HomeMy WebLinkAbout2283 Interfund Loan to the LID #1 Fund from the Storm and Surface Water FundORDINANCE NO. ~R~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUN
OF $270,000 TO THE LOCAL IMPROVEMENT DISTRICT
NO. 1 FUND FROM THE STORM AND SURFACE WATER
FUND AND PROVIDING FOR REPAYMENT
THE CiTY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
S~otion 1. The loan of the sum of TWO HUNDRED SEVENTY THOUSAND
DOLLARS ($270,000.00) for a term of nine months from the Storm and
Surface Water Fund to the Local Improvement District No. 1 Fund is
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.
~ection 2. The repayment of the above mentioned loan shall be made
at the end of the term or as soon as sufficient revenue have been
received to return the loan (whichever comes first) together with
interest at an annual rate of six percent (6%).
Section 3. This ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by law
and ratify action taken by the City Clerk-Treasurer to meet
cashflow needs perpetuated by lack of receipts in the Local
Improvement District No. 1 Fund during the fall of 1991.
Read for the first, second, and tll~rd times, passed by the council
and approved by the Mayor th~January, 1992.
Attest:
City Clerk
, _v ~yor
Approved as to form:
City Attorney