Chapter 3.04
INTERFUND LOANS
Sections:
3.04.020 Interfund loans authorized.
3.04.030 Interfund loan repayment directed.
3.04.010 Purpose.
The purpose of this chapter is to authorize the city administrative service to make temporary interfund loans to keep city funds solvent at the end of each fiscal year. Interfund loans made pursuant to this chapter shall be deemed to be interest bearing city warrants from the borrowing fund(s) for their repayment. Nothing herein shall be construed as a limitation upon the authority of the city council to authorize interfund loans by ordinance or resolution. (Ord. 2014-39 § 1 (part), 2014).
3.04.020 Interfund loans authorized.
The Walla Walla city manager is authorized to make temporary loans between city funds without prior city council approval as follows:
A. Loans may be made only between the second Wednesday of December and the second Wednesday of January.
B. All loans must be reported to the Walla Walla city council and reviewed at its first meeting in January.
C. Loans may be made only from excess or inactive moneys determined in accordance with Chapter 3.05.
D. Loans shall bear interest at a rate equal to or greater than the rate paid by the Washington State local government investment pool at the time the loan is made.
E. Loans must be repaid by no later than April 1st immediately following the making of the loan.
F. Loans may be made only to city funds which are reasonably expected to receive reimbursement or revenue from sources other than interfund loans by April 1st which are sufficient to repay the loan with interest. Revenue sources may include anticipated appropriations made through budget adjustments approved by the Walla Walla city council.
G. Appropriate accounting records shall be maintained to reflect the balances of loans in every fund affected by such transactions. (Ord. 2014-39 § 1 (part), 2014).
3.04.030 Interfund loan repayment directed.
The city administration is directed to repay interfund loans made in accordance with this chapter as soon as practicable upon receipt of the reimbursement or revenue that was anticipated at the time the loan was made. (Ord. 2014-39 § 1 (part), 2014).