HomeMy WebLinkAbout10-008 Captital Improvement Fund Loan from OGWS Transmission Pipeline Trust FundResolulion 10-008, Interfisnd Loan- Park Facllitfes
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RESOLUTION NO. 10-008
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 $185,571
WHEREAS, the City Council authorized the purchase of real estate from Real R.
Robles, Jr. for park facilities in the amount of $185,570.97 on October 22, 2009; and
WHEREAS, the Capital Improvements Fund (Fund #301) does not have sufficient
resources to provide cash purchase without interim funding support; 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,
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 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 $185,571 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, 2013.
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.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this fifteenth day of March, 2010.
Michelle Sandoval, Mayor
Attest:
Pamela Kolacy, MMC, City Clef
A~pp/row'ed as to form:
C_~'C_~-~-~
John Watts, City Attorney