073-09 - Resolution - Duplicate Resolution Numbers and Inter-Fund Loan TransferIntroduced by:
Requested by:
Drafted by:
Introduced:
Adopted:
Amended:
RESOLUTION NO. 073-09
City Treasurer
City Treasurer
City Treasurer
July 14, 2009
July 14, 2009
July 28, 2009
A RESOLUTION OF THE CITY OF PORT ORCHARD,
WASHINGTON, REGARDING A SCRIVENER'S ERROR
RELATING TO DUPLICATE RESOLUTION NUMBERS
AND AUTHORIZING THE CITY TREASURER TO MAKE
AN INTER-FUND LOAN TRANSFER BETWEEN THE
CUMULATIVE RESERVE FOR MUNICIPAL FACILITIES
FUND AND THE CURRENT EXPENSE FUND
WHEREAS, on December 9, 2008, the City Council adopted Ordinance No. 043-
oS, adopting the 2009 Budget; and
WHEREAS, the City receives some revenue on a quarterly or less frequent basis;
and
WHEREAS, the City receives a large share of its property tax revenues in
November; and
WHEREAS, the City's cash flow between expenditures and revenue collections is
not consistent; and
WHEREAS, the City may find it necessary to borrow up to $soo,ooo from the
Cumulative Reserve for Municipal Facilities Fund for the purpose of temporarily
covering expenses in the Current Expense Fund; and
WHEREAS, on July 14, 2009, the City Council adopted Resolution No. o68-09
authorizing the City Treasurer to make an inter-fund loan transfer between the
cumulative reserve for municipal facilities fund and the current expense fund; and
WHEREAS, subsequently staff discovered a scrivener's error in that Resolution
No. 068 .. 09, was assigned twice and this item should have been assigned to Resolution
No. 073-09; now, therefore
THE CITY COUNCIL OF THE CITY OF PORT ORCHARD DOES
HEREBY RESOLVE AS FOLLOWS:
THAT: Repealer. Resolution No. 068-09, as adopted on July 14, 2009,
authorizing the City Treasure to make an inter-fund loan is repealed in its
entirety; and
Resolution No. 073-09
Page 2 of2
FURTHER THAT: The City Treasurer is hereby authorized to make an
inter-fund loan transfer up to $5oo,ooo.oo from the Cumulative Reserve
for Municipal Facilities Fund to the Current Expense Fund for the purpose
of providing for expenditures, as necessaty, pending receipt of property
taxes, provided the entire loan amount is repaid with interest at the rate of
0.75 percent per annum by the end of 2009.
PASS ED by the City Council of the City of Pmt Orchard, APPROVED by the Mayor,
and attested by the Clerk in authentication of such passage this 28th day of July 2009.
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