HomeMy WebLinkAboutO-2108 - Interfund loan (Special)/-~j:)~.
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CITY OF MARYSVILLE
Marysville,Washington
ORDINANCE NO.?i 08
A ORDINANCE AUTHORIZING AN INTER-FUND LOAN TO THE
WATER/SEWER OPERATING FUND FROM THE UTILITY
CONSTRUCTION FUND
WHEREAS,The City has incurred costs for the operations of a water/sewer
utility system; and
WHEREAS,these costs have either been higher than revenues in providing
water and sewer services; and
WHEREAS,the City has made adjustments to revenues to ensure revenues
exceed expenditures;and
WHEREAS,the Utility Construction Fund, currently possesses approximately
$800,000 for future construction projects, and
WHEREAS,Fund 402 has no anticipated short term need for the amount of
funds loaned.
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF MARYSVILLE,
WASHINGTON,DO ORDAIN AS FOLLOWS:
Section 1. Fund 402, the Utility Construction Fund, provide $200,000.00 to Fund 401,
the Water/Sewer Utility Fund, in the form of an inter-fund loan for a period not to exceed
Three Hundred and Sixty-Five days from the effective date of the ordinance.
Section 2. The inter-fund loan shall carry an interest rate of 10 basis points over the
rate paid by the State Treasurer on short-term investments held in the State Investment
Pool. Interest will be calculated monthly on the outstanding loan balance.
Section 3. The Finance Director may authorize repayment of the loan, in advance of the
due date, at any time that revenues are available in the debtor fund.
CITY 91 M:RYSVILLE
By ))fIM(uJuiA
Mayor
Attest:1B~A~
City Clerk
Approved as to form:/J
By-~K.lt LM.cL
City Attorney
Date of Publication:Idle;/1 ~
Effective Date (5 days after publication):/if;!//'2 t