HomeMy WebLinkAboutres1980-030I DATE: June 5, 1980 INTRODUCED BY: Roehl.
2 PROPOSED BY: ExecutiVe
3
RESOLUTION NO.,80 -30
4
5 A RESOLUTION IN THE MATTER OF A
6 TEMPORARY LOAN FROM THE CURRENT
EXPENSE FUND TO THE FEDERAL SHARED
7 REVENUE FUND.
8 WHEREAS, funds have been budgeted within the Federal
9 Shared Revenue Fund for payment of varied county expenses; and,
10
WHEREAS, funds for this purpose are derived through
11 semi- yearly payments from the Federal Shared Revenue fund which
12 have not been forthcoming in sufficient time to cover debts in-
13 curred during the first half of 1980; and,
14 WHEREAS; a : ;:.:n ..:e e;c,d exists requiring payment of these
15 debts to be made on or before July 1, 1980; and,
16
WHEREAS, it is in the public interest that funds to
17 make the above payment, in the amount of $100,000.00 be loaned
18 from the Current Expense Fund to the Federal Shared Revenue Fund
19 on a temporary basis;
20 NOW THEREFORE, THE WHATCOM COUNTY COUNCIL FINDS AND
21 DETERMINES:
22
1. That a ..n ..e e:.d` exists requiring the loan of funds
23 from the Current Expense Fund to the Federal Shared Revenue Fund,
24 of $100,000.00 for the purposes mentioned above.
25
2.. That the Current Expense Fund is solvent and has
26 an assured income.
27
28 3. That this loan is a temporary loan and is to be re-
paid to the Current Expense Fund from the Federal Shared Revenue
29 Fund.
30
31 4. That the loan bear interest at the rate of six (6)
percent per annum until repaid.
32
RESOLUTION - 1.
JUN
1 NOW THEREFORE, BE IT RESOLVED that the Treasurer of
2 Whatcom County is authorized and directed to transfer, as a
temporary loan, the sum of $100,000.00 from the Current Expense
3 Fund to the Federal Shared Revenue Fund, to bear interest at
4 six (6) percent per annum until paid, such loan to be repaid
5 by August 15, 1980.
6 AND the Treasurer and Auditor are directed to take all
7 necessary and appropriate actions to accomplish this transfer.
8
DONE in regular open session this Sth day of J11 rP ,
9 1980.
10 WHATCOM COUNTY COUNCIL,
WHATCOM COUNTY, WASHINGTON
11
12
L 12��L
13 SHIRLEY N ZA TEN,
Chairperson
14
ATTEST: Joan Ogden,
15 County Auditor and
Ex- Officio, Clerk of
16 the Council:
17
18 BY-
19
Dep ty
20
APPROVED AS TO FORM:
21
22 /, J,
23 S EVEN C. DISH,
Civil Deputy Prosecuting Attorney
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28
29
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32 RESOLUTION - 2.