(A) The Common Council of the city may, by ordinance, approve a temporary loan from the General Fund to a municipally-owned utility of the city, of a prescribed amount, for a prescribed period, when it becomes necessary for the utility to borrow money to meet current operating, bond principal and/or interest expenses due to a temporary depletion of utility funds.
(B) The following conditions shall be met:
(1) The Common Council must determine that it is necessary for the utility to borrow money to meet current operating, bond principal and/or interest expenses due to a temporary depletion of utility funds;
(2) There must be sufficient funds on deposit to the credit of the General Fund that can be temporarily transferred;
(3) The prescribed period of the loan must end during the budget year of the year in which a loan occurs;
(4) The amount loaned, together with interest at a rate as the Common Council deems just, fair and equitable, must be refunded by the utility to the General Fund at the end of the prescribed loan period, all as provided by the ordinance approving the loan;
(5) Only revenues derived from the levying and collection of property taxes or special taxes or from operation of the political subdivision may be included in the amount so loaned; and
(6) The governing body of the utility must adopt a resolution approving the temporary borrowing by the utility, and providing for the refunding of the loan in the manner prescribed by the ordinance authorizing the loan.
(`90 Code, § 13.20.010) (Ord. 81-33, passed - -)