562 Interfund Load Fund 316CITY OF YELM
RESOLUTION NO. 562
A RESOLUTION OF THE CITY OF YELM PROVIDING FOR AN INTERFUND
LOAN TO THE ROAD/STREET CONSTRUCTION FUND 316 AND THE
LENGTH OF THE TERM OF THE LOAN TO BE PAID.
WHEREAS, additional interim funding is needed to cover costs associated with the
Mosman Realignment and Cullens/Solberg Sidewalk project paid out of Fund 316.
WHEREAS, the interfund loan is provided only for cash flow purposes as the City awaits
receipt of State of Washington Transportation Improvement Board grant funds. These
State grant funds are anticipated to be received in early 2016 after project(s) close out.
WHEREAS, the interfund loan will be repaid before the end of December 31, 2016 or
sooner once grant funds have been received.
WHEREAS, the City wishes this interfund loan to be interest free.
WHEREAS, the General Fund 001 has sufficient unused funds in excess of any current
needs available to provide this interim loan internally; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Yelm,
Washington, as follows:
1. An interfund loan not to exceed $245,000 from the General Fund 001 is
authorized.
2. The intent is to provide cash flow funding for 2015 to complete projects paid for
out of Fund 316.
3. Funds advanced to the Roads/Street Construction Fund (316) shall be repaid to
the General Fund 001 by December 31, 2016 or sooner.
APPROYgD by the Gityeouncil of Yelm this 24th day of November, 2015
Ron Harding;
ATTEST:
w
nine Schn pf, City Clerk
PASSED AND APPROVED; November 24, 2015
Published; December 04, 2015
Effective date; December 09, 2015