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ORDINANCE NO. 5 2 0 3
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, there may be insufficient funds available in the
Housing and Community Development Fund (Fund No. 119) from
time to time during the period December 1998 to December 2001
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) 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 1998 to December 2001 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
Ordinance No. 5203
December 16, 1998
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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 21, 1998
December 21. 1998
December 21. 1998
CHARLES A. BOOTH
MAYOR
Ordinance No. 5203
December 16, 1998
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ATTEST:
'D~nielle E. Daskam,
City Clerk
APPROVED AS TO FORM:
~Michael ~. R~n~ds,
City Attorney
Ordinance No. 5203
December 16, 1998
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