HomeMy WebLinkAboutRES 2937 CITY OF RENTON, WASHINGTON
RESOLUTION NO. 2937
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON,
ESTABLISHING INTEREST FREE LONG TERM INTERFUND LOAN FROM
GENERAL FUND TO COMMUNITY DEVELOPMENT BLOCK GRANT FUND TO
PROVIDE WORKING CAPITAL REQUIREMENT BEFORE GRANT
REIMBURSEMENT.
WHEREAS, Community Development Block Grants are on a expense
reimbursement basis; and
WHEREAS, Community Development Block Grants were part of the
General Fund which financed their working capital need; and
WHEREAS, a separate fund was established in 1992 to account
for block grant activities, and without working capital, the fund
will always be in a negative cash position.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO RESOLVE AS FOLLOWS:
SECTION I. The Administrative Services Administrator is
hereby authorized to establish a $50, 000 interest free interfund
loan and transfer the amount from the General Fund to the Community
Development Block Grant Fund as working capital .
PASSED BY THE CITY COUNCIL this 14th day of December
1992 .
Marilyn etersen, City Clerk
APPROVED BY THE MAYOR this 14th day of December
1992 .
Earl Clymer, May r
RESOLUTION NO. 2937
Approved to f rm:
Lawrence J. Warren, City Attorney
ORD.246 : 12/7/92 :as .
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