RES 2011-27 PROVIDING FOR AN EXTENSION OF THE SCHEDULED REPAYMENT OF SHORT-TERM BORROWINGRESOLUTION NO. 2011-27
A RESOLUTION of the City Council of the City of Bainbridge
Island, Washington, providing for an extension of the scheduled
repayment date of the short-term borrowing from the General Fund
to the Capital Construction Fund.
WHEREAS, the City's approved Capital Improvement Plan includes non-utility projects funded
in whole or in part with reimbursable grants; and
WHEREAS, the City uses the Capital Construction Fund to record such non-utility capital
projects; and
WHEREAS, the City must expend funds on these non-utility capital projects before the City
may apply for reimbursement under the grants; and
WHEREAS, pursuant to Resolution No. 2011-12, City Council authorized the short-term
borrowing from the General Fund to the Capital Construction Fund in an amount not to exceed
Four Hundred Thousand Dollars ($400,000) to cover expenses associated with projects funded in
whole or in part by reimbursable grants; and
WHEREAS, the City has determined that it would be prudent to extend the term of the short-
term borrowing from the General Fund to the Capital Construction Fund from December 31,
2011 to December 31, 2012 to cover expenses associated with projects funded in whole or in part
by reimbursable grants; and
WHEREAS, the City Council finds that it has exercised due regard for the maintenance and
operation expense of the activities supported by the General Fund and finds that the General
Fund revenues and cash balances are expected to be more than sufficient to meet all of the needs
of the General Fund through the extended loan period and has funds available to make the
interfund loan authorized herein, now therefore,
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND, WASHINGTON,
DOES RESOLVE AS FOLLOWS:
Section 1. Extension of Scheduled Repayment Date. The City's Director of Finance is
authorized and directed to extend the scheduled repayment date of the loan authorized by
Resolution No. 2011-12 to December 31, 2012, and this interfund lending authorization shall
terminate on that date, except that this interfund loan may be extended, at Council's discretion, if
there continues to be non-utility reimbursable grant -funded projects in the Capital Construction
Fund.
Section 2. Effective Date. This resolution shall be in full force and effect from and after its
approval by the City Council until December 31, 2012.-
PASSED by the City Council this 7"' day of December, 2011.
APPROVED by the Mayor this 7"' day of December, 2011.
Kirsten Hytopoulos, Mayor
ATTEST:
p 1-50 Vc
Rosalind D. Lassoff, City C erk
FILED WITH THE CITY CLERK: December 2, 2011
PASSED BY THE CITY COUNCIL: December 7, 2011
RESOLUTION NO. 2011-27