HomeMy WebLinkAboutR-2501 - Authorizing a $105,000 Interfund Loan from the General Fund 001 to the Community Development Block Grant Fund 109CITY OF MARYSILLE
Marysville, Washington
RESOLUTION NO. '). 'O /
A RESOLUTION OF THE CITY OF MARYSVILLE AUTHORIZING A
$105,000 INTERFUND LOAN FROM THE GENERAL FUND 001
TO THE COMMUNITY DEVELOPMENT BLOCK GRANT FUND 109, AND
PROVIDING A FORMULA FOR PAYMENT OF INTEREST.
WHEREAS, it was the Community Development Block Grant Fund (Fund) was
established in 2012, and
WHEREAS, the Fund receives federal funding on a reimbursement basis, and
WHEREAS, the pandemic created a higher need for disbursement of CARES Act funds,
and
WHEREAS, the need for short-term financing is necessary and accordingly, establish an
short-term inter-fund loan from the General Fund; and
WHEREAS, interest on said loan is subject to interest imposed at a rate to be determined
by a formula as recommended by the Local Government Investment Pool; and
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
MARYSVILLE, WASHINGTON AS FOLLOWS:
Section 1. Loan.
There is established an inter-fund loan in the amount of $105,000.00 from the General Fund 001
to the Community Development Block Grant Fund 109.
Section 2. Interest.
A. The initial interest on said loan shall be set at the rate of 0.13% to reflect current
investment rates by the Local Government Investment Pool (LGIP).
Section 3. Repayment.
The Loan shall be repaid with interest from the Community Development Block Grant Fund 109
to the General Fund 001 on or before 6/30/2021.
Section 4. Severability.
If any section, sentence, clause or phrase of this resolution should be held invalid or
unconstitutional by a court of competent jurisdiction, such invalidity or unconstitutionality shall
not affect the validity or constitutionality of any other section, sentence, clause or phrase of this
resolution.
Section 5. Effective Date.
This resolution shall take effect immediately upon passage by the Marysville City Council.
ADOPTED by the City Council at an open public meeting this / :>-15 day of
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CITY OF MARYSVILLE
By ~z ~ Jon Nep;t?g, MAYOR
Attest:
By Gb w\.. fSLc-e-tt__.
Tina Brock, DEPUTY CITY CLERK
~~from: By .~
Jon WalKe;,iYATTORNEY