HomeMy WebLinkAboutReg 2014-08-04 Item 6A - Resolution - Transfer of Funds to Facility Replacement Fund to Purchase Urban Renewal Properties2906
COUNCIL AGENDA SYNOPSIS
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Approve Resolution authorizing loan(s) from the General, Contingency, and/or other funds
n-,1 \i\I \in to the Facility Replacement Fund for up to 12 months. The loan(s) will be used to purchase
various properties located in the Urban Renewal area. The property will most likely be
purchased in August and long term bond issue or other financing will be arranged at a later
date.
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ITEM INFORMATION
ITE711 No.
6.A.
87
Si \II ,S1)( )N,`,-,(.)R, PEGGY MCCARTHY
ORR,IN 11 A(;I NI)1 D 111 07/28/14
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Resolution authorizing the transfer of funds for an interfund loan(s) from the General
Fund, Contingency Fund, and/or other funds to the Facility Replacement Fund for up
to 12 months
07/28/14
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Approve Resolution authorizing loan(s) from the General, Contingency, and/or other funds
n-,1 \i\I \in to the Facility Replacement Fund for up to 12 months. The loan(s) will be used to purchase
various properties located in the Urban Renewal area. The property will most likely be
purchased in August and long term bond issue or other financing will be arranged at a later
date.
RI \ Ii \\ I Di J C( AV MT, _ CAM) Cnitc
ij t itditic, (.mte I Arts ( ()nom,
I) VII.: 07/22/14
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Conlin Planning Comm,
CHAIR SEAL
Parks
ComMITIE1
RECOMMENDATIONS:
Sit Na? ) )1</A1NIIN
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Finance
111 L Unanimous Approval; Forward to Committee of the Whole
COST IMPACT / FUND SOURCE
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MTG. DATE
Forward to
RECORD
OF COUNCIL ACTION
07/28/14
next Regular Meeting
MTG. DATE
ATTACHMENTS
07/28/14
Informational Memorandum dated 07/22/14
Resolution in Draft Form
Minutes from the Finance and Safety Committee Meeting of 07/22/14
08/04/14
Resolution in final form
87
88
Washington
Resolution No.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUKWILA, WASHINGTON, AUTHORIZING THE TRANSFER
OF FUNDS FOR THE PURPOSE OF MAKING A LOAN OR
LOANS FROM THE GENERAL FUND, CONTINGENCY FUND,
AND/OR OTHER FUNDS TO THE FACILITY REPLACEMENT
FUND FOR UP TO A 12 MONTH PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from time to time during the
period of August 2014 to June 2015 in the Facility Replacement Fund to cover
authorized expenditures before the City can issue bonds; and
WHEREAS, the General Fund, Contingency Fund, and/or other funds have
sufficient funds from which to transfer funds in an amount not to exceed $6,000,000 for
the purpose of making loans to cover the authorized expenditures from the Facility
Replacement Fund; and
WHEREAS, in the event a loan is made from the General Fund, Contingency Fund,
and/or other funds to the Facility Replacement Fund as provided above, the loans shall
be at the current rate of interest provided by the Local Government Investment Pool at
the time the loan(s) are made; and
WHEREAS, the City Council intends to replace any funds loaned to the Facility
Replacement Fund with long term bonds or other financing within 12 months of
expending funds to purchase various properties within the City's Urban Renewal area;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
Section 1. Purpose. Authorization is hereby given during the time period between
August 2014 to June 2015 for the transfer of funds to the Facility Replacement Fund
when there are insufficient funds available therein to cover authorized expenditures for
which contracts have been executed, in an amount not to exceed $6,000,000 from the
General Fund, Contingency Fund, and/or other funds for the purpose of making a loan
at the current rate of interest provided by the Local Government Investment Pool.
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Section 2. Implementation. The Finance Director is hereby authorized to
implement such administrative procedures as may be necessary to carry out the
directions of this legislation.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this day of , 2014.
ATTEST/AUTHENTICATED:
Christy O'Flaherty, MMC, City Clerk De'Sean Quinn, Council President
APPROVED AS TO FORM BY:
Filed with the City Clerk:
Passed by the City Council:
Resolution Number:
Rachel Turpin, Assistant City Attorney
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