HomeMy WebLinkAbout2885ORDINANCE NO. a _
AN ORDINANCE of the City of Kent,
Washington, authorizing an interfund loan to
the Housing and Community Development Fund in
an amount up to $100,000.00 to be paid from the
General Fund.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY ORDAIN AS FOLLOWS:
Section 1. The Kent City Council hereby authorizes an
interfund loan to the Housing and Community Development Fund from
the General Fund in an amount not to exceed $100,000.00.
Section 2. The interfund loan shall be made pursuant to
the following procedures.
1. This loan shall be interest free as the Housing and
Community Development Fund is a federal program, an
the federal government is prohibited from paying
interest.
2. It is the determination of the Finance Director tha
the Housing and Community Development Fund will hav
sufficient revenues to be in a position to make the
specified principal payment as required in this
ordinance from the proceeds of reimbursement
payments received from billings.
3. The term of this loan shall extend to such time as
required for repayment by use of the proceeds of
reimbursement payments received from billings, but
in no case shall the term exceed three years.
4. It is the determination of the Finance Director tha
the portion of the general fund used to finance thi
loan is in excess of current needs.
5. Appropriate accounting records shall be maintained
to reflect the balances of loans payable and
receivable in both funds affected by this
transaction.
Section 3. Effective Date. This ordinance shall take
effect and be in force thirty (30) days from and after its
passage, approval and publication as provided by law.
ATTEST:
DAN KELLEHER, MAYOR
MARIE JENSEN, CLERK
APPROVED S TO ORM:
DRISCOLL, CITY ATTORNEY
PASSED the day of 1989.
APPROVED the day of 1989.
PUBLISHED the c�G'--day of �1 , 1989.
I hereby certify that this is a true copy of Ordinanc
passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here
indicated.
7860-280
-,. (SEAL)
MARIE JF S N, CITY CLERK
- 2 -