019-06 - Resolution - Inter-Fund Loan TransferRESOLUTION NO. 019-06
A RESOLUTION OF THE CITY OF PORT ORCHARD, WASHINGTON,
AUTHORIZING THE CITY TREASURER TO MAKE AN INTER-FUND
LOAN TRANSFER BETWEEN THE CUMULATIVE RESERVE FOR
MUNICIPAL FACILffiES 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
from the Public Works Trust Fund; 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 Public Works Trust Fund loan retainage of $840,0000.00 will not
be available until the expansion project is finished later in 2006 and the City has incurred
certain expenses relating to the wastewater treatment facility expansion that must be paid
before prior to the release of retainage; 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 loan transfer up to
$840,000.00 from the Cumulative Reserve for Municipal Facilities Fund to the Wastewater
Treatment Facility Expansion Fund pending receipt of revenue from the Public Works Trust
Fund, provided the entire loan amount is repaid with interest at the rate of 3.65 percent per
annum prior to the close of the 2006 fiscal year.
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 12th day of June 2006.
KIM E. ABEL, MAYOR
ATTEST: