HomeMy WebLinkAbout4290 Resolution - Marine Fund Interfund Loan Extension RESOLUTION NO. 4290
A RESOLUTION OF THE CITY OF PASCO, WASHINGTON,
AUTHORIZING AN INTERFUND LOAN AMENDMENT FROM THE
GENERAL FUND TO MARINA FUND.
WHEREAS, in 2019, the City Council of the City of Pasco (City), pursuant to RCW
35.34.200 determines that it is in the best interest of the City to lend funds from the General Fund
to the Marina Fund and to provide for the repayment thereof, and
WHEREAS, Resolution No. 3922 authorized the Marina Fund required an interim loan
for $450,000, plus interest of 3.9%, at the end of 2019 to present a positive fund balance due to
the delay in receiving insurance proceeds from dock damage; and
WHEREAS, the Marina Fund required two (2) loan extensions authorized by Resolution
No. 4018 and Resolution No. 4132 in the years 2020 and 2021 respectively. The loan extensions
were due to an excess expense over revenues resulting from insurance proceeds being less than
repair costs and recent damage to another dock with delayed insurance proceeds; and
WHEREAS, the Marina Fund anticipates partial reimbursement for repair costs, but will
not be sufficient to repay the interfund loan and present a positive fund balance in 2022.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PASCO,WASHINGTON:
That the City Council authorizes an amendment of an interfund loan and authorizes the
Finance Director of the City of Pasco to make the loan amendment from the City of Pasco funds
as follows:
• Amend the amount of the loan debt service to $392,000.
• Subsidize the remaining$87,635 of the original interfund loan from the General Fund.
Be It Further Resolved that this Resolution shall take effect and be in full force
immediately upon passage by the City Council.
PASSED by the City Council of the City of Pasco, Washington on this Sth day of
December, 20??:--__
Blanche Barajas
Mayor
ATTEST: APPROVED AS TO FORM:
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Debra Barham, CMC Kerr Fer n Law, PLLC
City Clerk City orneys