HomeMy WebLinkAbout3922 ResolutionRESOLUTION NO. 3922
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
Marina Fund and Stadium 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 Finance Director 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 Marina Fund in the amount of $450,000 to ensure a
positive fund balance as of December 31, 2019, due to the delay in receiving
insurance proceeds. This loan is only be needed if the insurance proceeds are not
received by the City prior to December 31, 2019.
(B) From the General Fund to the Stadium Fund in the amount of $1,000,000 as interim
financing for the Stadium Improvement Project until bond proceeds are obtained.
This loan is only needed if bond proceeds are not received by December 31, 2019.
2. Terms and Memorialization. The effective dates of the loans shall be as listed below.
This resolution shall constitute memorialization of theseloans and their terms.
(A) Disbursement is authorized as of December 31, 2019 and repayment is due as of
November 30, 2020. The interest rate is 3.9 percent.
(B) Disbursement is authorized as of December 31, 2019 and repayment is due as of
November 30, 2020. The interest rate is 3.9 percent.
PASSED by the City Council of the City of Pasco, Washington, this 2 n day of
December 2019.
Matt Watkins
Mayor
ATTEST:
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Debby Barham
City Clerk
APPROVED AS TO FORM:
Kerr Fe on Law, PLLC
C' ttorney