HomeMy WebLinkAbout13-024 Authorization to Transfer 2008 Bond Proceeds to General Capital Project Fund Resolution 13-024
2008 Bond Proceeds Transfer
RESOLUTION NO. 13-024
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON AUTHORIZING THE CITY MANAGER TO TRANSFER 2008 BOND
PROCEEDS TO THE GENERAL CAPITAL PROJECT FUND
BE IT RESOLVED by the City Council of the City of Port Townsend as follows:
WHEREAS, the City issued a bond in 2008 to accomplish certain general fund capital
projects; and
WHEREAS, the City has completed the work on those projects; and
WHEREAS, there was approximately$180,008.21 in interest on the bond; and
WHEREAS, State law allows the City to transfer those proceeds to use for other capital
projects or payment of the interest associated with debt; and
WHEREAS, Council must approve said transfer,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows: direct the City Manager to transfer the approximately $180,008.21 in bond
proceeds from the 2008 bond to the general capital project fund to be used as a credit for payment of
interest on debt as provided for in Ordinance 2978 as prescribed by law.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 19th day of August 2013.
C
David King, Mayor
Attest: Approved as to form:
�._ .. 41 C_p1;
Pamela Kolacy, MMC John P. Watts
City Clerk City Attorney