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HomeMy WebLinkAboutOrdinance 4007 DocuSign Envelope ID:8591 EE60-FA0E-4B5D-81 F3-F83F8C0DA844 ORDINANCE NO. 4007 AN ORDINANCE AUTHORIZING AN INTERFUND LOAN BETWEEN THE PARKS AND RECREATION FUND AND THE PARKS CONSTRUCTION FUND WHEREAS, The Parks Construction Fund constructed a new section of the Grandview Cemetery which included a new section of road for Cemetery access, and WHEREAS, the final project cost of the Cemetery project exceeded the initial cost estimates of the project, and funding sources for the project are very limited, and WHEREAS, those funding sources include use of restricted cemetery improvement monies that have been set aside from a portion of plot sales, as well as Parks Impact fees and REET for the new road section, and WHEREAS, those funding sources may still be short to cover cash flow requirements of the Parks Construction fund to retain a positive cash balance at 2021 year end, therefore an additional cash influx may be required to ensure positive cash flow in the Parks Construction fund, and WHEREAS, the Parks and Recreation fund has sufficient cash to make an inter fund loan to the Parks Construction fund to provide sufficient cash to stay solvent, and leave enough cash in the Parks and Recreation fund to not affect its ability to continue operations. NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF ANACORTES DOES ORDAIN AS FOLLOWS: Section 1. The Parks and Recreation Fund(Fund 101) is authorized to loan the Parks Construction fund up to $50,000. The term of the loan will be three years. Section 2. The loan amount will be assessed an interest rate which is equal to the current 3 year Treasury rate. As of December 2021 that rate is .98%. Simple interest will be assessed against the remaining balance of the loan. Payments will be due on December 31 st of each year, starting in 2022, until the loan is paid off. Payoff of the entire balance can be made any year on December 31st, but no later than December 31 st of 2024. EFFECTIVE DATE. This ordinance shall take effect from and after five (5) days after its passage and publication as required by law. PASSED AND APPROVED THIS 20th of December, 2021. CITY OF ANACORTES, WASHINGTON: BY: �' Laurie Gere Ordinance 4007 1 DocuSign Envelope ID:8591 EE60-FA0E-4B5D-81 F3-F83F8C0DA844 ATTEST: Steven D. Hoglund, City Clerk APPROVED AS TO FORM: Pam? SWO/uvAA Darcy Swetnam, WSBA#40530 City Attorney Ordinance 4007 2 DocuSign Certificate Of Completion Envelope Id:8591 EE60FA0F4B5D81 F3F83F8C0DA844 Status:Completed Subject:SIGNATURE REQUIRED:Approved Ordinance 4007 Source Envelope: Document Pages:2 Signatures:3 Envelope Originator: Certificate Pages:5 Initials:0 City Clerk AutoNav: Enabled PO Box 547 Envelopeld Stamping: Enabled 904 6th St Time Zone: (UTC-08:00)Pacific Time(US&Canada) Anacortes,WA 98221 cityclerk@cityofanacortes.org IP Address:23.90.91.2 Record Tracking Status:Original Holder:City Clerk Location: DocuSign 12/20/2021 8:57:45 PM cityclerk@cityofanacortes.org Signer Events Signature Timestamp Darcy Swetnam Sent: 12/20/2021 8:58:50 PM darcys@cityofanacortes.org Pt O SWt-I-kzum Viewed: 12/29/2021 10:13:58 AM Security Level: Email,Account Authentication Signed: 12/29/2021 10:14:05 AM (None) Signature Adoption: Pre-selected Style Using IP Address:23.90.91.2 Electronic Record and Signature Disclosure: Accepted: 12/29/2021 10:13:58 AM ID: 14356fe9-eb26-43fa-9b51-245a1dc7d527 Steve Hoglund /_ ,/ n Sent: 12/20/2021 8:58:51 PM steveh@cityofanacortes.org /Ce / Viewed: 12/21/2021 10:21:06 AM City Clerk/Treasurer Signed: 12/21/2021 10:21:14 AM City of Anacortes Security Level: Email,Account Authentication Signature Adoption: Drawn on Device (None) Using IP Address:23.90.91.2 Electronic Record and Signature Disclosure: Accepted: 1/8/2019 2:26:27 PM ID:9b 1630a8-aa5f-4ac5-93eb-5700d 104d979 Laurie Gere Sent: 12/20/2021 8:58:51 PM laurieg@cityofanacortes.org (,at.Vtt, Art. Viewed: 12/21/2021 9:13:36 AM Security Level: Email,Account Authentication Signed: 12/21/2021 9:13:50 AM (None) Signature Adoption: Pre-selected Style Using IP Address:23.90.91.2 Electronic Record and Signature Disclosure: Accepted: 12/21/2021 9:13:36 AM ID:d355880b-cc68-4741-a2a0-d835848de1d4 In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 12/20/2021 8:58:51 PM Certified Delivered Security Checked 12/21/2021 9:13:36 AM Signing Complete Security Checked 12/21/2021 9:13:50 AM Completed Security Checked 12/29/2021 10:14:05 AM Payment Events Status Timestamps Electronic Record and Signature Disclosure Electronic Record and Signature Disclosure created on:7/25/2018 9:59:48 AM Parties agreed to:Darcy Swetnam,Steve Hoglund,Laurie Gere CONSUMER DISCLOSURE From time to time, Ingram Micro OBO Cities Digital Inc OBO City of Anacortes (we, us or Company) may be required by law to provide to you certain written notices or disclosures. 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