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DATE: June 5. 1980
INT}:ODUCED BY Roehl
PROPOSED BY: Executive
RESOLUTION NO. 80 -308
A RESOLUTION IN THE
TEMPORARY. LOAN FROM
EXPENSE FUND TO THE
REVENUE FUND.
WHEREAS,.f.unds have been
Shared RevenueFund for payment of
MATTER OF A
THE CURRENT
FEDERAL SHARED
budgeted within the Federal
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 in-
curred during the first half of 1.980; and,
WHEREAS, exists requiring payment of these
debts to be made on or before July 1, 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 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 re-
paid to the Current Expense Fund from the .Federal Shared Revenue
Fund.
4. That the loan bear interest at the rate of 2dx (6)
percent per annum until repaid.
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NOW THEREFORE, -BE IT RESOLVED that the Treasurer of
Whatcom County is authorized and directed to transfer, as a
temporary loan, the sum of $100,000.00 from the Current Expense
Fund to the Federal Shared Revenue Fund, to bear interest at
six (6) percent per annum until paid, such loan to be repaid
by August 15, 1980.
AND the Treasurer and Auditor are directed to take all
necessary and appropriate actions to accomplish this transfer.
DONE in. regular open session this Sl-h day of .liin(, ,
1.980.
i
ATTEST: Joan Ogden,
County Auditor and
Ex- Officio, Clerk of
the Council:
D ep ty
APPROVED AS TO FORM:
STEVEN C. GISH, v
Civil Deputy Prosecuting Attorney
RESOLUTION - 2,
WHATCOM COUNTY COUNCIL,
WHATCOM COUNTY, WASHINGTON
U
R-L 44-
SHIRLEY N ZA TEN, T
Chairperson
k,