HomeMy WebLinkAbout29-11 - Res. Interfund Revolving Loan ER&R to the County Road FundRESOLUTION NO. 2'i - 11
INTERFUND REVOLVING LOAN ER&R TO THE COUNTY ROAD FUND
WHEREAS, in the event that Mason County Department of Public Works encounters expenses resulting
from unforeseen critical events; and
WHEREAS, as a result of the unforeseen critical events, the County Road Fund would be undertaking a
considerable amount of unbudgeted expenses; and
WHEREAS, the Equipment Rental and Revolving Fund (ER&R) is able and willing to provide interim
financing to the County Road Fund for these unforeseen expenses;
NOW THEREFORE BE IT RESOLVED, 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)
TO: County Road Fund
TERMS: Annual Interest Rate: 2.1.8 %
Maximum Principal Amount: $_2,000,000.00
Duration of Loan: Three (3) Years
Debt Repayment: _ Revolving_
PURPOSE: Interim Financing
APPROVED this day of April, 2011.
ATTEST:
,./LC
an
non Goudy, Clerk of`tlfe Board
APPROVED AS TO FORM:
Tim Whitehead, MJ ?6,71
Chief Deputy Prosecuting Attorney
C: Auditor
Treasurer
Central Ops
Public Works/ER&R
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
•
•
Lyn a Ring -Erickson,/ air
A&SC-Ajci-
Tim Sheldon, Commissioner
Lingle, ommissioner