HomeMy WebLinkAbout2601 Interfund Loan from Curent Expense to Library FundORDINANCE ~' tO /
AN ORDINANCE authorizing an interfund loan in the amount of
$20,000 from the Current Expense Fund to the Library Fund and
providing for repayment.
WHEREAS,
WHEREAS,
WHEREAS,
the Library Fund receives much of its funding from property taxes; and
it is necessary to incur certain expenditures in advance of receiving the property
tax revenues; and
it is necessary to make an interfund loan to support the Library Fund until the
property taxes have been received; 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 $ 20,000 from the Current Expense Fund to
the Library 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 loans 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
Current Expense 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.
Read for the first, second and third times, passed by the City Council and approved by the Mayor
this __ day of ,1997.
Ordinance c~ (a 0 [ Page 1 of 2
Julie ~,l~/Culloch, Mayor
Attest:
Pamela Kolacy, City Clerk
Approved as to legal form:
Effective g- 0 t~
I:\ordinanc\librln3.ord
Ordinance ~ (_o 0 ( Page 2 of 2