5. Resolution 4550 - Resolution Authorizing a Loan to the Stream Capital Project FundREPORT TO:
FROM:
ON of Kalispell
Post Office Box 1997 • Kalispell, Montana 59903-1997 • Telephone (406) 758-7700 • FAX (406) 758-7758
Mayor Boharski and City Council Members
Amy Robertson, Finance Director
Chris Kukulski, City Manager
SUBJECT: Resolution authorizing the Finance Director to advance funds in the
amount of $500,000 from the UDAG account to the Stream Capital
Project Fund for short term financing in anticipation of receiving the
grant funding. Funding is expected to be received within 60 to 90
days.
MEETING DATE: April 17, 2000
BACKGROUND: The City has applied for an EDA Grant to be used for purchase of
the property being remodeled for the Stream, International project.
Timing makes is necessary to advance the funds for a short term.
FISCAL EFFECTS: Interest free loan to capital project fund, when spent, will cost the
UDAG fund about $7,500 in interest revenue for a period of 90 days.
RECOMMENDATION: Adopt resolution.
ALTERNATIVES: None
V WE
• '. Robertson
Finance Director
Report compiled: April 10, 2000
Chris A. Kukul i
City Manager
RESOLUTION NO. 4550
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR TO ADVANCE FUNDS FROM
THE UDAG FUND TO THE STREAM CAPITAL PROJECT FUND IN THE AMOUNT OF
$500,000.00 FOR SHORT TERM FINANCING UNTIL GRANT MONIES ARRIVE.
WHEREAS, the City has in its UDAG account funds to be invested,
WHEREAS, the Stream Capital Project Fund needs to finance a
portion of the costs to be paid from grant funds for cash
flow purposes,
WHEREAS, the District anticipates receiving grant funds in 60 to
90 days, and
WHEREAS, the City is authorized and required to transfer funds
from one fund to another fund only by resolution or
ordinance.
NOW, THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
That the Finance Director is hereby authorized and
directed to advance the aforementioned funds from the
UDAG account to the Stream Capital Project Fund.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF KALISPELL
AND SIGNED BY THE MAYOR THIS 17TH DAY OF APRIL, 2000.
Wm. E. Boharski
Mayor
Theresa White
City Clerk