066-08 - Resolution - Inter-Fund Loan TransferRESOLUTION NO. 066-08
A RESOLUTION OF THE CITY OF PORT ORCHARD,
WASHINGTON, AUTHORIZING THE CITY TREASURER TO
MAKE AN INTER-FUND LOAN TRANSFER BETWEEN THE
WATER-SEWER CUMULATIVE RESERVE FUND AND THE
STORM DRAINAGE UTILITY FUND
WHEREAS, on October 14, 2008, the City Council adopted Ordinance No. 036-08
establishing a Storm Drainage Utility and Fund; and
WHEREAS, on November 25, 2008 the City Council adopted Ordinance No. 037-08
adopting storm drainage rates and procedures for billing and payment; and
WHEREAS, the storm drainage service charges apply to all storm drainage services
provided on or after January 1, 2009 and are projected to generate $400,000 in annual revenue
to fund the utility's services; and
WHEREAS, the Storm Drainage Utility will begin operations on January 1, 2009 but the
City will incur certain expenses relating to the Storm Drainage Utility that must be paid prior to
billing and collection of revenue; and
WHEREAS, THE City's 2009 budget includes an appropriation of up to $100,000 from
the Water-Sewer Cumulative Reserve Fund for the purpose of temporarily funding the Storm
Drainage Utility; now, therefore,
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD DOES HEREBY RESOLVE
AS FOLLOWS:
THAT: The City Treasurer is hereby authorized to make an inter-fund loan transfer up to
$100,000.00 from the Water-Sewer Cumulative Reserve Fund to the Storm Drainage Utility
Fund for the purpose of temporarily funding the Storm Drainage Utility pending receipt of
revenue from Council-approved storm drainage service charges, provided the entire loan
amount is repaid with interest at the rate of l.SO percent per annum prior to the close of
the 2009 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 30th ~<;,Y;9f DecembeS}008.
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