RESOLUTION NO. 2009-26
A RESOLUTION of the City Council of the City of Lakewood, Washington, authorizing certain City officials to make interfund loans from the City?s General Fund and Surface Water Management Fund to the Street Maintenance Fund, Grant Funds and Felony Seizure Fund
WHEREAS, the City of Lakewood, Washington, may from time to time reasonably expect to make expenditures for grant activities where the City performs the required grant activities on a reimbursement basis; and,
WHEREAS, the City is required to make expenditures for grant activities prior to reimbursement by the granting agencies; and,
WHEREAS, accounting regulations require that no Fund of the City be in a position of negative cash balance at the close of the City?s fiscal year; and,
WHEREAS, to hold and maintain a certain real property which had previously been planned to be liquidated in 2009, that has not been so liquidated,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LAKEWOOD, WASHINGTON, as follows:
Section 1. Short Term Interfund Loans Authorized.
The City Manager is authorized to take actions necessary to make and transfer interfund loans from the General Fund in the amounts and to the funds as follow:
a. To the Street Maintenance Fund (#101) an amount not to exceed $300,000;
b. To the OEA Grant Fund (#192) an amount not to exceed $195,000;
c. To the Police ARRA Grant Fund (#193) an amount not to exceed $50,000;
d. To the Public Safety Grant Fund (#195) an amount not to exceed $300,000;
Section 2. Terms of Short Term Interfund Loans.
Terms of the interfund loans authorized in Section 1 of this Resolution are as follow:
a. The duration of the loan shall be from the last business day of the 2009 fiscal year to the close of business on the first business day of the 2010 fiscal year.
b. There shall be no interest charged for the interfund loans thus authorized.
Section 3. Long Term Interfund Loan Authorized.
The City Manager is authorized to take actions necessary to make and transfer an interfund loan from the Surface Water Management Fund to the Felony Seizure Fund in an amount not to exceed $270,000.
Section 4. Terms of the Long Term Interfund Loan.
Terms of the interfund loan authorized in Section 3 of this Resolution are as follow:
a. The duration of the Loan Shall be no longer than three (3) years;
b. The borrowing fund shall pay interest annually to the loaning fund on the anniversary date of the loan. Such interest shall be calculated as simple interest based on the market rate for the one-year Treasury Bill on said anniversary date calculated on the entirety of the outstanding principle on that date.
Section 5. Ratification and Confirmation.
Any actions of the City or its officers prior to the date thereof and consistent with the terms of this resolution are ratified and confirmed.
Section 6. Severability.
If any sections, sentence, clause or phrase of this Resolution shall be held to be invalid or unconstitutional by a court of competent jurisdiction, or its application held inapplicable to any person, property or circumstance, such invalidity or unconstitutionality or inapplicability shall not effect the validity or constitutionality of any other section, sentence, clause or phrase of this Resolution or its application to any other person, property or circumstance.
Section 7. Effective Date.
This resolution shall be in full force and effect from and after its adoption and approval.
PASSED by the City Council this 14th day of December, 2009.
CITY OF LAKEWOOD
_________________________________ Douglas G. Richardson, Mayor
Alice M. Bush, MMC, City Clerk
Approved as to form:
Heidi Ann Wachter, City Attorney
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