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HomeMy WebLinkAbout5064 1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23~ 24 25 26 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 Page 1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 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 Page 2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 ATTEST: Danielle E. Daskam, Acting City Clerk APPROVED AS TO FORM: 'Michael J. Reynolds, City Attorney PUBLISHED: Ordinance No. 5064 December 30, 1997 Page 3