Resolution 4294, 1
RESOLUTION NO. 429
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDMONDS, WASHINGTON, AUTHORIZING THE TRANSFER OF
THE SUM OF $10,000.00 FROM THE COUNCIL CONTINGENCY
FUND NO. 119 TO THE GENERAL FUND NO. 001, DEPART-
MENT 830 FOR THE PURPOSE OF REHABILITATING THE
EXISTING BOYS CLUB BUILDING AND AUTHORIZING AN
INTER -FUND LOAN IN THE AMOUNT OF $8,000.00 FROM
THE L.I.D. GUARANTY FUND NO. 613 TO THE GENERAL
FUND NO. 001 DEPARTMENT 400 FOR THE PURPOSE OF
ACQUIRING A COMPUTER SYSTEM, PROVIDING FOR RE-
PAYMENT OF THE SAME AND ESTABLISHING AN INTEREST
RATE.
WHEREAS, after the adoption of the 1979 Budget, it
has come to the attention of the City Council that it is
necessary to fund rehabilitation of the Edmonds Boys Club in
order to preserve the facility and make it usable for the
purposes for which it is intended, and
WHEREAS, said rehabilitation is in the best interests
of the public health, safety and general welfare, and
WHEREAS, since the adoption of the 1979 Budget the
company owning the computer system for the City has made
said system available for purchase by the City and it cannot
be ascertained at this point in time whether there are
sufficient funds appropriated in the 1979 Budget within
General Fund No. 001 Department 400 for the purpose of
purchasing said equipment necessitating that there be an
interim loan in the amount of $8,000.00 to fund said acquisi-
tion, and
WHEREAS, the City Council has determined that it
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is in the best interests of the public to acquire said
equipment and effectuate substantial savings by reducing
annual outlays for rentals of the same equipment, now,
therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
HEREBY RESOLVES AS FOLLOWS:
Section 1. There is hereby authorized a transfer
of the sum of $10,000.00 from City Council Contingency Fund
No. 119 to the General Fund No. 001, Building and Grounds
Division 830 for the purpose of providing the needed rehabi-
litation for the Boys Club.
Section 2. There is hereby authorized an inter -
fund loan in the amount of $8,000.00 from the L.I.D. Guaranty
Fund No. 613 to the General Fund No. 001, Finance Department
400 for the purpose of acquisition of the existing computer
system. Said $8,000.00 shall be repaid either from unexpended
funds available in said department on or .before the end of
fiscal year 1979 or shall be budgeted for and repaid from
general revenues to be thus made available in the 1980
Budget. Said loan shall bear interest at the rate of five
per cent (5 %) per annum on the declining principal balance
and shall be repaid in full on or before December 31, 1980.
Section 3. The Finance Director is hereby authorized
to make the foregoing transfers and loans and all attendant
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line item adjustments necessary to effectuate the purposes
of this Resolution.
RESOLVED this 6th day of March, 1979.
APPROVED:
MAYOR, H. H. HARRISON
ATTEST /AUTHENTICATED:
CITY CLERK, IRELTE VARNEY MORAN
FILED WITH THE CITY CLERK: March 1, 1979
PASSED, By' THE° C:ITY. COUNCIL: - - March 6, 1979
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