HomeMy WebLinkAbout5698 (2) RESOLUTION NO. 5698
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
BETWEEN FEBRUARY 2023 AND FEBRUARY 2026
WHEREAS, there may be insufficient funds available from time to time
during the period February 2023 to February 2026 in a fund or funds supported
by grants, fees, and/or tax credits to cover authorized expenditures prior to
reimbursement from federal, state and local grant monies, which have been
approved for allocation to the City and for which contracts have been executed,
or the collection of user fees, or the receipt of tax credits from the State of
Washington; and
WHEREAS, the General Fund and/or the Cumulative Reserve Fund
contain sufficient funds for the 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
expenditures in funds sustained by grants, fees, or tax credits; 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 fund
sustained by a grant, fee or tax credits, the loan shall be interest free.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, RESOLVES AS FOLLOWS:
Resolution No.5698
January 17,2023
Page 1 of 3
Section 1. Purpose. During the time period February 2023 to
February 2026, the Finance Director is authorized to transfer funds from the
General Fund and/or the Cumulative Reserve fund to a fund sustained by
grants, fees, or tax credits, for the purpose of making an interest free loan to the
fund when there are insufficient funds available in the fund to cover authorized
expenditures while the City waits for 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, or for the receipt of tax credits. Any
transfer of funds for this purpose shall be in an amount not to exceed TWO
MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
($2,500,000.00) per fund per year. If the transfer amount exceeds a threshold of
FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00), the City
Council will be notified of the transaction.
Section 2. Implementation. The Mayor is authorized to implement
those administrative procedures as may be necessary to carry out the
directions of this legislation.
Resolution No. 5698
January 17,2023
Page 2 of 3
Section 3. Effective date. This Resolution will take effect and be in full force
on passage and signatures.
Dated and Signed this 21st day of February, 2023.
Odim1A
NANC KUS; MAYOR
ATTEST: APPROVED AS TO FORM:
C ogleakA
Shawn Campbell, MMC, City Clerk Kendra Comeau, City Attorney
Resolution No. 5698
January 17,2023
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