HomeMy WebLinkAbout1898 Interfund Loan from Water-Sewer Fund to Equipment Rental FundORn'rN CS
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM OF
$34,000 FROM THE WATER-SEWER FUND TO EQUIPMENT
RENTAL FUND AND PROVIDING FOR REPAYMENT
ATTEST:
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DO ORDAIN AS FOLLOWS:
Section 1. The loan of the sum of up to $34,000 for a term
of nine months from the date hereof, from the Water-Se~er Fund to
the Equipment Rental Fund is here and hereby authorized, and the
City Clerk-Treasurer is hereby authorized to make such transfer,
and the Mayor and said Clerk-Treasurer are authorized to draw
warrants to accord with the same.
Section 2. The aforesaid loan shall be repaid at the
expiration of the term with interest calculated at an annual rate
of 5%.
Section 3. This ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by law.
Read for the first, second, and third times, passed by the
Council and approved by the Mayor on _~0e~r ~ ~! .
City Clerk
AS TO FORM:
tornE