HomeMy WebLinkAbout7602 RESOLUTION NO. 7602
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 to the Cemetery
Operatuig Budget for the purpose of providing the Cemetery Operating Fund sufficient fiends 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, 2016 in the amount of
Thirty Eight Thousand Seven Hundred Fifty Dollars ($38,750) to fund capital projects included
in the cemetery Capital Improvement Plan for Fiscal Year 201412015. 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 2nd day of February, 2016.
J 1 Harrison, Mayor Pro Tem
ATTEST: �1
4' a
Sam Irwin, G erk
IAcc1erk\Resolutions`Res 7600-769917602 Cemetery Endowment Arch Srvs Blk 112 2 16.doc