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RESOLUTION NO: 4659
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, AUTHORIZING THE TRANSFER OF
FUNDS FOR THE PURPOSE OF MAKING A LOAN OR LOANS
FROM THE GENERAL FUND AND/OR THE CUMULATIVE
RESERVE FUND TO THE MUNICIPAL PARK CONSTRUCTION
FUND. FOR UP TO A THREE-YEAR PERIOD DF TIME
WHEREAS, there may be insufficient funds available from time to time
during the period December 2010 to December 2013 in the Municipal Park
_ Construction Fund to cover authorized expenditures while the City waits for
reimbursement of federal, state and local grant monies which have been
approved for allocation to #he City and for which contracts have been executed;
and
WHEREAS, the General Fund andlor the Cumulative Reserve Fund
have sufficient funds from which to transfer funds in an amount not to exceed
EIGHT HUNDRED THOUSAND DOLLARS ($800,000) for the purpose of `
,
making loans to cover authorized expenditures from the Municipal Park
Construction Fund (Fund No. 321); and
WHEREAS, in the event a loan is made from the General Fund (Fund
No. 001) and/or the Cumulative Reserve Fund (Fund No. 122) to the Municipal
Park Construction Fund as provided above, the loans shall be interest free.
NOW, THEREFORE, THE CITY COUNCII. OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
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Resolution No. 4659
December 1, 2010
Page 1 of 3
Section 1. Purpose. Authorization is hereby given during the time
period. December 2010 to December 2013 for the transfer of funds to the
Municipal Park Construction Fund, when there are insufficient funds available
therein to cover autho(ized expenditures.:while the City waits for federal, sfate
and local grant monies which have: been approved for allocation to the City and
for which contracts have been executed, in an amount not to exceed EIGHT
HUNDRED THOUSAND DOLLARS ($800,000) from the General Fund and/or
the Cumulative Reserve Fund for the purpose of making an interest free loan.
Section 2. Implementation. The Mayor is hereby authorized to
implement such administrafive procedures as may be necessary to carry out
the directions of this legislation;
Section 3. Effective Date. This Resolution shall take effect and be in
full force upon passage and signatures hereon.
.r-1 . DATED and SIGNED this 6-I)c~day of Aezw,
. 2010.
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P T B. EWIS; MAYOR
r
Resolution Na 4659
December 1, 2010
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ATTEST:
Danielle Daskam
City Clerk APPROV D AS TO FORM:
~
iel B. Heid
City Attorney
Resolution No. 4659
December 1, 2010
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