Information

Type: Deliberation

Department: BUD - Budget

Directors' Update: TBD

Business Meeting: July 19, 2022

Summary:

Authorizing an interfund loan from Capital Facilities Plan Fund No. 3100 to COVID-19 Response Fund No. 1410

Publications:

Cover Letter To:

Additional Copies To: Arny Davis, Rodney Reynolds, Larry Grove, Doug Carey, Steve Wohld, Grace Jimenez and Erik Martin

Resolution

WHEREAS, the Lewis County Board of County Commissioners (BOCC) established a separate fund titled COVID-19 Response Fund No. 1410 for all COVID-19 expenditures eligible for federal reimbursement; and

WHEREAS, Resolution 20-194 authorized an inter-fund loan from Capital Facilities Plan Fund No. 3100 to the COVID-19 Response Fund No. 1410 for payment of up to $4,371,400.00 of reimbursable expenses related to the COVID relief efforts in Lewis County; and

WHEREAS, the county continues to receive federal and state funding in order to respond to the continuing Public Health emergency and associated economic impacts; and

WHEREAS, it is necessary to increase the cash-flow loan amount and extend the period in which funds will be available to cover reimbursable expenditures related to the COVID-19 relief efforts in Lewis County; and

WHEREAS, it appears to be in the best public interest to authorize an inter-fund loan from Capital Facilities Plan Fund No. 3100 to the COVID-19 Response Fund No. 1410 for up to $2,000,000 to be utilized for payments of expenditures related to COVID-19 response efforts in Lewis County.

NOW THEREFORE BE IT RESOLVED that the term of the inter-fund loan shall be up to 12 months with an interest rate of 0.00%, due to the short term of the loan, and principal payment shall be completed upon final reimbursement payment received from the grantors. There will be no penalty for early or pre-payments on the loan.

DONE IN OPEN SESSION this 19th day of July, 2022.