YELM
RESOLUTION NO. 503
A RESOLUTION OF THE CITY OF YELM AMENDING RESOLUTION #491,
DATED DECEMBER 23, 2008, TO LENGTHEN THE TERM OF THE INTER -
FUND LOAN FROM FUND #413 SEWER CAPITAL IMPROVEMENT FUND TO
THE KILLION ROAD FUND #310 AND PROVIDING FOR THE INTEREST
RATE TO BE PAID.
WHEREAS, the City of Yelm approved an inter -fund loan in the amount of $950,000 for
the completion of the Killion Road Local Improvement District #2 (LID 2); and
WHEREAS, the amount of the inter -fund loan was included in the LID #2 assessment
roll; and
WHEREAS, the City of Yelm wishes to amend the length of the term of the loan and the
interest rate to be paid:
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 WA State Local Government Investment Pool
(LGIP). Interest shall be calculated monthly on the last day of the month.
2. Funds advanced to Killion Road Improvement Fund #310 shall be repaid along with
interest due to the Sewer Capital Improvement Fund 4413 by October 31, 2011.
APPROVED by the City Council of Yelm this 13th day of October 2009.
Robert Isom, Mayor Pro Tern
ATTEST:
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JkVine Schnepf, City CIA