Laserfiche WebLink
RESOLUTION NO. R2018- 1 6 3 <br /> RESOLUTION AUTHORIZING THE CITY OF DECATUR TO PROVIDE AN <br /> INTERFUND CASH ADVANCE TO THE <br /> DECATUR PUBLIC TRANSIT SYSTEM FUND <br /> WHEREAS, the Decatur Public Transit System must have funds in an amount to affect a <br /> positive cash position at the close of business as of December 31, 2018 for the purpose of <br /> funding the payroll and other operating expenses; and, <br /> WHEREAS, the Decatur Public Transit System receives an operating grant from the <br /> Federal Department of Transportation on an annual basis and the Decatur Public Transit System <br /> has not received the Federal Department of Transportation operating grant for the federal fiscal <br /> period ending October 31, 2018; and, <br /> WHEREAS, it is necessary for the City of Decatur to provide an interfund cash advance <br /> to the Decatur Public Transit System in an amount sufficient to affect a positive cash position as <br /> of the close of business December 31, 2018 until such time that the Decatur Public Transit <br /> System receives the annual operating grant from the Federal Department of Transportation. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, <br /> ILLINOIS: <br /> Section 1. That an Interfund Cash Advance in sufficient amount to affect a positive cash <br /> position at the close of business as of December 31, 2018 to the Decatur Public Transit System <br /> Fund of the City of Decatur, Illinois, be, and the same is hereby, received, placed on file, and <br /> approved. <br /> Section 2. That the City Treasurer is hereby, authorized and directed to affect said <br /> interfund cash advance to the Decatur Public Transit System on behalf of the City of Decatur, <br /> Illinois. <br /> Section 3. That the City Treasurer is hereby authorized and directed to repay in full the <br /> amounts transferred herein to the City of Decatur at such time that the Decatur Public Transit <br /> System fund receives the federal operating grant funds or at such time that the Decatur Public <br /> Transit System fund has sufficient funds to repay the interfund cash advance to the City of <br /> Decatur, whichever occurs first. <br /> PRESENTED and ADOPTED this 17th day of December 2018. <br /> f, Julie Moore Wolfe, May - <br /> T E � <br /> ����-' <br /> Kimberly hoff, City lerk � <br />