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AGENDA BILL APPROVAL FORM
# WASHINGTON
Agenda Subject:
Date:
Resolution No. 4659
December 13, 2010
Department:
Attachments:
Budget Impact:
Finance
Resolution No. 4659
Administrative Recommendation:
City Council to approve Resolution No. 4659
Background Summary:
Resolution No. 4659 authorizes the transfer of funds to the Municipal Park Construction Fund when there
are insufficient funds available 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 $800,000 from the General Fund and/or the Cumulative Reserve
Fund for the purpose of making an interest free loan.
Reviewed by Council & Committees:
Reviewed by Departments & Divisions:
❑ Arts Commission COUNCIL COMMITTEES:
❑ Building ❑ M&O
❑ Airport ® Finance
❑ Cemetery ❑ Mayor
❑ Hearing Examiner ❑ Municipal Serv.
® 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: Norman
Staff: Coleman
Meeting Date: December 13, 2010
Item Number:
Am=
RESOLUTION NO. 4659
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 2010 to December 2013 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
EIGHT HUNDRED THOUSAND DOLLARS ($800,000) 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:
Resolution No. 4659
December 13, 2010
Page 1 of 2
Section 1m Purpose. Authorization is hereby given during the time
period December 2010 to December 2013 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 EIGHT
HUNDRED THOUSAND DOLLARS ($800,000) 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.
DATED and SIGNED this day of .2010.
PETER B. LEWIS
MAYOR
ATTEST:
Daniel B. Heid
City Attorney
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
Resolution No. 4659
December 13, 2010
Page 2 of 2