HomeMy WebLinkAbout2886ORDINANCE NO. _
AN ORDINANCE of the City of Kent,
Washington, authorizing an interfund loan from
the General Fund to the Operating Projects Fund
in an amount not to exceed $100,000.00.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY ORDAIN AS FOLLOWS:
Section 1. The Kent City Council hereby authorizes the
establishment of an interfund loan from the General Fund to the
Operating Projects Fund, a special revision fund, in an amount n
to exceed $100,000.00.
Section 2. The interfund loan shall be made pursuant to
the following procedures.
1. This loan will be made interest free as the General
(lending) Fund is unrestricted and therefore can
lend interest free except to a proprietary fund.
(The Operating Projects Fund is not a proprietary
fund.)
2. It is the determination of the Finance Director that
the Operating Projects Fund will have sufficient
revenues to be in a position over the period of loan
to make the specified principal payments as requirec
in this ordinance. Amounts will be repaid when
seized assets which fund the operating projects func
are sold.
3. The term of this loan shall be the length of time
required for repayment by use of proceeds from sale
of seized assets, but in no case shall the term
exceed three years.
4. It is the determination of the Finance Director that
the funds used to finance this loan from the General
Funds are in excess of current needs.
5. Appropriate accounting records shall be maintained
to reflect the balances of loans payable and
receivable in both funds affected by this
transaction.
Section 3. Effective Date. This ordinance shall take
effect and be in force thirty (30) days from and after its
passage, approval and publication as provided by law.
DA KELLEHER, MAYOR
ATTEST:
MARIE JEN,E.$, CIT'V CLERK
APPROVED AS TOIFO
, CITY AT
PASSED the day of 1989.
APPROVED the day of 1989.
PUBLISHED the c rZ - -day of — 1989.
I hereby certify that this is a true copy of Ordinanc
No. , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here
indicated.
7870-280
(SEAL)
MARIE JENSE CITY CLERK
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