HomeMy WebLinkAboutRES 3905CITY OF RENTON,WASHINGTON
RESOLUTION NO.3905
A RESOLUTION OF THE CITY OF RENTON,WASHINGTON
GRANTING AUTHORITY FOR AN INTERFUND LOAN TO FUND 318,
SOUTH LAKE WASHINGTON INFRASTRUCTURE 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 ofthe City of Renton Washington granted authority
for temporary loans between City funds;and
WHEREAS,Fund 318,South Lake Washington Infrastructure Project,is in need of a
temporary loan to finish the proj ect.
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASlllNGTON,DOES RESOLVE AS FOLLOWS:
SECTION I.An interfund loan of $2,000,000 is authorized for Fund 318 within
the next two years.The fund loan will be effective September 15,2007,and will have an annual
interest rate equal to the current rate of interest as established by the State of Washington
Investment Pool at the time the loan is made.
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RESOLUTION NO.3905
SECTION II.This Resolution shall be effective upon its passage and approval.
PASSED BY THE CITY COUNCIL this 24th day of September ,2007
Bonnie I.Walton,City Clerk
APPROVED BY THE MAYOR this 24th day of September ,2007
Apred as to form:
ex ""'.......~~'".,...........
Lawrence J.Warren,City Attorney
RES.1296:08/24/07:ch.
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