Extending End Date for Vader Water Fund 420 authorizing Cash Flow Loan from Current Expense Fund No. 001 BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF LEWIS COUNTY, WASHINGTON
IN THE MATTER OF: }
Extending End Date for Vader Water Fund 420 }
Authorizing Cash Flow Loan from } RESOLUTION 18- 3 39
Current Expense Fund No. 001 }
WHEREAS, pursuant to Resolution 16-284 a cash flow loan was established to Vader
Fund 420 from Current Expense Fund No. 001 to facilitate a reimbursement basis grant for a
reservoir project; and
WHEREAS, a change in the project schedule and repayment schedule necessitates an
extension of the end date of the loan by two (2) years, to December 31, 2020;
NOW, THEREFORE BE IT RESOLVED that the end date of the Vader Water Fund 420
Cash Flow Loan from Current Expense No. 001 is December 31, 2020
DONE IN OPEN SESSION this 19th day of November , 2018.
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ATTEST: i�� $ a��d%e BOARD OF COUNTY COMMISSIONERS
(,-) SINGE \ce".LEW1S COUNTY, WASHINGTON
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Rieva Lester, Clerk of the Lewied� s'�°% " • ♦rPe.•�`� -J& -1
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Board of County Commissioners®. :,:,;.S Ed - J. Fund, C f'r
•r��� , / �2�L�
APPROVED AS TO FORM: . \
JONATHAN L. MEYER, Prosecuting Attorney Rose C. Jackson, Vice Chair
Prosecuti • tt• •-
B : G ry Stampe , C mmissioner
;�.epUty
BEFORE THE BOARD OF COUNTY COMMISSIONERS
OF LEWIS COUNTY,WASHINGTON
IN THE MATTER OF: }
Extending End Date for Vader Water Fund 420 )
Authorizing Cash Flow Loan from } RESOLUTION NO. 17. aa)
Current Expense Fund No. 001 }
WHEREAS, pursuant to Resolution 16-284 a cash flow loan was established to Vader Fund 420 from
Current Expense Fund No 001 to facilitate a reimbursement basis grant for a reservoir project; and
WHEREAS, a change in the project schedule necessitates an extension of the end date of the loan by
one (1)year,to December 31, 2018;
NOW, THEREFORE BE IT RESOLVED that the end date of the Vader Water Fund 420 Cash Flow Loan
from Current Expense No. 001 is December 31, 2018
DONE IN OPEN SESSION this 25"' day of September , 2017.
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ATTEST: :k ��a 4�s• BOARD OF COUNTY COMMISSIONERS
fc-‘4,41 • o� . LEWIS COUNTY, W••SHINGTON s:
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Rieva Lester, Clerk of the Le unto i o Al ,,
Board of County Commissioned 1�' �� a Gary Sta��per, hair
APPROVED AS TO FORM: •'• �Cb 1scoU.,, ry -//'`_,, 1` —`L .
JONATHAN L. ME •, Prosecutinj Ar igy .'' 'in. J. Fund, Vice wy'!
Prosec • • •tt• - / ,./ / / 14_________
BY i• -- --•: Rosert C. Jackson, Commissioner 1.
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BEFORE THE BOARD OF COUNTY COMMISSIONERS
.s OF LEWIS COUNTY,WASHINGTON
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' IN THE MATTER OF: }
Vader Water Fund 420 }
. Authorizing Cash Flow Loan from } RESOLUTION NO. 16- Li
Current Expense Fund No. 001 }
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z WHEREAS, the Board of County Commissioners have reviewed information relating to reimbursement
.i basis grants and the potential timing difference between incurring project expenses and receiving anticipated
L
3 grant revenues, the Vader Water Fund No. 420, will be in a negative cash balance during the Vader Water
j Reservoir project; and
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-u WHEREAS, it appears to be in the best public interest to authorize up to $300,000 on an as needed cash
.:s flow basis loan from Current Expense Fund No. 001 to Vader Water Fund No. 420, based on an awarded grant
•.1 funded project, to cover the projected negative cash position until anticipated grant revenues are received during
. the project.
.n NOW, THEREFORE BE IT RESOLVED that cash up to $300,000 be transferred from unencumbered
.a Current Expense Funds to the Vader Water Fund No. 420, based on awarded grant funded projects, by the
Treasurer's Office, and said transfer shall be considered a loan from Current Expense to said Fund No. 420.
�} That said loan shall be repaid, as the anticipated revenues are received, provided adequate cash balance
remains in the Vader Water Fund No. 420 to cover subsequent period expenses; and that there shall be 3.25%
t interest charged given the cash is to cover expenses which may legally be allocated from the Current Expense
:4 fund for the Vader Water Reservoir project. This loan will terminate on December 31st, 2017 or earlier if the
:i project is completed.
1
•., DONE IN OPEN SESSION this 24th day of October , 2016.
•,., ATTEST: BOARD OF COUNTY COMMISSIONERS
k � LEWIS COUNTY, WASHINGTON
, Rieva Lester, Clerk of the Lewis County '"'i-
Board of County Commissioners P.W. chulte, Chair
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APPROVED AS TO FORM: L.
JONATHAN L. MEYER, Prosecuting Attorney a-tamper, Vic- C air
; Prosecuting A
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By: ,, Z. �•• Edna J. Fund, Co" issioner
-Ml Deputy �. SCOUN7•..
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rr, SINCE \ ?i•
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BOCC AGENDA ITEM SUMMARY
Resolution: BOCC Meeting Date: Nov 19, 2018
Suggested Wording for Agenda Item: Agenda Type: Consent
Extend end date on Vader Water Fund 420 Cash Flow Loan RECEIVED
NOV 0 9 Z018
Contact 360-740-1138 Phone: Betsy Dillin 4E0,46 cook' y
Department: Public Works PKDSECUTING AMR NCY
Action Needed: Approve Resolution
Description
Pursuant to Resolution 16-284 a cash flow loan was authorized from Current Expense Fund No. 001 to Vader
Water Fund 420 for up to $300,000 on an as needed basis.
The term of the loan was intended to cover the expected construction duration of a grant funded construction
project and will expire Dec 31, 2018. The project duration has increased, and construction is now expected to
continue into 2019.
It appears to be in the best public interest to extend the loan termination date to December 31, 2020.
Additional Copies
Robin Saline, PW
Betsy Dillin, PW
Kim Amrine,PW