HomeMy WebLinkAbout34-08 - Res. Interfund Revolving Loan ER&R to County Road Fundzna
RESOLU 1 ION NO. "3 tetAt,
INTERIFUND REVOLVING LOAN ER&R
0
-1E COUNTY ROAD FUND
WI EREAS, the severe storms and flooding in December of 2007 caused widespread damage and
destruction to the County Road Fund infrastructure; and
WHEREAS, the Governor of the State of Washington proclaimed a State of Emergency on December 3rd
and a 4 ederal Disaster was declared on December 12, 2007, initiating the isaster Recovery Grant Program
to provide financial assistance to state and local governments for response and recovery activities required
as a result of a disaster. The Grant Program is a reimbursable type grant and the County Road Fund will
have considerable unbudgeted expenses prior to any reimbursements from either Federal or State agencies;
and
WHEREAS, the Equipment Rental and Revolving Fund (ER&R) is able and willing to provide interim
financing to the County Road Fund for disaster related expenses: and
NOW THEREFORE B -2 IT RESOLVE1, by the Mason County Board of Commissioners that an interfund
loan to the Mason County Road Fund be established as follows;
FROM: Equipment, Rental and Revolving fund ( ER&R )
0: County Road Fund
TF,RVS: Annual Interest Rate: 3.25
Maximum Principal Amount: $3,000,000.00
Duration of T,oan: Three (3) Years
Debt Repayment: _ Revolving_
PURPOSE* Interim Financing for reimbursable Disaster Grant Expenses.
APPROVED this day of
ATTEST:
Rebecca S. Rogers, Clerk of the
Auditor
Budget Director
Treasurer
ublic Works/E1R&R
arch, 2008.
oard
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
Tim Sheldon, Chairperson
'Y ; .,
,
L da Ring Erickson,
ss Gallagher, Co sioner