HomeMy WebLinkAbout5103 RESOLUTION NO. 5 1 0 3
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 CAPITAL IMPROVEMENTS FUND TO THE AIRPORT
FUND FOR UP TO A FIVE-YEAR PERIOD OF TIME
WHEREAS, in July 2014 the City Council authorized a budget
amendment that included funding for the Auburn Municipal Airport T Hangar
Enclosure Project in the amount of ONE HUNDRED TWENTY FIVE
THOUSAND DOLLARS ($125,000.00); and
WHEREAS, the estimated cost of the Auburn Municipal Airport T Hangar
Enclosure Project has increased; and
WHEREAS, revenues in the Airport Fund are limited in nature; and
WHEREAS, there are insufficient funds available in the Airport Fund to
cover the revised cost of the Auburn Municipal Airport T Hangar Enclosure
Project; and
WHEREAS, the Capital Improvements Fund has sufficient funds from
which to transfer funds in an amount not to exceed TWO HUNDRED
THOUSAND DOLLARS ($200,000.00) for the purpose of making loans to cover
the cost of 4he Auburn Municipal Airport T Hangar Enclosure Project for the
Airport Fund (Fund No. 435); and
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Resolution No. 5103
September 23, 2014
Page 1 of 3
WHEREAS, in the event a loan is made from the Capital Improvements
Fund (Fund No. 328) to the Airport Fund (Fund No. 435) as provided above, the
loan shall bear interest at the State of Washington pool rate; and
WHEREAS, the repayment of the loan, including principal and interest,
would be made using new revenues from the enclosed hangars pledged to the
repayment.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Purpose. Authorization is hereby given for the transfer of
funds from the Capital Improvements Fund to the Airport Fund, to cover the
cost of the Auburn Municipal Airport T Hangar Enclosure Project, in an amount
not to exceed TWO HUNDRED THOUSAND DOLLARS ($200,000.00) for the
purpose of making a loan bearing interest at fhe 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.
DATED and SIGNED this 6� day of G�� , 2014.
ANCY F , MAYOR
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Resolution No. 5103
September 23, 2014
Page 2 of 3
ATTEST:
�� �
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
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Daniel B. Heid
City Attorney
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Resolution No. 5103
September 23, 2014
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