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HomeMy WebLinkAbout2602 Interfund Loan from Storm & Surface Water Fund to Capital Projects FundORDINANCE AN ORDINANCE authorizing an interfund loan in the amount of $60,000 from the Storm and Surface Water Fund to the Capital Projects Fund and providing for repayment. WHEREAS, the Capital Projects Fund includes the Union Wharf Construction Project which is funded by a grant from the State of Washington Department of Natural Resources; and WHEREAS, it is necessary, in order to remain in compliance with contractual requirements with the city's contractor, to incur substantial expenditures in advance of receiving reimbursement from the state; and WHEREAS, it is necessary to make an interfund loan to support the Union Wharf Reconstruction Project until sufficient reimbursement has been received from the State; Now, Therefore, THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION ASSEMBLED, DOES ORDAIN AS FOLLOWS: Section 1. An interfund loan in the amount of $ 60,000 from the Storm and Surface Water Fund to the Capital Projects Fund is hereby authorized. The City Treasurer is hereby directed to make such transfer, and the Mayor and the Treasurer are hereby authorized to draw warrants in accord with same. Section 2. Repayment of the above-authorized loan shall be made no later than November 30, 1997, together with interest at an annual rate equal to the rate of interest paid on invested Storm and Surface Water funds during the same period. Section 3. Any action taken pursuant to the authority of this ordinance but prior to its passage and effect is hereby ratified and confirmed. Section 4. This ordinance shall take effect upon its passage, approval and publication in the form and manner provided by law. Ordinance cz, eD ~ O 31--- Page 1 of 2 Read for the first, second and third times, passed by the City Council and approved by the Mayor this day of ,1997. Julie ,~cCulloch, Mayor Attest: Pamela Kolacy, City Clerk ~j Approvegl as to legal form: Published Effective I:\ordinanc\uwln3.ord Ordinance ~ t9 ~ Page 2 of 2