HomeMy WebLinkAboutITEM VIII-B-3
CITY OF_ T*
AUBUI- AGENDA BILL APPROVAL FORM
w WASHINGTON
Agenda Subject: Date:
Resolution No. 4657 December 6, 2010
Department: Attachments: Budget Impact:
Finance Resolution No. 4657
Administrative Recommendation:
City Council to adopt Resolution No. 4657.
Background Summary:
Resolution No. 4657 authorizes the transfer of funds for the purpose of making a loan from the
Information Services Fund and the Equipment Rental Fund to the General Fund for up to a five year
period of time. The General Fund needs to pay the startup costs associated with the newly established
South Correctional Entity (SCORE) and there are insufficient funds available at this time in the General
Fund to cover all the SCORE startup costs.
N 1206-2
F4.7
Reviewed by Council & Committees: Reviewed by Departments & Divisions:
❑ Arts Commission COUNCIL COMMITTEES: ❑ Building ❑ M&O
❑ Airport ® Finance [I Cemetery ❑ Mayor
Hearing Examiner ❑ Municipal Serv. ® Finance ❑ Parks
❑ Human Services ❑ Planning & CD ❑ Fire ❑ Planning
❑ Park Board []Public Works O Legal ❑ Police
[I 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: December 6, 2010 Item Number: VIII.B.3
AUBURN *MORE THAN YOU IMAGINED
RESOLUTION NO. 4 6 5 7
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 INFORMATION SERVICES FUND AND THE
EQUIPMENT RENTAL FUND TO THE GENERAL FUND FOR UP
TO A FIVE YEAR PERIOD OF TIME
WHEREAS, the General Fund needs to pay for the startup costs
associated with the South Correctional Entity (SCORE); and
WHEREAS, there is insufficient funds available at this time in the
General Fund to cover all the SCORE startup costs; and
WHEREAS, the Information Services Fund has sufficient funds from
which to transfer funds in an amount not to exceed FIVE HUNDRED
THOUSAND DOLLARS ($500,000) for the SCORE startup costs; and
WHEREAS, the Equipment Rental Fund has sufficient funds from which
to transfer funds in an amount not to exceed FIVE HUNDRED THOUSAND
DOLLARS ($500,000) for the SCORE startup costs.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. Authorization is hereby given for the transfer of funds to the
General Fund to cover a portion of the SCORE startup costs.
Section 2. The term of the loan shall be 60 months, payable in annual
installments at the interest rate equal to the average LGIP rate over the prior 12
months plus 50 basis points.
Resolution No. 4657
December 1, 2010
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Section 3. The Mayor is hereby authorized to implement such
administrative procedures as may be necessary to carry out the directions of
this legislation.
DATED and SIGNED THIS DAY OF 12010.
CITY OF AUBURN
PETER B. LEWIS
MAYOR
ATTEST:
Danielle E. Daskam,
City Clerk
APP ED A TO FORM:
Daniel B. Heid,
City Attorney
Resolution No. 4657
December 1, 2010
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