HomeMy WebLinkAbout4268RESOLUTION 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.
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DATED and SIGNED this ~~ day of l~c~.,~~ .2007.
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PETER B. LEWIS
MAYOR
ATTEST:
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D ielle 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