Chapter 3.100
INVESTMENT FUNDS
Sections:
3.100.020 Authorization to borrow funds.
3.100.030 Borrowing in proportion to amounts held in accounts.
3.100.040 Short-term borrowing.
3.100.010 Findings.
(1) The town of Twisp has investment accounts established in the following fund names:
(a) Utilities capital improvement fund;
(b) Equipment fund;
(c) CE building fund cumulative reserve;
(d) Water sewer bond redemption;
(e) Reserve fire department reserve;
(f) Municipal airport;
(g) Water sewer emergency maintenance;
(h) Loans payable;
(i) Lloyd development – PWTF;
(j) EMS fund;
hereinafter referred to as “investment funds”; and
(2) The town has certain short-term financial needs throughout the fiscal year for the repayment of debt incurred by the town; and
(3) It is beneficial for the town to borrow from the investment funds rather than seeking outside borrowing at higher interest rates. (Ord. 540, 2005)
3.100.020 Authorization to borrow funds.
The town is authorized to borrow funds, up to a maximum of $100,000, from the investment funds for the purposes of repaying short-term debt accrued. (Ord. 540 § 1, 2005)
3.100.030 Borrowing in proportion to amounts held in accounts.
In the event the town exercises its authority to borrow from the investment funds as set forth herein, such amount to be borrowed from all the investment accounts which comprise the investment funds in proportion to the amount held in each individual investment account. (Ord. 540 § 2, 2005)
3.100.040 Short-term borrowing.
Such authorization to borrow from the investment funds is intended to be used for short-term periods, normally repaid within a timely manner of the date of borrowing. (Ord. 540 § 3, 2005)
3.100.050 Interest.
All funds borrowed from the investment funds shall bear interest at the current rate established for the State Municipal Pool, and repayment of funds to the investment funds shall include such interest. (Ord. 540 § 4, 2005)