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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 \1 '\..(., DAY OF lJc+Oh,,\.-- ,2005.
BURN
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ATTEST:
iOa&~v,-
Dan~e E. Daskam,
City Clerk
Resolution No. 3928
October 10, 2005
Page 2 of 3
APPROVED AS TO FORM:
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~niel B. Heid;-
City Attorney
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Resolution No. 3928
October 10, 2005
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