Information

Type: Deliberation

Department: BUD - Budget

Directors' Update: June 3, 2020

Business Meeting: June 8, 2020

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, Suzette Smith and Erik Martin

Resolution

WHEREAS, the Board of County Commissioners has received and reviewed information related to the Department of Commerce administration of Coronavirus Relief funding reimbursements for Lewis County in the amount of $4,371,400.00 to be used for COVID-19 related expenditures and economic related support in Lewis County; and

WHEREAS, the Lewis County Board of County Commissioners established a separate fund titled, COVID-19 Response Fund No. 1410, for all COVID-19 expenditures eligible for federal reimbursement and the receipting of funds from the Washington State Department of Commerce and the Federal Emergency Management Administration; 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 COVID 19 Response fund 1410 for payment of up to $4,371,400.00 of reimbursable expenses related to the COVID relief efforts in Lewis County; and

WHEREAS, that an inter-fund loan is authorized from Capital Facilities Plan Fund No. 3100 to COVID-19 Response Fund 1410 for up to $4,371,400.00 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 Washington State Department of Commerce.  There will be no penalty for early or pre-payments on the loan.

DONE IN OPEN SESSION this 8th day of June, 2020.