RESOLUTION 2004-58

(To partially repay Current Expense Loans)

WHEREAS, the Board of County Commissioners has reviewed the Current Expense Fund’s current indebtedness; and

WHEREAS, Resolution 2000-20, (which authorized certain loans), requires that all such debts be reduced by the first available revenues; and

WHEREAS, the Current Expenses presently has the following indebtedness:

Resolution 2002-47 $ 291,458.31 plus interest Cumulative Reserve Loan Fund

Resolution 2002-58 $ 392,550.00 plus interest Cumulative Reserve Loan Fund

WHEREAS, RCW 76.12.030(2) requires the County to first apply state forest board transfer revenues to the reduction of any indebtedness existing in the Current Expense fund; and

WHEREAS, The Commissioners have reviewed and considered the Current Expense Fund's potential and reasonably anticipated future expenditures and revenues, and have determined that there is sufficient revenue available to partially repay the Current Expense Fund's indebtedness.

NOW, THEREFORE, BE IT RESOLVED that the County Treasurer is hereby directed to pay on the 30th day of December, 2004 $475,935.76 in state forest board transfer revenues as partial payment of the Current Expense Fund's indebtedness, as follows:

Resolution 2002-47

Final payment of Loan to Cumulative Reserve Loan Fund (124.000.000) $291,458.31

Interest to 12/30/04 $ 11,658.33

$303,116.64

Resolution 2002-58

Partial payment of Loan to Cumulative Reserve Loan Fund (124.000.000) $137,371.32

Interest to 12/30/04 $ 35,447.80

$172,819.12

Leaving a principle balance on the loans under Resolution 2002-58 of $255,178.68 to be repaid with the first available funds.

PASSED IN REGULAR SESSION this 30th day of December 2004.