HomeMy WebLinkAboutRES 4070CITY OF RENTON, WASHINGTON
4070 RESOLUTION NO.
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, GRANTING
AUTHORITY FOR AN INTERFUND LOAN BETWEEN THE GENERAL FUND AND THE
GOLF COURSE FUND FOR THE EARLY RETIREMENT OF OUTSTANDING 1999
GOLF COURSE REVENUE REFUNDING BONDS.
WHEREAS, RCW 43.09.20 provides that the state auditor shall formulate, prescribe, and
install a system of accounting and reporting for all local government; and
WHEREAS, such a system has been created and is known as the Budgeting, Accounting
and Reporting System (BARS); and
WHEREAS, the BARS manual at Part 3, Chapter 4, section A, provides guidelines for
loans between city funds; and
WHEREAS, Resolution No. 3811 ofthe City of Renton, Washington granted authority for
temporary loans between City of Renton funds; and
WHEREAS, the remaining bonds issued for the Golf System Revenue Refunding Bond
Series 1999 bear interest rates of 5.0-5.3% and may be called at anytime; and
WHEREAS, the City's General Fund is able to purchase the remaining debt and provide a
lower interest rate to the Golf Course for the remainder of the debt repayment;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES
RESOLVE AS FOLLOWS:
SECTION I. The above recitals are found to be true and correct in all respects.
SECTION II. The Finance and Information Technology Administrator is authorized to
call the remaining bonds of the Golf System Revenue Refunding Bonds Series 1999.
RESOLUTION NO. 4070
SECTION III. An interfund loan of $1,875,000 is authorized for Fund 404 over the next
five years based on the attached amortization schedule. The loan will be effective December 1,
2010, and will have an annual interest rate equal to 2.2476% based on the current market rate
of interest available to the City for general obligation bonds.
PASSED BY THE CITY COUNCIL this llth day of October 2010.
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this llth day of October 2010.
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Approved as to form:
Lawrence J. Warren, City Attorney
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Denis Law, Mayor