Ordinance 29320006.030.073
WSS /are
03/24/93
rev: 03/29/93
rev: 05/19/93 ORDINANCE NO. 2932
AN ORDINANCE OF THE CITY OF EDMONDS,
WASHINGTON, AUTHORIZING AN INTERFUND LOAN FROM
FUND 511 TO THE GENERAL FUND, SUBFUND 001 IN
THE AMOUNT OF $550,000 WITH LOAN AUTHORIZATION
TO EXPIRE DECEMBER 31, 1993, PROVIDING FOR A
REASONABLE RATE OF INTEREST ESTABLISHING THE
REPAYMENT PRIORITIES AS FUTURE REVENUES
BUDGETED EXPENDITURES, REQUIRING THE MAYOR AND
HER ADMINISTRATIVE SERVICES DIRECTOR TO NOTIFY
THE CITY COUNCIL WHEN FORCED TO UTILIZE
SUBFUNDS WITHIN THE GENERAL FUND FOR
APPROPRIATED EXPENDITURES IN EXCESS OF THE
CURRENT CASH BALANCE, ESTABLISHING REFUNDING
PRIORITIES, PROHIBITING ANY EXPENDITURE OR
TRANSFER OF FUNDS FROM FUND 006 AFTER .JULY 31,
1993, WITHOUT PRIOR CITY COUNCIL APPROVAL AND
FIXING A TIME WHEN THE SAME SHALL BECOME
EFFECTIVE.
WHEREAS, the City operates under a very austere budget
and the City Council recognizes that due to cyclical revenue
receipts at times the City may lack adequate cash to meet
appropriated expenditures and other lawfully incurred liabilities,
and
WHEREAS, the City Council has previously set aside
certain emergency funds which it wishes to retain separate and
apart from those funds authorized for interfund transfer and
expenditure, limiting the authority otherwise available to the
Mayor and Administrative Services Director under the provisions of
state law, and
WHEREAS, the City Council wishes to authorize a transfer
of funds to cover existing cash shortages and to provide for
43235.1 -1-
priorities for repayment of funds utilized to handle cash
shortages, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. The City Council hereby authorizes an
interfund loan from Fund 511, the Equipment Rental B Fund to the
General Fund 001 in an amount not to exceed $550,000. The Mayor
and Administrative Services Director are authorized to utilize
funds not in excess of said limit on a periodic or recurring basis
from such Fund 511 Equipment Rental B Fund until December 31, 1993.
Such funds may be drawn as needed and replenished as otherwise
provided in this ordinance. Loans from Fund 511 shall be charged
at a rate of interest equal to that paid to investors by the
Washington State Investment Pool on the date the loan is taken out.
Section 2. The Mayor and the Administrative Services
Director are directed when revenues for any month exceed the
appropriated budget expenditures for that month to repay funds
previously utilized to cover revenue shortfalls experienced during
1993 in the following order:
1.1 The Equipment Rental B Fund 511 shall
first be repaid.
2.2 The budgeted balance previously
established in the General Fund shall be
replenished in reverse numerical order
beginning with Fund 006. When Fund 006
has been fully replenished, Fund 005
shall next be replenished to its budgeted
balance and so forth through Funds 004
and 003.
43235.1 -2-
Section 3. The Mayor and Administrative Services
Director are hereby directed to notify the City Council in writing
at the City Council meeting next following the date when they are
forced to utilize funds outside of the General Fund, subfund 001
and 002. Subject to the provision of Section 4, the use of Funds
003, 004, 005 and 006 to cover cash shortfalls is approved provided
that written notification is provided to the City Council at the
meeting next following such required use. If the need to utilize
such funds can be reasonably anticipated, the Mayor and
Administrative Services Director are requested to provide prior
notification.
Section 4. After July 31, 1993, the Mayor, City Council
and Administrative Services Director are hereby ordered and
directed not to expend, direct or otherwise divert funds from Fund
006 without prior City Council authorization, rendered at an open
meeting on the record by a majority vote of the City Council. This
duty is hereby established as a fundamental duty of their
respective offices.
Section 5. Severability. If any section, sentence,
clause or phrase of this ordinance should be held to be invalid or
unconstitutional by a court of competent jurisdiction, such
invalidity or unconstitutionality shall not affect the validity or
constitutionality of any other section, sentence, clause or phrase
of this ordinance.
43235.1 -3-
Section 6. Effective Date. This ordinance, being an
administrative action, is not subject to referendum and shall take
effect five (5) days after publication.
ATTEST /AUTHENTICATED:
Y CLERK, ONDA J. MARCH
D-�XS TO FORM:
OF _-HE- CITY ATTORNEY:
BY
• • �ii�i
FILED WITH THE CITY CLERK: May 20, 1993
PASSED BY THE CITY COUNCIL: May 25, 1993
PUBLISHED: May 30, 1993
EFFECTIVE DATE: June 4, 1993
ORDINANCE NO. 2932
43235.1 -4-
SUMMARY OF ORDINANCE NO. 2932
of the City of Edmonds, Washington
On the 25th day of May , 1993, the City Council of
the City of Edmonds, passed Ordinance No. 2932 . A summary
of the content of said ordinance, consisting of the title, provides
as follows:
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON, AUTHORIZING AN
INTERFUND LOAN FROM FUND 511 TO THE GENERAL FUND, SUBFUND 001 IN
THE AMOUNT OF $550,000 WITH LOAN AUTHORIZATION TO EXPIRE DECEMBER
31, 1993, PROVIDING FOR A REASONABLE RATE OF INTEREST ESTABLISHING
THE REPAYMENT PRIORITIES AS FUTURE REVENUES BUDGETED EXPENDITURES,
REQUIRING THE MAYOR AND HER ADMINISTRATIVE SERVICES DIRECTOR TO
NOTIFY THE CITY COUNCIL WHEN FORCED TO UTILIZE SUBFUNDS WITHIN THE
GENERAL FUND FOR APPROPRIATED EXPENDITURES. IN EXCESS OF THE CURRENT
CASH BALANCE, ESTABLISHING REFUNDING PRIORITIES, PROHIBITING ANY
EXPENDITURE OR TRANSFER OF FUNDS FROM FUND 006 AFTER JULY 31, 1993,
WITHOUT PRIOR CITY COUNCIL APPROVAL AND FIXING A TIME WHEN THE SAME
SHALL BECOME EFFECTIVE.
request.
The full text of this Ordinance will be mailed upon
DATED this 26th day of May , 1993.
Affidavit of Publication
STATE OF WASHINGTON,
sa
COUNTY OF SNOHO1vISH,
The undersigned, being first duly sworn on oath deposes and says
SUMMARY OF O: RDINANCE N0: 2932 that she is Principal Clerk of THE HERALD, a daily newspaper
of the CHY of Edmonds, Washington s 4
25th day of May, 1993, the city council of the city of printed and published in the City of Everett, County of Snohomish,
Passed Ordinance No. 2932. A summary of the cOnteflt*
I inance, consisting of the rifle provides W follows: and State of Washington; that said newspaper is a newspaper of
DANCE OF THE CITY OF Ei>MONDS, WASHINGTON
!ING AN INTERFUND LOAN FROM FUND 511 TO THi?�
IN AUTkOR ZATION TO EXPIRE DECEMBER $1509936 general circulation in said County and State; that said newspaper
G FOR A REASONAB`E RATE OF INTEREST EtTAB -w
THE REPAYMENT PRIORITIES -AS FUTURE,, has been approved as a legal newspaper by order of the Superior
S BUDGETED EXPENDITURES REQUIRING THE"
ND HER ADMINISTRATIVE SERVICES DIRECTOR TO
'HE CITY COUNCIL WHEN FORCED TO UTILIZE Court of Snohomish County and that the notice ......... ...............................
i WITHIN THE GENFRAi cuun cno ...,........
City:of Edmonds — Summary of Ordinance No. 2932
.. ............................................ .....................I.........
na.FUN TexT OT This Ordinance will be mailed upon request. ='
DATED this 26th day of May 1993.'
RHONbA J. MARCH, City Clerk
Published: May 30, 1993. ...................................................................................................... ...............................
B -2 -1
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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:
May- 30.,.-.1.993
..... ..................... ..........
and that said rje�ul
during all' of said
_..
.. ...... .........................
................................................................... ...............................
;paper was regularly distributed to its subscribers
eriod. '
... ............... ................
% Principal Clerk
Subscribed and sworn to before me this.............. t
June : 93
Sy�of .... .. ..................... --- ...................1 19 .........
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...........1............ J.!.--- - - -... f ....._............ !
Notary Public in and for Washington,
residing at Everett, Sn o u1 ty.
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�9t 5 -19 -94
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