HomeMy WebLinkAbout5251 ORDINANCE NO. 5251
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, AUTHORIZING THE TRANSFER OF FUNDS FOR THE
PURPOSE OF MAKING A LOAN OR 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 June 1999 to June 2002 in the Arterial Street Fund to cover
authorized expenditures while the City waits for reimbursement of federal, state
and local grant monies which have been approved for allocation to the City and
for which contracts have been executed; and
WHEREAS, the General Fund and/or the Cumulative Reserve Fund
have sufficient funds from which to transfer funds in an amount not to exceed
FIVE MILLION DOLLARS ($5,000,000) 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) or the Cumulative Reserve Fund (Fund No. 122) to the Arterial Street
Fund as provided above, the loan shall be interest free.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Ordinance 5251
June 16, 1999
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Section 1. Authorization is hereby given during the time period June
1999 to June 2002 for the transfer of funds to the Arterial Street Fund, when
there are insufficient funds available therein to cover authorized expenditures
while the City waits for federal, state and local grant monies which have been
approved for allocation to the City and for which contracts have been executed,
in an amount not to exceed FIVE MILLION DOLLARS ($5,000,000) from the
General Fund and the Cumulative Reserve Fund for the purpose of making an
interest free loan.
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: June 21, 1999
PASSED: June 21, 1999
APPROVED: June 21, 1999
CHARLES A. BOOTH
MAYOR
Ordinance 5251
June 16, 1999
Page :~
ATTEST:
Danielle Daskam
City Clerk
APPROVED AS TO FORM:
Mi~Rey~
City Attorney
Published:
Ordinance 5251
June 16, 1999
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