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ORDINANCE NO. ~
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TR31NSFER OF FIINDS FOR THE PURPOSE
OF MAKING A LOAN OR LOANS FROM THE GENERAL FUND AND/OR THE
CUMULATIVE RESERVE FUND TO THE ARTERIAL STREET Fl/ND FOR UP TO
A TWO-YEAR PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from
time to time during the period September 30, 1996 to September
30, 1998 in the Arterial Street Fund (Fund No. 102) to cover
authorized expenditures while the City waits for reimbursement
of federal grant monies which have been approved
allocation to the City and for which contracts have
executed; and
WHEREAS, the General Fund (Fund No. 001) and/or the
Cumulative Reserve Fund (Fund No. 122) have sufficient funds
from which to transfer funds in an amount not to exceed ONE
and in an
MILLION DOLLARS ($1,000,000) from the General Fund
for
been
amount not to exceed NINE HUNDRED THOUSAND DOLLARS ($900,000)
from the Cumulative Reserve Fund (Fund No. 122) for the
purpose of making loans to cover authorized expenditures from
the Arterial Street Fund (Fund No. 102); and
Ordinance NO. 4921
October 17, 1996
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in the event a loan is made from the General
to the Arterial Street Fund (Fund No. 102)
the loan shall be interest free; and
WHEREAS,
Fund (Fund No. 001)
as provided above,
WHEREAS, in the event a loan is made from the Cumulative
Reserve Fund (Fund No. 122) to the Arterial Street Fund (Fund
No. 102)
percent interest
every six months
as provided herein, the loan shall be repaid at Five
(5%); however, on or about March 30, 1997 and
thereafter, the rate of interest to be paid
on the loan shall be reviewed to determine whether the
interest rate should be adjusted.
NOW, THEREFORE, THE CITY COUNCIL OF THE
WASHINGTON, DO ORDAIN AS FOLLOWS:
CITY OF AUBURN,
~9_CJ~%. Authorization is hereby given during the time
period September 30, 1996 to September 30, 1998 for the
transfer of funds to the Arterial Street Fund (Fund No. 102),
when there are insufficient funds available therein to cover
authorized expenditures while the City waits for federal grant
monies which have been approved for allocation to the City and
for which contracts have been executed, in an amount not to
exceed ONE MILLION DOLLARS ($1,000,000) from the General Fund
Ordinance No. 4921
October 17, 1996
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(Fund No. 001) for the purpose of making an interest free loan
and/or in an amount not to exceed NINE HUNDRED THOUSAND
DOLLARS ($900,000) from the Cumulative Reserve Fund (Fund No.
122) for the purpose of making a loan at the rate of five
percent (5%) interest. However, on or about March 30, 1997
and every six months thereafter, the rate of interest to be
paid on any Cumulative Reserve Fund loan shall be reviewed to
determine whether the interest rate should be adjusted.
~9~_0]~_~ 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
force five (5) days from and after its passage, approval
publication, as provided by law.
in
and
Ordinance No. 4921
October 17, 1996
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INTRODUCED:
PASSED:
APPROVED:
CH/LRLES A. BOOTH
MAYOR
ATTEST:
Robin Wohl]~uet%r, " ~-~J
city Clerk
APPROVED AS TO FORM:
City Attorney
Published:
Ordinance No. 4921
October 17, 1996
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