HomeMy WebLinkAbout4916 RESOLUTION NO. 4 9 1 6
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
THREE-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 2013 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
THOUSAND DOLLARS ($300,000.00) 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 Golf Course Fund (Fund No. 437) as provided
above, the loans shall bear interest at the State of Washington pool rate, and
WHEREAS, the City Council approved Resolution No. 4691 on April 4,
2011, authorizing the loan through December 2012; and
WHEREAS, this previously approved loan needs to be extended to the
end of the year to December 2013 as the financial condition of the Golf Course
Fund has not yet improved to the point where it can repay this loan.
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Resolution No.4916
February 26, 2013
Page 1 of 3
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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 2013 for the transfer of funds to the Golf
Course Fund, when there are insufficient funds available therein to cover
authorized expenditures for debt service and operating cash, in an amount not
to exceed THREE HUNDRED THOUSAND DOLLARS ($300,000.00) from the
Cumulative Reserve Fund for the purpose of making a loan bearing interest at
the Washington State pool rate.
Section 2. Implementation. The Mayor is hereby authorized to
implement such administrative procedures as may be necessary to carry out
the directions of this legislation.
t
DATED and SIGNED this / S� day of 12013.
at
PETER eWIS, MAYOR
ATTEST:
Da ielle Daskam
City Clerk
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Resolution No.4916
February 26, 2013
Page 2 of 3
APPROVED AS TO FORM:
Daniel B. Heid
City Attorney
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Resolution No.4916
February 26, 2013
Page 3 of 3