HomeMy WebLinkAbout91-09 - Res. Establishing Public Works Bond Reserve Fund 107RESoLUrroNNo. ?l-o1
TO ESTABLISH PUBLIC \ryORKS BOND RESERVE FUND ( 107-000-000)
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."
WHEREAS, the Mason County Public Works Facility Bond 2007, had excess proceeds left upon
completion of the facility, The Internal Revenue Tax Laws are very specific about the disposition of excess
proceeds. These proceeds may only be used for the purpose originally intended or to reimburse interest
payments already made by the County Road Fund. The Mason County Finance Committee has reviewed
these rules and the recommendations from the State Treasurer and Bond Counsel and recommends the
creation of a new reserve fund to accrue interest until December 2017, when the ten year call on the bond is
complete and the County can reduce the principal on this bond.
NOW THEREFORE BE IT RESOLVED, that the Mason County Board of County
Commissioners does hereby establish the Public Works Bond Reserve Fund (107-000-000) to accrue
interest for prepayment of the bond principal in December of 2017.
IT IS FURTHER ESTABLISHED THAT the Director of Public Vy'orks will administer this fund
as directed and approved by the Mason County Board of County Commissioners.
APPROVED this Z1Ð day of october 2009.
ATTEST:
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
& Finance, Utilities Waste Management, Karen Dowling, ER&R