Ordinance 34310006.90000
WSS /gjz
12/5/02
ORDINANCE NO. 3431
AN ORDINANCE OF THE CITY OF EDMONDS,
WASHINGTON, AMENDING THE PROVISIONS OF TITLE 3
REVENUE AND FINANCE TO ADOPT A NEW CHAPTER
3.22 INTERFUND LOANS, AND FIXING A TIME WHEN THE
SAME SHALL BECOME EFFECTIVE.
WHEREAS, the City's revenues, particularly from property taxes, do not provide
a steady income stream to the City, but rather fluctuate throughout the budget year, and
WHEREAS, the needs of the City are such that present operating expenses may
require loans from various funds of the City, and
approve, and
WHEREAS, such loans are within the statutory authority of the City Council to
WHEREAS, the City Council wishes to provide an orderly process for such loans
by authorizing the Administrative Services Director, an individual bonded and insured, to
manage such loan processes on a daily basis, without regard to the City Council's meeting
schedule in order to minimize interest expense and to carefully tailor such loans and repayment
to the revenue needs and expense obligations of the City, and
WHEREAS, the City Council deems it appropriate to authorize the
Administrative Services Director to administer an interfund loan program, subject to monthly
reporting to the City Council, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
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Section 1. Title 3 Revenue and Finance of the Edmonds City Code is hereby
amended by the adoption of a new Chapter 3.22.Interfund Loan Program.
3.22.010 Interfund loans authorized.
The Finance Director is hereby authorized to administer an
interfund loan program. When the timing of receipt of budgeted
revenues of the City is such that an adequate general fund balance
may not be available to meet the budgeted expenditures of the
City, either presently or within the immediately foreseeable future,
the Administrative Services Director is hereby authorized to
provide loans to the general fund from the other funds of the City.
Loans may also be made to other funds of the City such as the
multi -modal fund. Transfers made in order to anticipate the receipt
of grant monies may only be made in order to anticipate grant
funds for which a binding contractual right to receive monies from
the State or federal government has been established. Any such
loans shall be first taken from the Emergency Financial Reserve
Fund No. 006 and then from any other funds with available fund
balances, such as the utility funds, changing such rate of interest as
may be required pursuant to state law.
3.22.020 Report to the City Council.
The Administrative Services Director shall include a report of any
such loans and subsequent repayments to the City Council in
conjunction with the Administrative Services Director's monthly
reports to the City Council regarding the ending fund cash balance
of the City. Any City Council member may request or the Mayor
direct the Administrative Services Director to make such additional
reports as may be necessary to fully inform the City Council of any
revenue deficit or interfund loan or similar transfer.
3.22.030 Repayment directed.
The Administrative Services Director is directed and authorized to
repay such loans, in whole or in part, when budgeted general fund
revenues are received sufficient to cover the projected foreseeable
needs of the City for the ensuing month of the budget year. In the
event of doubt regarding the foreseeable needs of the City, the
Finance Director is encouraged to consult with the Mayor and
Council President and to bring questions regarding borrowing or
repayment to the City Council for its advice.
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Section 2. Effective Date. This ordinance, being an exercise of a power specifi-
cally delegated to the City legislative body, is an administrative and legislative act not subject to
referendum, and shall take effect five (5) days after passage and publication of an approved
summary thereof consisting of the title.
APPROVED:
MAY GAVffAAKENSON
ATTEST /AUTHENTICATED:
ITY CLERK, SANDRA S. CHASE
APPROVED AS TO FORM:
OFFICE OF THE CIW ATTORNEY:
BY ) 5�
W. Scott Snyder
FILED WITH THE CITY CLERK: 12/13/2002
PASSED BY THE CITY COUNCIL: 12/17/2002
PUBLISHED: 12/25/2002
EFFECTIVE DATE: 12/30/2002
ORDINANCE NO. 3431
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SUMMARY OF ORDINANCE NO. 3431
of the City of Edmonds, Washington
On the 17th day of December, 2002, the City Council of the City of Edmonds,
passed Ordinance No. 3431. A summary of the content of said ordinance, consisting of the title,
provides as follows:
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON, AMENDING THE
PROVISIONS OF TITLE 3 REVENUE AND FINANCE TO ADOPT A NEW CHAPTER 3.22
INTERFUND LOANS, AND FIXING A TIME WHEN THE SAME SHALL BECOME
EFFECTIVE.
The full text of this Ordinance will be mailed upon request.
DATED this 18th day of December, 2002.
'z-(-� "y- &�.
CITY CLERK, SANDRA S. CHASE
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STATE OF WASHINGTON,
COUNTY OF SNOHONHSH
UMMARY OF ORDINANCE N0.3431
of t e ity o dmon s, Washington
On the 17th day of December, 2002, the City Council of
the City of Edmonds, passed Ordinance No. 3431. A'
summary of the content of said ordinance, consisting of
the title, provides as follows:
AN I GTTON! AMENDING THE I PROVISIONS OF 717E 3
REVENUE AND FINANQF TO ADOPT A NEW CHAPTER
3.22 INNTLKf UND LUArva, AND FIXING A TIME WHEN
THE A HALL ME EFFECTIVE.
The full text of this ordinance will be mailed upon
request.
DATED this 18th dCalY of C ERK, SANDRA S. CHASE
Published: December 25, 2002.
Affidavit of Publication
S.S.
The undersigned, being first duly sworn on oath deposes and says that she is
Principal Clerk of THE HERALD, a daily newspaper printed and published
in the City of Everett, County of Snohomish, and State of Washington; that
said newspaper is a newspaper of general circulation in said County and
State; that said newspaper has been approved as a legal newspaper by order
of the Superior Court of Snohomish County and that the notice
Summary of Ordiance No. 3431
City of Edmonds
a printed copy of which is hereunto attached, was published in said newspaper
proper and not in supplement form, in the regular and entire edition of said
paper on the following days and times, namely:
December 25, 2002
and that said newspaper was regularly distributed to its subscribers during
all of said period.
Subscribed and sworn to before me this
day of December,
Notary Public in and
Everett, Snohomish (
RECEIVED
t+;:C 3 0 2002
EDMONDS CITY CLERK
Principal Clerk
26th
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