Chapter 3.30
INTERFUND LOANS PROGRAM Revised 2/18

Sections:

3.30.010    Interfund loans authorized. Revised 2/18

3.30.020    Report to the City Council. Revised 2/18

3.30.030    Repayment directed. Revised 2/18

3.30.010 Interfund loans authorized. Revised 2/18

The Finance Officer is hereby authorized to administer an interfund loan program. The Finance Officer shall make interfund loans as needed to keep the funds of the City solvent. In conjunction with interfund loans, the Finance Officer shall prepare a planned schedule of repayment of the loan principal plus applicable interest. The monthly rate of interest will be the same monthly rate of interest paid by the Washington State Local Government Investment Pool City and 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. (Ord 17-501 §1)

3.30.020 Report to the City Council. Revised 2/18

The Finance Officer shall include a report within thirty days of any such loans and subsequent repayments to the City Council in conjunction with the Finance Officer’s budget reports to the City Council. Any City Council member may request or the Mayor direct the Finance Officer 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. (Ord 17-501 §1)

3.30.030 Repayment directed. Revised 2/18

The Finance Officer is directed and authorized to repay such loans, in whole or in part, when budgeted 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 Officer is encourage to consult with the Mayor and Council Administrator and to bring questions regarding borrowing or repayment to the City Council for its advice. (Ord 17-501 §1)