HomeMy WebLinkAboutITEM VIII-B-1
CITYOF_ r*
00 AGENDA BILL APPROVAL FORM
WASHINGTON
Agenda Subject: Date:
Resolution No. 4691 March 15, 2011
Department: Attachments: Budget Impact:
Finance Resolution No. 4691
Administrative Recommendation:
City Council adopt Resolution No. 4691.
Background Summary:
The Golf Course Fund has insufficient funds available from time to time due to the seasonality of the
revenue streams. An interfund loan will cover the authorized expenditures for debt service and operating
cash during those times. The Cumulative Reserve Fund has sufficient funds from which to transfer funds
in an amount not to exceed $350,000, in order to cover authorized expenditures from the Golf Course
Fund (Fund No. 437) until revenues are received. This resolution authorizes the loan of $350,000 from
the Cumulative Reserve Fund to the Golf Course Fund, for a period of time not to exceed two years.
N0321-1
F4.7
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: Backus Staff: Coleman
Meeting Date: April 4, 2011 Item Number: VIII.13.1
AUBURN * MORE THAN YOU IMAGINED
RESOLUTION NO. 4691
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 CUMULATIVE RESERVE FUND TO THE GOLF
COURSE FUND FOR UP TO A TWO-YEAR PERIOD OF TIME
WHEREAS, Revenues in the Golf Course Fund are seasonal in nature;
and
WHEREAS, there may be insufficient funds available from time to time
during the period January 2011 to December 2012 in the Golf Course Fund to
cover authorized expenditures for debt service and operating cash; and
WHEREAS, the Cumulative Reserve Fund has sufficient funds from
which to transfer funds in an amount not to exceed THREE HUNDRED FIFTY
THOUSAND DOLLARS ($350,000) 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 Cumulative Reserve
Fund (Fund No. 122) to the Golf Course Fund (Fund No. 437) as provided
above, the loans shall bear interest at the State of Washington pool rate.
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 January 2011 to December 2012 for the transfer of funds to the Golf
Course Fund, when there are insufficient funds available therein to cover
authorized expenditures for debt service and operating cash, in an amount not
Resolution No. 4691
March 21, 2011
Page 1 of 2
to exceed THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000) from
the Cumulative Reserve Fund for the purpose of making a loan bearing interest
at the Washington State pool rate.
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 take effect and be in
full force upon passage and signatures hereon.
DATED and SIGNED this day of , 2011.
PETER B. LEWIS, MAYOR
ATTEST:
Danielle Daskam
City Clerk
APP VED AS TO FORM:
niel B. He
City Attorney
Resolution No. 4691
March 21, 2011
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