An Ordinance establishing a loan between funds and setting forth the repayment schedule

WHEREAS, there has been a shortfall in sales tax and other revenues in the general 001 fund causing a negative fund balance; and

WHEREAS, the City of Ilwaco has sufficient revenue in the water and sewer bond reserve 404, to redress the negative general 001 fund therefore:

THE CITY COUNCIL OF THE CITY OF ILWACO, WASHINGTON DO ORDAIN AS FOLLOWS:

Section 1: The Treasurer is directed to borrow $144,000.00 from the Water and Sewer Bond Reserve 404 for use by the General 001 fund and $30,000.00 for use by the Water 404 fund.

Section 2: Said loan shall be restored to the Water and Sewer Bond Reserve 404 fund by inter-fund transfers in the amount of $10,875 semi-annually beginning in June 2010 and ending December 2018 on a prorated basis from the General 001 Fund and the Water 409 fund.

Passed by the CITY COUNCIL OF THE CITY OF ILWACO, WASHINGTON this 28th day of December 2009.

Approved: Doug Hubbard, Mayor, City of Ilwaco

Attest: Stephen Hill, Treasurer

Published January 13, 2010

Legal No. 029-10

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