Title 07 Finance
Chapter 07.10 Payment of Warrants – Line of Credit
Section 07.10.020 Line of Credit Authorized
A line of credit for the payment of City warrants is authorized to be established at a qualified public depositary in the maximum amount of five million dollars. The chief financial officer of the City is authorized to change the qualified public depositary when he deems it necessary and appropriate. If the qualified public depositary is changed, the City shall pay amounts advanced on the line of credit with interest due thereon within ten days of the receipt of written notification of the amount due.
Date Passed: Monday, May 7, 2007
Effective Date: Wednesday, June 20, 2007
Recodification ORD C34024 Section 1
