HomeMy WebLinkAbout2721 Closing and Consolidation of Funds - LTGO Bond Redemption Funds and Bond Reserve FundORDINANCE o~9'7 gl
AN ORDINANCE authorizing the consolidation and closing of the
Following Funds into a new fund called G.O. Debt Service Fund:
LTGO Bond Redemption Fund 1990, LTGO Bond
Redemption Fund 1991, LTGO Bond Redemption
Fund 1993; and the closing of LTGO Bond Redemption
1988 Fund and the 1988 Bond Reserve Fund.
WHEREAS, The City Council of the City of Port Townsend, Washington ( the 'City")
has previously authorized ( ordinance number 2709, dated October 4th, 1999 ) the
creation of the" City of Port Townsend Bond Fund"; and
WHEREAS, The City wants to eliminate unnecessary accounting funds, so that the
City's accounting
for funds is more efficient and easier to comprehend; and
WHEREAS, The LTGO Bond Redemption 1988 Fund has no outstanding bondso
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND IN REGULAR
SESSION ASSEMBLED DOES ORDAIN AS FOLLOWS:
Section 1. The LTGO Bond Redemption Fund 1990, the LTGO Bond Redemption
Fund 1991, the LTGO Bond Redemption Fund 1993 will be consolidated into the Citv's
G.O. Debt Service Fund. The City Finance Director is hereby directed to record this
consolidation and fund closures.
Section 2. The LTGO Bond Redemption Fund 1988 and the 1988 Bond Reserve
Fund shall be closed. The City Finance Director is hereby directed to record these fund
closures and transfer any remaining assets to the General Fund.
Section 4 If any provision of this ordinance is declared by any court of competent
jurisdiction to be contrary to law, then such provision shall be null and void and shall
be deemed separable from the remaining provisions of this ordinance and shall in no way
affect the validity of the other provisions of this ordinance.
This ordinance shall take effect and be in force five days after the date of
its publication in the manner provided by law.
ADOPTED by the City Council
Washington,
this December 13th, 1999.
of the City of Port Townsend,
ATTEST:
City Clerk
CITY OF PORT TOWNSEND,
WASHINGTON
Mayor
APPROVED AS TO FORM:
Ordinance o~ I