HomeMy WebLinkAbout3445 ResolutionRESOLUTION NO. J �I C(
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 Economic
Development Fund, the LID Debt Service Fund, the Community Development Grant Fund,
Ambulance Fund and the General Construction fund and to provide for the repayment thereof, and
NOW, THEREFORE,
THE CITY OF PASCO, WASHINGTON HEREBY RESOLVES AS FOLLOWS:
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 Economic Development fund to provide adequate
resources for working capital which was impacted by the transfer obligation for
the farm assets in the amount of $700,000;
(B) From the General fund to the LID Debt Service fund in the amount of $550,000
to provide temporary financing for the LID 148 and LID 149 construction
projects.
(C) From the General fund to the Community Development Grant fund in the
amount of $290,000 to ensure positive fund balance as of 12/31 /12.
(D) From the General fund to the General Construction fund in the amount of
$150,000 to provide positive fund balance as of 12/31/12.
(E) From the General fund to the Ambulance fund in the amount of $500,000 to
provide positive fund balance as of 12/31/12.
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 effective 4/1/12 in lump sum and shall bear two
and one -half percent (2.5 %) interest and is due 4/1/2015 when permanent
financing is secured after the end of construction with fixed annual payments
starting 4/1/2013.
(B) Disbursement is authorized monthly as construction costs are incurred; the
interest rate is set at zero percent (0 %) and the loan is due upon receipt of debt
proceeds pursuant to the issuance of permanent financing for the LID 148 and
149 construction projects.
(C) Disbursement is authorized as of 12/31/12 and repayment is due as of 1/1/2013.
The interest rate is zero percent (0 %).
(D) Disbursement is authorized as of 12/31/12; the interest rate set at 0% with a due
date of 1/1/2013.
(E) Disbursement is authorized as of 12/31/12; the interest rate set at 0 % with a
due date of 1/1/2013.
(F)
PASSED by the City Council of the City of Pasco, Washington, this 17th day of December 2012.
SIGNED in authentication of its passage this 17`h day of December, 2012.
Matt Watkins, Mayor
A TE T: APP AS TO FORM:
Debra Clark, City Clerk Leland B. Kerr, City Attorney