HomeMy WebLinkAboutres1980-0491
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DATE: August 21, 1980
INTRODUCED BY Hanse
PROPOSED BY County Executive 1
RESOLUTION 80-49
A RESOLUTION IN THE MATTER OF A
TEMPORARY LOAN FROM THE CURRENT
EXPENSE FUND TO THE FEDERAL SHARED
REVENUE FUND
WHEREAS, funds have been budgeted within the Federal Shared
Revenue Fund for payment of varied county expenses; and
WHEREAS, funds for this purpose are derived through semi - yearly
payments from the Federal Shared Revenue Fund which have not been
forthcoming in sufficient time to cover debts incurred during the
year; and
ETHEREAS, an emergency exists requiring payment of these debts to
be made on or before August 29, 1980; and
WHEREAS, it is in the public interest that funds to make the above
payment, in the amount of $100,000.00 be loaned from the Current
Expense Fund to the Federal Shared Revenue Fund on a temporary
basis;
NOW, THEREFORE, THE WHATCOM COUNTY COUNCIL FINDS AND DETERMINES:
1.) That an emergency exists requiring the loan of funds from
the Current Expense Fund to the Federal Shared Revenue Fund of
$100,000.00 for the purposes mentioned above.
2.) That the - Current Expense Fund is solvent and has an assured
income.
3.) That this loan is a temporary loan and is to be repaid to
the Current Expense Fund-from the Federal Shared Revenue Fund.
4.) That the loan bear_ interest at the rate of six (6) per cent
per annum until repaid.
NOW, THEREFORE, 133E IT RESOLVED that the Treasurer of Whatcom
County is authorized and directed to transfer, as a. temporary loan,
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the su of $100,000.00 from the Current Expense Fund to the.
Federal Shared Revenue Fund, to bear interest at six (6) per cent
per annum until paid, such loan to be repaid by .Ck- ,tobei, 15, 1980.
AND the Treasurer and Auditor are directed to take all necessary
and appropriate actions to accomplish this transfer.
DONE in regular session this 21-st day of August , 1980.
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
SHIRLEY VAN Z
Chairperson
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ATTEST: Joan Ogden
County Auditor & Ex- officio
Clerk of the Council
By:
&VzO/ m .
Deputy
APPROVED AS TO FORM: