HomeMy WebLinkAbout2457 Interfund Loan from the Storm and Surface Water Fund to the Emergency Medical Services FundORDINANCE 2457
AN ORDINANCE authorizing an interfund loan in the amount
of $30,000 from the Storm and Surface Water Fund to the
Emergency Medical Services Fund and providing for repayment.
WHEREAS, revenues in support of Emergency Medical Services have fallen short of
anticipated amounts; and
WHEREAS,
on October 17, 1994, an interfund loan in the amount of $15,000 for a ninety
day term was authorized by Ordinance 2420 from the Storm and Surface Water
Fund to the Emergency Medical Services Fund; and
WHEREAS, revenues have not recovered to levels which are adequate to repay the loan
which is now overdue; and
WHEREAS,
it is necessary to make an additional interfund loan to support the Emergency
Medical Fund until expenditures 'have been reduced to current revenue levels
and/or supplemental funding has been provided; Now, Therefore,
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
Section 1. The interfund loan in the amount of $15,000 authorized by Ordinance 2420
from the Storm and Surface Water Fund to the Emergency Medical Services Fund is hereby
authorized to be extended until June 30, 1995. The principal amount of said loan' is hereby
authorized to be increased to $30,000. 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 loans shall be made no later than June 30,
1995, together with interest at an annual rate of four percent (4%).
Section 3. Any action taken pursuant to the authority of this ordinance but prior to its
passage and effect is hereby ratified and confirmed.
Ordinance
Section 4: 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 ' and approved by the
Mayor this 17 day of April
John M. Clise, Mayor
2457 Page 1 of 2
Attest:
~ng City Clerk
Approved as to legal form:
Published 4-26-95
Effective 5-1-95
Ordinance 2457 Page 2 of 2