735 Canal Rd Park LoanCITY OF YELM
ORDINANCE NO 735
AN ORDINANCE authorizing a loan from the Cumulative Reserve Fund
(104) to the Canal Rd Park (Longmire Community Park) Construction Fund
(314) to provide cash flow for grant reimbursable expenses until payment
is received from the Interagency Committee for Outdoor Recreation (IAC).
WHEREAS, the City of Yelm has contracted for services to plan and construct
the first phase of Longmire Community Park on Canal Road; and
WHEREAS, the City of Yelm recognizes a responsibility to meet financial
obligations in a timely manner;
NOW, THEREFORE, The City Council of the City of Yelm do ordain as follows:
Section 1. An interfund loan not to exceed $100,000 from the Cumulative Reserve Fund
(104) is authorized.
Section 2. The intent of the loan is for the initial payment of grant reimbursable bills
incurred in the process of the first phase of developing Longmire Community Park.
Section 3. No interest shall be charged on the loan.
Section 4. Funds advanced shall be repaid to the Cumulative Reserve Fund by
December 15, 2001.
Section 5. This ordinance shall take effect five days after the date of its publication.
Section 6. A copy of this ordinance shall be forwarded to the State Auditor's Office.
Passed b~thq~Yelm City Council, at a regular meeting thereof this 13th day of June
2001. II~~ ...,
Adam Rivas, Mayor
Vv J
Ab/legall2001 /735
Authenticated: ~ %T J - . %l ~ ~`
Ag s P. Bennick, City Clerk
ADOPTED: June 13, 2001
PUBLISHED: Nisqually Valley News, June 22, 2001
EFFECTIVE: June 27, 2001
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