§ 10-1-106. INTERFUND LOANS.

(a)

Interfund loans authorized. The county, acting by and through the Director of Budget and Finance, may cause:

(1)

The loan of money from the county or metropolitan district operating funds to one or more of the several county or metropolitan district capital project funds; and

(2)

The loan of money between the several county or metropolitan district operating funds.

(b)

Conditions. A loan authorized under this section:

(1)

Shall be in a dollar amount that the county, acting by and through the Director of Budget and Finance, considers necessary; and

(2)

May not be for more than 6 months in duration.

(c)

Repayment - With interest. Each loan from a county operating fund to a metropolitan district capital project or operating fund and each loan from a metropolitan district operating fund to a county capital project or operating fund shall bear simple interest at the prevailing rate of interest for United States treasury bills having a 180-day maturity at the date each loan is made.

(d)

Same - No interest. The following loans shall be repaid without interest:

(1)

From a county operating or capital project fund to a county capital project fund;

(2)

From a county operating fund to a county operating fund;

(3)

From a metropolitan district operating or capital project fund to a metropolitan district capital project fund; and

(4)

From a metropolitan district operating fund to a metropolitan district operating fund.

(e)

Same - Source.

(1)

A loan made under this section shall be repaid, with interest where applicable, from the particular fund to which the loan was made:

(i)

Whether the money being used for repayment was received before or after the date of the loan; and

(ii)

Regardless of the source of the money in the particular fund from which repayment is made.

(2)

In addition to any other source of funds for repayment, the repayment of loan obligations to a county capital project fund or metropolitan district capital project fund may be made from money derived from the sale of bonds issued at any time.

(f)

No ultimate use or derogation of specific purposes. A loan under this section may not be considered to be in derogation of any specific purpose or purposes enumerated in any bond referendum, ordinance, or issue in respect of the particular monies being loaned.

(1988 Code, § 15-6) (Bill No. 49-96, § 7, 7-1-1996; Bill No. 83-00, § 2, 7-1-2004)