HomeMy WebLinkAbout73-007 RESOLUTION NO. 73- 7
ARESOLUTION AUTHORIZING THE LOAN OF $9~O00.00 FROM
THE ARTERIAL STREET FUND TO THE STREET DEPARTMENT
FOR THE PURCHASE OF GRAVEL, AND PROVIDING FOR
REPAYMENT OF SAID LOAN WITHIN FIVE YEARS.
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES HEREBY RESOLVE:
A loan in the sum C~f $9;~ is here and hereb~ authorized.
to be m~de from the Arterial Street Fund to the St~'eet Department~
for the purchase of gravel, provided that said sum shall be reimbursed
to said Arterial Street Fund by repayment to :said fund by any
department using said gravel in an amount representing its fair
value, but in any case full repayment to be made in not less than
five years from January 10, 1974, and provided that such gravel as
may used in Arterial Street Fund projects shall be credited against
said loan in an amount representing the fair market value of the
gravel thus provided and used in Arterial Street Fund projects.
Passed December 18, 1973.
ATTEST-.
JOSEPH B. STEVE
Mayor
PATRICIA J. PEDERSEN
dity Clerk
APPROVED AS TO FORM:
C ~, ~ttorney