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4. The loan status should be reviewed annually by the legislative body at any open public <br />meeting. <br />5. The term of the loan may continue over a period of more than one year, but must be <br />"temporary" in the sense that no permanent diversion of the lending fund results from the <br />failure to repay by the borrowing fund. A loan that continues longer than three years will be <br />scrutinized for a permanent diversion of moneys. <br />WHEREAS: the County looked at obtaining financing for the expended funds, however the <br />rate of interest was estimated at 10%. The Board of County Commissioners, after meeting with the <br />County Treasurer, County Auditor and the Budget and Finance Manager concluded the best <br />financial decision for the county would be to finance the project in house. <br />WHEREAS: there are two separate purposes to the expenditures described above, the <br />Board of County Commissioners is authorizing the loans into two separate interfund loans. <br />Trust Water Right Building Construction <br />(separate Resolution) <br />55,625.00 725,945.00 <br />1,441,027.00 _ 800,000.00 <br />$1,496,652.00 $1,525, 45.00 <br />WHEREAS, the energy grant project was completed in 2015, and the project was to be <br />financed over a fifteen year (15) period and the energy savings were projected to cover the financing <br />principal and interest. <br />NOW, THEREFORE BE IT RESOLVED; that the Board of County Commissioners, after due <br />consideration, does hereby authorize and direct the County Treasurer to loan the General Fund <br />$1,525,945 at 3.0% (03 percent) interest per annum, from fund 401 Solid Waste; with <br />reimbursement to be made using the attached amortization schedule. <br />AND, THEREFORE BE IT FUTHER RESOLVED, the loan will be reviewed by the finance <br />committee each October to do a fund analysis on both funds, to determine the stability of each fund, <br />allowing for early payoff or re -financing with another fund. The interest rate will be reviewed every 5 <br />years as stated in the investment policy. <br />APPROVED the 29th day of December 2015. <br />BOARD OF COUNTY COMMISSIONERS <br />K1TT1T S Co' NTY, WASHINGTON <br />���• �? . Gary Ber dt, Chairman <br />ABSENT <br />`�-+, = e Chairman <br />' laV:ic <br />m i <br />rk Of the' Oard <br />K <br />