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ORDIIIAIICE NO. i Zr '%',/.%
AN ORDINANCE providing for the immediate appropriation of money upon the
Current Expense Fund of the City of Port Townsend for the
year 1936, for the purpose of paying and discharging nec-
essary costa incidental to the refunding of the General
Obligation Refunding Bonds, issue of 1911, and declaring an
emergency.
WHEREAS, it appears to the City Council of the City of port Tov.msend
that a feasible and workable plan can be immediately accomplished wherein
and whereby the y49,000.00 unpaid General Obligation Munioipal Bonds of
said city, issue of 1911, can be refunded and paid on definite maturity
dates and the interest rate thereon reduced from 5z per cent per annum to
4* per cent per annum, and in order to accomplish that objective it will be
necessary that the opinion of a recognized and responsible attorney dealing
in municipal bonds be secured, the fee for which together with the cost of
printing and other incidental expense is, and has been fixed at, the sum
of 4650.00, and,
WHEREAS, there is no money provided in the budget for the Current Ex-
pense Fund for the City of Port 'Townsend for the year 1936 for that purpose
and that such expenditure could not have been reasonably forseen at the time
of the adoption of the official budget for said year of 1936, therefore,
THE CITY COUNCIL OF TliM CITY OF MIT TU'i 146ENll DO ORDAIII AS FOLLUYBt
Section 1. That there be, and hereby is, appropriated for the Current
Expense Fetid of the City of Port Towr_seud for expenditure during the year
1936, the sum of not to exceed 0650.00 for the purpose of providing a means
of payment of the opinion of a recognized and established bond attorney;
cost of printing and other expense incidental to this transaction.
Section 2. That the City Clerk be, and he is hereby, authorized to
issue emergency warrants upon the Current Expense Mind of said city not
exceeding the said. sum of 4650.00 upon the presentation of properly approved
vouchers.