HomeMy WebLinkAboutITEM VIII-B-3
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AGENDA BILL APPROVAL FORM
WASHINGTON
Agenda Subject: Date:
Resolution No. 4505 Jul 15, 2009
Department: Attachments: Budget Impact:
Finance Resolution No. 4505
Administrative Recommendation:
Cit Council to a prove Resolution No. 4505.
Background Summary:
Resolution No.4505 authorizes the transfer of funds not to exceed $800,000 for the purpose of making a
construction bridge loan or loans from the capital projects fund to the airport fund for up to a 120 day
period of time.
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Reviewed by Council & Committees: Reviewed by Departments & Divisions:
❑ Arts Commission COUNCIL COMMITTEES:' ❑ Building ❑ M&O
❑ Airport 0 Finance ❑ Cemetery ❑ Mayor
❑ Hearing Examiner ❑ Municipal Serv. I, ❑ Finance ❑ Parks
❑ Human Services ❑ Planning & CD ❑ Fire ❑ Planning
❑ Park Board ❑Public Works ❑ Legal ❑ Police
❑ Planning Comm. ❑ Other ❑ Public Works ❑ Human Resources
❑ Information Services
Action:
Committee Approval: ❑Yes ❑No
Council Approval: ❑Yes ❑No Call for Public Hearing
Referred to Until
Tabled Until
Councilmember: Backus Staff: Coleman
Meeting Date: July 20, 2009 Item Number: VI11.13.3
AU$URN *tv1tJRE THAN Y(7U Ifv1AGINED
RESOLUTION NO. 4505 '
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 CAPITAL PROJECTS FUND TO THE AIRPORT ;
FUND FOR UP TO A 120 DAY PERIOD OF TIME .
WHEREAS, the City has contracted for the construction of a new taxiway
at the Auburn Municipal Airport; and
WHEREAS, the City has received a grant from the Federal Aviation
Administration to construct a taxiway at the Auburn Municipal Airport; and
WHEREAS, there is insufficient funds available at this time in the Airport
Fund to cover the construction costs until the grant funds from the Federal
Aviation Administration (FAA) are received; and
WHEREAS, the Capital Projects Fund has sufficient funds from whieh to
transfer funds in an amount not to exceed EIGHT HUNDRED THOUSAND
DOLLARS ($800,000) for the purpose of paying construction costs prior to the
receipt of the FAA funds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby given for the transfer of funds to the
Airport Fund to cover the interim construction costs of the taxiway in an amount
not to exceed $800,000.
Section 2. The term of the loan shall be 120 days, payable from the
FAA grant funds when received at the interest rate of 0.87% per annum.
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Resolution No. 4505
July 15, 2009
Page 1 of 2
Section 3. The Mayor is hereby authorized to implement such
administrative procedures as may be necessary to carry out the directives of
this legislation.
DATED and SIGNED this day of .2009.
CITY OF AUBURN
PETER B. LEWIS
MAYOR
ATTEST:
Danielle Daskam
City Clerk
APP PVE ID A~ TO FOR
; r
Daniel B.'~lei -
City Attorney r
Resolution No. 4505
July 15, 2009
Page 2 of 2