RESOLUTION No. 2005-41

(Extend terms of Current Expense Fund loan created by Resolution 2002-58)

WHEREAS, the Board of County Commissioners of Skamania County, Washington directed the County Treasurer to loan $392,550.00 from CUMULATIVE RESERVE LOAN FUND (124.000.000); and transfer said monies to the CURRENT EXPENSE FUND, (001.000.000) per Resolution 2002-58; and

WHEREAS, the Board anticipated sufficient revenues from State Forest Board Transfer Lands would be received to timely repay this loan by September 15, 2005 but as of August 29, 2005 has only received $121,685.89; and

WHEREAS, the Board received notification from the Washington Department of Natural Resources in a letter dated August 1, 2005 that the estimated projected revenue for 2005 decreased $310,000 since the April 2005 DNR projected income report; and

WHEREAS, as of August 29, 2005 the outstanding loan balance on the loan is $255,178.68 plus interest;

NOW, THEREFORE, BE IT RESOLVED, that the repayment term for the Current Expense Loan created by Resolution 2002-58 shall be extended for one additional year for a total term of four (4) years.

PASSED IN REGULAR SESSION this _____ day of August 2005.

ATTEST: SKAMANIA COUNTY

BOARD OF COMMISSIONERS

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Chairman

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Commissioner

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Clerk of the Board Commissioner

Approved as to form only:

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Skamania County Prosecuting Attorney

Aye ____

Nay____

Abstain____

Absent____