HomeMy WebLinkAbout7837RESOLUTION NO 7837
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS CONFIRMING
APPROVAL OF A LOAN FROM THE CEMETERY ENDOWMENT FUND TO THE
CEMETERY OPERATING FUND
WHEREAS, the City Council approved Resolution No 7354 establishing an interfund loan
policy effective December 17, 2013, and
WHEREAS, Resolution No 7354 requires that interfund loans established after the
effective date of the policy be approved by the City Council subsequent to review by the City
Attorney and preparation of a resolution authorizing the loan, including specific loan terms, if
applicable, and
WHEREAS, the City Council approved on March 17, 2015, the transfer of an amount not
to exceed One Million Five Hundred Thousand Dollars from the Cemetery Endowment to the
Cemetery Operating Fund for the purpose of providing the Cemetery Operating Fund sufficient
Rinds to provide a variety of Capital Improvements,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Redlands as
follows
Section 1 The City Council hereby approves a loan from the Cemetery Endowment
Fund to the Cemetery Operating Fund for the fiscal year ended June 30, 2018, in the amount of
One Hundred Fifty One Thousand One Hundred Five dollars and fifty cents ($151,105 50) to fund
capital projects included in the cemetery Capital Improvement Plan The loan will be repaid, with
interest accruing annually, at the then existing year-to-year Local Agency Investment Fund rate,
as funds become available
ADOPTED, SIGNED AND APPROVED this 5th day 18
Paul Barich, Mayor Pro Tempore
ATTEST
Legne Donaldson, City Clerk
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1, Jeanne Donaldson, City Clerk of the City of Redlands, hereby certify that the foregoing
resolution was adopted by the City Council at a regular meeting thereof held on the 5h day of
June, 2018, by the following vote
AYES Councilmembers Mayor Pro Tem Barich, Tejeda, and James
NOES None
ABSTAINED Councilmember Momberger, Mayor Foster
ABSENT None
Je Donaldson, City Clerk
2
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