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WHEREAS, Ordinance 2012-005 authorizes the Finance Director to manage the Short -
Term Interfund Loan Program for the City; and
WHEREAS, Certain Funds that are the recipient of Property Taxes could be subject to a
short -fall of ending fund balances at the end of any month prior to actually receiving property tax
dollars; and
WHEREAS, during those periods prior to Property tax dollars being received, an
operating fund may require a short term interfund loan to cover a negative ending fund balance
until property taxes are received, the majority being received in April/May and
October/November of each year; and
WHEREAS, loans were needed at the end of September and October 2013 in the total
amount of $164,593; and
WHEREAS, the Emergency Medical Services Fund should pay interest on the loan ti
to the monthly Local Government Investment Pool rate managed by the State Treasurer's Offici
PASSED AND ADOPTED by the City Council of the City of Arlington in the State of
Washington on this 2nd day of December, 2013.
CITY OF ARLINGTON
ATTE.�,ST-
Kiisti Banfield,Cit.,Clerk
Ste c Pei 1 t
111!1 �yy- ttorney
13MMOR
FROM:
Growth Fund
Emergency Medical Services Fund
Interest to be repaid at the Local Government Investment Pool monthly rate
Interest
Loan
Dame
Loan Amount
Charges
Interest Principal
Balance
2/28/2013
$ 53,670.00
$
$ $
33,670.00
3/31/2013
93,602.00
5.02
' '
127,272.00
4/30/2013
-
17.71
22.73 13,782.00
113,490.00
5/31/2013
12.68
30.39 113,490.00
'
6/30/2013
7/31/2013
8/31/2013
9/30/3013
I12,939.00
-
112,933.00
I0/31/2013
51,660.00
11.58
-
11/30/2013
17.27
28.84 164,593.00
'
Cause: Expect Property Tax Revenues inMay torepay the loan
Cause: Expect Property Tax Revenues in November to repay the loan
Local Gov. Investment Pool Rate
1/31/20]
0.1745%
2/28/2013
0.1650%
3/31/20I3
0.I789%
4/30/2013
0.1670%
5/31/2013
0.1341%
6/30/2013
0.1I36%
7/31/2015
0.1197m
8/31/2013
0.1230%
9/38/2013
0.1230%
I0/31/2019
0.1259%