Loan Road to Recreation
2021-06-15 10:00 AM - Commissioners' Agenda
Loan Road to Recreation
6/10/2021 1:40:43 PM
6/10/2021 1:40:41 PM
205 West 5th Room 109 - Ellensburg
Meeting document type
Request to Approve a Resolution for an Interfund Loan in the Amount of $1,000 to Fund 113 Recreation from the 106 County Road
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KITTITAS COUNTY <br /> BOARD OF COUNTY COMMISSIONERS <br /> <br /> RESOLUTION NO._2021-_____ <br /> <br />An Interfund Loan in the amount of $1,000 <br />to Fund 113 Recreation <br />from Fund 106 County Road <br /> <br />WHEREAS; on May 6, 2021, County Road transferred $1,000 to Recreation fund for a temporary loan, and <br /> <br />WHEREAS, on May 12, 2021, Recreation fund transferred $1,000 to County Road for repayment of the <br />temporary loan, and <br /> <br />WHEREAS; According to the Budgeting, Accounting and Reporting Systems Manual, Chapter 3.9.1 states: <br /> <br />1. The legislative body of a municipality must, by ordinance or resolution, approve all Interfund loans, indicating <br />the lending and borrowing funds, and provide in the authorization a planned schedule of repayment of the loan <br />principal as well as setting a reasonable rate of interest (based on the external rate available to the <br />municipality) to be paid to the lending fund. The planned schedule of repayment should specify the due date(s) <br />of payment(s) needed to repay the principal and interest on the loan. <br /> <br />2. Interest should be charged in all cases, unless: <br /> a. The borrowing fund has no other source of revenue other than the lending fund; or <br /> b. The borrowing fund is normally funded by the lending fund. <br /> <br />3. The borrowing fund must anticipate sufficient revenues to be able over the period of the loan to make the <br />specified principal and interest payments as required in the authorizing ordinance or resolution. <br /> <br />4. The loan status should be reviewed annually by the legislative body at any open public <br />meeting. <br /> <br />5. The term of the loan may continue over a period of more than one year, but must be “temporary” in the <br />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 scrutinized for a <br />permanent diversion of moneys. <br /> <br />WHEREAS: the instructions have been sent to the appropriate departments that loans must be approved by the <br />Board of County Commissioners and interest must be paid. <br /> <br />NOW, THEREFORE BE IT RESOLVED; that the Board of County Commissioners, after due consideration, <br />does hereby authorize the loan and repayment of the $1,000 from County Road to Recreation fund with interest paid on <br />May 28, 2021, in the amount of $5.25 based upon the interest rate (.075 % daily rate for seven days) those funds would <br />have collected if invested. <br /> <br />APPROVED the 15th day of June 2021. <br /> <br />BOARD OF COUNTY COMMISSIONERS <br />KITTITAS COUNTY, WASHINGTON <br /> <br />_____________________________ <br />Brett Wachsmith, Chairman <br /> <br />_____________________________ <br />Laura Osiadacz, Vice Chairman <br />ATTEST <br />____________________________ <br />Cory Wright, Commissioner <br />_________________________ <br />Julie Kjorsvik, Clerk of the Board or <br />Mandy Buchholz, Deputy Clerk of the Board
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