HomeMy WebLinkAbout2013-007•RIJ I EMIL• • •
WHEREAS, in 2009, Resolution N• 789 was passed •Improvement
Fund to reimburse the City's Current Expense Reserve Fund (Program Development Fund) for
the balance of the Logo ram develoicruent exltenditures for storm water ex(scenses fanded from ilhat
fund totaling $553,928, and
WHEREAS,Ili the Water Improvementf reimbursed the Program
Development Fund $50,000, and
'1THEREAS, beginning in 2010 the Storm Water Fund was to reimburse the Water
Improvement Funf a minimum of 011/r • reimbursed, and
WHEREAS, Resolution No. 789 provided the authorization for the repayment but did not
6xpressly provide f• • be paid on •. and
WHEREAS, The State Auditor's Office, during the annual audit, has recommended
interest be charged on the inter -fund loan to comply with the Budgeting, Accounting and
Reporting System manual (Chapter 4, Section A - 2) which states interest on inter -fund loans
shall be charged in all cases.
NOW THEREFORE, the City of Arlington, acting by and through its City Council, does
hereby resolve as follows:
Beginning in 2013, interest shall be r.f to the Water Improvement• from the Storm
WaterFund on •. the debt r.•
2. The interest rate to be paid on outstanding balance at the time of payment be set
at 0.5%. This is the same rate of interest the Sewer Fund is paying to the Department of
Ecology for the 20 year loan for the recent Sewer Plant Improvements.
Passed by the City Council of the City of Arlington at a regular meeting on the 18th day
of March, 2013.
Barbara • fMayor
ATTEST:
Kristin bAnfield, City Clerk
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