HomeMy WebLinkAbout2107 Interfund Loan from Water-Sewer Fund to Park FundORDINANCE NO. ml'D7
AN ORDINANCE AUTHORIZING THE LOAN OF THE
SUM OF $3,000 FROM THE WATER-SEWER FUND
TO THE PARK FUND AND PROVIDING FOR REPAYMENT
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DO ORDAIN AS FOLLOWS:
Section 1. The loan of the sum of $3,000 for a term of two months
from the date hereof, from the Water-Sewer Fund to the Park 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 calculated at an
annual rate of seven percent (7%).
Section 3. 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 April 5, 1988.
Attest:
City Clerk
Approved as to form: