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A RESOLUTION OF THE CITY OF JONESBORO TO APPROVE TEMPORARY TRANSFER OF FUNDS FROM THE GENERAL FUND TO THE JETS FUND AS NEEDED TO SUSTAIN A POSITIVE CASH FLOW.
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WHEREAS, the Jonesboro Economical Transit System (JETS) is a Department of the City of Jonesboro operating under the regulation of the Federal Transit Authority and the Arkansas Highway and Transportation Department for the purposes of providing public transportation for the City of Jonesboro; and
WHEREAS, the majority of JETS funding comes from Federal Transit Authority reimbursement under provisions of 49 U.S.C. 5307; and
WHEREAS, such reimbursements are received by JETS only after qualifying, documented expenses have been filed with the Federal Transit Authority; and
WHEREAS, the filing process occasionally results in delays in reimbursement which significantly impair JETS ability to conduct its daily operations; and
WHEREAS, JETS is currently experiencing a shortage in its operating account due to a reimbursement delay; and
WHEREAS, the City of Jonesboro has sufficient cash reserves to provide a transfer of funds in the amount of $50,000 into the JETS Fund for the temporary relief of the shortage in JETS operating account; and
WHEREAS, JETS agrees that such revenue temporarily transferred from the City of Jonesboro General Fund into its account for the relief of its operating account shortfall shall be reimbursed from the JETS Fund into the City of Jonesboro General Fund on or before, June 30, 2009.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL FOR THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: The city authorizes temporary interfund transfers to the JETS Fund from the City of Jonesboro General Fund for the purpose of sustaining a positive cash flow as needed.
SECTION 2. The transfer of funds should not exceed $50,000.
SECTION 3. Funds transferred into the JETS Fund from the City of Jonesboro General Fund in accordance with Sections 1 and 2 above shall be fully reimbursed on...
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