HomeMy WebLinkAbout2589 Interfund Loan from Current Expense to Library FundORDINANCE
AN ORDINANCE authorizing an interfund loan in the amount of
$30,000 from the Current Expense Fund to the Library Fund and
providing for repayment.
WHEREAS,
WHEREAS,
WHEREAS,
the Library Fund has received a grant from the State of Washington; and
it is necessary to incur certain expenditures in advance of receiving
reimbursement from the state; and
it is necessary to make an interfund loan to support the Library Fund until
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 $ 30,000 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 ~-2~5 day of /r),~c1 ,1997.
Ordinance Page 1 of 2
Ju~e~cCulloch, Mayor
Attest:
Pamela Kolacy, City
Approved as to legal form:
~~l~mey
Published
Effective
I:\ordinanc\librln_2.ord
Ordinance Page 2 of 2