HomeMy WebLinkAbout2246 Interfund Loan to the Hotel-Motel Transient Tax Fund from the Water-Sewer FundORDINANCE NO. 22~6
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $26,000 TO THE HOTEL/MOTEL TRANSIENT TAX
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 TWENTY-SiX THOUSAND DOLLARS
($26,000.00) for a term of six months from the Water-Sewer Fund to
the Hotel/Motel Transient Tax 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 June 4, 1991.
Attest:
City Clerk
Mayor
Approved as to form:
City Attorney