HomeMy WebLinkAbout2602 Interfund Loan from Storm & Surface Water Fund to Capital Projects FundORDINANCE
AN ORDINANCE authorizing an interfund loan in the amount of
$60,000 from the Storm and Surface Water Fund to the Capital
Projects Fund and providing for repayment.
WHEREAS,
the Capital Projects Fund includes the Union Wharf Construction Project which is
funded by a grant from the State of Washington Department of Natural Resources;
and
WHEREAS,
it is necessary, in order to remain in compliance with contractual requirements
with the city's contractor, to incur substantial expenditures in advance of
receiving reimbursement from the state; and
WHEREAS,
it is necessary to make an interfund loan to support the Union Wharf
Reconstruction Project until sufficient reimbursement has been received from the
State; Now, Therefore,
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS:
Section 1. An interfund loan in the amount of $ 60,000 from the Storm and Surface Water
Fund to the Capital Projects Fund is hereby authorized. The City Treasurer is hereby directed to
make such transfer, and the Mayor and the Treasurer are hereby authorized to draw warrants in
accord with same.
Section 2. Repayment of the above-authorized loan shall be made no later than November
30, 1997, together with interest at an annual rate equal to the rate of interest paid on invested
Storm and Surface Water funds during the same period.
Section 3. Any action taken pursuant to the authority of this ordinance but prior to its
passage and effect is hereby ratified and confirmed.
Section 4. This ordinance shall take effect upon its passage, approval and publication in the
form and manner provided by law.
Ordinance cz, eD ~ O 31--- Page 1 of 2
Read for the first, second and third times, passed by the City Council and approved by the Mayor
this day of ,1997.
Julie ,~cCulloch, Mayor
Attest:
Pamela Kolacy, City Clerk ~j
Approvegl as to legal form:
Published
Effective
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Ordinance ~ t9 ~ Page 2 of 2