Subject: 20042/InterfundLoans/GenFundCashFlow
Date: Thu, 28 Oct 1993 16:33:27 -0500


                             RESOLUTION NO.   20042 
                  
                  
                   A RESOLUTION AUTHORIZING THE CITY FINANCE
                   OFFICER TO MAKE INTERFUND LOANS AS
                   APPROPRIATE TO PROVIDE ADEQUATE CASH FLOW
                   FOR GENERAL FUND OPERATIONS UNTIL SUCH TIME
                   AS SUFFICIENT PROPERTY TAX REVENUES ARE
                   COLLECTED.
                  
                  
                                                    
                  
                  
       	    	 WHEREAS, Ordinance No. 9939 abolished the discounts for
       early payment of property taxes; and
       	    	 WHEREAS, it is anticipated that there may be a shortage
       of cash for operating costs in the General Fund due to the delay
       in receipt of property tax revenues; and
       	    	 WHEREAS, it is more economical to obtain operating
       funds from internal sources instead of external sources; and
       	    	 WHEREAS, all interfund loans will be repaid at the rate
       earned on invested City funds;
       	    	 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
       THE CITY OF CHATTANOOGA, TENNESSEE, That the City Finance Officer 

       is hereby authorized to make interfund loans as appropriate to
       provide cash as needed for General Fund operations until such 
time
       as sufficient property tax revenues are collected.
      
       ADOPTED:	 November 9, 1993
      
       RLN:cjc