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HomeMy WebLinkAbout26-05 - Res. Transferring Interfund Loan RESOLUTION NO . 2 6 — 0 5
A RESOLUTION TRANSFERRING THE INTERFUND LOAN FROM THE RESERVE FOR RODEO
FUND (# 161 -000-000) TO CURRENT EXPENSE/FAIR CONVENTION CENTER (#00 1 - 147-000) AND
DISSOLVING THE RESERVE FOR RODEO FUND (# 161 -000-000)
Whereas, the Mason Commissioners approved Resolution 46-03 on April 22 , 2003 granting an
Interfund loan from Capital Improvements Reet 1 Fund (350-000-000) to the Reserve for Rodeo Fund
( 161 -000-000) to be used for matching funds for capital improvements ;
Whereas, it has been determined by the Mason County Treasurer; that there are not enough funds
available in The Reserve for Rodeo Fund ( 16 1 -000-000), nor is it likely there will be additional funds
available in The Reserve for Rodeo Fund to repay the loan as approved in Resolution 46-03 ;
Whereas, it has been determined by the Mason County Treasurer; that rental proceeds for use of
the Rodeo Arena are being placed in to Mason County Current Expense (001447-000) and are available
for repayment of the loan for capital improvements to the Rodeo Arena;
Whereas, it is the recommendation of the Mason County Treasurer and the Mason County
Finance Committee that Current Expense (001447-000) be responsible for repayment of the Inter-fund
loan as approved in Resolution 46-03 ;
Whereas , it is the recommendation of the Mason County Treasurer and the Mason County Finance
Committee that the balance of funds in The Reserve for Rodeo Fund ( 161 -000-0000) be transferred to
Current Expense (00 1 - 147 -000) and that The Reserve for Rodeo Fund be dissolved;
NOW THEREFORE BE IT RESOLVED, by the Mason County Board of Commissioners, upon
the recommendation of the Mason County Treasurer and Mason County Finance Committee that the Inter-
fund loan approved in Resolution 46-03 be reestablished as follows :
From: Capital Improvement Reet 1 Fund (350-000-000)
To : Current Expense/Fair & Convention Center (001 - 147 -000)
Terms : Annual Interest Rate 2 . 38 %
Principal Balance $ 85094472
Balance of Loan Duration Two (2) Years
Debt Repayment Annually
Purpose : Capital Improvement Financing
BE IT FURTHER RESOLVED TO dissolve The Reserve for Rodeo Fund, # 161 -000-000 which
was established by Resolution 99 -01 .
DATED this 5th day of April, 2005 .
BOARD OF COUNTY COMMISSIONERS
MASON COUNTY, WASHINGTON
ATTEST :
Jayni L. 4mi i hairOrsof
Rebecca S . Rogers, Clerk of the Board
Id
%PDLV$D AS )0 F Lynda Ring Erickso mmissioner
Deputy Prosecuting Aftorney
Tim Sheldon, Commissioner
C : Auditor, Treasurer, Budget & Finance, Fairgrounds/Convention Center
J: \RES0LUTI0NS\2005\Interfund loan - Rodeo Fund. doc