HomeMy WebLinkAbout5201 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. 5 2 0 i
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TR/LNSFER OF FUNDS FOR THE PURPOSE
OF MAKING LOANS FROM THE GENERAL FUND TO THE AIRPORT FUND FOR
UP TO A THREE YEAR PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from
time to time during the period of December 1998 to December
2001 in the Airport Fund (Fund No. 435) to cover authorized
expenditures while the City waits for reimbursement of federal
grant moneys which have been approved for allocation to the
City and for which contracts have been executed and unforeseen
expenditures as a result of regulatory requirements or
necessity; and
WHEREAS, the General Fund (Fund No. 001) has sufficient
funds from which to transfer funds in an amount not to exceed
FOUR HUNDRED THOUSAND DOLLARS ($400,000) from the General Fund
for the purpose of making loans to cover authorized
expenditures related to federal grant programs and/or for
unforeseen expenditures as a result of regulatory requirements
or necessity 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) to
cover authorized expenditures related to federal grant
programs, the loan shall be interest free and the amount of
Ordinance No. 5201
December 16, 1998
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
the loan shall be up to TWO HUNDRED FIFTY THOUSAND DOLLARS
($250,000); and
WHEREAS, in the event a loan is made from the General
Fund (Fund No. 001) to the Airport Fund (Fund No. 435) for
unforeseen expenditures as a result of regulatory requirements
or necessity, the loan shall be repaid at Five percent
interest (5%); however, on or about June of every year and
every six months thereafter, the rate of interest to be paid
on the loan shall be reviewed to determine whether the
interest rate shall be adjusted. The amount of the loan shall
not exceed ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000).
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
KING COUNTY, WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby 9iven durin9 the time
period December 1998 to December 2001 for the transfer of
funds to the Airport Fund (Fund No. 435), when there are
insufficient funds available therein to cover authorized
expenditures which have been approved for allocation to the
City
not to exceed FOUR HUNDRED THOUSAND
the General Fund (Fund No. 001).
Section 2. The Mayor is hereby
such administrative procedures
out the direction of this
and for which contracts have been executed, in an amount
DOLLARS ($400,000) from
authorized to implement
as may be necessary to carry
lewislation.
Ordinance No. 5201
December 16, 1998
Page 2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2O
21
22
23
24
25
26
Section 3. This Ordinance shall
force five (5) days from and after its
publication, as provided by law.
take effect and be in
passage, approval and
INTRODUCED:
PASSED:
APPROVED:
r~mh~,, 2] ~ ] 998
December 21, 1998
Decembe~; 21, 1998
ATTEST:
CHARLES A. BOOTH
MAYOR
Danielle E. Daskam,
City Clerk
APPROVED AS TO FORM:
Michael J. Reynolds,
City Attorney
PUBLISHED:
Ordinance No. 5201
December 16, 1998
Page 3