HomeMy WebLinkAbout4920 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
ORDINANCE NO. ~
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 TWO-YEAR
PERIOD OF TIME.
WHEREAS, there may be insufficient funds available in the
Housing and Community Development Fund (Fund No. 119) from
time to time during the period September 30, 1996 to September
30, 1998 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
FIVE HUNDRED THOUSAND DOLLARS ($500,000.00) 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
WASHINGTON, DO ORDAIN AS FOLLOWS:
OF AUBURN,
Ordinance No. 4920
October 17, 1996
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
~9_C~t~__~. Authorization is hereby 9iven for the time
period September 30, 1996 to September 30, 1998 for the
transfer of funds in an amount not to exceed FIVE HUNDRED
THOUSAND DOLLARS ($500,000) for the purpose of making an
interest free loan from the General Fund (Fund No. 001) to the
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.
~ The Mayor is hereby authorized to implement
such administrative procedures as may be necessary to carry
out the directions of this legislation.
~ This Ordinance shall take effect and be in
force five (5) days from and after its paasage, approval and
publication, as provided by law.
Ordinance No. 4920
October 17, 1996
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
INTRODUCED:
PASSED:
APPROVED:
CHARLES A. BOOTH
MAYOR
ATTEST:
City Clerk
APPROVED AS TO FORM:
Michael J. Reynolds,
City Attorney
Ordinance No. 4920
October 17, 1996
Page 3