689 Forgiving Remaining Interfund Loan BalancesCITY OF YELM
ORDINANCE NO. 689
AN ORDINANCE forgiving remaining interfund loan balances for loans made to the Reuse (420)
and Sewer (412) Funds and establishing an effective date.
WHEREAS, the lending Urban Development Action Grant Fund (UDAG 198) was closed into
the Current Fund (Genera1001) by Ordinance No. 688 adopted by Yelm City Council on January 12,
2000; and
WHEREAS, remaining interfund loan balances are now be payable to the Current (General) Fund
No. 001; and
WHEREAS, City Council gave due consideration to financial hardships when determining and
setting Sewer Rate Increases for the year 2000 and to the impact the remaining interfund loan balances
would have on those rates; and
WHEREAS, Council at the October 26, 1999 budget work session concurred that forgiving
Sewer (412) and Reuse (420) Interfund Loans from UDAG Fund 198 would be in the interest of Yelm's
citizens;
NOW, THEREFORE, The City Council of the City of Yelm, Thurston County, Washington does
hereby ordain
Section 1. The remaining principal balance from Interfund loans made from Fund 198, the Urban
Development Action Grant (UDAG), to Funds 420 Sewer (WW) Reuse and 412
Sewer/Reuse Operating is $139,472.26
Section 2. The principal remaining balance on Interfund Loans adopted, amended, repealed or
replaced under Ordinances 565, 570, 578, 584, 589, 601, 613, 615, 628 and 632 are
forgiven and no additional repayment shall be required.
Section 3. No repayment of current or past due interest owed on the loans granted under these
ordinances shall be required.
Section 4. The City Clerk shall forward a copy of this ordinance to the Washington State Auditor's
Office.
ADOPTED this 26`" day of January 2000.
W
Kathryn M. olf, Mayor
Authenticated: / i ;~%lC t
/ C
Agne . Bennick, City Clerk
PASSED and APPROVED: January 26, 2000
PUBLISHED: Nisqually Valley News, February 4, 2000
EFFECTIVE: February 9, 2000