HomeMy WebLinkAbout2211 Interfund Loan from Water-Sewer Fund to Local Improvement District 1 FundORDINANCE NO. ,~2- /I
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $200,000 FROM THE WATER-SEWER FUND TO THE
LOCAL IMPROVEMENT DISTRICT 1 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 TWO HUNDRED THOUSAND DOLLARS
($200,000.00) for a period of four (4) months from the Water-Sewer
Fund to the Local Improvement District 1 Fund is here and 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 repayment of the above mentioned loan shall be made
at the end of the term together with interest at an annual rate of
eight percent (8%).
Section 3. This Ordinance shall take effect upon its passage,
approval, and publication in the form and manner provided by law
and ratifying action taken by the City Clerk-Treasurer to meet
cashflow needs perpetuated by council action during the month of
September, 1990.
Read for the first, second, and third times, passed by the Council
and approved by the Mayor on October 2, 1990.
Attest:
City Clerk