HomeMy WebLinkAbout10-006 Capital Improvement Fund Loan from OGWS Transmission Pipeline Trust FundResolution 10-006
Inteafund Loan - Goi, f Course Maintenance Bldg.
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RESOLUTION NO. 10-006
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PORT TOWNSEND, WASHINGTON, AUTHORIZING INTEFUND
LOAN TO THE CAPITAL IMPROVEMENT FUND (FUND #301) FROM
THE OGWS TRANSMISSION PIPELINE TRUST FUND (FUND #417)
IN THE AMOUNT OF $125,000
WHEREAS, the City Council authorized the construction of a maintenance
building for the golf course operation facilities and an interfund loan on November 17,
2008; and
WHEREAS, the Capital Improvements Fund (Fund #301) does not have
sufficient resources to provide cash. purchase without interim funding support, and the
anticipated construction cost is estimated to be $125,000; and
WHEREAS, reserve cash in an amount sufficient to meet the OGWS
Transmission Pipeline Trust Fund (Fund #417) operation is presently on hand within the
OGWS Transmission Pipeline Trust Fund to accommodate an interfund loan for a three
year period.
WHEREAS, the Community Services Fund (Fund # 199) will provide resources
to repay the interfund loan to the OGWS Transmission Pipeline Trust Fund (Fund #417)
since the constructed maintenance building this will support community recreation.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Port Townsend as follows:
SECTION 1. The City of Part Townsend Finance Director is hereby authorized
and directed to make and interfund loan from the OGWS Transmission Pipeline Trust
Fund (Fund #417) to the Capital Improvements Fund (Fund #301) in the amount not to
exceed $125,000 to meet the cash flow needs of the Capital Improvements Fund. This
loan shall bear interest at a rate of 0.25% per annum and shall be repaid to the OGWS
Transmission Pipeline Trust Fund on or before December 31, 2012.
SECTION 2. Severability. If any provision of this Resolution or its application
to any person or circumstance is held invalid, the remainder of the Resolution, or the
application of the provision to other persons or circumstances is not affected.
SECTION 3. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
Resolution 10-006
Intel fund Loara -Golf Course Maixtenance Bldg.
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ADOPTED by the City Council of the City of Port Townsend at a regular
meeting thereof, held this fifteenth day of March 2010.
Attest:
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may- Lt ~t~ ~' ~t C.c_
Pamela Kolacy, MMC
City Clerk
Michelle Sandoval, Mayor
Approved as to form:
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John Watts
City Attorney