HomeMy WebLinkAboutRes 1739 - Interfund Loans for Tukwila Urban Center Access (Klickitat)
Cover page to Resolution 1739
The full text of the ordinance follows this cover page.
See following reference in relation to Resolution 1739.
REFERENCE
Reference Resolution No. 1791, adopted March 4, 2013, which
provides for clarification of the terms of an interfund loan to fund the
Tukwila Urban Center Access Project in LID No. 33.
City of Tukwila
Washington
Resolution No. / 3 9
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 AND /OR OTHER FUNDS TO THE ARTERIAL
STREET FUND FOR UP TO A 15 -MONTH PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from time to time during the
period April 2011 to June 2012 in the Arterial Street Fund to cover authorized expenditures
while the City waits for reimbursement of federal, state and local grant monies that have
been approved for allocation to the City for which contracts have been executed; and
WHEREAS, the General Fund and /or other funds have sufficient funds from which to
transfer funds in an amount not to exceed twelve million dollars ($12,000,000) for the
purpose of making loans to cover authorized expenditures from the Arterial Street Fund;
and
WHEREAS, in the event a loan is made from the General Fund and /or other funds to
the Arterial Street Fund as provided above, the loans shall be at the current market rate of
interest for comparable investments of similar maturity; and
WHEREAS, the City Council intends to replace any funds loaned to the Arterial Street
Fund with long term Local Improvement District bonds upon completion of the Tukwila
Urban Center Access Project (Project No. 98410419), also known as the Klickitat project,
upon completion of construction and completion of the final assessment roll;
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 April 2011
to June 2012 for the transfer of funds to the Arterial Street Fund, when there are
insufficient funds available therein to cover authorized expenditures for which contracts
have been executed, in an amount not to exceed twelve million dollars ($12,000,000) from
the General Fund and /or other funds for the purpose of making a loan at the current
market rate of interest.
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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 COUNCILIOF THE CITY OF TUKWILA, WASHINGTON, at
a Regular Meeting thereof this a v■A day of
ATTEST /AUTHENTICATED:
Christy O'Flah rty, CMC, City Cler
APPROVED AS TO ! ' M B
Shelley M. Kersl
ttorney
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m aJ
, 2011.
Allan Ekberg, Council Presi
ent
Filed with the City Clerk: y -ao -/
Passed by the City Council:
Resolution Number:
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