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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