HomeMy WebLinkAbout7502__CCv0001.pdf RESOLUTION NO. 7502
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING A
LOAN FROM THE CEMETERY ENDOWMENT FUND TO THE CEMETERY OPERATING
FUND
WHEREAS, the City Council approved Resolution No. 7354 establishing an inter-fund
loan policy effective December 17, 2013; and
WHEREAS, Resolution No. 7354 requires that inter-fund loans established after the
effective date of the policy be approved by the City Council subsequent to review by the Finance
Director, City Attorney, and preparation of a resolution authorizing the loan, including specific
loan terms, if applicable; and
WHEREAS, on March 17, 2015, the City Council earmarked up to one million five
hundred thousand dollars of the Cemetery Endowment Fund for future transfer to the Cemetery
Operating Fund for the purpose of providing the Cemetery Operating Fund with sufficient funds
to undertake capital improvement projects identified within the cemetery Capital Improvement
Plan; and
WHEREAS, the City Council further authorized establishment of a repayment plan in
accordance with the inter-fund loan policy and directed City staff to report on a regular basis to
the City Council the status of such repayment plan;
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, 2015 in the amount of
one hundred thirteen thousand three hundred sixty two dollars (5113,362) to fund capital projects
included in the cemetery Capital Improvement Plan for Fiscal Year 2014/2015. 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 7th day of April, 2015.
Paul W. Foster, Mayor
ATTEST:
San Irwin, dity Clerk
L\cclerk`Resolutions\Res 7500-7599\7502 Cemetery Endowment Loan"frees 4.7.15.doc
I, Sam Irwin, 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 76' day of April, 2015,by
the following vote:
AYES: Councilmembers Harrison, Barich, James
NOES: None
ABSENT: None
ABSTAIN: Councilmember Gilbreath; Mayor Foster
Sam Irwin, City Clerk
1Acclerk\Resolutions\Res 7500-7599\7502 Cemetery Endowment Loan Trees 4.7.15.doc