HomeMy WebLinkAboutRES 4025CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4025
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON GRANTING AUTHORITY
FOR AN INTERFUND LOAN TO FUND 422, RENTON GATEWAY CENTER UTILITIES,
FOR 750 WEST PERIMETER ROAD UTILITY IMPROVEMENTS.
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 422, Renton Gateway Center Utilities, is in need of a temporary loan of
four hundred seventy-five thousand dollars ($475,000) from City Utilities in order to provide
pad-ready improvements for the leased area located at 750 West Perimeter Road (750 site).
The 750 site is the area that was recently leased to the Renton Gateway Center, LLC for the
construction of a hangar building;
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.
RESOLUTION NO. 4025
SECTION II. An interfund loan of two hundred forty thousand dollars ($240,000) from
the Water Utility, Fund 405, and an interfund loan of two hundred thirty-five thousand dollars
($235,000) from the Surface Water Utility, Fund 407, for a total loan amount of four hundred
seventy-five thousand dollars ($475,000) are authorized for Fund 422 for utility improvements
to the 750 site. The life of the loan will be five (5) years, and the estimated interest will be fifty-
one thousand dollars ($51,000) over the five (5) year period of the loan. The annual loan
repayments from the Airport will be one hundred five thousand two hundred four dollars
($105,204).
SECTION III. This Resolution shall be effective upon its passage and approval.
PASSED BY THE CITY COUNCIL this 9th day of November 2009.
Bonnie I. Walton, City Clerk
APPROVED BY THE MAYOR this 9th day of November . 2009.
Ai^K JMr
Denis Law, Mayor
Approved as to form:
Lawrence J. Warren, City Attorney
RES.1427:10/22/09:scr