HomeMy WebLinkAboutRES 3022 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 3022
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING A LOAN FROM THE FIREMEN'S PENSION FUND TO THE
PARKS DEPARTMENT FOR A ONE YEAR PERIOD OF TIME FOR
CAPITAL IMPROVEMENT.
WHEREAS, the Parks Department is engaged in the Maplewood Golf
Course Improvement Project; and
WHEREAS, the low bid to construct the improvements exceeded
the engineer' s estimate; and
WHEREAS, funds are necessary to complete the improvement
project; and
WHEREAS, the Firemen' s Pension Fund has money: available to
loan to the Maplewood Golf Course Improvement Project; and
WHEREAS, the Parks Department has agreed to repay the loan
from the capital portion of the greens fees; and
WHEREAS, the Parks Department and Firemen' s Pension Fund have
agreed on an interest rate on the money at the rate of 4 . 15% based
upon a one year loan;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO RESOLVE AS FOLLOWS:
SECTION I . The above recitals are found to be true and
correct in all respects .
1
RESOLUTION NO. 3022 .
SECTION II . The Parks Department is hereby authorized to
borrow $95, 000 . 00 from the Firemen' s Pension Board at the rate of
4 . 15% interest to be repaid over a one year period of time pursuant
to the proposed amortization schedule attached hereto and
incorporated by reference as if fully set forth.
PASSED BY THE CITY COUNCIL this 22nd day of November ,
1993 .
Marily etersen, City Clerk
APPROVED BY THE MAYOR this 22nd day of November ,
1993
i
J
Earl- -Clymer, M r'
Approv as t o
L rence J. Wa en, City Attorney
RES. 331 : 11/11/93 :as .
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