HomeMy WebLinkAboutRES 4096CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4096
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, GRANTING
AUTHORITY FOR AN INTERFUND LOAN TO FUND 317, SW 27™ STREET/
STRANDER BOULEVARD CONNECTION PROJECT.
WHEREAS, RCW 43.09.200 provides that the State Auditor shall formulate, prescribe,
and install a system of accounting and reporting for all local governments; 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 granted authority for temporary loans between City
funds; and
WHEREAS, Fund 317, SW 27th Street/ Strander Boulevard Connection Project, is in need
of a temporary loan to finish the project;
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. An interfund loan of $700,000 is authorized for Fund 317 within the next
five years. The fund loan will be effective May 30, 2011, and will have an annual interest rate
of 2.25%.
RESOLUTION NO. 4096
PASSED BY THE CITY COUNCIL this 16th day of May , 2011
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this 16th day of May , 2011
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Denis Law, Mayor
Approved as to form:
Lawrence J. Warren, City Attorney
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