HomeMy WebLinkAbout7552_CCv0001.pdf RESOLUTION NO. 7552
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 up to One
Million Five Hundred Thousand Dollars of the Cemetery Endowment Fund to the Cemetery
Operating Fund for the purpose of providing the Cemetery Operating Fund sufficient funds to
undertake certain capital improvement projects included within the Cemetery Capital
Improvement Plan for Fiscal Year 2015/2016;
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 ending June 30, 2016 in the amount of
Six Hundred Thirty Four Thousand Dollars ($634,000) to fund capital projects included in the
Cemetery Capital Improvement Plan for Fiscal Year 2015/2016. 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 21St day of July, 2015.
Jo Harrison, Mayor Pro Tem
ATTEST:
Sam Ir , Cit Clerk
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1:\cc1erk\Reso1udons\Res 7500-7599\7552 Cemetery Endowment Loan.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 21s' day of July, 2015, by
the following vote:
AYES: Councilmembers Harrison, Barich, James
NOES: None
ABSTAIN: Councilmember Gilbreath; Mayor Foster
ABSENT: None
Sam Irwin, City Clerk