HomeMy WebLinkAbout2013-023`17AEREAS, Ordinance 2012-005 authorizes the Finance Director to manage the Shorr
Term Interfund Loan Program for the City; and
WHEREAS, Certain Capital Funds that are the recipient of outside funding could be
subject to a short -fall of ending fund balances at the end of any month prior to actually receiving
tutside funding dollars; and
WHEREAS, during those periods prior to receiving outside funding (grants, loans, etc.),
a fund may require a short term interfund loan to cover a negative ending fund balances until
outside funding is received; and
WHEREAS, a loan was needed at the end of September 2013 to cover an ending fund
shortfall in the Stormwater Capital Improvement Fund due to paying the costs to date associated
with the Prairie Creek Improvement Project; and
WHEREAS, the Stormwater Capital Improvement Fund should pay interest on the lol
tied to the monthly Local Government Investment Pool rate managed by the State Treasurer
Office; and I
WHEREAS, a loan in the amount of $450,000 should be sufficient to pay any addition
costs of the project until outside funding dollars are received; and i
WHEREAS, this loan shall be repaid with interest as soon as the Stormwater Capiti
Improvement Fund has sufficient funds to do so,
PASSED AND ADOPTED by the City Council of the City of Arlington in the State of
Washington on this 4th day of November, 2013.
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AT'rESST:
Y �t-�6
Kristi il\&) field, City 01—erk-
CITY OF ARLINGTON
ARLINGTON, WASHINGTON
RESOLUTION NO. 2013-022
WHEREAS, the City Council has determined that a daily opening cash change fund is —
required to conduct City operations in the Community and Economic Development Department;
Barbara Tolbert, Mayor
ATTEST:
Clergy.
rJSt e,City Attorney
RESOLUTION NO. 2013-022