HomeMy WebLinkAbout3465 RESOLUTION NO. 3 4 6 5
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 2002 to June 2005 in the Arterial Street 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; 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. 102); and
WHEREAS, in the event a loan is made from the General Fund (Fund
NO. 001 ) or the Cumulative Reserve Fund (Fund No. 122) to the Arterial Street
Fund as provided above, the loan 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 2002 to June 2005 for the transfer of funds to the Arterial Street
Resolution No. 3465
May 1,2002
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Fund, when there are insufficient funds available therein 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, in an amount not to exceed TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS ($2,500,000) from the General Fund and the
Cumulative Reserve Fund for the purpose of making an interest free loan.
Section2. This resolution shall be effective upon passage and
signature hereon.
DATED and SIGNED this
day of May 2002.
PETER B. LEWIS-"'
MAYOR
ATTEST:
'Dar~ielle Daskam
City Clerk
APPROVED AS TO FORM:
Daniel B. Heid
City Attorney
Resolution No. 3465
May 1, 2002
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