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ORDINANCE NO. 5 2 0 2
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TRANSFER OF FUNDS FOR THE PURPOSE
OF MAKING A LOAN OH LOANS FROM THE GENERAL FUND AND/OR THE
CUMULATIVE RESERVE FUND TO THE ARTERIAL STREET FUND FOR UP TO
A THREE-YEAR PERIOD OF TIME.
WHEREAS, there may be insufficient funds available from
time to time during the period December 1998 to December 2001
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 for allocation to the
City and for which contracts have been 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
MILLION DOLLARS ($1,000,000) from the General Fund and in the
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
WHEREAS, in the event a loan is made from the General
Fund (Fund No. 001) to the Arterial Street Fund (Fund No. 102)
as provided above, the loan shall be interest free; and
WHEREAS, in the event a loan is made from the Cumulative
Reserve Fund (Fund No. 122) to the Arterial Street Fund (Fund
Ordinance No. 5202
December 16, 1998
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No. 102) as provided herein, the loan shall be repaid at Five
percent interest (5%); however, on or about March 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 should be adjusted.
NOW, THEREFOR, THE CITY COUNCIL OF THE CITY OF AUBURN,
KING COUNTY, WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Authorization is hereby given during the time
period December 1998 to December 2001 for
funds to the Arterial Street Fund (Fund No.
are insufficient funds available therein to
expenditures while the City waits for federal
which have been approved for allocation to the
which contracts have been executed, in an amount
the transfer of
102), when there
cover authorized
grant monies
City and for
not to exceed
ONE MILLION DOLLARS ($1,000,000) from the General Fund (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 of every
year and 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.
Ordinance No. 5202
December 16, 1998
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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:
21. 1998
2l. ]998
21. 1998
ATTEST:
Danielle E. Daskam,
City Clerk
CHARLES A. BOOTH
MAYOR
APPROVED AS TO FORM:
Michael J ?Reynolds,
City Attorney
Ordinance No. 5202
December 16, 1998
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