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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