HomeMy WebLinkAbout4256RESOLUTION N0.4256
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 MUNCIPAL PARK CONSTRUCTION
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 Municipal Park
Construction 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
FIVE HUNDRED THOUSAND DOLLARS ($500,000) for the purpose of making
loans to cover authorized expenditures from the Municipal Park Construction
Fund (Fund No. 321); 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 Municipal
Park Construction 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:
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Resolution No. 4256
December 31, 2007
Page 1 of 3
Section 1. Purpose. Authorization is hereby given during the time
period December 2007 to December 2010 for the transfer of funds to the
Municipal Park Construction 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 FIVE
HUNDRED THOUSAND DOLLARS ($500,000) 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.
Section 3. Effective Date. This Resolution shall be in full force and
effect upon passage and signatures hereon.
DATED and SIGNED this !~ ~ ~ ~ day o, tuber, 2007.
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._.~ ~ _ ;:
m ~ _ _.
PE1TE1~. LEWIS
MAYOR
Resolution No. 4256
December 31, 2007
Page 2 of 3
ATTEST:
Danielle Daskam
City Clerk
APPF~V~,D AS~.p FORM:
Daniel B. Hei
City Attorney
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Resolution No. 4256
December 31, 2007
Page 3 of 3