Resolution 03-054 Provides Interfund Loan from Street Fund to General Fund 0 .
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CITY OF SPOKANE VALLEY
SPOKANE COUNTY, WASHINGTON
RESOLUTION NO.03-054
A RESOLUTION OF THE CITY OF SPOKANE VALLEY,WASHINGTON,PROVIDING FOR
AN INTERFUND LOAN FROM T1:114::STREET FUND TO THE GENERAL FUND IN AN
AMOUNT NOT TO EXCEED$4,000,000.
WHEREAS, the City's General Fund requires additional monies in order to meet its expenses
until further tax revenues are generated in succeeding years; and
WHEREAS, the Street Fund has available monies to loan to the General Fund on a temporary
basis at a reasonable interest rate to be repaid over a period of five years.
NOW,THEREFORE, be it resolved by the City Council of the City of Spokane Valley,
Washington, as follows:
Section 1. Interfund Loan Authorization. There is hereby authorized a loan in an amount
not to exceed $4,000,000 from the Street Fund to the General Fund. The term of this loan shall be from
the date that any funds are transferred through and including December 31, 2008. Interest shall accrue on
the unpaid principal amount at the same rate used by the Local Government Investment Pool for
deposited funds. The principal amount, plus interest, shall be payable in five equal amounts due yearly on
December 31. There shall be no penalty for pre-payment of the loan.
Section 2. Severability. If any section, sentence, clause or phrase of this resolution shall be
held to be invalid or unconstitutional by a court of competent jurisdiction, such invalidity or
unconstitutionality shall not affect the validity or unconstitutionality of any other section,sentence, clause
or phrase of this resolution.
Section 3. Effective Date. This Resolution shall be in full force and effective upon
adoption.
Approved this a. day of December, 2003.
City of Spo' ne Valley
......_....(a
Michael DeVleming, Mayor
A r )41,-, /2A,„4;
Christine Bainbridge, City Clerk
Approved as to Form:
C y P. ►ri'skell, Duty City Attorney
Resolution 03-053 Interfund Loan from Street Fund Page 1 of I