HomeMy WebLinkAbout19-093 Authorizing an Interfund Loan Related to the Parks, Recreation, and Open Space Plan Resolution 19-093
RESOLUTION NO. 19-093
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON, AUTHORIZING AN INTERFUND LOAN RELATED TO THE
PARKS, RECREATION, AND OPEN SPACE PLAN
Recitals:
A. This Resolution authorizes a $90,000 interfund loan from the Olympic Gravity Water
System Transmission Line Replacement Fund to the Community Services fund.
B. The City Council adopted Resolution 19-054 on June 13, 2019. The Resolution
authorized a contract with BERK Consulting, Inc to develop a parks, recreation, and
open space (PROS) plan for the City of Port Townsend.
C. Staff recommends an interfund loan that will be repaid by future appropriations to the
Community Services Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
1. The City Manager is authorized to take necessary steps and execute necessary documents
to affect an interfund loan from the Olympic Gravity Water System Transmission Line
Replacement Fund to the Community Services Fund to finance the Berk Consulting, Inc.
PROS plan.
2. The amount is not to exceed $90,000. The term is not to exceed 3 years and one month at
an interest rate equal to the average LGIP investment interest rate for the loan term.
3. The loan will be repaid no later than December 31, 2022.
ADOPTED by the City Council of the City of Port Townsend at a regular business
meeting thereof, held this 2nd day of December 2019.
I:)c it)ral S. Stir�so. ..�
Mayor
Attest: Approved as to form:
Joanna Sanders,..�....
MMC �� �.�._............. Heii nrccn ......
ood
City Clerk City Attorney