HomeMy WebLinkAboutRES 3023 CITY OF MENTON, WASHINGTON
RESOLUTION NO. 3023
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING A LOAN FROM THE GENERAL FUND AND STREET FUND
TO THE PARKS DEPARTMENT FOR INTERIM FINANCING OF A
PROPERTY PURCHASE.
WHEREAS, the Parks Department is closing the purchase of the
NARCO site; and
WHEREAS, the purchase is being funded nearly completely by
grant funds; and
WHEREAS, those grant funds are not immediately available to
fund the purchase, but the purchase funds will be repaid by the
grants; and
WHEREAS, interim. financing is necessary to close this
transaction within the contractual terms of .the purchase; and
WHEREAS, there are funds available in the General Fund and
Street- Fund to provide the interim financing; and
WHEREAS, the Parks Department has agreed to repay the interim
financing from the grant funds; and
WHEREAS, the Parks Department has agreed to pay interest on
the money at the rate of 3 .25% based upon not more than a one year
loan;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO RESOLVE AS FOLLOWS :
SECTION I . The above recitals are found to be true and
correct in all respects .
SECTION II . The Parks Department is hereby authorized to
borrow up to $2, 300, 000 . 00 from the General Fund and Street Fund at
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RESOLUTION NO. 3023
the rate of 3 . 25% interest to be repaid from grant funds over a
period of time not to exceed one year.
PASSED BY THE CITY COUNCIL this 13th day of December ,
1993 .
Marily Petersen, City Clerk
APPROVED BY THE MAYOR this 13th day of December ,
1993 ? ,
Earl Clymer, Mayo
Approv as to form:
^A A LqAom�wvxt-,�
L ence J. Wa n, City Attorney
RES. 340 : 12/l/93 :as .
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