HomeMy WebLinkAboutRES 4267 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4267
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING
INTERFUND LOANS TO FUND 316, MUNICIPAL FACILITIES CAPITAL INVESTMENT
FUND, AND TO FUND 108, LEASED CITY PROPERTIES FUND, FOR PROPERTY
ACQUISITION AND IMPROVEMENT PURPOSES.
WHEREAS, the Council adopted Resolution No. 3811 authorizing interfund loans
between City funds under certain conditions and circumstances; and
WHEREAS, Fund 316, Municipal Facilities Capital Investment Fund, is in need of a
temporary loan for the acquisition of property for future parks and community facility needs;
and
WHEREAS, the City's Water Utility, Fund 405, and Wastewater Utility, Fund 406, have
been accumulating funds for future capital projects, part of which are available on an interim
basis, and are available to lend to Fund 316 at current market interest rates; and
WHEREAS, Leased City Properties, Fund 108, is in need of a temporary loan to fund
improvements at the 200 Mill Building; and
WHEREAS, Leased City Properties, Fund 108, is managed and reported as part of the
City's General Fund; and
WHEREAS,the City has been accumulating reserve funds in accordance with its Financial
Policies in its Insurance Fund, Fund 502, through transfer from its General Fund. Part of the
reserve funds is available on a temporary basis;
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.
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RESOLUTION N0. 4267
SECTION II. The Council authorizes an interfund loan in the amount of four million
dollars ($4,000,000) to Fund 316 from the City's Water Utility (Fund 405) and Wastewater
Utility (Fund 406) funds, over a period not to exceed four (4) years from the effective date. The
interfund loan will be effective on or about December 1, 2015, and shall bear interest at one
point sixty-five percent (1.65%) per annum until paid.
SECTION III. The Council further authorizes an interfund loan in the amount of eight
hundred seventy-five thousand dollars ($875,000) to Fund 108. The interfund loan will be
effective November 1, 2015, and will be repaid no later than five (5) years without interest.
PASSED BY THE CITY COUNCIL this 2nd day of November , 2015.
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Jason . Seth, Ci�y Clerk
APPROVED BY THE MAYOR this 2nd day of November , 2015.
Denis Law, Mayor
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Lawrence J. Warren, City Attorney �°���i,,,�s i,sp� �`\`\\��o�``�\\
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