HomeMy WebLinkAbout2190 Interfund Loans from Water-Sewer Fund to Library Renovation and Construction fund and to Hotel-Motel Transient Tax FundORDINANCE NO. ~ ~ ~
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM
OF $300,000 FROM THE WATER-SEWER FUND TO THE
LIBRARY RENOVATION AND CONSTRUCTION FUND AND
THE SUM OF $227,000 FROM THE WATER-SEWER FUND
TO THE HOTEL/MOTEL TRANSIENT TAX 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 THREE HUNDRED THOUSAND DOLLARS
($300,000.00) for a term of ninety (90) days from the Water-Sewer
Fund to the Library Renovation and Addition 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 loan of the sum of TWO HUNDRED TWENTY SEVEN THOUSAND
DOLLARS ($227,000) for a term of ninety (90) days from the Water-
Sewer Fund to the Hotel/Motel Transient Tax 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 3. The repayment of the above mentioned loans 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
May, 1990.
Read for the first, second, and third times, passed by the Council
and approved by the Mayor on June 5, 1990.
Attest:
City Clerk
Approve? as toy ~
City Attorney