HomeMy WebLinkAbout2267 Interfund Loan to the LID #1 Fund from the Water-Sewer FundAN ORDINANCE AUTHORIZING THE LOAN OF 'I~'IE SUN
OF $50~000 '10 THR LOCAL INPRO~ DISTRICT
NO. 1 FUND FROM THE WATER-SEWER 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 FIFTY THOUSAND DOLLARS
($50,000.00) for a term of six months from the Water-Sewer Fund to
the Local Improvement District No. 1 Fund is hereby authorized, 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 4. The repayment of the above mentioned loans shall be
made at the end of the term or as soon as sufficient revenue has
been received to return the loans (whichever comes first) together
with interest at an annual rate of seven percent (7%).
Section 5. 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 on October 29, 1991.
Attest: MayOr ~
City Clerk
Appr~o form: