HomeMy WebLinkAboutRES 4142CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4142
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, GRANTING
AUTHORITY FOR AN INTERFUND LOAN TO FUND 317, TRANSPORTATION
CAPITAL INVESTMENT FUND.
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 of the City of Renton Washington granted authority for
temporary loans between City funds; and
WHEREAS, Fund 317, Transportation Capital Investment Fund, is in need of a temporary
loan;
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 City Council of the City of Renton, Washington, authorizes an
interfund line of credit up to $5,500,000 for Fund 317 from the City's pooled investment
account, for a period not to exceed 30 months. The line of credit will be available starting July 1,
2012, and will bear a monthly interest rate equal to the current rate of interest as established
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RESOLUTION NO. 4142
by the State of Washington Investment Pool for the amount outstanding at the end of the
month.
PASSED BY THE CITY COUNCIL this 7th day of MaY , 2012.
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this 7th day of May , 2012.
Denis Law, Mayor
Approved as to form:
Lawrence J. Warren, City Attorney
RES.1549:3/30/12:scr
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