HomeMy WebLinkAboutITEM VIII-B-5,~ _
CITY OF -- '
~1V ~ V I~.lr AGENDA BILL APPROVAL FORM
WASHINGTON
Agenda Subject: Date:
Resolution No. 4268 November 26, 2007
Department: Attachments: Budget Impact:
Finance Resolution No. 4268
Administrative Recommendation:
City Council adopt Resolution No. 4268.
Background Summary:
Resolution No. 4268 authorizes the transfer of funds for the purpose of making a loan or loans from the
general fund and/or cumulative reserve fund to the Golf Course fund for up to a three year period of time.
N1203-1
F4.6.1
Reviewed by Council &
^ Arts Commission
^ Airport
^ Hearing Examiner
^ Human Services
^ Park Board
^ Planning Comm.
Action:
Committee Approval:
Council Approval:
Referred to
Tabled
Reviewed by Departure
^ Building
^ Cemetery
^ Finance
^ Fire
^ Legal
^ Public Works
^ Information Services
^ M&O
^ Mayor
^ Parks
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^ Police
^ Human Resources
^Yes ^No
^Yes ^No Call for Public Hearing _/_/_
Until _/_!_
Until ! /
Councilmember: Backus j Staff: Coleman
Meetina Date: December 3, 2007 Item Number: VI11.6.5
COUNCIL COMMITTEES:
® Finance
® Municipal Serv.
^ Planning & CD
^Public Works
^ Other
~j~$~ ~ MORE THAN YOU IMAGINED
RESOLUTION N0.4268
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 GOLF COURSE FUND FOR UP TO A
THREE-YEAR PERIOD OF TIME
WHEREAS, there may be insufficient funds available from time to time
during the period December 2007 to December 2010 in the Golf Course Fund
to cover authorized expenditures while the City waits for sufficient Golf Course
operating revenue to cover all expenses including debt service; 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
SIX HUNDRED THOUSAND DOLLARS ($600,000) for the purpose of making
loans to cover authorized expenditures from the Golf Course Fund (Fund No.
437); 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 Golf
Course 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 December 2007 to December 2010 for the transfer of funds to the Golf
Course Fund, when there are insufficient funds available therein to cover
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Resolution No. 4268
November 28, 2007
Page 1 of 2
authorized expenditures while the City waits for sufficient Golf Course operating
revenue to cover all expenses, in an amount not to exceed SIX HUNDRED
THOUSAND DOLLARS ($600,000) 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 procedures as may be necessary to carry out
the directions of this legislation.
DATED and SIGNED this day of
2007.
PETER B. LEWIS
MAYOR
ATTEST:
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
Daniel B. Heid
City Attorney
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Resolution No. 4268
November 28, 2007
Page 2 of 2