HomeMy WebLinkAboutCC RESO 91-178RESOLUTION NO. 91-178
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NATIONAL CITY AUTHORIZING AN INTER -FUND LOAN
FOR THE PURCHASE OF A NEW FIRE TRUCK
WHEREAS, it is necessary for the City to purchase a new
fire truck at a cost of $209,501.38; and
WHEREAS, there are currently insufficient monies in the
Vehicle Services Fund to purchase said fire truck; and
WHEREAS, at their hearings to consider the Fiscal Year
1991-1992 Budget, the Finance Committee approved the concept of
borrowing monies from the Sewer Fund for the purchase of a new fire
truck, and there are currently sufficient monies in the Sewer Fund
for this purpose.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that the Council does hereby authorize the
loan of $209,501.38 from the Sewer Fund to the Vehicle Services
Fund for the purchase of a new fire truck.
BE IT FURTHER RESOLVED that interest shall accrue on the
loan at the rate of 6% per annum on the unpaid balance of the loan.
BE IT FURTHER RESOLVED that the loan shall be repaid from
the Vehicle Services Fund to the Sewer Fund in five annual
installments during the first quarter of each Fiscal Year,
beginning with Fiscal Year 1992-1993, according to the following
schedule:
FY 1992-1993
FY 1993-1994
FY 1994-1995
FY 1995-1996
FY 1996-1997
$ 49,735.00
$ 49,735.00
$ 49,735.00
$ 49,735.00
$ 49,735.00
TOTAL $248,675.00
PASSED and ADOPTED this 3rd day of September, 1991.
ATTEST:
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Lo C i Anne Peoples,Clerk
APPROVED AS TO FORM:
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George H. Riser, III
City Attorney
George H. Waters, Mayor