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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 C '•••. //' ^//A? r/JL Denis Law, Mayor Approved as to form: Lawrence J. Warren, City Attorney RES:1501:4/26/ll:scr ,°' o\.'---,.^ v