HomeMy WebLinkAbout117-04 - Res. Interfund Loan from ER&R to REET 1 Fund RESOLUTION NO . 1 1 7 - 0 4
INTERFUND LOAN ER&R TO REET 1 FUND
WHEREAS, the Board of Mason County Commissioners desire to acquire park property utilizing
REST 1 funds ; and
WHEREAS, future REST 1 revenues are available to fund said acquisitions; and
WHEREAS, current available REET 1 funds are not sufficient to accommodate the purchase of
said property; and
WHEREAS, the Equipment, Rental and Revolving Fund ( ER&R) is able and willing to finance the
funding need by the REET 1 fund ; and
WHEREAS, the Finance Committee has met and recommends approval of said loan from ER&R to
REET 1 ,
NOW, THEREFORE BE IT RESOLVED, by the Mason County Board of Commissioners that an
interfund loan to the Mason County REST 1 Fund be established as follows :
FROM : Equipment, Rental and Revolving fund ( ER&R)
TO : REEF 1 Fund
TERMS : Annual Interest Rate : 332%
Principal Amount . $ 300, 000
Duration of Loan . Three ( 3 ) Years
Debt Repayment : Annually, beginning in 2006 .
PURPOSE : Land Acquisition
APPROVED this 23 `d day of November, 2004 .
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
Wesley E : 5ohnson , Chairperson
ATTEST.
Rebecca S . Rogers, Clerk of the Board Herb Baze, C6 r issioner
APPROVED - --AS FOR
Jayn ! L. Ka nin , Commissioner
Deputy Prosecuting Attorney
c : Auditor
Budget Director
Treasurer
Public Works/ ER&R
Parks
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