HomeMy WebLinkAboutORD 4837CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4 837
ORDINANCE OF THE CITY OF RENTON, WASHINGTON, AMENDING
THE 2000 ANNUAL BUDGET BY INCREASING EXPENDITURE
ALLOWANCES FOR TENANT IMPROVEMENTS TO CITY
FACILITIES, INCREASING FACILITY OPERATING COSTS, AND
PROVIDING FOR FUND AUTHORITY AND INTERFUND LOAN.
WHEREAS, appropriations should be made to meet actual and necessary expenditures of
the City of Renton for which insufficient appropriations have been made due to causes which
could not have been foreseen at the time of the adoption of the year 2000 budget; and
WHEREAS, the City of Renton is actively pursuing lease opportunities for certain
surplus properties which require facility upgrades; and
WHEREAS, the facility upgrades are to be financed by existing fund balances and Inter-
Fund loans from certain other City Funds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON DO ORDAIN AS FOLLOWS:
SECTION I. All payments for facility tenant improvements will be made from Fund
306, Leased City Properties Fund.
SECTION II. A previous transfer into Fund 306, from Fund 316, the Municipal
Facihties CIP Fund, will be established as an Inter-Fund Loan. The principal amount of the loan
is $600,000 and will carry a six percent annual rate of interest and will be dated December 1,
1999.
SECTION III. A loan of $700,000 is hereby authorized from Fund 316 to Fund
306, such loan will be dated April 1, 2000 and will have a six percent annual rate of interest.
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ORDINANCE NO. 4837
SECTION IV. A contingency loan up to $300,000 is hereby authorized from Fund
501, Equipment Rental, to Fund 306, to be made only with concurrence of the City Council,
should future tenant improvement require funding. The loan from this authorization will be at a
nhnimum of six percent and no less than the current rate of interest as estabhshed by the State of
Washington Investment Pool at the time the loan is made.
SECTION V. All Inter-Fund Loans authorized for Fund 306 are for a term not to
exceed five years from the date of the loan and will be repaid by Fund 306 from annual net
receipts from lease operations.
SECTION VI. The fohowing additional appropriations are authorized in the year
2000 budget for the purpose of making the necessary tenant improvements to leasable city
properties and to provide for operating cost overruns in the year 2000.
FUND FUND NAME
2000 EXPENDITURE
INCREASE
306 Leased City Properties $1,500,000
Funding sources are:
Loan from 316 $700,000
Loan from 501 $300,000
Existing Fund Balance $180,000
Operating Revenue $320,000
501 Equipment Rental (Loan) $300,000
SECTION VII. Any action taken consistent with the authority and prior to the
effective date of this ordinance is hereby ratified, approved and confirmed.
SECTION VIII. This Ordinance shah be effective upon its passage, approval, and
five days after pubhcation.
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ORDINANCE NO. 483 7
PASSED BY THE CITY COUNCIL this 1st day of May 2000.
Marilyn J. ^eteisen, City Clerk
APPROVED BY THE MAYOR this 1st day of May , 2000.
Jess^ranner, Mayor
Approved as to form:
Lawrence J. Warren, City Attorney
Date of Pubhcation: 5/5/2000 (Summary Only)
ORD.846:04/ll/2000:as.
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