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ORDINANCE NO. 5 0 6 4
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TRANSFER OF FUNDS FOR THE PURPOSE
OF MAKING A LOAN FROM THE GENERAL FUND TO THE AIRPORT FUND FOR
UP TO A SIX MONTH PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from
time to time during the period January 1998 to June 1998 in
the Airport Fund (Fund No. 435) to cover authorized
expenditures while the City waits for reimbursement of federal
grant monies which have been approved for allocation to the
City and for which contracts have been executed; and
WHEREAS, the General Fund (Fund No. 001) has sufficient
funds from which to transfer funds in an amount not to exceed
FIVE HUNDRED THOUSAND DOLLARS ($500,000) from the General Fund
for the purpose of making a loan to cover authorized
expenditures from the Airport Fund (Fund No. 435); and
WHEREAS, in the event a loan is made from the General
Fund (Fund No. 001) to the Airport Fund (Fund No. 435) as
provided above, the loan shall be interest free.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby given during the time
period January 1998 to June 1998 for the transfer of funds to
the Airport Fund (Fund No. 435), when there are insufficient
Ordinance No. 5064
December 30, 1997
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funds available therein to cover authorized expenditures while
the City waits for federal 9rant monies which have been
approved for allocation to the City and for which contracts
have been executed, in an amount not to exceed FIVE HUNDRED
THOUSAND DOLLARS ($500,000) from the General Fund (Fund No.
001) for the purpose of makin9 an interest free loan.
Section 2. The Mayor is hereby authorized to implement
such administrative procedures as may be necessary to carry
out the direction of this legislation.
Section 3. This Ordinance shall take effect and be in
force five (5) days from and after its passage, approval and
publication, as provided by law.
INTRODUCED:
PASSED:
APPROVED:
January 5, 1998
January 5, 1998
January 5, 1998
CHARLES A. BOOTH
MAYOR
Ordinance No. 5064
December 30, 1997
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ATTEST:
Danielle E. Daskam,
Acting City Clerk
APPROVED AS TO FORM:
'Michael J. Reynolds,
City Attorney
PUBLISHED:
Ordinance No. 5064
December 30, 1997
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