507 LID 2 Interfund LoanCITY OF YELM
RESOLUTION NO. 507
A RESOLUTION OF THE CITY OF YELM, WASHINGTON PROVIDING FOR
INTERFUND LOANS TO THE KILLION ROAD LID #2 REPAYMENT FUND #202
AND PROVIDING FOR THE TERMS OF REPAYMENT
WHEREAS, the City of Yelm borrowed money from Thurston First Bank in the amount of
$10,139,901.94 to payoff Bond Anticipation Notes for the Killion Road Project; and
WHEREAS, the bank requires a 10% reserve ($1,013,901.94) to be deposited into a
guarantee fund; and
WHEREAS, the Transportation Facility Charges Fund #102 and the Municipal Building
Fund #302 have sufficient unused funds in excess of any current needs available to provide
this interim loan;
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Yelm,
Washington, as follows:
1. An interfund loan of $429,600.68 from the Transportation Facility Charges Fund #102
is authorized to be transferred to the Killion Road LID #2 Repayment Fund #202.
2. An interfund loan of $85,027.41 from the Municipal Building Fund #302 is authorized
to be transferred to the Killion Road Lid #2 Repayment Fund #202.
3. Interest shall be repaid to each lending fund at the same rate being paid by the
Washington State Local Government Investment Pool. Interest shall be calculated monthly
on the last day of the month.
4. Funds advanced to the Killion Road LID #2 Repayment Fund #202 shall be repaid,
with interest, to each lending fund by January 12, 2013.
APPROVED by the City Council of Yelm, Washington this 12th day of January, 2010.
HIIt51:
Ja ne Schnepf, City Clerk