12/30/2021 1:01:10 AM
12/29/2021 11:03:51 AM
AUTHORIZING AN INTERFUND LOAN BETWEEN THE PARKS AND RECREATION FUND AND THE PARKS CONSTRUCTION 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:8591 EE60-FA0E-4B5D-81 F3-F83F8C0DA844 <br /> ORDINANCE NO. 4007 <br /> AN ORDINANCE AUTHORIZING AN INTERFUND LOAN BETWEEN THE PARKS <br /> AND RECREATION FUND AND THE PARKS CONSTRUCTION FUND <br /> WHEREAS, The Parks Construction Fund constructed a new section of the Grandview <br /> Cemetery which included a new section of road for Cemetery access, and <br /> WHEREAS, the final project cost of the Cemetery project exceeded the initial cost <br /> estimates of the project, and funding sources for the project are very limited, and <br /> WHEREAS, those funding sources include use of restricted cemetery improvement <br /> monies that have been set aside from a portion of plot sales, as well as Parks Impact fees and <br /> REET for the new road section, and <br /> WHEREAS, those funding sources may still be short to cover cash flow requirements of <br /> the Parks Construction fund to retain a positive cash balance at 2021 year end, therefore an <br /> additional cash influx may be required to ensure positive cash flow in the Parks Construction <br /> fund, and <br /> WHEREAS, the Parks and Recreation fund has sufficient cash to make an inter fund <br /> loan to the Parks Construction fund to provide sufficient cash to stay solvent, and leave enough <br /> cash in the Parks and Recreation fund to 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 Parks and Recreation Fund(Fund 101) is authorized to loan the Parks <br /> Construction fund up to $50,000. 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: �' <br /> Laurie Gere <br /> Ordinance 4007 1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.