HomeMy WebLinkAboutRes 1836 - Transfer of Funds to Facility Replacement Fund for Purchase of Urban Renewal PropertiesCity of Tukwila
Washington
Resolution No. 1836
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 14714 day of � s7` , 2014.
ATTEST /AUTHENTICATED:
Christy y, MMC, City Clerk DC'S Quinn, Council President
FlaheO'
APPROVED AS TO FORM BY:
Rachel Turpin, Assistant City Attorney
Filed with the City Clerk: T -1jO -j Ci
Passed by the City Council: ' -L4 -it/
Resolution Number: iS36.
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