HomeMy WebLinkAbout5275 RESOLUTIOIV NO. 5 2 7 5
� A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, AUTHORIZING THE TRANSFER OF
FUNDS FOR THE PURPOSE OF MAKING LOANS FROM THE
GENERAL FUND AND/OR THE CUMULATIVE RESERVE FUND
TO FUNDS SUSTAINED BY GRANTS, FEES, OR TAX CREDITS
SUSTAINED OR PROJECT FOCUSED SPECIAL REVENUE
FUND FOR UP TO A THREE-YEAR PERIOD OF TIME
WHEREAS, there may be insu.fficient funds available from #ime to time
during the period February 2017 to February 2020 in a fund or funds supported
by grants, fees, and/or tax credits, such as the street funds, the Community
Development and Block Grant Fund, or the Local Revitalization 2010 C&D
Bond Debt Service Fund, herein referred to as a "Grant, Fee, or Tax Credit
Susfiained 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 the City and for which contracts have been executed,
or for the collection of user fees, such as vehiele license fees, or for the reeeipt
of tax credits from the State of Washington; and
WHEREAS, the General Fund and/or the Cumulative Reserve Fund
have sufficient funds from which to transfer funds in an amount not to exceed
TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($2,500,000.00) for the purpose of making loans to cover authorized i
expenditures in a Grant, Fee, or Tax Credit Sustained Fund; 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 a Grant, Fee,
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Resolution No. 5275
January 17,2017
Page 1 of 3
or Tax Credit Sustained Fund as provided above, the loans shall be interest
free:
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 February 2017 to February 2020 for the transfer of funds to a Grant; Fee,
or Tax Credit Sustained Fund, when there are insufficient funds available
therein to cover authorized expenditures while the City waits for federal, state
and local grant monies or user fees which have been approved for allocation to
the City and for which contracts have been executed, or for the collection of
user fees, or for the receipt of tax credits, in an amount not to exceed TWO
MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($2,500,000.00) 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 administrative p�ocedures as may be necessary to earry out
the directions of this legislation.
t _1
DATED and SIGNED this�day of ,;t.�,�.cc . 2017.
Nancy kus
MAYO
Resolution No. 5275
January 17,2017
Page 2 of 3
ATTEST:
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
D ' I . eid
City Attorney
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Resolution No.5275
January 17,2017
Page 3 of 3