HomeMy WebLinkAbout2517 Extension of Loan from the Storm and Surface Water Fund to the Union Wharf Reconstruction FundAN ORDINANCE AUTHORIZING EXTENSION OF THE LOAN
OF THE SUM OF $130,000 FROM THE STORM AND
SURFACE WATER FUND 'TO THE UNION WHARF RECON-
STRUCTION FUND AND PROVIDING FOR REPAYMENT
WHEREAS,
WHEREAS,
the Union Wharf Construction Project is funded, by a grant
from the State of Washington; and
the funds for reimbursement have not been received,
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR SESSION
ASSEMBLED, DOES ORDAIN AS FOLLOWS;
Section 1. The loan of the sum of ONE HUNDRED THIRTY THOUSAND
DOLLARS ($130,000.00) due March 31, 1996, from the Storm and
Surface Water Fund to the Union Wharf Construction Reconstruction
Fund is extended for 30 days until April 30, 1996.
Section 2. The repayment of the above mentioned loan together with
interest at an annual rate of interest paid on invested Storm and
Surface Water Funds during the same period is due on April 30,
1996.
Section 3. 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 Council
and approved by the Mayor on March 18, 1996.
Michael H~ld-~,/, Acting City Clerk
~ ~a~~ form: ~
c'Mah~, City Attorney
Jul~ McCullocH, Mayor~-