HomeMy WebLinkAbout15-039 Interfund Loan for Various Capital Projects Resolution 15-039
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RESOLUTION NO. 15-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON,AUTHORIZING AN INTERFUND LOAN TO FINANCE VARIOUS
CAPITAL PROJECTS
Recitals:
A. This Resolution authorizes a$500,000 interfund loan from the Transmission Line
Replacement Fund to the General Government CIP and Street CIP funds to finance
various capital projects.
B. For the Howard Street Extension Project, the City has received a grant from the
Transportation Improvement Board, a grant from WSDOT STP funds and a grant and
loan from CERB for stormwater. All of these require that the City provide some
matching funds.
C. At the June 15, 2015 Council meeting, Council approved by voice vote Staff's
recommendation on Agenda Bill AB15-058. This authorized staff to move forward
with construction of the Landes and Sheridan Street projects, and allocated $205,000
in additional funding to those projects, to be included in a supplemental budget; and,
D. On June 9, 2014, the City Council authorized the City Manager to enter into
agreements with the Department of Enterprise Services and Honeywell Building
Solutions for energy savings improvements, equipment, and software, for various
City Buildings. While the majority of these improvements were for the Mountain
View campus, some of the improvements were for city Hall,the Library, and the
Cotton building. The voter-approved bond for Mountain View provided the funding
for all Mountain View work; however it did not fund improvements for other
facilities. The non-Mountain View improvements were not previously budgeted
because the final scope of work and costs had not yet been determined; and,
E. Staff recommends an interfund loan that will be repaid by future refunding or
refinancing the 2008 bonds and possibly supplemented by future REET revenue.
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 effect an interfund loan from the Transmission Line Replacement Fund to the General
Government CIP and Street CIP funds to finance various capital projects.
2. The amount is not to exceed $500,000. $320,000 to the Street CIP Fund($205,000 for the
Landes and Sheridan Street sidewalk projects and $115,000 as a match for the Howard
Street grants); $180,000 for the Honeywell Contract(General Government CIP Fund).
The term is not to exceed 3 years and one month at 3% interest.
Resolution 15-039
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3. The loan will be repaid no later than January 31, 2019 by future refunding or refinancing
the 2008 bonds and possibly supplemented with future BEET revenue.
ADOPTED by the City Council of the City of Port Townsend at a special business
meeting thereof, held this 9th day of November, 2015.
r
David King
Mayor
Attest: Approved as to form:
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney