HomeMy WebLinkAbout3363 Resolution RESOLUTION NO. 3-3 (P,3
A RESOLUTION AUTHORIZING INTERFUND LOANS FROM THE
GENERAL FUND TO OTHER FUNDS.
WHEREAS,the City Council of the City of Pasco has,pursuant to RCW 35.33.121, found
that it is in the best interest of the City to lend funds from the General Fund to the Construction
Fund,the CDBG Fund and the Golf Course Fund, and from the Blvd Maintenance Fund to the
Stadium/Convention Center Fund, and from the Pension fund to the LID Construction Fund and to
provide for the repayment thereof, and
NOW, THEREFORE,
THE CITY OF PASCO,WASHINGTON HEREBY RESOLVES AS FOLLOWS:
1. Authorization for loans. The Financial Services Manager of the City of Pasco is
hereby authorized and directed to make the following loans from the City of Pasco
funds as follows:
(A)From the General fund to the Construction fund to provide temporary financing
for LID 148 construction in the amount of$380,000;
(B)From the Blvd Maintenance fund to the Stadium/Convention Center fund to
provide adequate resources for working capital and to pre-pay certain external
debt obligations in the amount of$689,000;
(C)From the Old Fire Pension Fund to the LID Construction fund in the amount of
$89,351 to repay the construction and provide permanent financing for the
LID 146 participants.
(D)From the General fund to the CDBG fund in the amount of$750,000 to ensure
positive fund balance as of 12/31/11.
(E)From the General fund to the Golf Course fund in the amount of$185,000 to
ensure positive fund balance as of 12/31/11.
2. Terms and Memorialization. The effective dates of the loans shall be as listed below.
This resolution shall constitute memorialization of these loans and their terms.
(A) Disbursement is authorized in portions or in lump sum and shall bear zero
percent (0%) interest and is due for repayment when permanent financing is
secured after the end of construction. Disbursement is authorized retroactively
to the first day of construction spending.
(B)Disbursement is authorized with$60,000 to be disbursed 12/20/11 and
$629,000 to be disbursed 4/1/12;the interest rate is set at 3% and the loan is
due 4/1/2019 with fixed annual payments starting 4/1/2013 and an interest only
payment due 4/1/2018.
(C)Disbursement is authorized as of 5/2/11;the interest rate set at 4.1%with a due
date of 5/2/21. Payments are due annually and are set at an amount equal to
cash collected from LID participants as of April 301h of each year.
(D)Disbursement is authorized as of 12/31/11 and repayment is due as of 1/1/2012.
The interest rate is zero percent(0%).
(E)Disbursement is authorized as of 12/31/11; the interest rate set at 0% with a due
date of 6/30/2012.
PASSED by the City Council of the City of Pasco, Washington,this 19th day of December 2011.
SIGNED in authentication of its passage this 19''day of December, 2011.
Matt Watkins,Mayor
ATTEST: APPR VED- S TO FORM:
Debra Clark, City Clerk Leland B. Ken, City Attorney