066-16 - Resolution - Authorizing the Treasurer to Make Interfund Loan TransferRESOLUTION NO. 066-16
A RESOLUTION OF THE CITY OF PORT ORCHARD, WASHINGTON, AUTHORIZING
THE CITY TREASURER TO MAKE AN INTERFUND LOAN TRANSFER BETWEEN THE
CURRENT EXPENSE FUND NO. 001 AND THE CAPITAL CONSTRUCTION FUND NO.
302
WHEREAS, on December 8, 2016, the City Council adopted Ordinance No. 031-15 adopting
the 2016 Budget; and
WHEREAS, the City received a grant through the State of Washington Department of
Commerce for the DeKalb Pier Project which was budgeted as revenue for repair and
replacement of the DeKalb Street Pier to conform with the Aquatic Lands Lease standards with
the Department of Natural Resources; and
WHEREAS, the grant is a reimbursable grant meaning that the work must first be
accomplished prior to applying for release of grant proceeds, and the contractor has
accomplished such work and wishes to be compensated, and the construction contract is silent
on whether or not payment is considered net 30 days; now, therefore;
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD, WASHINGTON, HEREBY RESOLVES
AS FOLLOWS:
THAT: The City Treasurer is hereby authorized to make an interfund loan transfer up to
$500,000 from Current Expense Fund No. 001 to Capital Construction Fund No. 302, for the
purpose of providing expenditures, as necessary, pending receipt of grant proceeds, provided
the entire loan amount is repaid with interest at the rate of .49 percent per annum within 13
months once drawn upon.
PASSED by the City Council of the City of Port Orchard, SIGNED by the Mayor and attested
by the City Clerk in authentication of such passage this 9th day of August 2016.
Robert Putaansuu, Mayor
Brandy Rinearson, CMC, City Clerk
ATTEST:
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