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RESOLl9TION NO. 4 6 5 7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, AUTHORIZI.NG THE TRANSFER OF FUNDS FOR THE PURP.OSE OF MAKING A LOAN OR LOANS `
FROM THE INFORMATION SERVICES FUND AND THE
EQUIPMENT RENTAL FUND TO THE GENERAL FUND FOR UP
TO A FIVE YEAR PERIOD OF TIME
WHEREAS, the General Fund needs . to pay for the startup costs
associated with the South Correctional Entity (SCORE); and
WHEREAS, there is insufficient funds available at this time in the
General Fund to cover aIL the SCORE startup costs; and
WHEREAS, the Information Services Fund has sufficient funds, from
which to transfer funds in an amount not to ezceed FIVE HUNDRED
THOUSAND DOLLARS ($500,000) forthe SCORE startup costs; and
WHEREAS, the Equipment Rental Fund has sufficient funds from which
to transfer funds in an arnount not to exceed FIVE HUNDRED THOUSAND
DOLLARS ($500,000) for the.SCORE startup costs.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS: ' Section 1. -Authorization is hereby given for the transfer of funds to the .
General Fund to cover a portion of the SCORE startup:costs.
Section 2. The term of `the loan shall be 60 months, payable in annual
installments at the interest rate equal to the average LGIP rate over the prior 12
months plus 50 basis points:
Resolution No. 4657 '
December 1, 2010
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Section 3. The Mayor is hereby authorized " to implement such
administrative procedures as may be necessary to carry out the directions of
this legislation.
d~
DATED and SIGNED THIS DAY OFA&4J4~-l , 2010.
'OF URN
J
PETER B. LEWIS
MAYOR
ATf EST:
Danielle E. Daskam,
City Clerk .
APP . ED A TO FORM:.
Daniel 6. Heid, ;
City Attorney _
Resolution No. 4657
December 1, 2010
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