HomeMy WebLinkAbout2021-044 - Res. to Pay Off Interfund Loan for Building 8 RESOLUTION NO. 101-0AA
A RESOLUTION TO PAY OFF THE INTERFUND LOAN FOR THE CURRENT EXPENSE PURCHASE OF THE ROAD FUND'S
INTEREST IN THE PROPERTY KNOWN AS MASON COUNTY BUILDING 8, PARCEL NUMBER 32019-51-04001,
ESTABLISHED IN RESOLUTION NO. 65-10
WHEREAS, RCW 36.32.120 states"the board of county commissioners... have the care of the county property
and the management of the county funds and business"; and
WHEREAS,the purchase of the Road Fund's interest in the property known as Mason County Building 8, as well
as a twenty-year interfund loan with a principle balance of$609,197.30 and interest rate of 2.27%was established by
Resolution No. 65-10; and
WHEREAS, principle payments in the amount of$300,752.10 and interest payments in the amount of
$116,411.60 have been made as scheduled through June 1, 2021; and
WHEREAS,the Board of County Commissioners(BOCC) wishes to pay off the interfund loan early due to the
availability of unobligated funds in the REET 1 Fund.
WHEREAS,the principle balance on July 20, 2021 is$308,445.20 and the interest due on the principle at this
date is$939.82 (calculated as$19.18 daily interest multiplied by 49 days for the period June 2, 2021 through July 20,
2021); and
WHEREAS,the early pay-off of the interfund loan will save the REET 1 Fund$31,930.60 in interest; and
WHEREAS,the pay-off of this loan will bring the County into compliance with the State Auditor's Office
recommendation that interfund loans be temporary and not a permanent diversion of funds.
NOW THEREFORE BE IT RESOLVED,that the Mason County Board of Commissioners does hereby agree to pay
the principle balance of$308,445.20 and the interest due on July 20, 2021 of$939.82 from the REET 1 Fund to the
County Road Fund to satisfy the terms of the interfund loan originally established by Resolution No. 65-10.
APPROVED this ! * day of , 2021.
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY,WASHINGTON
Ra y Neat a lin, Chair
ATTEST:
McKenzie SnUh, Cle of the Board Kevin Shutty, Co m issioner
APPROVED AS TO FORM:
Tim hite Sharon Trask, Commissioner
C:Auditor Finance,Treasurer,County Road Fund