HomeMy WebLinkAbout02345ORDINANCE NO. /�, (j
AN ORDINANCE AUTHORIZING THE LOAN OF THE SUM OF $25,600.00
BY THE GENERAL FUND OF THE CITY OF PORT TOWNSEND TO THE PORT
TOWNSEND GARBAGE COLLECTION SERVICE, FORTHWITH, TO BE REPAID
WITHIN SIX YEARS, AND TO BE LOANED ON INTEREST OF,FX57V PER CENT PER
ANNUM ON DECLINING PRINCIPAL BALANCES, AUTHORIZING AND APPROPRIATING
SAID SUM FOR PAYMENT FROM THE CURRENT EXPE14SE FUND, AND DECLARING AN
EMERGENCY.
THE CITY COUNCIL OF THE C ITY OF PORT TOWNSEND, IN REGULAR SESSION ASSEMBLED, DO
ORDAIN AS FOLLOWS:
Section 1. There is here and hereby appropriated for the 1971 budget of the
Current Expense Fund of the City of Port Townsend, the sum of $2516o0.o0, for the
purpose of making a loan to the Port Townsend Garbage Collection Service.
Section 2. The Mayor, City Clerk and City Treasurer are here and hereby
authorized and directed to transfer from the Current Expense Fund of the City to the
Port Townsend Garbage Collection Service the sum of $25,600.00, as a loan to said
Port Townsend Garbage Collection Service for a term of six years, to be repaid in
six equal instalments during the term, together with interest at the rate off% per
annum on declining principal balances. S
Section 3. There is here and hereby found and declared to be an emergency
requiring the above and foregoing appropriation.
Section 4. This ordinance shall take effect upon its passage approval and
publication in the formal and manner required by law.
Read for he first time on March 2, 1971. Read for the second and third times,
passed by the Council and appro)aed by the Mayor on March 16, 1971.
Mayor
ATTEST: /
GALE I. YOUN B OOD
City Clerk:
APPROVED AS TO FORM:
Ci may" 4 r"-*L. a.