Chapter 3.98
BUSINESS PARK RENTAL FUND

Sections:

3.98.010    Created.

3.98.020    Source of monies.

3.98.030    Use of monies.

3.98.010 Created.

There is created a special fund to be known as the “business park rental fund.” (Ord. 1695 § 1, 1989)

3.98.020 Source of monies.

A loan in an amount not in excess of $1,625,000 is authorized to be made from the general fund to the business park rental fund. The loan shall bear interest from its date at the rate of 6.0 percent per annum, computed on the basis of a 360-day year of twelve 30-day months, shall mature in not more than 20 years from its date of issue and may be prepaid in whole or in part on any date. The loan, both principal and interest, shall be repaid from revenue received by the city for the rental of the property and other money of the city legally available therefor. (Ord. 1695 § 1, 1989)

3.98.030 Use of monies.

For the purpose of paying the cost of acquiring the property, including closing costs, this loan has been authorized to be made from the general fund, and also for the purpose of receiving the rental revenues derived from the operation of the related facilities and record necessary expenditures. (Ord. 1695 §§ 1, 2, 1989)