Authorize a cash-flow loan from Current Expense Fund No. 0010 to Cowlitz River Basin Subzone Fund 1260. BEFORE THE BOARD OF COUNTY COMMISSIONERS
LEWIS COUNTY, WASHINGTON
IN THE MATTER OF: RESOLUTION NO. 20-047
AUTHORIZING CASH-FLOW LOAN FROM CURRENT
EXPENSE FUND NO. 0010 TO COWLITZ RIVER BASIN
SUBZONE FUND 1260
WHEREAS, the Board of County Commissioners (BOCC) has reviewed information
relating to reimbursement basis grants and the potential timing difference between
incurring project expenses and receiving anticipated grant revenues, the Cowlitz River
Basin Subzone Fund No. 1260, will be in a negative cash balance during the FEMA
floodplain study of the Upper Cowlitz Basin; and
WHEREAS, it appears to be in the best public interest to authorize up to $650,000 on
an as-needed, cash-flow basis loan from Current Expense Fund No. 0010 to Cowlitz
River Basin Subzone Fund No. 1260, based on an awarded grant funded project, to
cover the projected negative cash position until anticipated grant revenues are
received during the project.
NOW THEREFORE BE IT RESOLVED that cash up to 5650,000 be transferred from
unencumbered Current Expense Funds to the Cowlitz River Basin Subzone Fund No.
1260 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. 1260. That
said loan shall be repaid, as the anticipated revenues are received, provided adequate
cash balance remains in the Cowlitz River Basin Subzone Fund No. 1260 to cover
subsequent period expenses; and that there shall be 3.25% interest charged given the
cash is to cover expenses which may legally be allocated from the Current Expense
fund for the FEMA floodplain study of the Upper Cowlitz Basin. This loan will terminate
on December 31, 2020, or earlier if the project is completed.
DONE IN OPEN SESSION this 3rd day of February, 2020.
APPROVED AS TO FORM: BOARD OF COUNTY COMMISSIONERS
Jonathan Meyer, Prosecuting Attorney LEWIS COUNTY, WASHINGTON
Amber Smith Gary Stamper
By: Amber Smith, Gary Stamper, Chair
Deputy Prosecuting Attorney
ATTEST: Edna J . Fund
Edna J. Fund, Vice Chair
Rieva Lester Robert C . Jackson
Rieva Lester, Robert C. Jackson, Commissioner
Clerk of the Lewis County Board of County
Commissioners
BOCC AGENDA ITEM SUMMARY
Resolution: BOCC Meeting Date: Feb. 3, 2020
Suggested Wording for Agenda Item: Agenda Type: Deliberation
Authorizing cash-flow loan from Current Expense Fund No. 0010 to Cowlitz River Basin Subzone
Fund 1260
Contact: Becky Butler Phone: 360-740-1198
Department: PW - Public Works
Description:
Authorizing cash-flow loan from Current Expense Fund No. 0010 to Cowlitz River Basin Subzone
Fund 1260
Approvals: Publication Requirements:
Publications:
User Status
Josh Metcalf Pending
Kim Amrine Pending
PA's Office Approved
Shelly Stewart Pending
Additional Copies: Cover Letter To:
Rodney Reynolds, Arny Davis, Suzette Smith,
Josh Metcalf, Tina Hemphill