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G/o
ORDINANCE NO.
AN ORDINANCE AUTHORIZING AND DIRECTING THE LOAN OF
$4,237.50 FROM THE CURRENT EXPENSE FUND TO THE CITY
STREET FUND, AT INTEREST OF 5% PER ANNUM OVER SIX
YEARS, APPROPRIATING THE SUM OF $4,237.50 TO CAPITAL
OUTLAY IN THE 1971 BUDGET OF THE STREET DEPARTMENT
AND DECLARING AN EMERGENCY.
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DO ORDAIN AS FOLLOWS:
Section 1. There is here and hereby authorized a loan in the
sum of $4,237.50 from the Current Expense Fund of the City to the
Street Fund of the City, over a term of repayment of six years, or
sooner, with interest on decling principal balances at the rate of
5% per annum, for distribution to the Capital outlay appropriation
of the Street Fund.
Section 2. There is here and hereby appropriated to the City
Street Fund, for capital outlay, in the 1971 budget of said Street
Department, the sum of $4,237.50, for the purchase of a motor
grader.
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 form and manner required by law.
Read for the first time on April 6, 1971. Read for the second
and third times, passed by the Council and approved by the Mayor on
April ,20, 1971.
ATTEST:
TIC%irgiG'�
GAI?E I. Y UNaLOOD
City Cie k
APPROVED AS TO FORM:
7
-'FRAN� "F S IIT i Z'
Mayor