HomeMy WebLinkAbout2566 Interfund Loan from Storm and Surface Water Fund to Capital Projects FundOrdinance No.~
AN ORDINANCE AUTHORIZING AN INTERFUND LOAN IN THE
AMOUNT OF $200,000.00 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 does ordain as
follows:
Section 1. An interfund loan in the amount of $200,000.00 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 July 31,
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. Severability. If any clause, sentence, paragraph, section or part of this
Ordinance or its application to any person or circumstance is held to be invalid or unconstitutional
by a court of competent jurisdiction, such order or judgment shall not affect the validity or
constitutionality of the remainder of any part of this Ordinance. To this end, the provisions of each
clause, sentence, paragraph, section, or part of this law are declared severable.
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 and passed by the City Council of the City of Port
Townsend, Washington, at a regular meeting thereof, held this a I day of -~'~tqt4,q~,~/, P¢9~. I
Attest:
Pam Kolacy, City Clerk 0 '
Julie ,.I~ulloch, Mayor
Approved as to Form:
~imoi ~j/~clV~th~n, City Attorney
{Interfund loan]
Ord.# C~5~'~