HomeMy WebLinkAbout06-039 Authorizing interfund loan to the City Hall anex/renovation capital projects fund
RESOLUTION NO. 06-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT
TOWNSEND, WASHINGTON, AUTHORIZING INTERFUND LOAN TO THE CITY
HALL ANNEXlRENOV A TION CAPITAL PROJECTS FUND FROM THE
TRANSMISSION LINE REPLACEMENT FUND
WHEREAS, the City Council authorized an additional appropriation of $100,000 in
2006 for the City Hall Annex/Renovation Capital Project with funding to be provided at a
later date; and
WHEREAS, the City Hall Annex/Renovation Capital Project Fund has construction
costs of $250,000 that will be reimbursed by grantors at a later date, and the City Hall
Annex/Renovation Capital Project Fund currently does not have sufficient resources to
provide cash flow without interim funding support; and
WHEREAS, reserve cash in an amount sufficient to meet the City Hall
Annex/Renovation Capital Project Fund interim funding needs is presently on hand within
the Transmission Line Replacement Fund (Fund 417) to accommodate an interfund loan;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
SECTION 1. The City of Port Townsend Finance Director is hereby authorized and
directed to make interfund loans from the Transmission Line Replacement Fund (Fund 417)
to the City Hall Annex/Renovation Capital Project Fund (Fund 302) in the amount not to
exceed $350,000 to meet the cash flow needs of the City Hall Annex/Renovation Capital
Project Fund. This loan shall bear interest at a rate of5.24% per annum, which is the current
State Treasurer's Investment Pool rate and shall be repaid to the Transmission Line
Replacement Fund on or before December 31, 2008.
SECTION 2. In the event the City executes long term financing through bonds or
notes, the City may reimburse the interfund loan from bond or note proceeds.
SECTION 3. The City Hall Annex/Renovation Capital Project Fund shall conduct a
final project closeout accounting and audit upon completion of the project.
SECTION 4. 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 5. Effective Date. This Resolution shall take effect and be in force
immediately upon its passage.
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Resolution 06-039
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 27th day of December 2006.
Attest:
Approved as to form:
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Pamela Kolacy, CMC U
City Clerk
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John Watts
City Attorney
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Resolution 06-039