HomeMy WebLinkAbout98-09 - Res. Interfund Revolving Loan from Equipment Rental & Revolving Fund to Current ExpenseRESOLUTION NO.
INTERFUND REVOLING LOAN FROM EQUIPMENT RENTAL AND REVOLVING FUND TO
CURRENT EXPENSE
WHEREAS, the Mason County Current Expense Fund is experiencing a cash flow shortage
WHEREAS, the Mason County Current Expense Fund will not receive property tax income until
April and October of 2010, and
WHEREAS, Mason County will need to pay expenses of the Counfy Current Expense firnd until
such time as tax income is received, and
WHEREAS, the Equipment Rental and Revolving Fund has adequate funds to loan to the County
Curent Expense fund;
NOW THEREFORE BE IT RESOLVED, by the Mason County Board of County
Commissioners that a revolving inter-fund loan to the Mason County Current Expense Fund be established
as follows:
FROM:
TO:
TERMS:
PURPOSE:
Loan Duration:
Debt Repayment
Interim Financing
2 Years
Revolving
Mason County Equipment Rental & Revolving Fund
#50 I -000-000
Mason County Current Expense Fund
#00 I -000-000
Annual Interest Rate:.50%
Maximum Principal Amount: $2,000,000.00
APPROVED ttrls I ìb day ofNovember,2009.
BOARD OF COUNTY COMMISSIONERST <tÀc'-
Gallagher, Commiss
ATTEST:
C: Treasurer, Budget & Finance, Theresia Ehrich, Diane Zoren, E R & R,