HomeMy WebLinkAbout5037 RESOLUTION NO. 5 0 3 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 GENERAL FUND AND/OR THE CUMULATIVE
RESERVE FUND TO A GRANT SUSTAINED OR PROJECT
FOCUSED SPECIAL REVENUE FUND FOR UP TO A THREE-
YEARPERIOD OF TIME
WHEREAS, there may be insufficient funds available from time to time
during the period February 2014 to February 2017 in a grant sustained fund
and/or other project focused Special Revenue Fund, such as the Arterial Street
Fund or the Community Development and Block Grant Funds, herein after
refeRed to as "Grant Sustained 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 I
WHEREAS, the General Fund and/or the Cumulative Reserve Fund
have sufficient funds firom which to transfer funds in an amount not to exceed
TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) for
the purpose of making loans to cover authorized expenditures in the Grant
Sustained Fund; 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 Grant
Sustained Fund as provided above, the loans shall be interest free.
Resolution No. 5037
January 27„2014
Page 1 of 3
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 February 2014 to February 2017 for the transfer of funds to the Grant
Sustained 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 fhe City and for which
contracts have been executed, in an amount not to exceed TWO MILLION FIVE
HUNDRED THOUSAND DOLLARS ($2,500,000) 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 G�*�/ , 2014.
� Nan ckus, MAYOR
Resolution No. 5037
January 27,2014
Page 2 of 3
ATTEST:
J i� �
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
D iel B. Heid
City Attomey
Resolution No. 5037
January 27,2014
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