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HomeMy WebLinkAbout07-05 - Res. Approving Operating Transfer from Capital Improvement to System Development RESOLUTION NO . 0 7 — 0 5 TO APPROVE AN OPERATING TRANSFER FROM THE CAPITAL IMPROVEMENT REET 1 FUND 350-000-000 TO THE WASTEWATER SYSTEM DEVELOPMENT FUND 405-000-000 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 Wastewater System Development Fund 405 -000-000 was established to finance the study, design, and construction of wastewater facilities prior to the formal establishment of a utility. WHEREAS, the source of funding for these efforts consists of reimbursable grants and loans, WHEREAS, the Wastewater System Development Fund needs working capital to pay the actual costs of these projects until it receives reimbursement from the grant and the loan. WHEREAS, the Capital Improvement REET 1 Fund 350-000-000 has unrestricted revenue that is available to meet the working capital needs of the Wastewater System Development Fund, NOW THEREFORE, the Mason County Board of County Commissioners does hereby approve an operating transfer from the Capital Improvement BEET 1 Fund 350-00-000 to the Wastewater System Development Fund 406-000-000 in the amount of $ 60, 000 for the sole purpose of establishing a revolving fund to provide working capital for the Wastewater System Development Fund. BE IT FURTHER RESOLVED, if the Wastewater System Development Fund no longer needs the $ 60 , 000 for working capital, the Wastewater System Development Fund will return the $ 60, 000 to the Capital Improvement REET 1 Fund. APPROVED this 2 5 t h day of January 2005 . BOA OF, C Y C MMISSIONERS Jaym tamin, Cho, er on d Ring Erickson, Con ssioner .-- S Tim Sheldon, Commissioner ATTEST : Rebecca S . Rogers, Clerk of the Bt6ard PIOVIlD A8 " � O -ORRM : jj y Michael Clift, Chief Deputy Prosecutor C : Accounting, Treasurer, Utilities & Waste Management, Budget & Finance