HomeMy WebLinkAbout17-053 Authorizing an Interfund Loan Related to Affordable HousingResolution 17-053
RESOLUTION NO. 17-053
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON, AUTHORIZING AN INTERFUND LOAN RELATED TO
AFFORDABLE HOUSING
Recitals:
A. This Resolution authorizes a $250,000 interfund loan from the Transmission Line
Replacement Fund to the General Government fund.
B. The City Council adopted Resolution 17-019 on April 24, 2017. The Resolution
authorized a loan from the City to Homeward Bound, a Washington non-profit
corporation for an affordable housing project.
C. The funds used for the loan came from the City's General Fund.
D. Staff recommends an interfund loan that will be repaid through a permanent financing
plan to be identified by Homeward Bound.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
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
Fund to reimburse the General Fund for the loan to Homeward Bound.
2. The amount is not to exceed $250,000. 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, 2019.
ADOPTED by the City Council of the City of Port Townsend at a special business
meeting thereof, held this 13th day of November, 2017.
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Mayor
Attest.
Joanna Sanders, MMC
City Clerk
Approved as to form:
Steven L. Gross
City Attorney