HomeMy WebLinkAbout10-17-2005 ITEM VIII-B-6CITY OF �U„.,
-- WASHINGTON
AGENDA BILL APPROVAL FORM
Agenda Subject:
Date:
Resolution No. 3928
October 10, 2005
Department:
Attachments:
Budget Impact:
Finance
Resolution No.
3928
Administrative Recommendation:
City Council to adopt Resolution No. 3928.
Background Summary:
Resolution No. 3928 authorizes the transfer of funds for the purpose of making an interest-free loan from
the General Fund to the Housing and Community Development Fund for up to a three-year period of time.
N1017-2
F4.7
Reviewed by Council & Committees:
Reviewed by Departments & Divisions:
❑ Arts Commission COUNCIL COMMITTEES:
❑ Building ❑ M&O
❑ Airport ® Finance
❑ Cemetery ❑ Mayor
❑ Hearing Examiner ❑ Municipal Serv.
® Finance ❑ Parks
❑ Human Services ❑ Planning & CD
❑ Fire ❑ Planning
❑ Park Board ❑Public Works
❑ Legal ❑ Police
❑ Planning Comm. ❑ Other
❑ Public Works ❑ Human Resources
❑ Information Services
Action:
Committee Approval: ❑Yes [--]No
Council Approval: ❑Yes ❑No
Call for Public Hearing
Referred to UntilI_I_
__!_/_
Tabled Unlil
Councilmember: Backus
Staff: Coleman
Meeting Date: October 17, 2005
Item Number: VII1.13.6
AUBURN * MORE THAN YOU IMAGINED
RESOLUTION NO. 3 9 2 8
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AUBURN, WASHINGTON, AUTHORIZING THE TRANSFER OF
FUNDS FOR THE PURPOSE OF MAKING AN INTEREST FREE
LOAN FROM THE GENERAL FUND TO THE HOUSING AND
COMMUNITY DEVELOPMENT FUND FOR UP TO A THREE-
YEAR PERIOD OF TIME
WHEREAS, there may be insufficient funds available in the Housing and
Community Development Fund (Fund No. 119) from time to time during the
period October 2005 to October 2008 to cover authorized expenditures while
the City waits for reimbursement for HUD Block Grant monies which have been
approved for allocation to the City and for which contracts have been executed;
and
WHEREAS, the General Fund (Fund No. 001) has sufficient funds from
which to transfer funds in an amount not to exceed TWO HUNDRED FIFTY
THOUSAND DOLLARS ($250,000) for the purpose of making an interest free
loan to cover authorized expenditures from the Housing and Community
Development Fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. Purpose. Authorization is hereby given for the time period
October 2005 to October 2008 for the transfer of funds in an amount not to
exceed TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) for the
purpose of making an interest free loan from the General Fund (Fund No. 001)
Resolution No. 3928
October 10, 2005
Page 1 of 3
to the Housing and Community Block Grant Fund (Fund No. 119) when there
are insufficient funds available in the Housing and Community Block Grant
Fund to cover authorized expenditures while the City waits for receipt of HUD
Block Grant monies which have been approved for allocation to the City.
Section 2. Implementation. The Mayor of the City of Auburn is hereby
authorized to implement such administrative procedures as may be necessary
to carry out the directions of this resolution.
Section 3. Effective Date. This Resolution shall take effect and be in
full force upon passage and signatures hereon.
DATED and SIGNED THIS DAY OF 12005.
CITY OF AUBURN
PETER B. LEWIS
MAYOR
ATTEST:
Danielle E. Daskam,
City Clerk
Resolution No. 3928
October 10, 2005
Page 2 of 3
APPROVED AS TO FORM:
City Attorney
Resolution No. 3928
October 10, 2005
Page 3 of 3