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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
TH,OUSAND 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 Golfi 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 senrice and operating cash, in an amount not
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Resolution No. 4691
March.21, 2011
Page 1 ofi2
to exceed THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000) from •
the Cumulative Reserve Fund foc the purpose of making a loan bearing interest
af the Washington State pool rate. ,
Section 2. Implementation. The Mayoc 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 c~~, 2011.
~
PETER B; LEWIS, MAYOR
ATTEST:
Danielle Daskam _ City Clerk
APP VED AS TO FORM:
iel B. He - - -
City AttomeY ,
Resotution No. 4691
. March 21, 2011 - - - -
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