HomeMy WebLinkAboutResolution 98-161-CC �T c�U'�'
G ?'f-
BOARD OF COUNTY COMMISSIONERS -
Grant County, VNashington
�� #4��
'tt�lf OF VASH�N���
IN THE MATTER OF AUTHORIZING A Resolution No. as-16�-cc
CERTAIN INTERFUND LOAN FROM THE
COUNTY ROAD FUND INTERFUND LOAN
WHEREAS, in the interest of good govemment the Board of County Corrunissioners
desires to purchase real property in the amount of$500,000 to serve the needs of the residents
in and near fihe Moses Lake area, and
WHEREAS, insufficient funds may exist in the Current Expense Fund to provide the
necessary money for said purchase, and
WHERF.AS, the County Road Fund currently has sufficient funds to loan$500,000 to the
Current Expense Fund subject to the limitations described in RCW 36.40.120.
NOW,THEREFORE,BE IT RESOLVED that the Board of County Comrnissioners authorizes
the Current F�pense Fund to borrow$500,000 from the County Road Fund for a term of three
years from the date of adoption of this resolut�on;PROVIDED, the loan repayment shall be made
annually at an interest rate of 5.5 percent per annum on the unpaid balance as set forth below:
Principal 5.5°� Int. Total Due Date
PaymentNo. 1 $166,666 �27,500 $194,166 Sept. 1999
Payment No. 2 $166,667 $18,333 $185,000 Sept. 2000
Payment No. 3 $166,667 $ 9,167 $175,834 Sept. 2001
DONE THIS 20 DAY OF October , 1998
Le y lisoq Chairman
ATTEST:
Cle e �� ���� ��J
" Helen Fancher
� �� �`� - '�
i / � j �; Tun S�ead
t
���
Constituting the Board of County Commissioners
of Grant County,Washington