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HomeMy WebLinkAbout5275 RESOLUTIOIV NO. 5 2 7 5 � A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, AUTHORIZING THE TRANSFER OF FUNDS FOR THE PURPOSE OF MAKING LOANS FROM THE GENERAL FUND AND/OR THE CUMULATIVE RESERVE FUND TO FUNDS SUSTAINED BY GRANTS, FEES, OR TAX CREDITS SUSTAINED OR PROJECT FOCUSED SPECIAL REVENUE FUND FOR UP TO A THREE-YEAR PERIOD OF TIME WHEREAS, there may be insu.fficient funds available from #ime to time during the period February 2017 to February 2020 in a fund or funds supported by grants, fees, and/or tax credits, such as the street funds, the Community Development and Block Grant Fund, or the Local Revitalization 2010 C&D Bond Debt Service Fund, herein referred to as a "Grant, Fee, or Tax Credit Susfiained 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, or for the collection of user fees, such as vehiele license fees, or for the reeeipt of tax credits from the State of Washington; 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 TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00) for the purpose of making loans to cover authorized i expenditures in a Grant, Fee, or Tax Credit 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 a Grant, Fee, ------------------------------ Resolution No. 5275 January 17,2017 Page 1 of 3 or Tax Credit Sustained 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: Section 1. Purpose. Authorization is hereby given during the time period February 2017 to February 2020 for the transfer of funds to a Grant; Fee, or Tax Credit Sustained Fund, when there are insufficient funds available therein to cover authorized expenditures while the City waits for federal, state and local grant monies or user fees which have been approved for allocation to the City and for which contracts have been executed, or for the collection of user fees, or for the receipt of tax credits, in an amount not to exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00) 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 p�ocedures as may be necessary to earry out the directions of this legislation. t _1 DATED and SIGNED this�day of ,;t.�,�.cc . 2017. Nancy kus MAYO Resolution No. 5275 January 17,2017 Page 2 of 3 ATTEST: Danielle Daskam City Clerk APPROVED AS TO FORM: D ' I . eid City Attorney ------------------------------ Resolution No.5275 January 17,2017 Page 3 of 3