HomeMy WebLinkAbout5614ORDINANCE NO. 5 6 1 4
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PURPOSE OF MAKING AN INTEREST FREE LOAN FROM THE GENERAL
FUND TO THE HOUSING AND COMMUNITY DEVELOPMENT FUND FOR
UP TO A THREE-YEAR PERIOD OF TIME.
WHEREAS, them may be insufficient funds available in the Housing and
Community Development Fund (Fund No. 119) from time to time during the
period December 2001 to December 2004 to cover authorized expenditures
while the City waits for reimbursement of HUD Block 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 TWO HUNDRED FIFTY
THOUSAND DOLLARS ($250,000) for the purpose of making an interest free
loan to cover authorized expenditures from the Housing and Community
Development Fund.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
KING COUNTY, WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby given for the time period December
2001 to December 2004 for the transfer of funds in an amount not to exceed
TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000)for the purpose of
making an interest free loan from the General Fund (Fund No. 001) to the
Ordinance No. 5614
November 20, 2001
Page 1 of 3
Housing and Community Block Grant Fund (Fund No. 119) when there are
insufficient funds available in the Housing and Community Block Grant Fund to
cover authorized expenditures while the City waits for receipt of HUD Block
Grant monies which have been approved for allocation to the City.
Section 2. The Mayor is hereby authorized to implement such
administrative procedures as may be necessary to carry out the directions 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:
December 3, 2001
Decer~ber 3, 2001
December 3, 2001
CHARLES A. BOOTH
MAYOR
Ordinance No. 5614
November 20, 2001
Page 2 of 3
Danielle E. Daskam,
City Clerk
APPROVED AS TO FORM:
Michael J. Reynold ,sT'~
City Attorney
PUBLISHED: /~//'7/¢/
Ordinance No. 5614
November 20, 2001
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