HomeMy WebLinkAbout2887ORDINANCE NO.
AN ORDINANCE of the City of Kent,
Washington, authorizing an interfund loan from
the General Fund to the golf complex fund in an
amount not to exceed $1,200,000.00, and
providing for the accounting procedures to be
used in the establishment of such loan.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DOES
HEREBY ORDAIN AS FOLLOWS:
Section 1. The Kent City Council hereby authorizes the
establishment and accounting of an interfund loan from the Genera:
Fund to the Golf Complex Fund in an amount not to exceed
$1,200,000.00.
Section 2. The establishment and accounting of such
interfund loan shall be made pursuant to the following procedures,
1. Interest shall be charged on this loan at the rate
paid to the City by the State pool.
2. It is the determination of the Finance Director that
the golf complex fund will have sufficient revenues
to be in a position over the period of loan to make
the specified principal payments as required in thi:
ordinance. It is anticipated that the loan will be
repaid after the sale of golf course property.
3. The term of this loan shall be that time required
for repayment by use of the proceeds of the sale of
golf course property, 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 Genera -
Fund are in excess of current needs so as to be an
appropriate source of funds for this loan.
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.
DAN KELLEHER, MAYOR
ATTEST:
MARIE JENSP9,i CITY CLERK
PASSED the day of 1989.
APPROVED the day of 1989.
PUBLISHED the day of , 1989.
I hereby certify that this is a true copy of Ordinanc
No.:�Q'?U , passed by the City Council of the City of Kent,
Washington, and approved by the Mayor of the City of Kent as here
indicated.
7880-280
(SEAL)
MARIE JE , CITY CLERK
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