HomeMy WebLinkAbout2365 Interfund Loan from the Storma and Surface Water Fund to the 1993 General Obligation Bond Project FundORDINANCB NO. ~ ~ ~ ~
AN ORDINANCE AUTHORIZING ~ LOAN OF THE SUl~
OF $100,000 FROM THE STORH AND SURFACE WATER
FUND TO THE 1993 GENERAL OBLIGATION BOND
PROJECT FUND AND PROVIDING FOR REPAYMENT
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
Section 1. The loan of the sum of ONE HUNDRED THOUSAND DOLLARS
($100,000.00) for a term of ninety (90) days from the Storm and
Surface Water Fund to the 1993 General Obligation Bond Project Fund
is here and hereby authorized, and the City Clerk-Treasurer is
hereby directed to make such transfer, and the Mayor and said
Clerk-Treasurer are authorized to draw warrants in accord with the
same.
Section 2. The repayment of the above mentioned loans shall be
made at the end of the term together with interest at an annual
rate of four percent (4%).
S~Gtion 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 o~ ~93.
Attestlit ,y'~ ~Cle~k /~ ,.~-~.r Mayor
Approved as to form:
City Attorney