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HomeMy WebLinkAbout4691 RESOLUTION NO. 4691 . 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 CUMULATIVE RESERVE FUND TO THE GOLF COURSE FUND FOR UP TO A TWO-YEAR PERIOD OF TIME WHEREAS, Revenues in the Golf Course Fund are seasonal in nature; ~ and WHEREAS, there may be insufficient funds available from time to time during the period January 2011 to December 2012 in the Golf Course Fund to cover authorized expenditures for debt service and operating cash; and WHEREAS; the Cumulative Reserve Fund- has sufficient funds from which to transfer funds in an amount not to exceed THREE HUNDRED FIFTY TH,OUSAND DOLLARS ($350,000) for the purpose of making loans to cover authorized expenditures from the Golf Course Fund (Fund No. 437); and WHEREAS, in the event a loan is made from the Cumulative Reserve Fund (Fund No. 122) to the Golfi Course Fund (Fund No. 437) as provided above, the loans shall bear interest at the State of Washington pool rate. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. Purpose. Authorization is hereby given during the time period January 2011 to December 2012 for the transfer of funds to the Golf Course Fund, when there are insufficient funds available therein to cover authorized expenditures for debt senrice and operating cash, in an amount not - - Resolution No. 4691 March.21, 2011 Page 1 ofi2 to exceed THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000) from • the Cumulative Reserve Fund foc the purpose of making a loan bearing interest af the Washington State pool rate. , Section 2. Implementation. The Mayoc is hereby authorized to implement such administrative 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. DATED and SIGNED this ~ day of c~~, 2011. ~ PETER B; LEWIS, MAYOR ATTEST: Danielle Daskam _ City Clerk APP VED AS TO FORM: iel B. He - - - City AttomeY , Resotution No. 4691 . March 21, 2011 - - - - Page 2 of 2