The City Treasurer is hereby authorized to administer an interfund loan program within the Pooled Cash Fund. The interfund loans administered under this section must relate to the cash contained in the Pooled Cash Fund. Any loan made under this section must be short-term in nature and the fund receiving the loan must have the foreseeable resources to pay the interfund loan back within a three month period. If the fund receiving the loan does not have the foreseeable resources to repay the loan within a three month period the interfund loan and/or a permanent transfer of funds must be approved by the City Council. The interfund loans within the Pooled Cash Fund must be balanced at the end of every fiscal quarter. Any loan greater than $100,000 that is also outstanding for longer than seven calendar days must be reported to the City Administrator and Finance Commissioner. Within the above guidelines, the City Treasurer shall make interfund loans within the Pooled Cash Funds as needed to keep the funds of the city solvent.
(Ord. 2011-5325, passed 9-6-2011)