HomeMy WebLinkAboutOrdinance No. 2019-013 Amending Municipal Code Section 3.90.010 Pertaining to Interfund Loans ORDINANCE NO. 2019--013
AN ORDINANCE OF THE CITY OF ARLINGTON, WASHINGTON, AMENDING
ARLINGTON MUNICIPAL CODE SECTION 3.90.010 PERTAINING TO INTERFUND LOANS
WHEREAS the City of Arlington has authorized interfund loans under certain
circumstances and conditions; and
WHEREAS, the City Council wishes to clarify certain processes relating to interfund loans
to limit their potential duration and to require passage of a resolution;
NOW,THEREFORE,the City Council of the City of Arlington does hereby ordain as follows:
Section 1. Arlington Municipal Code section 3.90.010 shall be and hereby is amended
to read as follows:
3.90.010- Interfund loans authorized.
The finance director is hereby authorized to administer an interfund loan
program. The finance director shall make interfund loans as needed to keep the
funds of the city solvent. All interfund loans must be authorized by a resolution
approved by the City Council. In conjunction with interfund loans, the finance
director shall prepare a planned schedule of repayment of the loan principal plus
applicable interest. The monthly interest rate will be the same monthly rate of
interest paid by the Washington State Local Government Investment Pool where
the city has an account for short term interest earnings. The borrowing fund
should be in a position over the period of the loan to repay the entire loan and
interest.
Section 2. Severability. If any provision, section, or part of this ordinance shall be
adjudged to be invalid or unconstitutional, such adjudication shall not affect the validity of the
ordinance as a whole or any section, provision or part thereof not adjudged invalid or
unconstitutional.
Section 3. Effective Date. This ordinance or a summary thereof consisting of the title
shall be published in the official newspaper of the City, and shall take effect and be in full force
five (5) days after publication.
ORDINANCE NO. 2019-013 1
PASSED BY the City Council and APPROVED by the Mayor this 20' day of May, 2019.
CITY OF ARLINGTON
Barbara Tolbert, Mayor
Attest:
Erin Keator, City Clerk
Approved as to form:
1
Stev J. Peiffle
City Attorney
ORDINANCE NO. 2019-013 2
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CERTIFICATION OF ORDINANCE
I, Erin Keator, being the duly appointed and City Clerk of the City of Arlington, Washington, a
municipal corporation, do hereby certify that the following Ordinance No. 2019-013 was
approved at the May 20, 2019 City Council meeting.
ORDINANCE NO. 2019-013
AN ORDINANCE OF THE CITY OF ARLINGTON, WASHINGTON
AMENDING ARLINGTON MUNICIPAL CODE SECTION 3.90.010
PERTAINING TO INTERFUND LOANS
A true and correct copy of the original ordinance is attached.
Dated this 23rd day of May 2019.
Erin Keator
City Clerk for the City of Arlington