HomeMy WebLinkAboutITEM VIII-B-2
AGENDA BILL APPROVAL FORM
Agenda Subject:
Resolution No. 3860
Department: I Attachments:
Finance Resolution No. 3860
Administrative Recommendation:
Date:
May 20, 2005
Budget Impact:
City Council adopt Resolution No. 3860
Background Summary:
Resolution No. 3860 authorizes the transfer of funds for an interfund loan between the General Fund
and/or the Cumulative Reserve Fund to the Arterial Street Fund. The transfer of funds would cover
authorized expenditures while the City waits for reimbursement of federal, state and local grant monies
that have been approved for allocation. The loans would be for a period of up to three years, would not
exceed $2,500,000, and would be interest free.
N0606-1
F4.7
Reviewed by Council & Committees:
D Arts Commission COUNCIL COMMITTEES:
D Airport [8J Finance
o Hearing Examiner 0 Municipal Servo
o Human Services 0 Planning & CD
o Park Board OPublic Works
o Planning Comm. 0 Other
Reviewed by Departments & Divisions:
o Building 0 M&O
o Cemetery 0 Mayor
[8J Finance 0 Parks
o Fire 0 Planning
o Legal 0 Police
o Public Works D Human Resources
o Information Services
Action:
Committee Approval: OYes ONo
Council Approval: OYes ONo Call for Public Hearing _/_/-
Referred to Until _/_/-
Tabled Until _/_/-
Councilmember: Backus I Staff: Coleman
Meeting Date: June 6, 2005 litem Number: VIII.B.2
RESOLUTION NO.3 8 6 0
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 GENERAL FUND AND/OR THE CUMULATIVE
RESERVE FUND TO THE ARTERIAL STREET FUND FOR UP TO
A THREE-YEAR PERIOD OF TIME
WHEREAS, there may be insufficient funds available from time to time
during the period June 2005 to June 2008 in the Arterial Street Fund to Gover
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; 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 DOLLARS ($2,500,000) for the
purpose of making loans to cover authorized expenditures from the Arterial
Street Fund (Fund NO.1 02); 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 the Arte¡rial
Street 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 June 2005 to June 2008 for the transfer of funds to the Arterial Street
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Resolution No. 3860
May 18, 2005
Page 1 012
Fund, when there are insufficient funds available therein to cover authorized
expenditures while the City waits for federal, state and local grant moniE~s which
have been approved for allocation to the City and for which contracts have been
executed, in an amount not to exceed TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS ($2,500,000) from the General Fund and/or the
Cumulative Reserve Fund for the purpose of making an interest free 108,n.
Section 2. Implementation. The Mayor is hereby authorized tø
implement such administrative procedures as may be necessary to carry out
the directions of this legislation.
DATED and SIGNED this
day of
.2005.
PETER B. LEWIS
MAYOR
ATTEST:
Danielle Daskam
City Clerk
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Resolution No. 3860
May 18, 2005
Page 2 01 2
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