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09/10/2012 <br /> ORIGINAL <br /> RESOLUTION NO. 15212 <br /> RESOLUTION ESTABLISHING LOAN AGREEMENT IN THE <br /> AMOUNT OF $1,256,097 BETWEEN THE REDWOOD CITY <br /> GENERAL FUND AND THE REDWOOD CITY INTERNAL <br /> SERVICES FUND <br /> INTERFUND LOAN AGREEMENT <br /> WHEREAS, an Internal Services Fund known as the Employee Benefit <br /> Fund has been established; and <br /> WHEREAS, a fund known as the General Fund has been established; and <br /> WHEREAS, the Employee Benefit Fund has a expended funds in the sum <br /> of $1,256,097 in order to fund the Exit Incentive Program provided for a <br /> memorandum of Understanding dated January 1, 2010 with the International <br /> Association of Fire Fighters; and <br /> WHEREAS, the Exit Incentive Program expenditures benefit the General <br /> Fund; and <br /> WHEREAS, it was the intention of the City Council at the time the <br /> expenditure of funds from the Employee Benefit Fund was authorized, that said <br /> fund be repaid from the General Fund at such time as there was a surplus in the <br /> General Fund and that a resolution be approved to memorialize that intention; <br /> and <br /> WHEREAS, Sections 15 and 51.5 of the Charter of Redwood City provide <br /> that authorization for transfers from one fund to another by the City Council, may <br /> be accomplished by approval of a resolution. <br /> ATTY/RES0.2270/AN INTERFUND LOAN AGREE.EE. BENEFIT FUND TO GEN. FUND RESO.#15212 <br /> REV:08-15-12 JS MUFF#904 <br /> Page 1 of 2 <br />