HomeMy WebLinkAbout7857RESOLUTION NO 7857
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 mterfund 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 up to One
Million, Five Hundred Thousand Dollars of the Cemetery Endowment to the Cemetery Operating
Budget for the purpose of providing the Cemetery Operating Fund sufficient funds 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 Thousand Four Hundred Ninety Eight Dollars ($100,498 00) to fund capital
projects included in the cemetery Capital Improvement Plan The loan will be repaid with
accrued interest at the annual Local Agency Investment Fund (LAIF) rate as funds become
available
ADOPTED, SIGNED AND APPROVED this th day of Jul , 2018
Paul Banch, Mayor Pro Tempore
ATTEST
JgAme Donaldson, City Clerk
11Resolutions\Res 7800-789917857 Cemetery Endowment Block I I docx
I, 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 17th day of
July, 2018, by the following vote
AYES Councilmembers Barich, Tejeda, James
NOES None
ABSTAINED Councilmember Momberger, Mayor Foster
ABSENT None
Je6A Donaldson, City Clerk
11Resolutions\Res 7800-789917857 Cemetery Endowment Block 1 l.docx