Rescinding Resolution No. 16-279 and Authorizing new cash flow loan for Packwood Airport ,
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF LEWIS COUNTY, WASHINGTON
RESCINDING RESOLUTION NO. 16-273 AND ) RESOLUTION NO. 16-d.t
AUTHORIZING A NEW CASH FLOW LOAN )
FROM CURRENT EXPENSE FOR PACKWOOD )
AIRPORT )
WHEREAS, the Board of County Commissioners (BOCC) have reviewed information
relating to reimbursable grants and the potential timing difference between incurring project
expenditures and receiving anticipated grant revenues; and
WHEREAS, due to the difference in timing between the funding of an approved airport
construction grant and the commencement of work on the project, the Packwood Airport Fund
405 will be left in a negative cash balance during the project; and
WHEREAS, it appears to be in the best public interest to authorize up to $900,000 on an
as needed cash flow basis loan from Current Expense Fund 001 to Packwood Airport Fund 405,
based on the awarded grant to cover the projected negative cash position until the grant
revenues are received.
NOW THEREFORE, BE IT RESOLVED that an amount up to $900,000 be made
available to be placed in the Packwood Airport Fund 405 on an as needed cash flow basis; and
that the transferred amount be considered a loan from Current Expense to said Fund 405. Said
loan shall be repaid from the approved grant as those revenues are received, provided
adequate cash balance remains in the Packwood Airport Fund 405 to cover subsequent period
expenditures; and that there shall be a 3.25% annual interest rate charged on disbursements
from current expense from the date(s) those disbursements are made until paid to cover
expenses which may legally be allocated from the Current Expense Fund for the Packwood
Airport projects.
PASSED IN REGULAR SESSION THIS 3 ISM DAY OF OCTOBER, 2016.
APPROVED AS TO FORM: BOARD OF COUNTY COMMISSIONERS
Jonat an ' yer `r•.ecuting Attorney LEWIS COUNTY, WASHINGTON
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By: Glenn, Deputy Prosecuting P.W. Schulte, Chair
Attorney �f S-t
ATTEST: Gary Stimper, Vic
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Clerk of the Board
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`'' Edna J. Fund, Co issioner
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BOCC AGENDA ITEM SUMMARY
Resolution: BOCC Meeting Date: Oct 31, 2016
Suggested Wording for Agenda Item: Agenda Type: Consent
Rescind Resolution NO. 16-273 and authorize a new cash flow loan from current expense for Packwood
Airport.
RECEIVED
Contact Lee Napier Phone: X2606 OCT 2 8 2016
Department: Community Development
LEWIS COUNTY
Action Needed: Approve Resolution PROSECUTING ATTORNEY
Description
A cash flow loan is required for payment of contractor prior to reimbursement from Federal Aviation
Administration. Currently, Resolution No. 16-273 authorizes up to $400,000 on an as needed basis. The
current project and amount due to the contractor exceeds this amount.
Approvals:
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User Group Status
Carter, Glenn Pending
Napier, Lee Pending
Lester, Rieva Pending
Additional Copies
Donna Olson, Becky Butler, Suzette Smith, Lee Napier