563 Interfund Load Stormwater 400CITY OF YELM
RESOLUTION NO. 563
A RESOLUTION OF THE CITY OF YELM PROVIDING FOR AN INTERFUND
LOAN TO THE STORMWATER UTILITY FUND 400 AND THE LENGTH OF
THE TERM OF THE LOAN AND INTEREST RATE TO BE PAID.
WHEREAS, additional interim funding is needed to cover costs associated with the
Stormwater Comprehensive Plan and other projects paid for out of fund 400.
WHEREAS, the interfund loan is provided only for cash flow purposes as the City awaits
receipt of State of Washington Department of Ecology grant and loan funds. These
State grant and loan funds are anticipated to be received in early 2016.
WHEREAS, the interfund loan will be repaid before the end of December 31, 2016 or
sooner once grant funds have been received.
WHEREAS, the Water Utility Fund 401 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 $25,000 from the Water Utility Fund 401 is
authorized.
2. The intent is to provide cash flow funding for 2015 to complete projects paid for
out of fund 400.
3. Interest shall be charged at the same rate the General Fund 001 is currently
receiving while invested in the WA State Local Government Investment Pool
(LGIP). Interest shall be calculated monthly on the last day of the month.
4. Funds advanced to the Stormwater Utility Fund (400) shall be repaid to the Water
Utility Fund (401) by December 31, 2016 or sooner.
APPROVED by the City Council of Yelm this 24th day of November, 2015
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Ron H rding, M yor
ATTEST
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Janine nepf, City Clerk
PASSED AND APPROVED; November 24, 2015
Published; December 04, 2015
Effective date; December 09, 2015