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STATE OF WASHINGTON
County of Jefferson
In the Matter of an Inter-fund Loan }
From the General Fund to the Clocktower Fund}
RESOLUTION NO. 62-06
WHEREAS, the Clocktower Fund is a capital Fund that retains no working capital; and
WHEREAS, the Clocktower Refurbishment Project is largely funded by expense
reimbursement grants; and,
WHEREAS, the Clocktower Fund is estimated to need $500,000 in working capital in
order to comply with the various grant reimbursement requirements; and,
WHEREAS, the Clocktower Refurbishment Project is expected to be completed this year
and should be able to return the working capital monies to the General Fund by April of 2007;
and,
WHEREAS, the County Administrator is supportive of this loan,
THEREFORE BE IT RESOL VED, that the Board of Commissioners hereby directs the
Treasurer to transfer $500,000.00 from the General Fund (001) to the Clocktower Fund (303) by
October 20th, 2006 as an inter-fund loan. The Treasurer will assist in the process of the
repayment of this inter-fund loan in 2007; the Board of Commissioners further directs that the
Clocktower Fund (303) shall pay interest to the General Fund on the loan amount at the pool
rate plus 1 %; and that repayment of principal plus interest shall made in the entirety on or before
5/31/2007.
APPROVED this 9th day of October
,2006.
JEFFERSON COUNTY
BO F C MISSIONERS
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Julie Matthes, CMC
Deputy Clerk of the Board
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