Ordinance 3649ORDINANCE NO. 3649
AN ORDINANCE OF THE CITY OF EDMONDS,
WASHINGTON, AMENDING THE PROVISIONS OF
CHAPTER 3.22 INTERFUND LOANS TO AUTHORIZE IN
GENERAL THE ADMINISTRATIVE SERVICES DIRECTOR
TO MAKE INTERFUND LOANS BETWEEN FUNDS AS
NEEDED, AND TO MODIFY FREQUENCY OF REPORTING,
AND FIXING A TIME WHEN THE SAME SHALL BECOME
EFFECTIVE.
WHEREAS, it has been the City's experience that interfund loans are not required
to cover deficit in the general fund; and
WHEREAS, it has been the City's experience that in most situations when
interfund loans are needed, the emergency financial reserve fund No. 006 is administratively not
a practical lender fund; and
WHEREAS, it has been the City's experience that interfund loans are more
commonly made between other City funds unrelated to the general fund or the emergency
financial reserve fund No. 006, and
WHEREAS, the City Council deems it appropriate to authorize the
Administrative Services Director to administer the interfund loan program, subject to regular
reporting to the City Council, on an "as needed" basis to keep the different funds of the City
solvent, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN AS FOLLOWS:
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Section 1. ECC 3.22.010 Interfund loans authorized is hereby amended by to
read as follows:
as follows:
3.22.010 Interfund loans authorized.
The Administrative Services Director is hereby authorized to
administer an interfund loan program. The Administrative
Services Director shall make interfund loans as needed to keep the
funds of the City solvent. In conjunction with interfund loans, the
Administrative Services Director shall prepare a planned schedule
of repayment of the loan principal plus applicable interest. A
reasonable rate of interest based on external rate available to the
City shall be charged by the lending fund, unless the borrowing
fund has no other source of revenue other than the lending fund, or
is normally funded by the lending fund. In addition, the borrowing
fund must anticipate sufficient revenues to be in a position over the
period of the loan to make the specified principal and interest
payments.
Section 2. ECC 3.22.020 Report to the City Council is hereby amended by to read
3.22.020 Report to the City Council.
The Administrative Services Director shall, as needed but not less
frequently than once a quarter, include a report of any such loans
and subsequent repayments to the City Council in conjunction with
the Administrative Services Director's quarterly budget reports to
the City Council. 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.
Section 3. 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.
Section 4. 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
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referendum, and shall take effect five (5) days after passage and publication of an approved
summary thereof consisting of the title.
ATTEST /AUTHENTICATED:
2z - zxdAg�'
CITY CLERK, SANDRA S. CHASE
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY:
BY sew
J& -
W. Scott Snyder
FILED WITH THE CITY CLERK: 06/15/2007
PASSED BY THE CITY COUNCIL: 06/19/2007
PUBLISHED: 06/24/2007
EFFECTIVE DATE: 06/29/2007
ORDINANCE NO. 3649
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SUMMARY OF ORDINANCE NO. 3649
of the City of Edmonds, Washington
On the 19th day of June, 2007, the City Council of the City of Edmonds, passed
Ordinance No. 3649. 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
CHAPTER 3.22 1NTERFUND LOANS TO AUTHORIZE IN
GENERAL THE ADMINISTRATIVE SERVICES DIRECTOR
TO MAKE INTERFUND LOANS BETWEEN FUNDS AS
NEEDED, AND TO MODIFY FREQUENCY OF REPORTING,
AND FIXING A TIME WHEN THE SAME SHALL BECOME
EFFECTIVE.
The full text of this Ordinance will be mailed upon request.
DATED this 20th day of June, 2007.
.�.,��.. ,�• Gds
CITY CLERK, SANDRA S. CHASE
{BFP663812.DOC;1/00006.900030/} - 4 -
STATE OF WASHINGTON,
COUNTY OF SNOHOMISH
1 1
SUMMARY OF ORDINANCES O. 364
o t e ity o mon s,
On the 19th day of June, 2007, the Clty Council of the City
of Edmonds, passed Ordinance No.9 649. A summon des 6S
content of said ordinance, consisbn of the tdle, p WASH I�
pollows:
AN ORDINANCE OF THE CITY OF EDMONDS,
T�22 AMENDING
NTERFUND LOANS TIOOAUTHOORZEAN
TER
GENERAL THE ADMINISTRATIVE SERVICES DIREC-
! FOUNDS AS NEEDED, AND TO MODIFY FRED EU NCY
', OF REPORTING, AND FIXING A TIME WHEN THE
SAME SHALL BECOME EFFECTIVE.
The full text of this Ordinance will be mailed upon requgsk
DATED this 20th day of June, 2007.
CITY CLERK, SANDRA S. CHASE i
Published: June 24, 2007. —� —I
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 Ordinance No. 3649
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:
June 24, 2007
and that said newspaper was regularly distributed te'its subsci iliers during all of said period.
RECEIVED Subscribed and sworn to before me this 25th
day of June, 2007
JUL 0 5 2007
EDNIONDS CI'T'Y CIERK Notary Publi n and for he State of Washington, residing at E
County.
Q� SIOA(P6
01
NOTARY
PUBLIC
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OF WASN�N�
Account Name: City of Edmonds Account Number. 101416 Order Number: 0001515139