Chapter 3.123
INTERFUND LOANS PROGRAM
Sections:
3.123.010 Interfund loan authorized.
3.123.020 Report to the city council.
3.123.010 Interfund loan authorized.
The director of finance and budget is hereby authorized to administer an interfund loan program. The director of finance and budget shall make interfund loans as needed to keep the funds of the city solvent. In conjunction with interfund loans, the director of finance and budget shall prepare a planned schedule of repayment of the loan principal plus applicable interest. The monthly rate of interest will be the thirty-day Secured Overnight Financing Rate (SOFR) rate plus one percent and shall be charged by the lending fund, unless the borrowing fund has no other source of revenue other than the lending fund, or is normally funded by the lending fund. In addition, the borrowing fund must anticipate sufficient revenues to be in a position over the period of the loan to make the specified principal and interest payments. Interfund loans for brief periods up to a calendar quarter will not be subject to interest. (Ord. 2020-031 § 1, 2020; Ord. 2013-011 § 1 (part), 2013).
3.123.020 Report to the city council.
The director of finance and budget shall include a report within the regular treasury services quarterly report to the council of any such loans and subsequent repayments. The director of finance and budget will make such additional reports as may be necessary to fully inform the city council of any interfund loan activity. (Ord. 2013-011 § 1 (part), 2013).
3.123.030 Repayment directed.
The director of finance and budget is directed and authorized to repay such loans, in whole or in part, when sufficient revenues are received. (Ord. 2013-011 § 1 (part), 2013).