HomeMy WebLinkAbout2237 Interfund Loan to the LID #1 Fund/Hotel-Motel Transient Tax Fund/Library Renovation and Addition Fund from the Water-Sewer FundORDiNANCe. NO. ~ ~ ~ ?
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $250,000 TO TH~ L(F. AL IMPROV~]~]~T DISTRICT
NO · 1 FUND, $120,000 TO THE HOTEL/MOTEL
TRANSIENT TAX FUND AND $50,000 TO THE LIBRARY
RENOVATION AND ADDITION FUND FROM THE WATER-
SEWER FUND AND PROVIDING FOR REPAYN~NT
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 TWO HUNDRED FIFTY THOUSAND
DOLLARS ($250,000.00) for a term of six months from the Water-
Sewer Fund to the Local Improvement District N. 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.
Section 2.. The loan of the sum of ONE HUNDRED TWENTY THOUSAND
DOLLARS ($120,000.00) 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 3. 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 Library Renovation and Addition 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
and ratify action taken by the City Clerk-Treasurer to meet
cashflow needs perpetuated by lack of receipts in these funds
during the months of February and March, 1991.
Read for the first, second, and third times, passed by the Council
and approved by the Mayor on April 16, 1991.
Attest:
City Clerk
City Attorney