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HomeMy WebLinkAboutR09-084 Interfund Loan to Capital Improvement Airport FundCommissioner -' `~`' ~--- `-~ v ~ moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO 0 RESOLUTION NO. 09 - G ~~ RESOLUTION AUTHORIZING AN INTERFUND LOAN TO THE CAPITAL IMPROVEMENT PROJECT FUND FROM THE AIRPORT FUND AND PROVIDING FOR REPAYMENT OF THE LOAN. WHEREAS, additional funds are required to purchase right of way for the planned Airport Interchange on Interstate 70; WHEREAS, three hundred and fifty thousand dollars ($350,000.00) is in additional funds are necessary for the purchase; WHEREAS, fifty thousand dollars ($50,000.00) is being contributed by the Town of Gypsum; WHEREAS, the Capital Improvements Project Fund does not have funds budgeted to make the remaining three hundred thousand dollar ($300,000) contribution of additional funds; WHEREAS, the Capital Improvements Project Fund has an immediate need for this money to fund the acquisition of the right of way for the Airport Interchange in Interstate 70; and WHEREAS, the Airport Fund has reserves in an amount sufficient to fund the additional dollars at this time, provided such funds are returned under the terms and conditions of this Resolution. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Eagle County Finance Director is hereby authorized and directed to make an interfund loan from the Airport Fund to the Capital Improvements Project Fund in the amount of three hundred thousand dollars ($300,000.00) to cover the additional contributions necessary for right of way acquisition for the planned Airport Interchange on Interstate 70. This loan shall be repaid from the Capital Improvements Fund. The loan shall be for a term of three (3) years and shall bear interest at the rate of 4% per annum. Any or all of this loan may be repaid at any time with no pre-payment penalty. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, safety and welfare of the residents of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the I a ~~` day of ~t~~> ' , 2009. COUNTY OF EAGLE, STATE OF COLORADO, by and Through Its ATTEST: ~ ~., ~''°OARD OF COUNTY COMMISSIONERS o cn ~~~~ C er to the l~oa'of `~"-"'" ~ <oe County Commissioners Commissioner ~~ ~~ ~`~ seconded having been called, the vote was as follows: Sara J. Fisher Chairman ~~ Jon Stavney ~, Commissioner Fisher ~l--a.. 4 Commissioner Stavney ~ ~.~. ~ Commissioner Runyon ~ Runyon ssioner of the foregoing resolution. The roll This Resolution passed by ~ ` b vote of the Board of County Commissioners of the County of Eagle, State of Colorado. TERM SHEET ' 1) Requested hearing date: August 18th, 2009 2) Requesting department: Finance Department 3) Title: Resolution authorizing an interfund loan to the Capiti~l Improvement project fund from the Airport Fund and providing for repayment of the loan. ~ .' 4) Staff submitting: John Lewis, Finance Director ~ ~ f,, ~ r . ~,~ 5) Purpose: To approve the interfund loan ~ ~ ~ C~ ~ ~~ 6) Schedule: N/A - ~ ~ ~'~~ ~' ~~ '\, 7) Financial considerations: 8) Other: i~u - ~`~~~ ~A~ ~-~ i ~__ . ApPRO ~ ' AS ~O F RM R., _ r y Eagle County Attorney's Office [3y:~.r---~- ~agie County Commission®rs' Of ice