HomeMy WebLinkAboutO-2790 - Transfer of funds (Special)CITY OF MARYSVILLE
Marysville. Washington
ORDINANCE NO. ~79D
AN ORDINANCE AUTHORIZING TRANSFER OF EXCESS FUNDS FROM THE
LOCAL IMPROVEMENT GUARANTY FUND TO THE GENERAL FUND AS
AUTHORIZED BY RCW 35.54.095
WHEREAS, the City Council of the City of Marysville established a Local Improvement
Guaranty Fund by Ordinance 253 adopted in 1927, all as authorized by RCW 35.54.010, and
WHEREAS. RCW 35.54.095 provides for the transfer of assets from the LID Guaranty
Fund to the General Fund of the City upon approval of Council, by ordinance and certification as
to the adequacy of Guaranty fund resources by the Treasurer provided that guaranty fund may
be reduced by such transfer to an amount not less than ten percent (10%) of the net
outstanding obligations guaranteed by such fund:
NOW, THEREFORE, the City Council of the City of Marysville do ordain as follows:
Section 1. The City Council of the City of Marysville has reviewed the certificate of the
Finance Director (attached and incorporated herein) and finds it to be adequate evidence that
the local improvement guaranty fund has sufficient funds currently on hand to meet all valid
outstanding obligations of the fund and all other obligations of the fund reasonably expected to
be incurred in the near future.
Section 2. The Finance Director is hereby directed to transfer $190,000 from the LID
Guaranty Fund to the General Fund. Said transfer will not reduce the amount of the Guaranty
Fund below 10% of the net outstanding obligations guaranteed by said fund.
Adopted this day of ----'JJ=-..>of)'-',,<.:::.U1I\.~~bt/=:::.:... , 2009
CI~RYSVILLE
By· ~K-U'
Dennis L. Kendall, Mayor
K/
r'\Approved as to form:
ByJ:;)~k~ Date of publication: 0 l' -4 I drant~TYATTORNEY Effective Date (5days ft r publication):qQt;
LID Guaranty Fund Transfer
1012212009
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Certificate of the Finance Director as to the adequacy of the LID Guaranty Fund.
I, Sandy Langdon, Finance Director for the City of Marysville find the following:
The outstanding Local Improvement Obligation as of May 31, 2009 was $0. All bonds have
been defeased.
The balance is the LID Guaranty Fund as of May 31, 2009 was $ 192,608. The amount of the
LID Guaranty fund in excess of ten percent (10%) of the outstanding LID obligations as of June
30,2009 will be $192,608
As a result of the above analysis, I certify that there is adequate evidence that the Local
Improvement Guaranty fund has sufficient funds currently on hand to meet all valid outstanding
obligations of the fund and all other obligations of the fund reasonably expected to be incurred
in the near future, therefore, allowing for the transfer of $190,000 to the General Fund
CERTIFIED BY:
DATED:
LID Guaranty Fund Transfer
1012212009
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