City of West Richland, WA Chapter 3.72 INTERFUND LOANS

§ 3.72.010 City council authorization required – Terms of loan set by resolution.

When it becomes necessary for one fund to borrow money from another fund, the loan shall be authorized by the city council by resolution. Such resolutions shall establish the term of the loan and a schedule of repayment and may establish an interest rate which shall not be less than two percent per year.

(Ord. 152 § 1, 1972)

§ 3.72.020 Standard interest rate – Applied when.

If the resolution authorizing such investment of the money of one fund in the obligation of another fund does not fix an interest rate the interest rate shall be five percent per year.

(Ord. 152 § 2, 1972)

§ 3.72.030 Standard interest rate – Applicability to existing funds.

This chapter shall apply to all existing interfund loans unless a different rate of interest was established by the resolution or motion authorizing the loan.

(Ord. 152 § 3, 1972)