HomeMy WebLinkAbout2497 Interfund Loan from the Storm and Surface Water Fund to the Union Wharf Reconstruction FundORDINANCE ~ ''f e 7
AN ORDINANCE authorizing an interfund loan in the amount
of $130,000 fi.om the Storm and Surface Water Fund to the
Union Wharf Reconstruction Fund and providing for repayment.
WHEREAS, the Union Wharf Construction Project is funded by a grant from the State of
Washington; and
WHEREAS, it is necessary to incur certain expenditures in advance of receiving
reimbursement fi.om the state; and
WHEREAS,
it is necessary to make an interfund loan to support the Union Wharf
Reconstruction Project 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 $130,000 from the Storm and Surface
Water Fund to the Union Wharf Reconstruction 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 March
31, 1996, together with interest at an annual rote equal to the rote 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.
Read for the first, second and third times, passed by the City Council and approved by the
Mayor this ~ I~ 'r u day of D~'aa',wt~,~ , 1995.
Ordinance 0`9 4 ~' 7 Page 1 of 2
Jo~ 1Vi Clise, lV~yor
Attest: /
Hildt, Act~g City Cl~k
Approved ~ to le~tl fo~:
l~blished
Eff~tive
i:\ord~c\uwrflo~.ord
C~d~ a~q 4t q' 7 Page 2 of 2