Chapter 3.90


3.90.010    Repealed.

3.90.015    Approval by city council.

3.90.020    Monies available.

3.90.030    Repayment schedule and interest rate.

3.90.040    Monthly report.

3.90.010 Established.

Repealed by Ord. 2334. (Ord. 1549 § 1, 1986)

3.90.015 Approval by city council.

The city council shall approve all interfund loans by resolution in accordance with the provisions and requirements of Volume 1, Part 3, Chapter 4, Section A, “Interfund Loans” of the State Auditor’s Budget, Accounting and Report System (BARS) Manual, and as may be hereafter amended. (Ord. 2334 § 2, 2001)

3.90.020 Monies available.

Except as prohibited by ordinance, the general fund, utilities fund, arterial fund, or any other city fund may have monies that are: (1) clearly inactive or in excess of current needs; and (2) legally available for investment through interfund loans. (Ord. 2334 § 3, 2001; Ord. 1549 § 2, 1986)

3.90.030 Repayment schedule and interest rate.

Each interfund loan approval resolution shall include at the time it is presented to the city council a financial plan reflecting repayment schedule and interest rate charged, and signed by the department head requesting such loan and by the finance director approving a reasonable interest rate in all cases. If required by law, a budget amendment shall be presented at the same time as the resolution approving the interfund loan. (Ord. 2334 § 3, 2001; Ord. 1549 § 3, 1986)

3.90.040 Monthly report.

The city of Lynnwood monthly financial report shall reflect all interfund loans, including interest rates and repayment schedule. (Ord. 2334 § 3, 2001; Ord. 1549 § 4, 1986)