HomeMy WebLinkAbout5255 ORDINANCE NO. 5255
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 SEWER FUND
(FUND NO. 431) AND/OR THE STORM FUND (FUND NO. 432) TO THE
WATER FUND (FUND NO. 430) 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 Water Fund (Fund No. 430) 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 Sewer Fund (Fund No. 431) and Storm Fund (Fund NoL
432) have sufficient funds from which to transfer funds in an amount not to
exceed TWO MILLION DOLLARS ($2,000,000) from the Sewer Fund or Storm
Fund for the purpose of making loans to cover authorized expenditures from the
Water Fund (Fund No. 430); and
WHEREAS, in the event a loan is made from the Sewer Fund (Fund No.
431) or the Storm Fund (Fund No. 432)to the Water Fund (Fund No. 430) as
provided herein, the loan shall be repaid at Five percent interest (5%); however,
about 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.
O~inance 5255
June 16,199
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NOW, THEREFORE, 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 June
1999 to June 2002 for the transfer of funds to the Water Fund (Fund No. 430),
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 TWO MILLION DOLLARS ($2,000,000) from the
Sewer Fund (Fund No. 431) or Storm Fund (Fund No. 432) for the purpose of
making a loan at the rate of five percent (5%) interest. However, about every
six months thereafter, the rate of interest to be paid on the Water Fund loan
shall be reviewed to determine whether the interest rate should be adjusted.
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.
O~inance 5255
June 16,199
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INTRODUCED: June 21, 1999
PASSED: June 21, 1999
APPROVED: June 21, 1999
L A. BOOTH
MAYOR
O~inance 5255
June 16,199
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ATTEST:
Danielle E. Daskam,
City Clerk
APPROVED AS TO FORM:
Michael J. Reynolds,
City Attorney
PUBLISHED:
Ordinance 5255
June 16, 199
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