2052 - Resolution - Inter-Fund TransferRESOLUTION NO. 2052
A RESOLUTION OF THE CITY OF PORT ORCHARD,
WASHINGTON, AUTHORIZING THE CITY TREASURER TO
MAKE AN INTER-FUND TRANSFER BETWEEN THE 1984
WATER-SEWER REVENUE BOND FUND AND THE
WASTERWATER TREATMENT FACILITY EXPANSION FUND
WHEREAS, the City Council has previously approved the expansion of the City's
wastewater treatment facility and authorized the City to borrow funds to pay for the expansion;
and
WHEREAS, the City has established the Wastewater Treatment Facility
Expansion Fund to manage the loan proceeds and expenditures associated with the expansion;
and
WHEREAS, the City established the 1984 Water-Sewer Revenue Bond Fund and
the collected assessments after paying off the bonds was to pay for wastewater treatment
facility expansion costs that were in excess of the loan amount; and
WHEREAS, the loan proceeds will not be available until February 2004 and the
City has incurred certain expenses relating to the wastewater treatment facility expansion that
must be paid before January 30, 2004; now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD DOES HEREBY
RESOLVE AS FOLLOWS:
The City Treasurer is hereby authorized to make an inter-fund transfer up to
$100,000.00 from the 1984 Water-Sewer Revenue Bond Fund to the Wastewater Treatment
Facility Expansion Fund.
PASSED by the City Council of the City of Port Orchard, APPROVED by the Mayor,
and attested by the Clerk in authentication of such passage this 26th day of January 2004.
KIM E. ABEL, MAYOR
ATTEST: