(1) The finance director is hereby authorized to make interfund loans as needed to keep the funds of the city solvent.

(2) In conjunction with an interfund loan, the finance director must prepare a planned schedule of repayment of the loan principal plus applicable interest. The monthly rate of interest will be the same monthly rate of interest paid by the Washington State Local Government Investment Pool and must be charged by the lending fund, unless the borrowing fund has no other source of revenue other than the lending fund, or is normally funded by the lending fund. In addition, the borrowing fund must anticipate sufficient revenues to be in a position over the period of the loan to make the specified principal and interest payments. (Ord. 1520 § 1 (Exh. A), 2023).