ORD 92-38 TERMS OF INTERFUND LOANSORDINANCE No. 92 - 38
AN ORDINANCE OF THE CITY OF BAINBRIDGE ISLAND,
WASHINGTON, CONFIRMING THE AMOUNT AND TERMS OF
INTERFUND LOANS FROM THE CITY'S STREETS FUND
TO ITS CURRENT EXPENSE FUND.
WHEREAS, on February 28, 1991, the City of Winslow annexed the remainder
of Bainbridge Island to the City of Bainbridge Island and in the process
acquired the right to collect approximately $1,500,000 in property taxes levied
for 1991 but uncollected by Kitsap County for the purpose of maintaining and
improving the County's roads; and
WHEREAS, because Washington State law requires that taxes levied for road
purposes must be used for road purposes, the property taxes received from Kitsap
County were required to be placed in the City's Streets Fund; and
WHEREAS, the newly enlarged City of Bainbridge Island needed the money
in its Current Expense fund for the purposes of dealing with the recent
expansion; and
WHEREAS, the City Council of the City of Bainbridge Island and particularly
Finance Committee of the City Council repeatedly committed to make those
interfund loans from the Streets Fund as might be needed by the Current Expense
Fund (which loans were to be repaid with interest during 1992), now, therefore;
THE CITY COUNCIL OF THE CITY OF BAINBRIDGE ISLAND,
WASHINGTON, DO ORDAIN AS FOLLOWS :
SECTION 1. The 1991 Budget is hereby amended to increase the amount of
authorized interfund loans during 1991 from the Streets Fund to the Current
Expense Fund to a sum not to exceed $900,000.00. All loans to the Current
Expense Fund in 1991 and earlier are to be repaid not later than December 31,
1992, with interest at six (6.0) per cent per annum (unless the rate of interest
is previously specified elsewhere).
SECTION 2. All other loans to the Current Expense Fund made prior to 1991
must also be repaid with interest as specified not later than December 31, 1992.
SECTION 3. This ordinance shall take effect and be in force five (5) days
from and after its passage, approval, publication, and posting as required
by law.
PASSED by the City Council this th day of December, 1992.
APPROVED by the Mayor this th day of December, 1992.
ATTEST/AUTHENTICATE:
RALPH W. EELLS, Finance Director
NATO,Mayor
APPROVED AS TO FORM:
ROD P. KASEGUMA, City Attorney
FILED WITH THE CITY CLERK: November 12, 1992
PASSED BY THE CITY COUNCIL: November 19, 1992
PUBLISHED: November 25, 1992
POSTED: November 25, 1992
EFFECTIVE DATE: Novenlber 30, 1992
ORDINANCE 92 - 38