Res 90-023
0072.030.005
JDW/naa
04/03/90
RESOLUTION NO.
90-23
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FEDERAL WAY, WASHINGTON, AUTHORIZING AN
INTER-FUND LOAN FROM THE STREET FUND NO. 101 TO
THE GENERAL FUND NO. 001 IN AN AMOUNT UP TO TWO
MILLION FIVE HUNDRED SIXTY-TWO THOUSAND SEVEN
HUNDRED DOLLARS ($2,562,700); ESTABLISHING AN
INTEREST RATE; AND ESTABLISHING A TIME FOR
REPAYMENT OF SAID LOAN.
WHEREAS,
the newly incorporated ci ty of Federal Way
will not begin to collect its entire share of revenues until
1991, and
WHEREAS,
in the interim it is necessary to provide
financing for the operations of the City, and
WHEREAS,
the
Street
Fund
No.
101
has
and
will
accumulate a substantial surplus, NOW, THEREFORE,
THE
CITY
COUNCIL
OF
THE
CITY
OF
FEDERAL
WAY,
WASHINGTON, HEREBY RESOLVES AS FOLLOWS:
section 1.
The City Council hereby authorizes a loan
of
up
to
Two Million
Five Hundred
Sixty-Two Thousand
Seven
Hundred Dollars ($2,562,700) from the Street Fund No. 101 to the
General Fund No. 001.
section 2.
The Finance Director is hereby authorized
to draw on said loan from time to, time as necessary to provide
\.'
monies to the general fund for<~erations of the city in
accordance with approved budgets of the City.
section
3.
The
interest
rate
on
the
outstanding
principal balance of any funds borrowed as authorized by this
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COpy
resolution shall be a variable rate equal to the rate of return
provided by investments in the state Investment Pool.
section 4.
All sums borrowed from the street Fund
shall be fully repaid by monies from the General Fund wi thin
three years from the date of the initial borrowing of monies as
authorized by this resolution.
RESOLVED by the City Council of the City of Federal Way
this 10th day of April, 1990.
APPROVED:
~ß;
MAYOR, DEBRA ERTEL
ATTEST/AUTHENTICATED:
~/~. ~u>~~ê
FILED WITH THE CITY CLERK: April 3, 1990
PASSED BY THE CITY COUNCIL: April 10, 1990
RESOLUTION NO. 90-23
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