HomeMy WebLinkAbout123-91 - Res. Interfund Loan from Current Expense to Water Quality Fund RESOLUTION NO. 123-91
INTERFUND LOAN FROM CURRENT EXPENSE FUND TO WATER QUALITY FUND
WHEREAS,the Water Quality Fund is funded primarily from reimbursable grants; and
WHEREAS, Water Quality is experiencing cash flow problems because expenses must
be incurred and paid before they can be reimbursed; and
WHEREAS, it is necessary to provide Water Quality with working capital.
NOW THEREFORE BE IT RESOLVED by the Board of Mason County Commissioners
that an interfund loan in the amount of $50,000.00 be authorized as follows:
From: Current Expense Fund
To: Water Quality Fund
Terms: (a) Annual Interest Rate of 7.5%
(b) Amount of loan $50,000.00
(c) Term of loan I (one) year
(d) Method of Repayment: retainage and/or grant
funds
Purpose: To provide working capital
ADOPTED this 22nd day of October, 1991.
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
William O. Hunter Chairperson
ichael D. Gibson, tommissioner
Laura E. Porter, Commissioner
ATTEST:
Rebecca S. Rogers, Clerk the Board
APPROVED AS TO FORM:
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Deputy Prosecuting Attorney
Michael Clift
c: 1W\RESOLUTE\1991\H20LOAN
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Accounting Dept (2)
Budget Director
Health Services/Water Quality
Treasurer