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AGREEMENT <br /> <br />~/dIS AGREEMENT made and entered into this 9th day of January, 1985, by and be- <br />ween the City's General Fund and the City's Water Utility Fund. <br /> <br /> WHEREAS, in order for the City's Water Utility Fund to purchase water <br />meters and other ancillary items associated with the water meters, it needs to <br />borrow funds; and <br /> <br /> WHEREAS, the City's General Fund has adequate funds to loan the City's <br />Water Utility Fund to be used for the purpose as stated above; and <br /> <br />NOW ~/dEREFORE, upon the following terms and conditions, it is hereby agreed as <br />follows: <br /> <br /> 1) The City's Water Utility Fund, for its use, borrows $7,000.00 to <br />be used for the purchase of water meters and other ancillary items associated <br />with the water meters. <br /> <br /> 2) Such sums as are borrowed shall bear interest from the date the <br />City's Water Utility Fund borrows the funds from the General Fund and the inter- <br />est rate at which the funds were loaned to the City's Water Utility Fund shall <br />be adjusted on a yearly basis. The interest rate shall be the average paid on <br />invested City funds for the previous year. <br /> <br /> 3) Said funds shall be repaid to the General Fund in equal principal <br />installments over a period of six (6) years, except the first year there will <br />only be an interest payment made. The first payment will be made January 15, <br />1986. <br /> <br />IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed <br />by authorized officials. <br /> <br />Enclosure to Resolution ~P85-3 <br /> <br /> <br />