12/30/2021 1:01:22 AM
12/29/2021 11:02:43 AM
AUTHORIZING AN INTERFUND LOAN BETWEEN THE WATER FUND AND THE STORM SEWER FUND
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
All rights reserved.
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Download electronic document
View plain text
DocuSign Envelope ID:57C6B267-14A5-4CD7-92BB-028CF968414B <br /> ORDINANCE NO. 4006 <br /> AN ORDINANCE AUTHORIZING AN INTERFUND LOAN BETWEEN THE WATER <br /> FUND AND THE STORM SEWER FUND <br /> WHEREAS, currently the Storm Sewer utility has implemented a series of rate increases <br /> to address the cash shortage that has prevented the Utility from conducting the capital projects <br /> necessary to meet federal, state, and local requirements but is still cash poor, and <br /> WHEREAS, the Storm Sewer utility suffered an unanticipated emergency project during <br /> the year costing almost $400,000 in unanticipated expenses, and <br /> WHEREAS, the Storm Sewer utility may not have enough operating cash to remain cash <br /> positive after 2021 year end without an influx of cash from outside the Utility, and <br /> WHEREAS, the Water fund has sufficient cash to make an inter fund loan to the Storm <br /> Sewer fund to provide sufficient cash to stay solvent, and leave enough cash in the Water fund to <br /> not affect its ability to continue operations, <br /> NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF ANACORTES DOES <br /> ORDAIN AS FOLLOWS: <br /> Section 1. The Water Fund is authorized to loan the Storm Drain fund up to <br /> $200,000. The term of the loan will be three years. <br /> Section 2. The loan amount will be assessed an interest rate which is equal to the <br /> current 3 year Treasury rate. As of December 2021 that rate is .98%. Simple interest will be <br /> assessed against the remaining balance of the loan. Payments will be due on December 31 st of <br /> each year, starting in 2022, until the loan is paid off. Payoff of the entire balance can be made <br /> any year on December 31st, but no later than December 31 st of 2024. <br /> EFFECTIVE DATE. This ordinance shall take effect from and after five (5) days after <br /> its passage and publication as required by law. <br /> PASSED AND APPROVED THIS 20th of December, 2021. <br /> CITY OF ANACORTES, WASHINGTON: <br /> BY: t' <br /> Laurie Gere <br /> Ordinance 4006 1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.